Reference no: EM132324685

Assignment

This marketing plan is to be based on a product of your choice sold by a company of interest to you. This might be a company in which you work or a publically-held company whose mission statement, marketing objectives, and financial objectives can be accessed.

Part I: Executive Summary

Summarize the most important aspects of the proposed plan including a description of the product or service and how it is differentiated in the marketplace. Also, be sure to state what the target market looks like as well as the sales potential for the plan and , if possible, the return on the marketing investment (ROI).

Note: Although this will comprise the first part of your Work Product, you should write the Executive Summary after completing all other parts of the Assessment.

Part II: External Assessment

This part is comprised of several components. Before completing each component, describe the general situational context you have chosen for this Work Product (e.g., Company X is in its second year of operation in the mechanical industry, providing solutions in x, y, and z). Key elements to mention about the company are the "what" and "how." Part 2 should include the following:

Market Opportunity

Describe the market for the product you are working with.

Provide an estimation of market size for years one, two, and three.

SWOT or PESTE Analysis

In tabular form with narrative, describe the product's strengths, weaknesses, opportunities, and threats (SWOT). If appropriate, explain any political, economic, social, technological, or environmental (PESTE) risks associated with the product.

Competition Using Porter's Five Competitive Forces Model

Who will you compete with and why? Describe the risks of competing with other brands using Porter's model.

Global Markets

Using Porter's model, analyze the attractiveness and risk of at least one non-domestic market (of your choice).

Part III: Creating the Marketing Strategy

The marketing strategy should include the following:

Mission, Marketing Objectives, and Financial Objectives

Describe the company's mission, marketing objectives, and financial objectives.

Target Market

Detail market demographics and other relevant information.

Positioning

Provide detail on how the product will be differentiated in the minds of prospective purchases/customers.

Marketing Mix

Product Strategy

If you are creating a new product or significantly modifying an existing one, indicate whether your product is competing with others within the company. For existing products, summarize the current product offering.

Promotional Strategy

Explain the use of traditional and digital marketing tactics.

Pricing strategy

What is price?

How does it compare to competition?

Distribution Strategy

How is the product/service to be distributed?

Explain the rationale for the strategy.

Contingency Planning

Considering a changing marketplace driven by technology, describe the implications of altering one marketing mix variable on the entire strategy (e.g., move from traditional bricks and mortar to online retailing) including competitive response, customer base, marketing mix considerations, and core competencies of the firm.

Part IV: Financial Assessment

Summarize the company's budget, schedule and monitoring in a spreadsheet, and include comments.

Sales Forecast

Include a breakdown by product, segment, and region, if applicable.

Expense Forecast

Include a breakdown by partner, segment, and region, if applicable.

Marketing Expenditures Alignment With Strategy and Tactics

List strategy/tactics along with related expenditures. Explain the return on investment for marketing expenditures.

Break-Even Analysis

Create a "Cost of Goods" estimate and determine the revenue required for break even.

Part V: Build Key Performance Indicators (KPIs)

What measures will you use to determine the progress and success of the Plan? Explain why each is important.

Establish a Timeline (Including milestones integrated with the KPIs)

Create a set of at least four KPIs and a 12-month timeline.

Post Sale Customer Feedback

Describe customer feedback mechanism to assure satisfaction and the minimization of product performance issues.

Create a Performance Dashboard

Using a spreadsheet, provide a Performance Dashboard comprised of the timeline and the KPIs.

Assignment Guidelines

Marketing Strategy: Create a comprehensive marketing strategy to enhance the performance of products and/or services throughout their life cycles.

Part I: Executive Summary

Sub-Competency 1: Effectively communicate complex marketing plans.

Learning Objective 1.1: Develop an executive summary of a marketing plan.

Part II: External Assessment

Sub-Competency 2: Create an external market assessment.

Learning Objective 2.1: Analyze the market opportunity for a particular product.

Learning Objective 2.2: Analyze the external environment.

Learning Objective 2.3: Analyze a market using Porter’s Five Competitive Forces Model.

Learning Objective 2.4: Analyze the inherent risks of entering a global market, such as a country or territory where customers, suppliers, and so on are unfamiliar.

Part III: Creating the Marketing Strategy

Sub-Competency 3: Create a marketing strategy.

Learning Objective 3.1: Describe mission, marketing objectives, and financial objectives for a marketing strategy.

Learning Objective 3.2: Describe target market, including demographics and other relevant information.

Learning Objective 3.3: Product Positioning: Create a positioning strategy for a product.

Learning Objective 3.4: Describe marketing mix variables.

Learning Objective 3.5: Conduct contingency planning.

Part IV: Financial Assessment

Sub-Competency 4: Develop a complete marketing plan financial assessment.

Learning Objective 4.1: Develop a Sales Forecast.

Learning Objective 4.2: Create an Expense Forecast.

Learning Objective 4.3: Align marketing expenditures with strategy and tactics.

Learning Objective 4.4: Conduct a break-even analysis.

PS003: Technology: Use technology tools effectively.

Learning Objective PS 3.2: Apply the features of Excel to communicate information effectively.

Part V: Build Key Performance Indicators

Sub-Competency 5: Create Key Performance Indicators (KPIs).

Learning Objective 5.1: Create a timeline with milestones integrated with KPIs.

Learning Objective 5.2: Devise customer feedback mechanisms for specific products.

Learning Objective 5.3: Create a performance dashboard mockup.

PS001: Written Communication: Demonstrate graduate-level writing skills

PS005: Critical Thinking and Problem Solving: Use critical-thinking and problem-solving skills to analyze professional issues and inform best
practice.

PS006: Information Literacy: Apply appropriate strategies to identify relevant and credible information and data in order to effectively
analyze issues and make decisions.