You are continuing to develop your marketing plan project for final delivery in Unit VII. In this portion of the project, you will be addressing the marketing strategy for the company you chose in Unit III to develop its marketing plan.
This section represents the heart of the marketing plan. Here, this portion enables the marketer to create the necessary strategies for implementation. It also enables the marketer to provide the objective basis for these strategies. The format also enables the marketer to objectively describe, in detail, each section in order to give the marketer’s intended planning audience the ability to judge the soundness of the proposed strategies. It is important to be as specific and detailed as possible. It will help in judging the plan’s effectiveness and use of required resources in the next section.
In this assignment, you will research, analyze, and create the marketing plan sections described below.
- Marketing Strategy: Using the sections below, describe your selected company’s marketing strategy in sufficient and objective detail.
- Objectives: Describe, in detail, the specific elements that make up the marketing strategy. This enables management to create and implement strategies that can be measured and corrected. If challenges arise, then corrective strategies can be objectively created and promptly implemented.
- Target Markets: List the segmented target markets that align with your selected company’s products. This is important as all marketing strategies begin with the following: segmentation, targeting, and positioning.
- Positioning: Identify your selected company’s positioning attributes. These would be a brand description and its benefits. In addition, you will need to describe your brand’s points of difference and points of parity.
- Strategies: Describe your strategies for the following categories: product strategy, pricing strategy, distribution strategy, and marketing communications strategy. Together, these strategies identify decisions about product mix and brands (product strategy), setting product prices and/or adjusting prices to competitor pricing (pricing strategy), assessment of existing and potential channel value effectiveness (distribution strategy), and a communication plan to all target market audiences and channel members (marketing communications).
- Marketing Mix: Describe the implemented programs and/or tactics that would support the product, pricing, distribution, and marketing communications strategies.
- Since this is the stage in which other departments can become involved, demonstrate the coordination needed for the best strategies implementation.
- Marketing Research: Describe how marketing research supports the basis of your created strategies and implementation plans. Show how the objective insights gathered from marketing research add customer value for your selected company’s products.
Your assignment will be a minimum of three pages in length. Ensure that you identify each section with a heading in your assignment. You should reference at least three sources to support this section of your marketing plan. Your sources should be from the _____, but you may also include outside sources as well. All sources used, including the textbook, must be referenced and follow APA formatting, and quoted or paraphrased material must have accompanying in-text citations.