Download Marketing Strategies

Company G
3-Year Marketing Plan
Assessment Code:
Student Name:
Student ID:
Date:
Mentor Name:
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Table of Contents
Table of Contents .......................................................................................................................................... 2
Introduction .................................................................................................................................................. 3
Mission Statement ........................................................................................................................................ 3
The Product ................................................................................................................................................... 3
Consumer Product Classification .............................................................................................................. 3
Target Market ............................................................................................................................................... 3
Competitive Situation Analysis ..................................................................................................................... 4
Analysis of Competition using Porter’s 5 Forces Model ........................................................................... 4
SWOT Analysis............................................................................................................................................... 4
Strengths ................................................................................................................................................... 5
Weaknesses .............................................................................................................................................. 5
Opportunities ............................................................................................................................................ 5
Threats ...................................................................................................................................................... 6
Market Objectives ......................................................................................................................................... 6
Product Objective .................................................................................................................................... 6
Price Objective .......................................................................................................................................... 6
Place Objective ......................................................................................................................................... 6
Promotion Objective ................................................................................................................................ 6
Marketing Strategies ..................................................................................................................................... 7
Product Strategies..................................................................................................................................... 7
Price Strategies ......................................................................................................................................... 7
Place Strategies ......................................................................................................................................... 7
Promotion Strategies ................................................................................................................................ 7
Tactics and Action Plan ................................................................................................................................. 8
Product Action Plan .................................................................................................................................. 8
Price Action Plan ....................................................................................................................................... 8
Place Action Plan....................................................................................................................................... 8
Promotion Action Plan .............................................................................................................................. 8
Monitoring Procedures ................................................................................................................................. 8
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Introduction
While this section is not expressly requested in the task instructions, it is usually helpful
to write a paragraph that introduces Company G and the product or product line that you are
writing this marketing plan about.
Mission Statement
“We enable consumers to improve the quality and convenience of their lives by providing
innovative electronics solutions.”
The Product
The task instruction is: Explain how the product you have selected supports Company
G’s mission statement provided in the task introduction. This should be a 1-2 paragraph section
that includes a detailed description of your product. Then discuss how the features of your
product support the given mission statement, stated in the previous section.
Consumer Product Classification
The task instruction is: Classify Company G’s products using the three-way consumer
product classification system. Please refer to the recommended text for information on this. See
index topic: “consumer products, classification of.” Please also check the learning community
for a blog or discussion on this topic. Before completing this section, it is recommended that you
complete the Marketing Plan Worksheet, which is linked to the course of study. Ask the course
mentor for it if you do not already have it.
Target Market
The task instruction is: Describe the target market for the company’s products. This
would include demographic information, psychographic information and any other
characteristics that help to describe the group. It needs to be a specific group of customers.
Sometimes using stereotype images can help to describe a group, such as the “soccer mom.”
Before proceeding with the next section (objectives), it is recommended that you
complete the Marketing Plan Worksheet. Ask the course mentor in the learning community for
this if you do not have it.
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Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model
The task instruction is: Analyze Company G’s competitive environment utilizing Porter’s
Five Forces Model of competitive forces. While headings below may provide some guidance for
how to organize the paper, please refer to the recommended text (index topic: “Porter’s 5 forces
model”), the learning community, and recommended web sites. As you will see from the reading,
Porter’s 5-forces is a way to examine threats to a company’s success – which was competition
imposes.
Competitive Rivalry As you study the model, you will see that the rivalry is the component
that all the competition and their threats centers around. Please describe this for
Company G.
Threat from New Entrants As you discover what this is, discuss the possible threat from
new companies entering the market. Also consider how the Internet impacts this.
Threat from Buyers As you discover what this is, discuss the possible threat from buyers,
which may or may not be the same as consumers – depending on your distribution
system. Is it possible for them to band together and demand volume discounts? Also
consider how the Internet impacts this.
Threat from Suppliers As you discover what this is, discuss the possible threat from
suppliers to Company G. Are there few or many? How does that impact Company G’s
ability to continue delivering product at a reasonable price? Also consider how the
Internet impacts this.
Threat from Substitutes As you discover what this is, discuss the possible threat from
substitute products. Depending on your product, there may or may not be direct
substitutes. Before your product came out, however, how did consumers solve the
problem? What other alternatives do they have? Also consider how the Internet impacts
this.
SWOT Analysis
In this first paragraph, please introduce the SWOT analysis. For more information, see
the recommended text, index topic “SWOT analysis.” This section is laid out to summarize the
analysis in a table, and is then followed by more detailed explanations of each item. Please see
specific instructions in the four sections below the table.
STRENGTHS *indicates core competency
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WEAKNESSES
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Strength 1*
Strength 2*
Strength 3
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Weakness 1
Weakness 2
Weakness 3
OPPORTUNITIES
THREATS
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Opportunity 1
Opportunity 2
Opportunity 3
Threat 1
Threat 2
Threat 3
Strengths
The task instruction is: Describe 3 of Company G’s strengths related to the marketing of
the new product. Support your choice of each of these elements as strengths. Identify two or
more strengths that should be considered as core competencies. To satisfy requirements, identify
at least 2 core competencies.
It is recommended that you show some sort of separation for your discussion of each
strength. Either use separate paragraphs (which would each be only a few sentences), or possibly
use bullet points here as well.
