Discuss the aspects of the imc

Assignment Help Marketing Management
Reference no: EM13872785

The new service or product for example: Healthcare system or transportation system like underground metro or any new product thats ready to go to market.

INTRODUCTION

This assignment entails development of a comprehensive strategic marketing plan for a new product or service that is ready to "go to market". A Project Template is provided that allows you to organize your work in increments and see how the sections come together to produce a comprehensive plan.

PRODUCT/SERVICE

This assignment requires application of concepts learned to build a strategic marketing plan for a new product or service that is ready to "go to market". You will not be allowed to mimic plans or ideas from larger or already "in-place" campaigns. You must develop the business concept in its entirety.

• Describe the new product or service.

• Discuss the qualities that make this product/service new to the marketplace and the rationale for your decision to pursue the concept.

Be sure to pick a product or service that is ready to market. If you are developing a new product, assume that the development phase is over and you are ready to launch the product into the marketplace.

OBJECTIVES/MISSION STATEMENT

Create a Mission Statement. State your short-term MARKETING objectives (one year). Assume that the product/service is ready to launch at the beginning of the year (planning and testing have been completed).

• Marketing objectives include goals for sales, profits, market share (as examples)

• Objectives need to be quantifiable. Use the SMART acronym-simple, measurable, achievable, relevant, and time-specific-in formulating your objectives. An objective with a 100% goal is not acceptable

TARGET MARKET

Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you:

The US Census Bureau's American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.

COMPETITION

Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? Hoover's Pro in the Library is a good tool for this section; it may be accessed under Find Web Resources.

PRODUCT/SERVICE FEATURES

Provide a brief overview of the product or service.

• State the features of your product/service. Show how it's innovative and different. It may be unique because of the area in which you plan to market it.

• Discuss legal and ethical implications that could affect the marketing process. This will require research.

CORE STRATEGY

Discuss your Core Strategy and make sure to connect it to your Mission & Objectives. Include a discussion on Product/Service Positioning.

MARKETING MIX: COMMUNICATIONS & PROMOTION

The Marketing Mix is the set of decisions about communications and promotion, price, channels of distribution, and customer relationship management. An integrated marketing communications (IMC) approach delivers a clear and consistent message to your consumers and is connected to your Core Strategy.

1. Discuss the aspects of the IMC. (The elements of the communication mix include: advertising, direct marketing, sales promotion, publicity/public relations and personal selling.) Define each and discuss the pros and cons of the individual elements.

2. Provide a detailed description of your IMC approach. Explain your rationale for choosing or rejecting the specific elements (include applications to the earlier research section). What changes do you expect to make as the product/service matures?

3. Describe the message you wish to communicate based on your core strategy. Explain your rationale for the message. Formulate how you will communicate with your target market? Be specific. How will the internet be used in your IMC approach?

4. Select and explain the most suitable method for measuring advertising effectiveness. Your decision must include research to back up the selected method. Be sure to explain why this is the most effective method to measure the effectiveness of your marketing campaign.

MARKETING MIX: PRICE

Discuss what pricing objectives you would consider for your product/service. The Objectives should be based on the various theories presented in marketing literature and take in to account competitor pricing. Including background on value proposition, positioning, and target market is necessary. All of these components provide rationale for the chosen pricing scheme.

MARKETING MIX: CHANNELS OF DISTRIBUTION

Channels of Distribution: Specify the type of distribution channel you will use and include rationale.

MARKETING MIX; CUSTOMER RELATIONSHIP MANAGEMENT

Customer Relationship Management -Detail how you will incorporate CRM into your plan. Be sure to include a discussion on the role of technology that will be used to support your CRM.

Reference no: EM13872785

Questions Cloud

What is proper role of congress in strategic intelligence : What is the proper role of congress in strategic intelligence?
Attorney howard gorman volunteered his services : Attorney Howard Gorman volunteered his services to Taconic Singers, an NFPO. He spent 12 hours preparing contracts for the services of professional singers and 8 hours serving as an usher before performances.
Distinguish between military, one-party states : Distinguish between military, one-party states, monarchies, and theocratic forms of authoritarian regimes. What are the central characteristics of each? Provide an example of each form of government. Are authoritarian regimes more effective at provid..
They would never lose everything : Question 3. 3. (TCO 6) In a 100% socialist structure, the owners would be offered what advantages? (Points : 5)
Discuss the aspects of the imc : Discuss the aspects of the IMC. (The elements of the communication mix include: advertising, direct marketing, sales promotion, publicity/public relations and personal selling.) Define each and discuss the pros and cons of the individual elements
Gravitational force on the package : For the 20.0 cm displacement, what is the net work done on the package by the three applied forces, the gravitational force on the package, and the normal force on the package?
Munsinger affair into a scandal that rocked parliament hill : So what other factors turned the Munsinger affair into a scandal that rocked Parliament Hill?
Find the work done on the particle : The curve is given by F = a/x2, with a = 9.0 N · m2. Find the work done on the particle by the force as the particle moves from x = 1.0 m to x = 3.0 m by
Design a 3-day guided city tour for a group : Design a 3-day guided city tour for a group of 20 gourmet chefs to eat and learn new techniques in Europe. The chefs require first-class accommodations. The chefs wish to attend at least 3 separate hands-on instructional sessions. Each chef has a ..

Reviews

Write a Review

 

Marketing Management Questions & Answers

  Explain online furniture business

Explain Online Furniture Business and Flow chart or bulleted list of user experience with shopping cart

  Explain amazon''s technology and business

Explain Amazon's technology and business and describe How has Amazon used technology to revamp the book-selling industry

  What are the goals of competitive intelligence

After watching the video (https://www.youtube.com/watch?v=OTpwUUNepZc&feature=player_embedded) and reviewing this week's readings, What are the goals of competitive intelligence

  Prepare a project on st. louis sugar

Prepare a project within the specific parameters and areas - you analysed the current marketing mix of your chosen organisation and created a new marketing mix for your fictitious new product.

  Determine the best means of data acquisition

Determine the best means of data acquisition to research qualities desired by your target market. Assume primary data collection is necessary. Supply a sample survey.

  Describe your user generated content plan

Describe your user generated content plan and why you selected one type of content over another. How will you get your customers to participate? What's in it for them

  How you would create a brand extension of that product

Choose a product write a three page paper discussing how you would create a brand extension of that product. Include your rationale for the brand extension.

  Components of your market entry and marketing strategy

To ensure that you only focus on relevant areas, critically analyze eachenvironmental factor and its likely impact that may have on the key components of yourmarket entry and marketing strategy

  Explain basic purpose of business

(1) establishing performance standards, (2) measuring individual and organizational performance, (3) comparing actual performance to planned performance standards and (4) taking corrective actions.

  Find leadership principles in a present company

Evaluating Leadership principles in a Present Company, Your assignment is to choose a leader in the business world today evaluate his/her management practices

  Enplain business management

Enplain Business Management and how people feel toward you and your competitors' products

  Marketing think about the way social media impacts your

think about the way social media impacts your life as far as product marketing online coupons groupons email ads etc.

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