Introduction: You provided a well thought out description of your hypothetical business. The product/service that you will focus on in this course is clear, the physical location is defined and you successfully introduced the elements of your marketing plan. Great job!
Mission Statement: The mission statement is succinct and straight forward with a solid rationale. Your mission statement will help you move forward and focus your hypothetical company in the direction to best serve your consumer while utilizing all your resources in a cohesive manner. All five questions in your mission statement were successfully answered.
Goals: Your stated short term and long term goals of either revenue, profit, market share, brand awareness or customer acquisition are SMART goals: S. – Specific; M. – Measurable; A. – Assignable; R. – Realistic; T. – Time based. Knowing what you plan to accomplish is a solid first step in building your marketing plan. There were, however, no measurements provided for your goals. These measurements are important to help you monitor your progress and adjust as needed.
Environmental Analysis: All the elements of the environmental analysis were addressed and explained. You gathered factual information covering each of the six categories in the environmental analysis. This was thorough and exhibited an understanding of the environmental factors. Remember that environmental factors are outside of your direct control, but each of these factors has influence over your business.
SWOT Analysis: The SWOT and Needs Analyses are on target and show how your company will fare in the market. Your strengths and weaknesses are clearly internal as you can control them. Your opportunities and threats are clearly derived from the environmental analysis and, while you cannot control them, they can have a direct impact on your hypothetical business.
References and Citations: You provided more than the required number of academic peer reviewed references (four or more), and showed a clear understanding of an academic, peer reviewed reference. All APA or SWS formatting is correct.
Mechanics: Your paper provided most of the points of your plan, but it was not as well organized as it could have been. Please refer to the templates as provided in the assignment instructions. The templates are APA or SWS formatted, have all the elements needed that match the rubric, and have tips so you gain the most points. As a final note, there were a few minor grammatical issues with this paper. Please make sure to proofread your paper before submitting it. One of the best ways to do this is to read it aloud. Hearing what yoPart B: Your Marketing Plan
Using the same hypothetical company from Part A: Your Marketing Plan, for this assignment, you will focus on the company’s branding strategy, primary and secondary target markets, positioning statement, and consumer behavior.
Note: You should make all assumptions needed for the completion of this assignment.
Create the second part of your marketing plan in 8–12 pages:
template to follow;
Part B: ABC Marketing Plan (Change to your name of business here)
MKT500 Marketing Management
Dr. Lisa Amans
Introduction (note this is not bold)
Describe or list the feedback you received on Part A of your marketing plan. Do not just list the feedback. Explain how you will use the feedback to improve your plan.
Next, re-introduce your company you shared in Part A.
Lastly, review what you will share: branding strategy, primary and secondary target markets, positioning statement, and consumer behavior.
Write an introduction here (minimum of three sentences). Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension.For each of these sections below, provide rationale. Each section should be a minimum of three sentences.
Text starts here, provide rationale (minimum of three sentences).
Text starts here (do not start with an image of your logo, describe first); provide rationale (minimum of three sentences).Relay what the logo means, example Nike’s swoosh logo. If you use an image of a logo, make sure you use APA formatting (labeled Figure 1 include description per APA). Example below:
Figure 1. Your company name logo and short descrption.
Text starts here, (do not start with your slogan, describe first); provide rationale (minimum of three sentences).
Text starts here, provide rationale (minimum of three sentences).
Primary and Secondary Target Markets
Determine the primary and secondary target markets for your company. Thoroughly include the demographic profile (e.g., age, gender, ethnicity, etc.), psychographic profile, professional profile, geographic profile, and any other segmentation variable you deem necessary. Considerations for your target markets should be age, lifestyle values, attitudes, wants and needs, gender, number of kids, education income, stage in the household lifecycle, geographic location (urban vs. rural, etc.), or risk orientation, etc. This section is worth 48 points, make sure your target market is not too broad, be focused and concise using a multiple of characteristics. Target market and segmentation choices are perfect topics for scholarly references to substantiate your position (search in library for peer-reviewed, journals, see image below). Also, see textbook for a variety of segments to consider, pages 93-104.
Start with an introduction sentence or two. Then state what is your unique selling proposition (USP), who do you consider to be your competitors, and how does their positioning statement (as they are seen in the marketplace, what’s their USP differ than yours. Include a perceptual map that shows your company’s position against its competitors. You may use Microsoft Word, PowerPoint, or other equivalent software to create your perceptual map (suggestion: use Snip-it or Jing to take an image to drop in Word to keep the formatting you created). See textbook pages 107-113. Follow APA Figure formatting (your map should be labeled Figure 1 or 2, depending on if you used a figure for a logo, include description per APA). Figure 1 example is below:
Figure 1. Perceptual map representing Your Company Name in relation to competitors XYZ company, ABC company, and AAA company.
From this map, create a statement that depicts your position. Prepare a positioning statement (i.e., “For customers who want [segment], our brand is the best at [unique selling proposition—competitors and competitive advantage].”). See textbook pages 107-113.
Under Armour example:
Under Armour’s mission statement is, “Under Armour’s mission is to make all athletes better through passion, design and the relentless pursuit of innovation.” A converted position statement might be: “For athletes who want to be the best, Under Armour is the best at making all athletes better through passion, design, and the pursuit of innovation.”
Note: See page 110 in the textbook for example of anotherperceptual map.
Consumer Behavior of Target Market
Examine the relevant consumer behavior for your target market (use segmentation and targeting rationale from your textbook). Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement are right for the identified target market. Objective is to examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing. Remember your target market should consist of more than one characteristic (e.g., age, lifestyle values, attitudes, wants and needs, gender, age, number of kids, education income, stage in the household lifecycle, geographic location (urban vs. rural, etc.), or risk orientation, etc.). Good place to use references on consumer behavior from Journal of Marketing.See above for how to find these in the library.
Summarize the plan to this point (minimum of three sentences) and you should not include any new thoughts (just summary).
Sources (note this is centered and not bold and on a separate page)
Use at least three (3) academic, peer-reviewed resources as quantitative marketing research to determine the feasibility of your product / service. Three academic, peer-reviewedreferences are proficient. In order to receive most points as exemplary, submit four or more.
These academic, peer-reviewed resources should be industry specific and relate to your chosen product / service. Quality, academic references are peer-reviewed and found in scholarly journals published in the last 5 years. A good way to incorporate is by using Journal of Marketing, as an example, for your theories and consumer behavior observations.
Newspapers, magazines, and other Websites do not qualify as academic resources and although you should reference if you use, they do not count towards your minimum.
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