Create Marketing Plan Final Project

Create Marketing Plan Final Project

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Create Marketing Plan Final Project

This project is a 7 paper process.

Paper 1 – For the first assignment, please submit a short one to two paragraph introduction to your overall marketing plan. Please provide the following: What is the business/product/service? What is the purpose of the business/product/service? What is the target market of the business/product/service? Why did you choose this business/product/service, how does it provide value and how is it different from the competition?

Paper 2 – Using the 4p’s of marketing, Product, Place, Price, Promotion. Write a 2 page paper describing the elements of the marketing mix. The following MUST be included in your description.
a description of the industry that the business/product/service operates in
how each one of the four elements of the marketing mix affects the development of the organization’s marketing strategy and tactics
how each one of the four elements of the marketing mix is implemented
ADDITIONAL Information for the 4 P’s

Product/Service

What does the customer want from the product/service? What needs does it satisfy?
What features does it have to meet these needs?
Are there any features that are missing?
Are you including costly features that the customer won’t actually use?
How and where will the customer use it?
What does it look like? How will customers experience it?
What size(s), color(s), and so on, should it be?
What is it to be called?
How is it branded?
How is it differentiated versus your competitors?
What is the most it can cost to provide, and still be sold sufficiently profitably? (See also Price, below).

Place

Where do buyers look for your product or service?
If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalog?
How can you access the right distribution channels?
Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalog companies?
What do your competitors do, and how can you learn from that and/or differentiate?

Price

What is the value of the product or service to the buyer?
Are there established price points for products or services in this area?
Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?
What discounts should be offered to trade customers, or to other specific segments of your market?
How will your price compare with your competitors?

Promotion

Where and when can you get across your marketing messages to your target market?
Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet?
When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
How do your competitors do their promotions? And how does that influence your choice of promotional activity?

Paper 3 –

For this assignment, you will describe the target market of your business/product/service in 1-2 pages. The submission must include the following information:

the target market’s geographic area/range
the target market’s demographics (age range, income range, education range, race, ethnicity)
the target market’s psychographics (lifestyle preferences, attitudes, interests, desires)
the target market’s values and beliefs

This data may come from observations, research (see the Bureau of Labor and Statistics website). If you have difficulty finding the data you need for this assignment, please reach out for assistance.

Resource: Bureau of Labor and Statistics: Resources for Business Leaders

There are four ways to divide a market –

– Geographic segmentation – The target market can be identified based on a geographic location. (for example, a locally owned restaurant in Nashville, Tennessee will focus its marketing efforts on residents and tourists in the area – whereas, Texas Longhorn restaurants are located across the US and the marketing efforts are targeted to residents all over the US)
– Demographic segmentation – The target market can be identified based on measurable statistics, age, race, sex, religion, ethnicity, education level, comfort with technology, etc. (for example, the target market for wearable technologies are younger, more educated, and wealthier, while the target market for macaroni and cheese are minorities, less educated, and less wealthy)
– Psychographic segmentation – The target market can be identified based on lifestyle preferences and their attitudes, interests, desires (for example, the target market of wearable technologies are comfortable with new technology and tend to be concerned about fitness)
– Behavioristic segmentation – The target market can be identified based on values and beliefs as well as desired benefits (for example, the target market of Ben and Jerry’s ice cream is concerned about social causes, not just the quality or price of ice cream).

Paper 4 – For this assignment, you will summarize the current market environment of your product or service within in 1-2 pages. This component of your final project must have very specific information that contains content for the following areas:
Market Trends See Market Trends
(Links to an external site.)
for more information

Competition – including why your business/product/service is different or better than the competition (recall you addressed this in your Marketing Plan Summary)
SWOT
NOTE that in a SWOT, Strength and Weaknesses are Internal Factors and Opportunities and Threats are External Factors
Environmental Factors – include as many as will affect your plan
Any type of customer service that will be offered to support the business/product/service

This will be part of your final marketing plan which you will submit as your final project in week 8. You may find reviewing previous week’s and/or chapters will help support you in completing this assignment. As you are writing, remember to pay close attention to the

Paper 5 –

For this assignment, choose 5 IMC components for your marketing plan and briefly describe how these will be used to promote the business/product/service you have chosen and help the firm gain traction with the target market. You must provide a 1-2 paragraph description for each of the five components you have chosen that includes the following:

clearly describe the component in detail and how it will be implemented
clearly describe why the component was chosen in detail

clearly describe the results you expect
clearly describe how you will monitor the progress of this component toward your desired results.

