follow scoring guide for assignment that has been uploaded and I posted my hypothetical business below assignment.
Overview For this assignment, you will document your hypothetical company’s background information and mission statement, your company’s short-term and long-term goals, and environmental analysis, and a SWOT analysis. Note: You should make all assumptions needed for the completion of this assignment. Instructions Create the first part of your marketing plan in 8–12 pages: Write an introduction to your company. Describe your hypothetical company, its location, the product it makes, or the service it provides, and introduce the contents of your marketing plan. Develop your company’s mission statement. Decide the main goals that you would like to achieve within the next year (short term) and the main goals that you would like to achieve within the next 5 years (long term). Determine the most appropriate ways to measure both short- and long-term goals. Note: Consider the following metrics: tracking downloads of website content; website visitors; increases in market share; customer value; new product or service adoption rates; retention; rate of growth compared to competition; and the market, margin, and customer engagement. Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. Develop both a SWOT analysis and needs analysis for your product or service. Each analysis should examine three strengths, weaknesses, opportunities, and threats for your company. Use at least three academic resources as quantitative marketing research to determine the feasibility of your product or service. These resources should be industry specific and relate to your chosen product or service. Use the Part A Marketing Plan Template [DOCX] to complete the assignment. The Part A Mission Statement and SWOT Analysis Sample [PDF] containing examples has been provided for your reference. Ⓒ 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions. The specific course learning outcomes associated with this assignment are: Evaluate a company’s goals, environment, needs, strengths, and weaknesses based on its respective market.
My hypothetical business would be a daycare center because single parents sometimes struggle with childcare and that I love having kids around.
Kings Kids Inc. would be located at 919 Pontiac, Michigan, in the United States. The company will offer daycare services operating five days a week through physical learning services and online platforms. It will be involved in equipping skills to young children and assisting them in laying a balanced life foundation. The company has implemented a unique marketing mix strategy.
The 4Ps of Marketing
King Kids, Inc.’s popularity will grow due to an effective marketing strategy applied by management and by integrating the marketing mix elements: product, price, place, and promotion. Product as the first element is evident in how the company has differentiated its daycare services from the rest in the market. Among the ways used is by introducing live stream platforms for the parents to view their children’s progress while at the school facility. Live streaming contributes to the customer experience, which is significant in building a broader customer base (Lahtinen et al., 2020).
Pricing strategy is the second strategy used by the company is positioning its presence in the market. This has been attained by setting a price based on the quality of services offered in the facility. The high-end quality of the services backs pricing based on the value of the services provided.
A third element is where King Kids will establish its premises conveniently accessible to customers or parents who intend to have their children in the facility. It is also well-designed to ensure the safety of children from accidents associated with external factors such as traffic. In addition, the company engages in an integrative marketing strategy to promote the services offered in the facility. This contributes to awareness creation, contributing to increased enrollment of more kids into the child development center (Lahtinen et al., 2020).
Hughes, Peggy Ann. (2013). Sunshine Daycare Center: Growing a Business to Profitability. Accounting Education, Vol. 28. Issue 2, p323-335. 3 Charts. DOI: 10.2308/iace-50407
Lahtinen, V., Dietrich, T., & Rundle-Thiele, S. (2020). Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context. Journal of Social Marketing.