Purpose: To equip students to analyze the business environment that impacts the process of developing a marketing strategic plan.
In the wake of the global pandemic and associated economic challenges, firms are becoming increasingly concerned about their future and adapting to the new reality. You have been consulted by a medium-sized company based in Toronto to develop a marketing strategy for the next three years (2023-25). The plan is to help the organization increase sales and expand to the international market. Based on this preamble, answer the question below:
Part 1(6 Marks, 60%): Discuss the challenges and opportunities associated with planning and developing the three-year marketing strategy (2022-25) for the company.
Please focus your discussion on any four (4) of the following issues:
- Power Shift to Customers
- Massive Increase in Product Selection
- Audience and Media Fragmentation
- Changing Value Propositions
- Shifting Demand Patterns
- Privacy, Security, and Ethical Concerns
- Unclear Legal Jurisdiction
Note: You are required to make use of references other three related sources, with examples:
Part 2 (4 Marks, 40%): Explain to the board of directors and functional managers of the company at least four reasons why and how the process of developing a marketing strategy plan might be more important than the marketing plan document itself.