Individual marketing plan approval
Prepare a brief (2-3 paragraphs) description of the product (existing or new) which will be the focus of the individual marketing plan assignment. The write-up is to include at minimum, the company name, description of the product, a brief strategic mission statement (mission, vision and values of the company) and why the student proposes the product for the individual marketing plan assignment.
2) Market segmentation and product positioning
Required to prepare a 4-5 page research plan to support introducing the product and service for Your Marketing Plan to the U. S market. In addition to stating your marketing objectives, the student is required to
1) Identify the marketing segment for the product
2) Product and explain why this segment was selected.
3) Discuss the target market and why these customers will be targeted.
4) Conduct a SWOT analysis for the company.
5) Describe the market position for your product and service
Support your recommendation with at least 2 reference sources that discuss the nature of the product use of market research methods related to the product.
3) Marketing strategy for products. This activity is part of the marketing plan. Prepare a 4-5 page report addressing the following:
!) Discuss the type of product the company will offer and identify its primary characteristics.
2) Discuss the product branding strategy.
3) Discuss how the product fits within a product line and the depth and breadth of the line.
4) Explain how the product and target market strategies fit with the organizational strategy.
Use at least 2 references to support the discussion on the product, product characteristics.
4) Pricing Strategy and Channel Distribution.
This activity is part of your marketing plan. Prepare a 4-5 page report, addressing the following.
1) Determine and discuss a pricing strategy (penetration or skimming).
2) Determine and discuss pricing tactics( product line pricing, value pricing, differential pricing, or competing against private brands) to be used for your product
3) Identify any legal and ethical issues related to the pricing tactics.
4) Prepare a marketing distribution channel analysis identifying the wholesaler, distributor, and retailer relationships.
5) Discuss how the distribution strategy fits the product /service, target market and overall marketing objectives for the company.
Use at least 2 references to support the discussion on the marketing pricing objectives and product distribution.
5 Integrated Marketing Communication (IMC and customer Satisfaction strategy.
This activity is part of your marketing plan. Prepare a 4-5 page report, addressing the following;
1) Discuss the company’s advertising strategy and how it aligns with its marketing goals.
2) Discuss how the effectiveness of the advertising will be measured.
3) Discuss the promotional strategies that may used in addition to advertising.
4) Develop an approach to measuring customer satisfaction with your company’s product/service.
5) Discuss how gaps in customer expectation and experiences will be addressed
Use at 2 references to support the discussion on the integrative marketing and customer satisfaction strategy.
6. Enhancing the marketing plan.
1) Discuss the company’s competitors and strengths and weakness of each.
2) Discuss how you plan to differentiate your company from the closest competitor.
3) Discuss the company’s intention to be a leader or follower within the industry.
4) Assess the macro-environmental issues (legal, technological, social and economic) trends with which your business must content.
5) Identify the most significant trend to impact your business and discuss how the company intends to minimize or capitalize on this trend.
Use at least 2 references to support the discussion on enhancing the marketing plan.
The assignment in marketing deals with preparing a marketing plan for either an existing product or a new product. Various aspects about launching a new product into the market are discussed ranging from the industry the product belongs to, goals and vision of the company, the pricing of the product, the demography on which the focus is put and more importantly how customer support should be shaped, etc. More details can be found in the solution.
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