Developing useful marketing strategies necessitates a comprehensive interpretation of the four key approaches, which are market penetration, market development, product development, and diversification. It is important to stress the value of doing good marketing research before we dive into these tactics. This study forms the base for smart choices, helping companies move toward success. In this task, we first look at the mission statement, followed by a comprehensive examination of the situation analysis grounded in the local context. The initial focus is to research the business type and background marketing. This helps build a strong plan for future strategy making.
Part 1: Mission
Lee’s job needs to change from focusing on things they make to caring more about what customers want. A new goal statement could show the true worth that Lee’s Auto Part Store gives to its customers. For instance, a goal like “Giving car owners good and cheap auto parts solutions so their journey is easy with no problems” shows they care about customers. This idea connects well with the expected audience.
Part 2: Situation Analysis
Organization Strengths and Weaknesses:
Lee can use different ways to find his firm and weak points. Listening to employees’ thoughts, getting customer input, and checking how things are done gives helpful information(Kriz et al., 2021). Mystery buyers can be essential in checking how well customer service is doing. Reviewing sales and money data reveals whether things are working well or not. This helps make important strategy choices for the future.
Demographics:
Lee uses numbers from the U.S. Census Bureau to learn more about their nearby people in detail. Looking at things like age, money earned, and who owns cars helps to make products better for people in the community. This information about age groups is beneficial in making marketing plans that will connect with the people who live nearby.
Technology Impact:
In the fast-moving auto parts business, technology is vital for winning. Lee should use online selling websites, internet lists, and digital ads to reach more people (Verhoef et al., 2021). It is essential to know what new technology comes out. This helps Lee’s Auto Part Store stay ahead, ensure it does not get left behind, and always keep up with changes in the market.
Competitive Analysis:
It is crucial to find the city’s direct and indirect competitors. A good look at their best and worst gives important information. Lee’s edge could come from a particular set of products, fantastic customer service, or intelligent pricing. This study helps establish a good position and find places where Lee’s Auto Part Business can do better than others.
Sustainable Competitive Advantage:
The idea of having a long-lasting edge over rivals is very important for success in the future. For Lee, this might mean creating solid ties with nearby suppliers. It could also involve giving outstanding customer service all the time or providing unique price cuts for customers who always shop there. The important part is to keep these things going constantly, making something special that’s hard for others to copy.
Part 3: Marketing Objectives
Set Marketing Plan Objectives:
It is imperative to set clear goals in marketing if you want success. Lee’s Auto Part Store wants to grow its share in the market by 15% within a year. At the same time, improving your online presence by starting an e-commerce site aligns with how people now shop (Dwivedi et al., 2021). This idea aims to increase sales from internet shopping by 20% in just six months.
SMART Goals:
SMART goals help to make marketing objectives more transparent. A precise aim of boosting sales through focused marketing is to see a 10% rise in monthly income over the next three months. This goal is achievable. Running unique ads and offers, keeping the market size in mind, will help reach a goal on time by the next three months.
Conclusion:
A well-made marketing plan for Lee’s Auto Part Store aims to please customers, thoroughly looking at things that affect it inside and outside the store. It also sets precisely what they want their market goals to be. This method will help Lee’s business stay alive and grow big in the challenging local auto parts market. Lee’s Auto Parts Store is ready to handle problems by continuously changing and improving.
References
Dwivedi, Y. K., Ismagilova, E., Hughes, D. L., Carlson, J., Raffaele Filieri, Jacobson, J., Jain, V., H. K., Hajer Kéfi, K., A. S., K., V., R., M. M., R., R., R., P. A., R., J., S., J., T., G. A., & Wang, Y. (2021). Setting the future of digital and social media marketing research: Perspectives and research propositions. International Journal of Information Management, p. 59, 102168–102168. https://doi.org/10.1016/j.ijinfomgt.2020.102168
Kriz, T. D., Kluger, A. N., & Lyddy, C. J. (2021). Feeling Heard: Experiences of Listening (or not) at Work. Frontiers in Psychology, 12(659087). https://doi.org/10.3389/fpsyg.2021.659087
Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., John Qi Dong, Nicolai Etienne Fabian, & Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122, 889–901. https://doi.org/10.1016/j.jbusres.2019.09.022
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