Define the target market as part of a marketing plan

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Reference no: EM13740059

Marketing Plan - Objectives:

1: Apply Porter's Five Forces model to an analysis of the competitive environment for a given business situation.

2: Define the target market as part of a marketing plan for a given situation.

3: Classify a specified consumer product using the three-way consumer products classification system.

4: Develop an appropriate set of marketing objectives that support a given mission statement.

5: Develop a SWOT analysis for a given business situation.

6: Select an appropriate distribution channel for a given marketing situation.

7: Select an appropriate pricing strategy for a given marketing situation.

8: Select an appropriate promotion strategy for a given marketing situation.

9: Develop a tactical marketing plan that supports specified elements of a strategic marketing plan.

10: Identify monitoring and control activities appropriate for a specified tactical marketing plan.

Task:

Prepare a three-year marketing plan (suggested length of 5-7 single-spaced pages) for one of the small appliances from the new line. Describe the specific appliance you have chosen. Carefully examine the details provided in the given Company G marketing situation and identify the specific information that should be considered while developing the plan. Consider other information from the real world that you should incorporate as you develop the plan. Include the following sections in your plan:

A. Product Support of Mission Statement

1. Explain how the small appliance you have selected supports Company G's mission statement provided in the introduction.
2. Classify Company G's products using the three-way consumer product classification system.

B. Target Market

1. Describe the target market for the company's product.

C. Analysis of Competitive Environment

1. Analyze Company G's competitive environment utilizing Porter's Five Forces model of competitive forces.

D. SWOT Analysis

1. Describe three of Company G's strengths related to the marketing of the new product.

a. Support your choice of each of these elements as strengths.

b. Identify at least two strengths that should be considered as core competencies.

2. Describe three areas where Company G has weaknesses related to the marketing of the new product.

a. Support your choice of each of these elements as weaknesses.

3. Describe three current or potential opportunities within the industry.

a. Support your choice of each of these as opportunities.

4. Describe three current or potential threats within the industry.

a. Support your choice of each of these as threats.

E. Marketing Objectives

1. Select four marketing objectives for Company G consisting of one objective for each of the four marketing mix elements (product, distribution, price, and promotion).

F. Marketing Strategies

1. Describe three strategies for each element of the market mix (product, distribution, price, and promotion) that are appropriate for the target market. The 12 strategies should be consistent with each other and supportive of the related objective.
2. Explain why you feel this is the best mix to achieve the objectives.

G. Tactics and Action Plan

1. Develop an action plan for implementing the marketing strategies identified.

a. Include one task for each strategy identified (for a total of 12).

2. Create a timeline outlining when each task is to be completed.

H. Monitoring Procedures

1. Describe the specific actions that will be taken to measure the effectiveness of the plan.
2. Create a timeline for these actions from the action plan (part H1 above).

Reference no: EM13740059

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