Explanation & Answer length: 8 Pages.
Final Marketing Plan Project –Strategic Marketing For the Marketing Plan Project, you are to select a product or service (publically traded company) and write a marketing plan for it targeting a different audience than any currently promoted audience for the product/service. For example, Pledge furniture polish is targeted to women who like to keep their homes presentable. A little known fact about Pledge is that it’s a great lubricant for windows, door hinges, etc. An interesting new target for the product could be carpenters. If Pledge were to be marketed to carpenters it may be sold in a different package, through different retailers, at a different price, and with a different promotional plan. Please submit an APA-formatted paper of approximately 8 pages, plus cover sheet and references page. Your submission should have 12-15 sources with in-text citations.
As noted in the introduction, it is important to select a public company for this project. That will give you access to many credible sources from the industry. Use the following outline. Provide rationale for the approach you are recommending based on information in the textbook, marketing best practices, industry research, and any other credible sources. Outline: 1. Executive Summary (~1 page) – WRITE THIS LAST! a. Synopsis of the plan, including key points of the plan b. Brief information on the product / service you selected and the unique market you plan to target. 2. Environmental Analysis (~.5 pages) a. Marketing environment factors 3. SWOT Analysis (a full page chart) a. Strengths, weaknesses, opportunities and threats – specific to the way you’re modifying targeting the product 4. Marketing Objectives (~.5 page) a. Include hypothetical objectives (sales increase and share increase) 5. Marketing Strategies (~4 pages) a. Target market information (~1 page)
i. What is the “typical” target market for this product and what target market have you selected to grow the market for this product? ii. Describe the target you selected – include something on attitudes and behaviors of this group, and provide information on how large the target is. b. Marketing Mix (~3 pages) i. Describe how you would SPECIFICALLY use each of the following elements of the marketing mix: 1. Product (how / if you would modify the product or the packaging of the product for its new purpose / new target) (~.5 page) 2. Price (what you are proposing about any changes to the current pricing the product) (~.5 page) 3. Place / Distribution (Thoughts on where the product would be sold. Come up with at least one place to sell the product based on the new targeting.) (~.5 page) 4. Promotion (What type of promotional activity do you suggest from the promotional mix: advertising, sales promotion, public relations, and promotion. Provide a short paragraph on each.) (~1.5 pages) 6. Marketing Implementation (~.5 page) a. Brief thoughts on the implementation of your plan. You’re not expected to address the marketing department’s organization and responsibilities or timetables (as required in a marketing plan). Instead provide a brief paragraph about any concerns or cautions you have around implementation of the plan you are proposing. 7. Performance Evaluation (~1 page) a. Discuss how you would measure the effectiveness of the plan after implementation. Be as specific as possible.
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