Create a comprehensive marketing strategy to enhance the performance of products and/or services throughout their life cycles.
The marketing plan includes the development of an excel spread sheet; Summarize the company’s budget,
Financial Assessment; schedule and monitoring in a spreadsheet, and include comments.(sales forecast, expense forecast, marketing expenditures alignment with strategy and tactics, Break even analysis).
Instructions
Before submitting your Assessment, carefully review the rubric. This is the
same rubric the assessor will use to evaluate your submission and it provides
detailed criteria describing how to achieve or master the Competency. Many
students find that understanding the requirements of the Assessment and the
rubric criteria help them direct their focus and use their time most productively.
Rubric
Your response to this Assessment should:
• Reflect the criteria provided in the Rubric.
• Adhere to the required length.
• Use the APA course paper template available here.
• Download the Writing Checklist to review prior to submitting your
Assessment.
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
publicly-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 o 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
o Explain the use of traditional and digital marketing tactics.
• Pricing strategy
o What is price?
o How does it compare to competition?
• Distribution Strategy
o How is the product/service to be distributed?
o 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.
