STRATEGIC MARKETING PLAN, marketing homework help

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STRATEGIC MARKETING PLAN

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.

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