Your final submission should clearly provide all the above information for or each component (5) of your IMC Plan. As you are writing, remember to pay close attention to the Final Project Structural Guidelines.

ADDITIONAL INFORMATION

The Evolution of IMC—In the past, many marketers built strong barriers around the various marketing and promotional functions, planning and managing them separately with different budgets, different views of the market, and different goals and objectives. In the 1990s, however, many companies began moving toward the concept of integrated marketing communications (IMC), which involves coordinating the various promotional elements along with other marketing activities that communicate with a firm’s customers. As marketers embraced the concept of IMC, they began asking their ad agencies to coordinate the use of a variety of promotional tools rather than relying primarily upon media advertising. Some companies started looking beyond traditional advertising agencies and using other types of promotional specialists to develop and implement various components of their promotional plans. As the advertising industry recognized that IMC was more than just a fad, terms such as new advertising, orchestration, and seamless communication were used to describe the concept of integration. A task force from the American Association of Advertising Agencies (4As) developed one of the first definitions of integrated marketing communications defining it as:

A concept of marketing communications planning that recognizes the added value of a comprehensive plan that evaluates the strategic roles of a variety of communication disciplines—for example, general advertising, direct response, sales promotion, and public relations- and combines these disciplines to provide clarity, consistency, and maximum communications impact.

Integrated marketing communications calls for a “big picture” approach to planning marketing and promotion programs and coordinating various communication functions. With an integrated approach, all of a company’s marketing and promotional activities should project a consistent and unified image to the marketplace. However, advocates of IMC have argued for an even broader perspective that considers all sources of brand or company contact that a customer or prospect has with a company, product or service.

Students must include at least 5 of the IMC components listed below in their plan:

Print Marketing – Even in this digital age, print is an important component of an integrated marketing campaign. After all, you can’t engage in email or social media marketing without establishing a presence, and print is a great way to be seen. Print advertising generates brand awareness and can serve as a gateway to more personalized marketing, and it doesn’t require an Internet connection to read or share.
Banner Ads – Some feel the banner ad has gone out of style, but if you’re looking for exposure, you could do a lot worse. Banner ads create awareness of your brand and help to facilitate inquiries by prospective customers. Additionally, through targeted advertising, you can make sure your banner ads are targeted to certain demographics at certain times so they are seen by those most likely to be interested in your product and when they are most likely to purchase.
Landing Pages – When someone clicks on an ad, you want to make sure they receive the right message. You also want to make sure these people have an easy way to take the next step in building a relationship. Landing pages give you the opportunity to make a great first impression and to deliver very specific content. If your landing page is powerful enough, you’ll have people signing up for your email list in no time.
Email Marketing – The most customizable, personalized and convenient way to market, email marketing allows you to constantly stay in touch with customers and keep them updated on your latest deals. Email marketing also enables you to track which recipients click on your links and ultimately make purchases, helping you to understand the tendencies of your best customers.
Social Media – It’s easy to get social media wrong, and there have been plenty of examples in the news when companies have blundered. But, if you take time to establish guidelines for your organization’s posts and replies, you’ll reap the benefits. By creating relevant content for your followers, you’ll also strengthen their ties to your company and you’ll even find that they will market on your behalf. Establishing dialogue with and gathering from your followers is also a great way to make them feel special.
Organic Search Engine Marketing – Search engines rank results based on how relevant pages are to specific search words and phrases. This means you can tailor your pages to become more relevant to popular search words, moving your website up the ranks. This is referred to as Search Engine Optimization, or SEO. While this is a delicate science, it’s one that won’t cost you any money to employ if you decide to do it yourself.
Paid Search Engine Marketing – If organic SEO isn’t up your alley, you can always buy your way to the top. Paid search means buying the rights to a specific search phrase and having your ad appear before, beside or below the organic search results. For example, you could buy the keywords “best digital camera” to ensure that your website is seen when someone’s search includes those words.
Direct Mail Marketing – Last but certainly not least, direct marketing is important and still brings big results. Taking the time and effort to mail something helps build brand perception. A well-designed piece in someone’s home or business is a constant reminder to them of what you have to offer. And direct mail gives you the opportunity to pack in extra goodies, such as magnets, stickers and pens.

In addition, IMC also includes mobile marketing, public relations, publicity, cause marketing, customer service, print and multi media advertisements and many many others.

