Define your company target market

Assignment Help Marketing Management
Reference no: EM131266044

Assignment : Marketing Plan

This assignment consists of two (2) sections: a marketing plan and sales strategy, and a marketing budget. Note: You must submit both sections as separate files for the completion of this assignment.

For the first six (6) months your company is in business-to give you time to perfect your product and to learn from actual customers-you will start marketing and selling in your own community, a radius of twenty-five (25) miles from where you live.

For most non-alcoholic beverages, marketing (as opposed to the actual product itself) is key to success. Cola drinks, for example, are fairly undifferentiated, as are many energy drinks, juices, bottled water, and the like. Companies producing these types of beverages differentiate themselves and attract market share through marketing and brand awareness-both of which are critical to success.

Section 1: Marketing Plan & Sales Strategy (MS Word or equivalent)

Write the three to five (3-5) page Marketing Plan & Sales Strategy section of your business plan, in which you:

Define your company's target market.

Analyze the types of consumers who will be drinking your beverage in demographic terms (i.e., age, education level, income, gender, ethnic group, etc.). Support your analysis with actual data on the size of the demographic groups in your local community (nearby zip codes).
Outline the demographic information for your company specified on the worksheet in the course text (p. 107 | Demographic Description).

Hints: At American FactFinder (https://census.gov), you will find demographic information on potential consumers in your area. If you are selling through other businesses (such as grocery stores), indicate the number of those businesses in your local area. You will find information about such businesses in your local area at County Business Patterns (https://www.census.gov/econ/cbp/). Check Chapter 2 of

Successful Business Plan for more research sources.

Assess your company's market competition.

Use the factors listed in the course text graphic (p. 123 | Assess the Competition) to assess your company's market competition.

Defend your strategy to successfully compete against market leaders in your segment.

Hints: For example, in the soft drink market, it is intimidating to try to compete against Coke and Pepsi. Newcomers in mature markets typically must pursue niche markets or even create new market categories, as Red Bull did with energy drinks.

Defend your plan to differentiate yourself from the competition using the information detailed on the worksheet in the text (p. 131 | Market Share Distribution).

Hints: Every business faces competition and the non-alcoholic beverage market is an especially crowded market.

Clarify your company's message using the information provided on the worksheet in the text (p. 160 | The Five F's).

Hints: Before you choose your marketing vehicles, you must determine the message you want to convey through those vehicles.

Identify the marketing vehicles you plan to use to build your company's brand. Justify the key reasons why they will be effective. Provide examples of other non-alcoholic beverage companies that use these tactics effectively.

Hints: If you plan to use online marketing tactics, refer to the worksheet in the text (p.171 | Online Marketing Tactics) to aid your response. Remember that even if you're selling through grocery stores you need to build your brand and social media is a major part of that in regard to beverages. Some of the marketing tactics that beverage companies use include: sampling in grocery stores, building a following on social media, sponsoring events, exhibiting at trade shows attended by retailers, and so on. You will use a combination of these tactics. For example, if you decide to give out samples in grocery stores, promote your sampling on your social media networks and those of the grocery store.

Hints: If you are planning to distribute through resellers, describe how you plan to reach them, for example, through industry trade shows or by establishing your own sales force. For information on trade shows, visit the Trade Show News Network (https://www.tsnn.com). You can exhibit or network at these shows.

Format your assignment according to these formatting requirements:

Cite the resources you have used to complete the exercise. Note: There is no minimum requirement for the number of resources used in the exercise.

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.

Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required page length.

Section 2: Marketing Budget (MS Excel worksheets template)

Section 2 uses the "Business Plan Financials" MS Excel template (see: Course Required Files in Week 1). Use the "Business Plan Financials Guide" (see: Course Required Files in Week 1) to support your development of the Marketing Budget.

Complete the Marketing Budget worksheet for your company.

Hints: The goal of the marketing budget is to help you determine how much it will cost you to reach your market and achieve your sales goals.

Hints: When filling out the "Marketing Budget" worksheet in the Excel spreadsheet:

Begin in the current year and complete a marketing budget for the first year of your business. The information you enter in the marketing budget spreadsheet will flow through to your "Income Statement" in the Business Plan Financials.

Leave the number at zero (0) for any marketing vehicles you do not intend to use.

Remember that all marketing activities involve costs. If social media represents a significant portion of your marketing, assume you will have cost of advertising and that should be reflected on your budget. Even if a social media site charges nothing to use it, you will need to use company resources to manage the site, pay someone to execute your social media marketing campaigns, and will most likely pay for ads on that site.

Do NOT leave the "Marketing Budget" blank, assuming you will not have any marketing costs.

