31 Aug Developing the Marketing Mix Overview For this assignment, you will conclude your marketing plan by developing your hypothetical company’s p
Week 9 Assignment – Part C: Developing the Marketing Mix
For this assignment, you will conclude your marketing plan by developing your hypothetical company's pricing and distribution strategies and integrated marketing communications plan.
Note: You should make all assumptions needed for the completion of this assignment.
Create the third part of your marketing plan in 6–8 pages using the Part C Marketing Plan Template [DOCX]:
- Explain how you will use the feedback you received on Part B of your marketing plan to improve your plan.
- Develop the company's pricing strategy including a rationale for the approach chosen.
- Develop the company's distribution strategy, including a rationale for the approach chosen.
- Develop the promotional mix (message, media, advertising, public relations, sales promotion, personal selling) appropriate for the target market.
- Develop the online and direct marketing plan most relevant for the product or service and target market.
- Develop a social-responsibility or cause-related marketing plan most relevant for the product or service and target market.
- Use at least three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcomes associated with this assignment are:
Part C: ABC Marketing Plan (Change to your name of business here)
MKT500 Marketing Management Strayer University
Dr. Your Professor
Explain how you will use the feedback you received on Part B of your marketing plan to improve your plan. Do not just list the feedback.
Next, re-introduce your company you shared in Part A/B.
Lastly, review what you will share: pricing and distribution strategy; integrated marketing communications; sales promotion and personal selling plan; competitive analysis; online and direct marketing plan; and social responsibility/cause-related marketing plan.
Pricing and Distribution Strategy
Write an introduction here. Minimum of three sentences.
Develop the company’s pricing and distribution strategy. Suggestion: use elements from Discussion Week 7 to help you with this section.
Text starts here. (Pricing strategy should be in comparison to your competition; for example, do you plan to do a penetration or skimming strategy?) Relate this to your readings and learnings from the textbook.
Text starts here. (Discuss how customers will buy. Are you using direct or indirect channels? Are you using intensive, selective, or exclusive distribution? What is your logistics and supply chain management strategy? That is, who are your vendors and how will you interact with them, will you use wholesalers, will you have dealers/retailers?) Do not confuse the way you market to a customer as a distribution channel. Distribution is how a customer will buy, that is, the path to purchase; it is not advertising. Distribution strategy is your route to market. Are you online, brick-and-mortar, reselling to retailers, using wholesalers, what is your supply chain management, vendors?
Integrated Marketing Communications
Write an introduction here. Minimum of three sentences.
Develop the integrated marketing communications plan most relevant for your product or service and audience. This section has many points, so be thorough.
Develop your message strategy. How do you plan to be consistent with your traditional and social media choices?
Develop your media strategy. What are your media choices and how will you use them? What is your rationale for your choices and why are they relevant to your target market?
Public Relations, Sales Promotion, and Personal Selling Plan
Write an introduction here. Minimum of three sentences.
Develop your public relations, sales promotion, and personal selling plan most relevant for your product or service and audience. Introduction of this section here; minimum three sentences.
Sales Promotion Plan
Text here. Most familiar uses of sales promotions are couponing, rebates, loyalty programs, tier pricing, et cetera.
Personal Selling Plan
Text here. Will you have outside sales representatives, inside sales representatives, telemarketing, customer service, live chats? Include any direct communication plans you will have.
Online and Direct Marketing Plan
Develop your online and direct marketing plan most relevant for your product or service and audience. How will these media tools be used to influence your target audience?
Add your text here to talk about your use of digital marketing such as social media and your website, the purpose of your website and how it will deliver the customer experience to support your brand. This is a good section to use references to speak to the validity and choice of your social media choices. (That is, use an academic resource that shares their research on demographics and metrics of the use of Facebook. For example, Facebook has xxx number of followers who are between the age xx, have xx with income level of xx–xx, and like to share xxxx. Then cite/reference the source.)