Paper 6 –

For this assignment, you will describe how you will measure the key components of your marketing plan with specific data. Some of the questions you will seek to answer through your discussion on the metrics you plan to use include:

How many customers does the firm retain over time? (customer retention rates)
How is your product performing in terms of financial goals? (profitability)
Are you receiving a return on your investment in the marketing strategy? (cost of customer acquisition)
Are your communications effective and how do you measure how effective they are? (web traffic, social media engagement, etc.)

Explain your evaluation plan for collecting and analyzing data within 1-2 pages. Include an explanation of how you will measure the overall effectiveness of your marketing plan. As you are writing, remember to pay close attention to the Final Project Structural Guidelines.

ADDITIONAL INFROAMTION

Marketing plan metrics are the data points you will use to assess the success or failure of your marketing plan. Without metrics, you have no way of knowing whether you’ve chosen the right marketing activities and spending your marketing dollars wisely. The ability to prove marketing success can have additional benefits, such as helping you attract investors.

What Does Marketing Plan Metrics Mean?
(Links to an external site.)

Hard Metrics

Quantifiable metrics are those that can be measured objectively and are often referred to as “hard metrics.” Your marketing plan might include reportable data such as click-through rates for online advertising and email campaigns, as well as return rates for physical reply cards or information submissions and use rates for a direct mail campaign or coupon code. You can also use company data such as the number or dollar value of annual sales or — in the case of a non-profit — donation dollars. Social media metrics often include the number of followers and viral scores.

Soft Metrics

Qualitative, or “soft,” metrics are those that don’t come with a hard number attached. You may find it more difficult to prove and explain these metrics, but they are important in the marketing arena, because they reflect how customers and potential customers feel about your company, product or brand. Examples might include an improved perception of your company’s reputation or products or increased awareness of your brand by the general population. You can evaluate these metrics through anecdotal data such as positive customer satisfaction or market research surveys, social media comments and physical and Internet-based “buzz.”

Paper 7 – FINAL PROJECT: MARKETING PLAN

For your final project you will assemble the components you have been developing throughout the course into a comprehensive Marketing Plan (10-15 pages) for the business/product/service you selected for your class project. You are asked to research competition and use all of the criteria discussed during the course including:

the 4P’s of Marketing,
Marketing Segmentation,
Situational Analysis, and
the Integrated Marketing Components.

This is your opportunity to incorporate the feedback you have received during the course and develop a final marketing plan that demonstrates your learning. Note that while the components you have developed throughout the term will make up a large portion of this final project, you will have to complete any missing components for your final submission.

As you are finalizing your project, remember to pay close attention to the Final Project Structural Guidelines.

You should use the following format in the development of your final marketing plan:

I. Executive Summary
A high-level summary of the marketing plan.

II. The Challenge
Brief description of the business/product/service that was chosen for this project and associated goals, such as sales figures and strategic goals.

III. Situation Analysis

Company Analysis
Goals
Focus
Culture
Market share
Customer Analysis
Number of individuals in the target market
A description of the target market
Value drivers for the target market
Decision processes that may be used by the target market
Competitor Analysis
Market position & market share of the competitors
Strengths of the competitors
Weaknesses of the competitors
Collaborators
Subsidiaries, joint ventures, and distributors, etc. (If there are none, it is fine to specify this)
Environment
Political and legal environment – as related to the industry or specific location of the company/product/service
Economic environment- as related to the industry or specific location of the company/product/service
Social and cultural environment- as related to the industry or specific location of the company/product/service
Technological environment- as related to the industry or specific location of the company/product/service
Macro-environmental PEST analysis:
SWOT Analysis
A SWOT analysis of the business environment:
The firm’s internal attributes are classified as strengths and weaknesses. (for example, highly knowledgeable staff or the lack of capital)
The external environment are classified as opportunities and threats. (for example, numerous regulations or new markets that can be reached)

IV. Market Segmentation
Present a description of the market segmentation as follows:

Description
Percent of sales
What the target market needs/wants
How the target market uses the business/product/service
Any type of customer support that should be provided
How the target market will be reached
The price sensitivity of the target market

