Marketing Plan

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Throughout this course you have explored all elements of a marketing plan. Now it is time to put your marketing plan together for the company you selected for your marketing manager internship.

Part A – General Information and Situational Analysis

Section 1 – Company Background

Describe the selected company and brand and a brief history.
Summarize the core products and services the company offers.
Identify direct current competitors and explain why they are direct competitors.
Section 2 – SWOT Analysis

Complete a SWOT analysis.
Propose the product or service line you want to develop a marketing plan for.
Justify your proposal with a SWOT-based argument for why it warrants marketing investment.
Section 3 – Macro- and Microenvironment

Analyze at least two elements from each quadrant of Table 8.1 in the course text as the micro- and macroenvironment factors that affect the company’s overall marketing strategy.
Part B – The Marketing Plan

Section 1 – Segmentation, Targeting, and Positioning (STP)

Describe your segmentation approach for your proposed product or service and provide rationale for this approach.
Describe the target audiences or markets.
Create a positioning statement.
Section 2 – The Marketing Mix

Formulate the four Ps for your proposed product or service:
Product
Describe your core product, extended product, and the product concept.
Explain how you plan to achieve competitive differentiation through creating customer value in four areas
Branding
Packaging
Support
Quality
Price
Place
Promotion with a special focus on digital media and integrated marketing communications (IMC)
Section 3 – Global and Ethical Considerations, and Conclusion

Identify three business or sociocultural considerations in translating your marketing plan for use in a foreign market.
Discuss the company’s policy or philosophy on one of the areas below:
corporate social responsibility (CSR
green marketing practices
ethics
ethical marketing
diversity, equity, and inclusion (DEI) practices.
Conclude with a summary of your plan and why it deserves to be funded.

Sample Solution

Marketing Plan for [Company Name] – [Product/Service Line]

Part A: General Information and Situational Analysis

Section 1: Company Background

  • Company Description: Briefly describe [Company Name] and its brand history. Include its mission statement if available.
  • Products and Services: Summarize the core products and services offered by the company.
  • Direct Competitors: Identify 2-3 direct competitors and explain why they are considered direct. This could be based on similar product offerings, target market, or pricing strategy.

Section 2: SWOT Analysis

Strengths: Analyze the company’s internal strengths in areas like brand recognition, product quality, customer service, or technological innovation.Weaknesses: Identify internal weaknesses that could hinder the company’s marketing efforts, such as limited marketing budget, lack of brand awareness, or weaknesses in distribution channels.Opportunities: Explore external opportunities presented by market trends, new technologies, or potential for market expansion.Threats: Analyze external threats posed by competition, economic factors, government regulations, or social and cultural changes.

Product/Service Line Proposal: Propose a specific product line or service you want to develop a marketing plan for. Justify your proposal by explaining how it leverages the company’s strengths, addresses a market opportunity, and has the potential to overcome weaknesses or mitigate threats.

Section 3: Macro- and Microenvironment

Macroenvironment: Analyze at least two elements from each quadrant of the macroenvironment framework (PESTEL factors – Political, Economic, Social, Technological, Environmental, Legal) that could impact the company’s marketing strategy.Microenvironment: Analyze at least two elements from each quadrant of the microenvironment framework (Porter’s Five Forces – Competitive Rivalry, Bargaining Power of Suppliers, Bargaining Power of Buyers, Threat of New Entrants, Threat of Substitutes) that could impact the company’s marketing strategy.

Part B: The Marketing Plan

Section 1: Segmentation, Targeting, and Positioning (STP)

Segmentation: Describe your segmentation approach for the proposed product or service. This could be based on demographics, psychographics, behavioral factors, or a combination. Explain why this approach is suitable.Target Audience: Define the specific target audience(s) you will focus your marketing efforts on based on your segmentation strategy.Positioning Statement: Craft a positioning statement that clearly communicates the value proposition of your product or service to the target audience.

Section 2: The Marketing Mix

Product:

  • Core Product: Define the core benefit provided by your proposed product or service.
  • Extended Product: Describe any additional features, services, or warranties that enhance the core product and create value for the customer.
  • Product Concept: Explain how you will create customer value through branding, packaging, support services, and consistent quality.

Price: Determine a pricing strategy that considers your target market, production costs, competitor pricing, and overall marketing objectives.

Place: Define the distribution channels you will use to get your product or service to the target audience. This could include online platforms, physical stores, or a combination.

Promotion:

  • Digital Media: Develop a digital marketing strategy that leverages social media platforms, search engine optimization (SEO), or content marketing to reach your target audience.
  • Integrated Marketing Communications (IMC): Explain how you will integrate your digital marketing efforts with other promotional activities (e.g., public relations, influencer marketing) to create a cohesive and consistent brand message.

Section 3: Global and Ethical Considerations, and Conclusion

  • Global Considerations: Identify three business or sociocultural considerations that would need to be addressed if you were to translate your marketing plan for a foreign market. This could include language barriers, cultural sensitivities, or legal regulations.
  • Ethical Considerations: Discuss the company’s social responsibility philosophy or practices in one area (CSR, green marketing, ethical marketing, DEI). Explain how your marketing plan aligns with these ethical considerations.

Conclusion: Summarize your marketing plan and reiterate why it represents a sound investment for the company. Highlight the potential return on investment (ROI) and the alignment with the company’s overall marketing goals and objectives.

 

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