Add your text here to discuss your online advertising. Please make sure to distinguish between Pay Per Click and Display advertising and your rationale for these choices.
Search Engine Optimization
Add your text here to discuss search engine optimization and if this adds value to the marketing of your hypothetical business.
Add your plan to use direct marketing to communicate the value of your business to your targeted customers.
Social Responsibility Plan
Develop your social responsibility/cause-related marketing plan most relevant for your product or service and audience. What is your contribution to the community?
Summarize the plan to this point (minimum of three sentences) and you should not include any new thoughts (just summary).
Use three credible, relevant, and appropriate resources as marketing research to determine the feasibility of your product or service. To receive most points as exemplary, you must meet the required number of credible, relevant, and appropriate references.
These resources should be industry specific, relate to your chosen product or service, and be published in the last five years. A good way to incorporate is by using Journal of Marketing, as an example, for your theories and consumer behavior observations.
SWS Guidelines: (delete this from your paper)
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course and the Strayer Writing Center.
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8/31/22, 9:59 AM Rubric Detail – Marketing Management MKT500009VA016-1226…
Feedback to Learner
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: See textbook, page 21 "To define its mission, a company should address Peter Drucker’s classic questions: What is our business? Who is the customer? What is of value to the customer? What will our business be? What should our business be?" Only three of these questions were addressed in your mission statement. 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: This section should include both a written SWOT analysis containing at least three of each element with rationale and a SWOT table summarizing each. You did not provide three elements for each point within the SWOT analysis. You also did not provide the needs analysis to show your understanding. See textbook page 47. 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 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 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 you've written is a great way to catch grammatical issues. A 5% deduction was applied for submitting the work late
8/31/22, 9:54 AM Rubric Detail – Marketing Management MKT500009VA016-1226…
Feedback to Learner
You accurately described the feedback you received. You also explained how the feedback will be used to improve your marketing plan. This shows an understanding of how to use feedback to improve your overall product. You also re- introduce your hypothetical business and introduced the contents of the remainder of this section of your marketing plan. Brand Strategy: I would have liked more rationale on how these choices resonate with your target market. Most of your branding elements of the name, logo, slogan and brand extension were provided. Does the name of your business mean something to your consumer? Will they understand the benefit of your business when they see your logo? What about your slogan? Will your consumer understand exactly what your business is all about when they see your slogan? Finally, did you provide a brand extension that is a logical fit with your hypothetical business? Target Market: Your primary target audience was defined very well. You effectively described your ideal customer through the demographic, psychographic, geographic and behavioral characteristics needed to communicate with your target audience. You did not, however, use enough relevant bases of segmentation to describe your secondary audiences. Remember that demographic, geographic, psychographic and behavioral bases that describe your secondary target audience need to be separate and distinct from your primary audience. Your plan did not demonstrate this knowledge. Positioning Statement and Perceptual Map: The perceptual map clearly shows where you fall within the competition. Your perceptual map was created using two logical attributes of purchase. You included enough competitors to obtain a solid indication of your market and where you can effectively compete with your hypothetical business. Your positioning statement is relevant and includes the statement of who you are talking to, who you are better than and why you are better than them. This is important because it is the start of your marketing strategy and will guide your communication with your target audience. Consumer Behavior: You need to explain more about your target market's consumer behavior – lifestyle values, attributes, wants and needs, etc. with the brand name, logo, slogan and brand extension. Why will your brand resonate with them. It is not clear how and why you developed your branding elements to impact the consumer buying process for your target audience. This section is a good section to use scholarly resources to validate your target market’s consumer behavior. References and Citations: Your paper used three (3) academic, peer reviewed references as quantitative marketing research to determine the feasibility of your product / service. In order to receive most points, you must submit four (4) or more. You showed a clear understanding of academic, peer reviewed references. Most of your SWS formatting for your references is correct. Mechanics: There were a few 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 you've written is a great way to catch grammatical issues.
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