The specific course learning outcomes associated with this assignment are:

Recommend effective business strategies based on an analysis of domestic and global operating environments, market dynamics, and internal capabilities.

Analyze competitive positions including foreign market entry and the resulting impact on business strategy.

Use technology and information resources to research issues in strategic management.

Write clearly and concisely about strategic management using proper writing mechanics.

Reference no: EM131266044

Questions Cloud

Find the equivalent winding resistance : Find the equivalent winding resistance, reactance and impedance referred to the HV and LV sides. Convert these to pu values.
Determine the passion for the target market need related : Select one (1) product or service that you would like to write a Blog about. Next, specify the Blog's main target market information (i.e., demographic information, psychographic information, and the need that the Blog will address for the target ..
Calculate the pu circuit parameters of the transformer : Calculate the pu circuit parameters of the transformer. Determine its efficiency and voltage regulation at full load 0.8 pf lagging. Calculate also the maximum efficiency and the load (0.8 pf ) at which it will occur.
What is the primary voltage : A 6.6/0.4 kV, 100 kVA distribution transformer is connected D/Y. The transformer has 1.2% resistance and 5% reactance. Find the voltage regulation at full load, 0.8 pf leading. With 0.4 kV as secondary voltage (on load), what is the primary voltag..
Define your company target market : Analyze the types of consumers who will be drinking your beverage in demographic terms (i.e., age, education level, income, gender, ethnic group, etc.). Support your analysis with actual data on the size of the demographic groups in your local com..
Find the power consumed by the unit in kw : A small industrial unit draws an average load of 100 A at 0.8 lagging pf from the secondaries of its 2000/200 V, 60 kVA Y/? transformer bank.
Should other companies imitate the emphasis method : Should other companies imitate the emphasis Method gives to certain factors in its external environment? Why or why not? -  Does Method's assessment of its external environment seem to be lacking anything? What?
Find the ohmic values of the equivalent resistance : A 500-kVA, 11/0.43-kV, 3-phase delta/star connected transformer has on rated load HV copper-loss of 2.5 kW and LV loss of 2 kW. The total leakage reactance is 0.06 pu. Find the ohmic values of the equivalent resistance and leakage reactance on the..
Discuss the importance of global marketing : Discuss the importance of global marketing. - What is meant by "having a global vision"? Why is it important? - Discuss jobs outsourcing. Is it beneficial to U.S. firms?

Reviews

Write a Review

Marketing Management Questions & Answers

  Integrated marketing communication

Developing an IMC plan of Amazon that aims to create awareness and knowledge amongst Singaporean  consumers of the ethics involved in buying clothing made from Bangladeshi factories  .

  Multiple choice questions on e-commerce

The assignment in Computer Science or Information Technology is about multiple choice questions, particularly in e-commerce. Questions such as types of e-commerce websites, commercial websites, disintermediation, Platform for Piracy, the data that ca..

  Balanced scorecard for red lobster

The assignment in marketing is about Red Lobster, which is one US and Canada's most loved seafood restaurant. It has hundreds of outlets in US and Canada and it now wants to expand further. The approach adopted by Red Lobster has been discussed in fu..

  Marketing plan - marketing audit, swot and smart report

The assignment in marketing is about preparing a marketing plan. As part of marketing plan, the SWOT analysis, assessing the competitive position, identifying critical competitive issues, marketing objectives, strategy and actions have been suggested..

  Marketing plan

Marketing deals with preparing a marketing plan for either an existing product or a new product. Various aspects about launching a new product into the market are discussed ranging from the industry the product belongs to, goals and vision of the com..

  Yamato corporation analysis - harvard case study

Please refer to the PDF for the Case Study and questions.The case study from Harvard Business School is about Yamato Corporation, a parcel delivery company which provides door to door delivery in Japan.

  Marketing plan - create a new product

The assignment in marketing is about competitive analysis for a new product namely "heated insoles". These heated insoles can be put in shoes and they can protect the wearer's feet by keeping them warm during cold winters.

  Report on digital marketing strategy for a website

Promotion strategies of  the one's own developed website

  Integrated marketing campaign of mccafe

Integrated marketing campaign for McDonald's McCafe. McCafe has been launched in Canada. This is a case study which involves the use of digital marketing and social media marketing apart from regular marketing such as TV and radio. All these more are..

  New product development at adidas

In this paper, the researcher also determines the different kind of practices used by Adidas to manufacture shoes for its customers.

  Managing services in competitive environment

Services can be defined as separately identifiable, intangible activities which provide want-satisfaction when marketed to household consumers and/or industrial users.

  Prepare a marketing plan

A marketing plan is an essential tool for any marketer, providing direction for a brand, product or organization. A marketing plan describes the marketing environment, marketing objectives and marketing strategies.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd