Identify the trends and changes that are occurring in the external environment that impact your chosen product's marketing plan. a. Specifically, consider trends and changes in the areas of Technology. Regulatory, Economics, Environmental, Demographics, and Socio-Cultural happenings in this marketplace. b. Research and analyze at least 3 factors. Explain for each of the factors you have selected the positive or negative implications (minimum of two for each) the external environmental factor could have on your chosen product's marketing plan. Ensure that you explain why? c. Provide recommendations (action plans) as to what you plan to do to alter your current marketing plan to address this implication, again based on the factors you selected. Ie How may these trends impact your product, Price, Promotion or Place strategy...and Why? (10 marks) Format Example a) External Trends b) Implications: +and- 1. Technology Positive Consumers increasingly using on-line shopping for their purchases. Canadian Tire has just put a renewed focus on updating their website to be more user friendly and easier to purchase Negative The chain still does not do next day delivery to home to compete effectively against Amazon. Also prices may not be competitive enough Economic? Cultural? 1. c) Actions Plans The chain needs to significantly ramp up its on-line capabilities in the following areas, Example O Price: review to see if pricing are competitive enough O Place; Need to get next day delivery established to home vs going to store O Promotion: The chain needs to actively promote the on-line service to attract new customers and keep existing O Product: review their product line-up to see what other products they can add for variety Review the competitive environment for your chosen product. a. Specifically, provide details on 3 direct competitors, focusing on comparing the 4 "P"s for your own product versus the competitor's product. Evaluate and specify your product's Unique Selling Difference' or "Value" what makes it different and what value does it provide the consumer? c. Provide rationale for your evaluation. (10 marks) b. Format Example a) Canadian Tire Wal-mart Home Depot Lowes Product Price Place Promotion b) Unique Selling Difference O Tell me what makes your brand unique. What is the one thing that differentiates this business brand vs the competitors? Example: Canadian Tire is a Canadian neighbourhood store that offers everything you need for your household (C) Give me three points that rationalize your unique selling difference 2. O Tell me what makes your brand unique. What is the one thing that differentiates this business/brand vs the competitors? Example: Canadian Tire is a Canadian neighbourhood store that offers everything you need for your household c) Give me three points that rationalize your unique selling difference 3. Include a SWOT (strengths, weaknesses, opportunities, threats) analysis using a bullet point, table format. a. This analysis should be from the perspective of your product b. Finally, summarize your findings and indicate possible implications for the marketing of this product. (10 marks) Format Example a) Put in a Grid below Strengths Weaknesses Opportunities Threats b) Implications From your analysis above what are the three things that the company needs to do differently or focus on in their Business and Marketing Plan 4. From a Global Citizenship and Equity (GC&E) perspective: From a Global Citizenship and Equity (GC&E) perspective: a. Identify(in your own words) how your product's firm has supported environmentalism/sustainability, and b. Has supported social responsibility at the national or global level. Please provide supporting documentation (10 marks) Format a) Environmental/sustainability - write down (in own words) what the company is doing for this subject. -give examples as support b) Social Responsibility - write down (in own words) what the company is doing for this subject. -give examples as support Overall professionalism and presentation of the assignment a. including cover page, bibliography including citation (APA). spelling/grammar. (5 marks) 4. Brand/Products: Pick a Brand from the list below o Enter your brand and your names of your team. Do not choose a product that a classmate has already selected. littamall 11 Dewalt Power Tools MEC (Mountain Equip Co-op) Rexall Delissio Pizza Finish Dishwasher Soap Panago Pizza National Bank Delonghi Expresso Maker Structube The Brick (furniture) Cora's Osmow's Nespresso Chapman's Ice Cream Sapporo Beer Becel Margarine French's Mustard Grey Goose Vodka Dorito's Oreo Cookies Hershey Bar Chocolate The Weed Man Bounty Paper Towels Michelin Tires