Business Marketing Strategy – Lee’s Swimming Pool Supply Store

Business Marketing Strategy – Lee’s Swimming Pool Supply Store

Scenario One

Part 1: Mission

To bring the best experience to our customers through high-quality products that enhance user safety and the swimming experience.

Part 2: Situation Analysis

Lee could use a SWOT analysis to identify her internal strengths and weaknesses. According to Snelling (2012), a SWOT analysis focuses on internal strengths, weaknesses, opportunities, and threats. Lee can leverage the strengths and opportunities to grow her business and design effective strategies to eliminate weaknesses and address threats. Lee should also focus on the demographics affecting the business in Florida. Statistics indicate that Florida and California have the highest numbers of inground swimming pools. Therefore, Lee has to increase the variety of swimming pool supplies used in inground swimming pools to secure a larger market share. Statistics also indicate that 41% of the customers purchasing swimming pool supplies in Florida spend between $5,000 and $7,000.

The use of technology in the swimming pool industry is becoming common in pool maintenance. The leading new technologies being used are ozone oxidation and UV water purification. Automated in-floor cleaning systems are also used to clear, clean, and maintain pools. These technologies might negatively impact Lee’s business because of the reduced demand for cleaning supplies, which are among the best sellers for the company because pools need to be cleaned regularly to maintain proper hygiene and prevent infections.

The main direct competitor that Lee will affect Lee’s business growth is Spacecoast Pool Supplies which operates in Florida and has maintained a reputation of providing high-quality products at an affordable price. Lee has a competitive advantage over Spacecoast Pool Supplies because her business can offer discounts to attract customers. The main indirect competitor is MSC Pool Cleaning and Maintenance Services, which operates in Florida. Additionally, Lee has a competitive advantage because her business offers free cleaning services for customers who purchase their cleaning supplies. However, Lee should focus on creating a sustainable competitive advantage by establishing long-term value propositions through high-quality products and reliable services. According to Huang et al. (2015), sustainable competitive advantage is a set of capabilities, characteristics, and assets that allow an organization to meet its clients’ needs.

Part 3: Marketing Objectives

One of the marketing plan objectives will be to create awareness about the products and services preferred by the business and the value they offer to customers. The second objective will be to attract customers and increase the customer base by 5% within two months. The main goals that the business will focus on are to secure a 15% market share within six months and to improve our customer reach by increasing online sales by 5% by the end of the month.

Scenario Two

Part 4: Marketing Strategy

Lee should research hotels and recreational centers with swimming pools in Florida because they have a high likelihood of ordering swimming pool supplies regularly due to the regular use of their swimming pools. Understanding the business’ potential client base will guide Lee on the best growth strategy to use. According to Cordell & Thompson (2019), the main strategies for growth are market penetration, market development, product development, and diversification. Market penetration measures how customers are using a service or product compared to the total projected market. Conversely, market development is a growth technique that identifies and develops new market sections for current products and services. Product development is the complete introduction of a new product or improving an existing one. Diversification includes making many investments within one portfolio. Lee can use market penetration to increase sales by dominating areas where most customers are concentrated. The marketing mix strategy will include discounted prices, same-day delivery, high-quality products, and online marketing.

Part 5: Implementation

The implementation will begin by creating a marketing team consisting of individuals with experience in marketing and advertising. The team will discuss all the plans in the marketing process and create a schedule to execute them. The next step will be to go over the marketing budget to allocate funds for every marketing activity properly.

Part 6: Evaluation

The marketing strategy will be evaluated after two months to determine whether it is effective in helping the company meet its market-oriented goals. The evaluation process will use key performance measures: an increase in market share by at least 15% within the first month, increased customer retention and referrals, and increased customer base by 5% within the next two months.

References

Cordell, A., & Thompson, I. (2019). Ansoff matrix. The Procurement Models Handbook, 45-47. https://doi.org/10.4324/9781351239509-14

Huang, K., Dyerson, R., Wu, L., & Harindranath, G. (2015). From temporary competitive advantage to sustainable competitive advantage. British Journal of Management, 26(4), 617-636. https://doi.org/10.1111/1467-8551.12104

Snelling, J. (2012). The influence of the SWOT analysis in organizational development strategic planning. GRIN Verlag.

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Marketing Strategy

In this unit, you will complete Parts 4–6 and submit Parts 1–6 as one document now in Unit 2.

The following Course Outcome is assessed in this assignment:

MT219-1: Summarize the basic components of a marketing strategy.

Read the scenario and respond to the checklist items based on the reading and learning activities.

Scenario: Lee is the owner of Lee’s [business type selected by your instructor], which is located in the city closest to where you live. Lee has now hired you to design the basic components of a marketing strategy for her business. You must use the industry selected by your instructor.

Checklist:

Summarize a marketing strategy for Lee’s business, addressing each part.

Part 1 Mission

Redefine Lee’s mission. Lee’s current mission is more of a product-oriented mission statement. For example, “We sell flowers” or “We make pizza.”

Write a marketing-oriented mission statement for Lee’s business.

Part 2: Situation Analysis

Organization Strengths and Weaknesses:

Describe methods that Lee could use to identify her internal strengths and weaknesses information. For example, some businesses use secret shoppers to identify an organization’s strengths and weaknesses. Explain your response.
Using sources like the U. S. Census Bureau, describe the demographics affecting Lee’s business in your area.
How is technology being utilized in the assigned industry that might have a positive or negative impact on Lee’s business?
Identify Lee’s direct and indirect competitors and her competitive advantage against her direct and non-direct competitors in the city nearest to where you live.
Define the concept of sustainable competitive advantage and explain what advice you would give to Lee in her quest to build a sustainable competitive advantage.

Part 3: Marketing Objectives

Set marketing plan objectives for Lee’s business (see p. 25 of your text).
Identify at least two S.M.A.R.T. goals (i.e., specific, measurable, achievable, realistic (and relevant to the mission), and time-bounded).
Scenario: Lee is the owner of Lee’s [business type selected by your instructor], which is located in the city closest to where you live. Lee has now hired you to design the basic components of a marketing strategy for her business.

Instructions: Summarize a marketing strategy for Lee’s addressing each part. You can view Parts 1–3 you completed in Unit 1 concerning the mission, situation analysis, and marketing objectives. This week you will complete Parts 4–6 below to submit your final assignment to the Unit 2 Dropbox.

Checklist:

Part 4: Marketing Strategy

Describe the target market strategy for Lee’s business. Paint a very clear picture of who Lee will be targeting for her product. For example: Appealing to an entire market, concentrating on one particular segment, or multiple market segments.
Explain the four strategies for growth: market penetration, market development, product development, and diversification. How can Lee use market penetration to increase her sales? Explain.
Briefly describe your marketing mix strategy: product (size, colors, packaging, use, etc.), place or distribution method, pricing, and promotion.
Part 5: Implementation

Using the concepts from the text, explain how you will turn your plan into a reality. For example Detailed job assignments and activity descriptions.
Part 6: Evaluation

Using the concepts from the text, describe how you will evaluate your marketing strategy.