V. Alternative Marketing Strategies
List and discuss the alternatives that were considered before arriving at the recommended strategy.
Alternatives might include:

discontinuing a product,
re-branding,
positioning as a premium or value product,

VI. Selected Marketing Strategy
Discuss why the strategy was selected, then describe the marketing mix (4 P’s)

Product (service)
The product/service decisions should consider any advantages and how they will be leveraged. This section should include a discussion on the following:
Brand name
Quality
Scope of product/service line
Warranties
Packaging
Price
Discuss the pricing strategy, expected volume. This section should include a discussion on the
List price
Discounts
Bundling
Payment terms and financing options
Leasing options
Distribution (Place). This section should include a discussion on the
Distribution channels, such as direct, retail, distributors & intermediaries
How channel members might be motivated – for example, distributor margins
Criteria for evaluating distributors
Locations
Logistics, including transportation, warehousing, and order fulfilment
Promotion
Advertising, including how much and which media.
Public relations
Promotional programs
Budget; determine break-even point for any additional spending
Projected results of the promotional programs

VII. Key Performance Indicators
Discuss the measurement indicators (qualitative and quantitative) – that will be used to determine the effectiveness of the various components of the marketing strategy and the overall strategy.

VIII. Conclusion
Provide a short summary of the marketing plan.

Appendix

FINAL RUBRIC –

Some Rubric (7)
Some Rubric (7)
Criteria Ratings Pts

This criterion is linked to a Learning Outcome
A clear & concise Executive Summary is provided that briefly discusses every section of the final report

10.0 pts

This criterion is linked to a Learning Outcome
The Challenge Section: a brief description is provided for the business/product/service that was chosen for this project and associated goals, such as sales figures and strategic goals.

10.0 pts

This criterion is linked to a Learning Outcome
The Situation Analysis is clear and comprehensive and clearly provides all of the required information
The following information is required in this section:
Company Analysis

Goals
Focus
Culture
Market share

Customer Analysis

Number of individuals in the target market
A description of the target market
Value drivers for the target market
Decision processes that may be used by the target market

Competitor Analysis

Market position & market share of the competitors
Strengths of the competitors
Weaknesses of the competitors

Collaborators

Subsidiaries, joint ventures, and distributors, etc. (If there are none, it is fine to specify this)

Environment Analysis must describe the following

Political and legal environment – as related to the industry or specific location of the company/product/service
Economic environment- as related to the industry or specific location of the company/product/service
Social and cultural environment- as related to the industry or specific location of the company/product/service
Technological environment- as related to the industry or specific location of the company/product/service

Macro-environmental PEST analysis
SWOT Analysis

40.0 pts

This criterion is linked to a Learning Outcome
The Market Segmentation section is clear and provides all the required information.
This section must include the following information

Description of the market segmentation
Percent of sales
What the target market needs/wants
How the target market uses the business/product/service
Any type of customer support that should be provided
How the target market will be reached
The price sensitivity of the target market

20.0 pts

This criterion is linked to a Learning Outcome
The Alternative Marketing Strategy section provides a brief review of the alternatives that were considered before arriving at the recommended strategy.

10.0 pts

This criterion is linked to a Learning Outcome
The Selected Marketing Strategy section clearly discusses why the strategy was selected and clearly describes the marketing mix (4 P’s) by providing the required information for this section.
The following information must be provided in this section:
Product (service)
The product/service decisions should consider any advantages and how they will be leveraged. This section should include a discussion on the following:
Brand name
Quality
Scope of product/service line
Warranties
Packaging
Price
Discuss the pricing strategy, expected volume. This section should include a discussion on the
List price
Discounts
Bundling
Payment terms and financing options
Leasing options
Distribution (Place). This section should include a discussion on the
Distribution channels, such as direct, retail, distributors & intermediaries
How channel members might be motivated – for example, distributor margins
Criteria for evaluating distributors
Locations
Logistics, including transportation, warehousing, and order fulfilment
Promotion
Advertising, including how much and which media.
Public relations
Promotional programs
Budget; determine break-even point for any additional spending
Projected results of the promotional programs

40.0 pts

This criterion is linked to a Learning Outcome
The Key Performance Indicators section clearly describes the measurement indicators (both qualitative and quantitative) – that will be used to determine the effectiveness of the various components of the marketing strategy and the overall strategy.

20.0 pts

This criterion is linked to a Learning Outcome
The Conclusion section provides a short summary of the marketing plan.

20.0 pts

This criterion is linked to a Learning Outcome
Grammar: Grammar should be excellent with very few errors. Correct punctuation should be used. Slang and jargon should not be used in assignments.

20.0 pts

This criterion is linked to a Learning Outcome
APA guidelines must be followed: Citations and references are provided and formatted per APA guidelines. All data is accompanied by a proper citation. Direct quotations are properly cited. Appropriate headings and subheadings are used for every section. The entire paper is double-spaced.

10.0 pts

Total Points: 200.0

Create Marketing Plan Final Project

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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