Chat with us, powered by LiveChat This assessment is the start of your Strategic Marketing Plan that will be used throughout the course. Select an actual company to use for this project. Note: It will be to yo | WriteDen

This assessment is the start of your Strategic Marketing Plan that will be used throughout the course. Select an actual company to use for this project. Note: It will be to yo

 ONLY COMPLETE PART A —— USE A WELL KNOWN COMPANY WITH EASILY ACCESIBLE INFO

This assessment is the start of your Strategic Marketing Plan that will be used throughout the course.

Select an actual company to use for this project.

Note: It will be to your benefit to select a company whose company information is easily accessible. While you will base your plan on the actual company, there may be parts of this assignment that will require you to use your knowledge and resources to make an informed plan.

Complete Part A of the Strategic Marketing Plan.

MKT/574 v1

Strategic Marketing Plan

MKT/574 v1

Page 2 of 2

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Strategic Marketing Plan

Part A: Environmental Analysis and SWOT Analysis

(Due in Wk 2)

Company Description

Describe the company you are designing the plan for. Include:

· Mission Statement

· Vision Statement

· Product line description

· Company information, such as the size of the company

Environmental Analysis

Analyze the forces that affect the company and marketing efforts.

Competitive Forces

Analyze the company’s key competitors. You may choose to use a BCG Matrix or attribute checklist to compare your company against its competitors. Describe any strategic moves the competition has recently made. Estimate your market share. Identify key competitive advantages against your competitors.

Economic Forces

Analyze the economic environment in the areas affecting your business. Consider differences within your industry and the economic impact on suppliers.

Political Forces

Analyze relevant political forces. Examples may include an election year or a law to drastically reduce or eliminate plastic waste in your county.

Legal, Regulatory, and Ethical Issues

Analyze the legal, regulatory, and ethical issues that may affect your business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail.

Technological Forces

Analyze whether your company will be affected by emerging technologies or trends in hardware and software industries

Social Forces

Analyze social trends and how they may affect your business. Considerations may include if your business will be affected by demographic trends, a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values.

Current Target Markets

Define the company’s current target markets. Describe the demographic, geographic, psychographic, and product usage of these targets.

Review Current Marketing

Review the company’s current marketing tactics. Consider how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your company is a start-up, describe your competitors’ current marketing.

SWOT Analysis

Assess your company’s strengths, weaknesses, threats, opportunities, and then evaluate how to address these in your marketing plan.

Strengths

Assess your company’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers.

Weaknesses

Assess what limits the company may have in its current marketing strategy. Consider if there is a company weakness that needs to be addressed through Public Relations or Marketing.

Opportunities

Assess the opportunities you see based on trends or environmental conditions.

Threats

Assess the threats or limitations that may interfere with the company’s ability to meet its objectives or interfere with marketing plans.

Strengths to Opportunities & Converting Weaknesses and Threats

Convert weaknesses and threats to strengths, then strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets.

Marketing Objectives

Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate objectives, modified by the company’s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured. For example: The company will expand its marketing efforts to include a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2020 that will address the specific psychographic and technological needs of this age group. This strategy is expected to attain a 20% growth in overall sales by January 2020. Customer loyalty (willingness to recommend the product) will increase by 30%.

Part B: Marketing Data Analysis

(Due in Wk 4)

Internal Data

Evaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed.

Source

What it Measures

Data

Potential Usage

Example: Sales data

Monthly sales by specific product

Average sales that month in US dollars for each of 10 products. Data can be segmented by business and consumer markets.

Can be used for trend analysis, projections, and to measure effectiveness of promotions.

Secondary Data

Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed.

Source

What it Measures

Data

Potential Usage

Example: U.S. Census Bureau

Income over the last 4 years by family structure

Household structures with the highest income capacity

Market Share Analysis

Customer Segments

Primary Data

Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed.

Source

What it Measures

Data

Potential Usage

Example: Focus group

Product usage, motives, identify group level satisfaction, decision process, etc.

Qualitative

Identify different reactions of market segments to product. Identify marketing opportunities, product/service flaws and opportunities

Customer Relationship Management

Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed.

CRM Touchpoint

Purpose & CRM Objective

Data

Potential Data Usage

Example: Customer profile information on website

Starts the account for visitors: name, geography, email address (Customer acquisition)

Presale: geographic location; customer id, source of reference

Email address

Post sales: address, product purchased, quantity, price.

Track new and returning customer counts, total period purchases by customer ID, geographic sales data. Can be used for loyalty rewards, retention, and targeted marketing.

Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring

(Due in Wk 6)

New Customer Segments

Determine any new customer segments for your strategy and describe how you will provide value to each segment.

Marketing Mix for New Customer Segments

Determine adaptions for each new customer segment.

· Products

· Price

· Distribution

· Traditional Promotion

· Online Promotion

Marketing Implementation

Create the implementation for your marketing plan. Describe how you will organize and implement the plan, such as whether it will be organized by market, geography, and who is responsible for marketing decisions.

Marketing Communication Channels

Evaluate the marketing communication channels you will use to reach selected audiences. Include Internet and traditional communication channels to convey key messages. Describe the advantages and disadvantages of each channel you select. Insert or remove rows as needed.

Channel

Target Market

Advantages

Disadvantages

Example: Direct mail

Middle class residential

Can include coupons

Expense and low return rate for given product

Strategic Actions

Develop specific activities required to implement the marketing plan. Identify the person or role who will be responsible for each action, when it will be complete, and what standard or metric indicate that the activity is complete. Insert or remove rows as needed.

Action

Date for Completion

Person/Role Responsible

Standard/Metric

Example: Design flyer for direct mail campaign

1/1/2021

J. Smith, graphic designer

Approval by senior marketing team and legal

Monitoring

Develop the measurement to identify how you know you have been successful for each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts. Insert or remove rows as needed.

Action

Target

Person Responsible

Inter-measurement

Example: Direct mail flyer

1100 new inquiries

Western regional manager

500 new inquiries first month of campaign

Copyright 2020 by University of Phoenix. All rights reserved.

Copyright 2020 by University of Phoenix. All rights reserved.

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