1. Select a Company:

• Use IBIS World with Instructor Permission: If you have access to IBIS World with your instructor’s approval, navigate to the platform and use the “Start Your Search Here” box to find a company that interests you. Consider factors like industry, size, and target audience.
• Choose an Alternative Resource: If IBIS World isn’t accessible, consult other resources like news articles, company websites, or annual reports to identify a suitable company.

2. Conduct Research:

• Gather Company Information: Research the company’s history, products/services, target market, competitive landscape, financial performance, marketing strategies, and any recent news or developments.
• Understand Mission and Vision: Look for the company’s mission and vision statements on their website, annual reports, or press releases. If not readily available, analyze their actions and communication to understand their core values and aspirations.

3. Analyze Findings:

• Identify Strengths and Weaknesses: Based on your research, identify the company’s strengths (e.g., strong brand recognition, innovative products) and weaknesses (e.g., limited market share, weak online presence).
• Assess Opportunities and Threats: Analyze the external environment to identify opportunities (e.g., new market trends, emerging technologies) and threats (e.g., increasing competition, regulatory changes).

4. Formulate Marketing Objectives:

• Align with Mission and Vision: Ensure your objectives support the company’s overall mission and vision.
• Use SMART Criteria: Set Specific, Measurable, Achievable, Relevant, and Time-bound objectives.

5. Develop Marketing Strategies and Tactics:

• Choose Strategies: Select strategies that address the identified strengths, weaknesses, opportunities, and threats. Examples include market expansion, product differentiation, or brand building.
• Define Tactics: Develop specific actions to implement your chosen strategies. This could involve advertising campaigns, social media marketing, content creation, or promotional offers.

Example:

Suppose you choose Tesla as your company.

• Strengths: Strong brand recognition, innovative electric vehicles, focus on sustainability.
• Weaknesses: High prices, limited production capacity, reliance on government incentives.
• Opportunities: Growing demand for electric vehicles, expanding charging infrastructure, government support for clean energy.
• Threats: Increasing competition from other automakers, potential changes in government policies.

Marketing Objective (SMART): Increase market share in the electric vehicle segment by 10% within the next year through enhanced brand awareness and targeted marketing campaigns.

Marketing Strategy: Expand digital marketing efforts to reach new customer segments.

Marketing Tactics:

• Develop targeted social media campaigns showcasing Tesla’s technology and environmental benefits.
• Partner with influencers popular among potential EV buyers.
• Create engaging video content demonstrating the features and performance of Tesla cars.
• Run targeted online advertising campaigns focused on key demographics and geographic areas.

Remember, this is just a simplified example. You’ll need to adapt it to the specific company you choose and ensure your analysis and actions align with their unique market situation, goals, and resources.

By following these steps and conducting thorough research, you can develop a meaningful marketing plan that contributes to the organization’s success and aligns with its mission and vision.