Be sure that with each item you not only name the strength, but also that you explain why
it is a strength. Remember to identify whether a strength is a core competency for Company G.
Weaknesses
The task instruction is: Describe 3 of areas where Company G has weaknesses related to
the marketing of the new product. Support your choice of each of these elements as weaknesses.
It is recommended that you show some sort of separation for your discussion of each
weakness. Either use separate paragraphs (which would each be only a few sentences each), or
possibly use bullet points here as well.
Be sure that with each item you not only name the weakness, but also that you explain
why it is a weakness.
Opportunities
The task instruction is: Describe 3 current or potential opportunities within the industry.
Support your choice of each of these elements as opportunities.
It is recommended that you show some sort of separation for your discussion of each
opportunity. Either use separate paragraphs (which would each be only a few sentences), or
possibly use bullet points here as well.
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Be sure that with each item you not only name the opportunity, but also that you explain
why it is an opportunity.
Threats
The task instruction is: Describe 3 current or potential threats within the industry.
Support your choice of each of these elements as threats.
It is recommended that you show some sort of separation for your discussion of each
threat. Either use separate paragraphs (which would each be only a few sentences), or possibly
use bullet points here as well.
Be sure that with each item you not only name the threat, but also that you explain why it
is a threat.
Market Objectives
Product Objective
The task instruction is: Select four marketing objectives for Company G consisting of one
objective for each of the four marketing strategies. These four elements of the marketing mix
include Product, Price, Place, and Promotion. Please refer to the recommended text (see index
topics “objectives in an organization,” “product strategy,” and “product and service strategies”)
and the learning community for information on creating objectives. It is recommended that
objectives be realistic, measurable, and time-specific. Keep in mind that strategies support
objectives – they are not the objectives themselves.
Price Objective
This is where you will describe a pricing objective. Please refer to the recommended
text (see index topics “objectives in an organization,” “pricing objectives,” and “pricing
strategies”) and the learning community for information on creating objectives. It is
recommended that objectives be realistic, measurable, and time-specific. Keep in mind that
strategies support objectives – they are not the objectives themselves.
Place Objective
This is where you will describe a place or distribution objective. Please refer to the
recommended text (see index topics “objectives in an organization” and “pricing strategies”) and
the learning community for information on creating objectives. It is recommended that
objectives be realistic, measurable, and time-specific. Keep in mind that strategies support
objectives – they are not the objectives themselves.
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Promotion Objective
This is where you will describe a promotion objective. Please refer to the recommended
text (see index topics “objectives in an organization,” “promotions, measuring effectiveness,”
and “promotional strategies”) and the learning community for information on creating objectives.
It is recommended that objectives be realistic, measurable, and time-specific. Keep in mind that
strategies support objectives – they are not the objectives themselves.
Marketing Strategies
In this short paragraph, please introduce the marketing strategies section. The task
instruction is: Describe 3 strategies for each element of the marketing mix (product, price,
place/distribution, promotion) that are appropriate for the target market. Strategies should be
consistent with each other and supportive of the related objective. Please refer to the
recommended text, chapters entitled: “Product and Service Strategies,” “Marketing Channels and
Supply Chain Management,” “Integrated Marketing Communications,” and “Pricing Strategies.”
Remember, the strategies in each respective section should support its matching objective.
(Product strategies support Product Objective) Before completing the individual sections, it is
recommended that you complete the Marketing Plan Worksheet, which is linked to the course of
study. Ask the course mentor for it if you do not already have it.
Product Strategies
o Name and describe your first product strategy here.
o Name and describe your second product strategy here.
o Name and describe your third product strategy here.
Price Strategies
o Name and describe your first pricing strategy here.
o Name and describe your second pricing strategy here.
o Name and describe your third pricing strategy here.
Place Strategies
o Name and describe your first place/distribution strategy here.
o Name and describe your second place/distribution strategy here.
o Name and describe your third place/distribution strategy here.
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Promotion Strategies
o Name and describe your first promotion strategy here.
o Name and describe your second promotion strategy here.
o
Name and describe your third promotion strategy here.
Tactics and Action Plan
Please introduce the tactics/action plan in this paragraph. The task instruction is: Develop
an action plan for implementing the marketing strategies identified. Include one task for each
strategy identified. Create a timeline outlining when each task is to be completed. The tables
below provide a simple way to do both the tactics and the timeline. There are other ways to
show the timeline however. Please do what makes sense for you – and be sure your timeline
includes time elements. It is recommended that the student complete the Marketing Plan
Worksheet before proceeding. Please ask the course mentor for this if you do not already have
it.
Product Action Plan
Tactic
Due Date
Responsible Party
Due Date
Responsible Party
Due Date
Responsible Party
Due Date
Responsible Party
Price Action Plan
Tactic
Place Action Plan
Tactic
Promotion Action Plan
Tactic
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Monitoring Procedures
Please introduce the monitoring procedures section in a sentence or two here. The task
instruction is: Describe the specific actions that will be taken to measure the effectiveness of the
marketing plan. Create a timeline for these actions. There are some common sense sorts of
measures you may wish to use. For more ideas, please see the recommended text, index topics
“objectives,” “measurement, of promotion effectiveness.” It is recommended that the student
complete the Marketing Plan Worksheet before proceeding. Please ask the course mentor for
this if you do not already have it.
Monitoring Activity
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Due Date/Frequency
Responsible Party