The book is titled “Basic Marketing: A Marketing Strategy Planning Approach, 18th Edition”
Step 1 needs to be submitted within 3 days but everything else has 10 days.
Please submit each step as a separate document.
Your plan will follow the marketing plan outline page 574 Exhibit 21-4.
As you will note in chapter 1 page 40 the marketing plan is completed to carry out the marketing strategy. At the end of each chapter there is a Marketing Plan Coach exercise that introduces to you aspects of a marketing plan that relates to the topics in that chapter.
You will submit your marketing plan in 2 parts:
Part 1: Analysis of the current situation- this is also your midterm exam and will be worth 25 points.
Part 2: Marketing strategy, budgets and controls. This will also include an executive summary, incorporate any suggestions indicated from your midterm grade in Part 1 and a bibliography. You will want to follow APA style in writing this papers.
Step I: You will select a company and one of its specific products for which you will prepare a marketing plan. Your choice of a product is Important. Some tips to help you select an appropriate product are: Select a consumer product that you or your family regularly uses. This will help give you insight into customer behaviors in the purchase decision and will make it more interesting for you personally. DO NOT select an industrial or business to business product. Select a product that is large enough to have something written about it and its industry. You will find industry trends and competitive information in your library research made easier. Select a publicly held company. The reason is there is more written information: revenue data, market share data and other measures to compare against competitive offerings. Stay with a nationally known brand name. Select a product that has some competition. Some examples: Drink or cola product: Coke Zero, Avian Water, Gatorade etc. A national restaurant chain as Olive Garden. Personal care products: Colgate Toothpaste, J&J Baby shampoo, Olay etc. High tech consumer products as notepads, cell phones or auto models as Ford Focus, BMW 3 series. Once you decide, prepare a one paragraph description of our choice, link the product website and submit.
Step 2 Research your product. You will need many resources in Part 1 when you are analyzing the situation. Look for Academic sources that use a review process. You can use the company website but it should only be used for background information and not be the primary source of your research. Use the Wall Street Journal, Business databases like Hoovers, industry trade journals and government data for trend and census data.
Step 3: Prepare Marketing Plan Project Part I- 25% of final grade.
Have a title sheet and then give information in these areas:
Current Marketing Situation:
1. Market description: Segmentation which describes the target market; Marketing targeting strategy, Factors influencing the consumer behavior
The above is Company and Customer Analysis topics page 574.
2. Product Review: Type of Product, Benefits and features, Differentiation and Branding Strategy. The items under Product in the Marketing Strategy category page 574 are what you are wanting to include in your description of the Product.
3. Competitive review: Use the Competitor Analysis elements on page 574 under Situation Analysis.
4. Distribution review: This includes the current supply chain members, Current type of distribution strategy.
B. Analysis of the Market Context: you will analysis the Economic, technological, political and legal and cultural and social environment.
C. SWOT analysis: Strengths, Weaknesses, Opportunities and threats (micro-environments and macro-environments.
This will complete Part I of the Marketing Plan project.
Step 4 Prepare Marketing Plan Project Part 2(final) 25% of grade.
Incorporate any of my comments from Part 1. then:
I. Marketing objectives and Issues: this includes a statement of the marketing objective and any issues that could hinder it.
II. Marketing Strategy (components on page 574 under Marketing Strategy: A. Overview, B. Target Market, C. Product, D. Place( positioning), E. Promotion and F. Price G. Marketing mix with various target groups
III. Marketing Information requirements
IV. Implementation and Control
VI. Conclusions and Recommendations in each area.
You may not find something on each item under the heading on Page 574 but most will be available in some published source. This will test your marketing research skills
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