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In lesson three you will learn the frameworks of marketing and work through a guided SWOT analysis and marketing program. There are two ways to experience the lesson plan:
This lesson plan is approximately 6 minutes + 40 minutes to answer the guided questions inside the Lesson Three Worksheet. Your responses to lesson plan worksheets are used to develop your personalized brand strategy and design. Please complete all worksheets in a timely manner to keep your project on track.
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3.1 Situational Analysis
Every strong brand has a solid marketing foundation driven by strategy. With this strategy in hand, you can begin to create a marketing plan suited to your business. However, before you can arrive at a winning strategy you need to gain a complete awareness of your situation: your business, the industry, and competition. This discovery process is called a Situational Analysis.
Many small businesses skip over this step because honestly, it takes some time and effort. But those who take the time to conduct a situational analysis will catapult their small business on a trajectory toward success.
Take five minutes to think briefly about these three questions:
- What are the basic tasks I must do to perform well in my industry?
- What are the tasks that I do best that competitors can’t easily replicate and customers value highly?
- What are the tasks that I might do to address unmet client needs or unsatisfied buyer groups?
3.1 SWOT Analysis:
One way to conduct a situational analysis is through the SWOT Analysis framework. The SWOT Analysis breaks down four key areas for evaluation in a helpful, visual table. After each area has been evaluated it is possible to draw conclusions to improve your business processes and identify new opportunities for growth.
S is for Strengths. This part of the analysis looks at internal strengths, skills or competencies of you or your business. For example, a photographer who has practiced years in film photography might have a strength and in film photography. Film photography is not easily replicated by other competitors and is specifically sought out by specific clients.
W is for Weaknesses. This part of the analysis looks at internal points of weakness in your business relative to your competition. For example, a small business owner may limited capital to buy equipment or products. As a result, they are not able to purchase large product quantities and must pay a higher price per unit from the manufacturer. This capital limitation would be considered an internal weakness for that business owner.
O is for Opportunity. This part of the analysis looks at external opportunities in the market that are favorable toward you or your business. There are six key factors to evaluate for opportunities:
- Consumer Trends
- Industry/ Markt Structures
For example, new regulations on international trade have opened the door to new paper manufacturers offering better prices on envelopes. A small business who specializes in custom stationary might consider this new trade regulation as an opportunity to secure better prices for their stationary sets.
T if for threats. This part of the analysis looks at external threats in the market that might work against you or your business. There are six key factors to evaluate the market for threats:
- Consumer Trends
- Industry/ Market Structures
For example, newer technology has improved professional digital cameras for consumers, so many consumers are able to purchase their own camera instead of paying for a professional photographer to take their family photos. A photographer might consider this new technology as a threat to their business because it is decreasing demand for their services.
Pause to answer questions in Lesson Three Worksheet. Your responses to lesson plan worksheets are used to develop your personalized brand strategy and design. Please complete all worksheets in a timely manner to keep your project on track.
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Other Lesson Plans in the Course
In lesson one you will learn the branding foundations and define your brand’s values, mission, and market position.read more
In lesson two you will learn about targeted marketing to understand who your ideal clients are and how to serve them best.read more
In lesson four you will learn about the marketing mix and how to use customer value to direct your marketing strategy.read more