As you close your weekly meeting with Deborah, she says, â€œThere are some very good ideas here. I would like to see you continue with a global marketing plan. We need more concrete analysis and data for the presentation. Get your team to work.â€
After your meeting with Deborah, you briefly meet with your team to discuss moving toward a more formal analysis.
â€œTiffany and Mike, we need to provide a more detailed analysis,â€ you explain. â€œYouâ€™ve done a great job so far looking at what resources we need and potential countries, but we need to really dig deeper on this.â€
Tiffany nods her head in agreement. â€œDefinitely,â€ she says. â€œWe need to look at some internal variables as well as political, environmental, sociocultural, and technological environments of the countries that we are considering.â€
Mike interjects, â€œWell, thatâ€™s something we should consider, but itâ€™s not the only way to analyze this type of project. This is such a big decision, and we need to give as much information as we can.â€
You reply, â€œGreat point, Mike. We should look at this from a couple of different angles.â€
The next step in your strategic marketing plan is to determine the tools that are needed to conduct an analysis of the industry and competitors. Complete the following:
- What are the best tools to use in this situation?
- Provide a brief summary of at least 2 of these tools.
- Why do you think these are the best ways to analyze the market?
- How will you use these tools in your plan?