. Develop the differentiation strategy in relation to the closest competitor.
From the start of this course, you have accessed the Interactive Marketing Plan tool and used the step-by-step guide to complete Part A of your marketing plan. You are required to submit a marketing plan for a hypothetical product-based company. Your plan must include the company’s background information, and information collected from Steps 1-4 of the Interactive Marketing Plan, located in the course shell. Note: Some elements may not be covered in the Interactive Marketing Plan and will require additional research.
Note: You may create and / or make all necessary assumptions needed for the completion of this assignment.
Write a five page paper in which you:
1. Write an introduction to your company. Describe your company, its location, and the product it makes or the service it provides.
2. Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
3. Determine the primary and secondary target markets for your company. Next, analyze the primary and secondary target markets that you identified for your company.
4. Decide the main goals that you would like to achieve within the next year (short term) and the mains goals that you would like to achieve within the next five (5) years (long term). Determine the most appropriate ways to measure both short- and long-term goals. Note: Consider the following metrics: tracking downloads of Website content, Website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement.
5. Develop both a SWOT analysis and needs analysis for your product. Each analysis should examine four (4) strengths, weaknesses, opportunities, and threats for your company.
6. Use at least four (4) academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.
Part B: Your Marketing Plan
From the start of this course, you have accessed the Interactive Marketing Plan tool and used the step-by-step guide to complete Part B of your marketing plan. You are required to submit a marketing plan for a hypothetical product-based company. Your plan must include the company’s mission, introduction and branding, and information collected from Step 5 of the Interactive Marketing Plan, located in the course shell. Note: Some elements may not be covered in the Interactive Marketing Plan and will require additional research.
Note: You may create and /or make all necessary assumptions needed for the completion of this assignment.
Write a four page paper in which you:
1. Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension.
2. Assemble a marketing strategy for your product, and determine an appropriate time table to implement your plan). Provide a rationale for your response.
3. Prepare a positioning statement. Include a perceptual map that shows your company’s position against its competitors. From this map, create a statement that depicts your position. For example, “Our product is the fastest in its class for half the price.†Note: See pp. 54 – 55 in the textbook for examples of perceptual maps. You may use Microsoft Word, PowerPoint, or other equivalent software to create your perceptual map.
4. Examine the relevant consumer behavior for your target market. Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement and marketing strategy are right for the identified target market.
5. Develop your company’s mission statement and company introduction.
6. Use at least three (3) academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.
Part C: Your Marketing Plan
From the start of this course, you have accessed the Interactive Marketing Plan tool and used the step-by-step guide to complete Part C of your marketing plan. You are required to submit a marketing plan for a hypothetical product-based company. Your plan must include the company’s social media strategy, and information collected from Steps 6-7 of the Interactive Marketing Plan, located in the course shell. Note: Some elements may not be covered in the Interactive Marketing Plan and will require additional research.
Note: You may create and / or make all necessary assumptions needed for the completion of this assignment.
Write a six page paper in which you:
1. Develop the company’s branding, pricing, and distribution strategy.
2. Provide the following marketing strategy information:
a. Classify the company’s major competitors as inter- or intra-competitors. Categorize the competitors’ major strengths and weaknesses.
b. Develop the differentiation strategy in relation to the closest competitor.
c. Establish whether the company’s intention is to be a leader or follower within the industry.
d. Assess the level of impact that the salient macro-environmental issues (e.g., legal, technological, social, and economic, etc.) and trends with which the company must contend could potentially have on the company’s marketing strategy.
e. Discuss the marketing research tools that you used in your marketing strategy.
3. Construct an implementation strategy for your hypothetical company in which you specify the essential activities and responsibilities. Include a timetable for completion of each component of your strategy.
4. Develop a five (5) year expansion plan that includes future profitability and market share growth. Include necessary graphs to explain your plan.
5. Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools.
6. Choose two (2) performance standards, two (2) monitory methods, and two (2) financial controls that you would implement that differ from the standards that you had provided in Assignment 1. Justify your choices.
7. Assess the potential for your company’s overall performance in relation to the marketing plan objectives.
8. Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company’s advertising strategy.
9. Use at least five (5) academic resources that address sustainability and monitoring of effective marketing plans and determine the applicability for your hypothetical company. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.
