Strategic Marketing Plan

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Analyze marketing decision support systems and their impact upon marketing management systems Analyze the appropriate marketing strategies to apply at each stage of the product life cycle Assess the key factors, such as demographic, economic, natural, technological, political, and cultural developments, that affect marketing strategies Assess the major influences in current consumer and organizational buying decisions Construct a strategic marketing plan

 

This assignment entails the development of a comprehensive strategic marketing plan for a new product or service that is ready to go to market. A project template that allows you to organize your work in increments and see how the sections come together to produce a comprehensive plan is provided.

Product or Service

This assignment requires the application of concepts learned to build a strategic marketing plan for a new product or service that is ready to go to market. You will not be allowed to mimic plans or ideas from larger or already in-place campaigns. You must develop the business concept in its entirety.

Describe the new product or service.
Discuss the qualities that make this product or service new to the marketplace and the rationale for your decision to pursue the concept. Be sure to pick a product or service that is ready to go to market. If you are developing a new product, assume that the development phase is over and that you are ready to launch the product into the marketplace.
Objectives and Mission Statement

Create a mission statement. State your short-term (1 year) marketing objectives. Assume that the product or service is ready to launch at the beginning of the year (planning and testing have been completed).

Marketing objectives include goals for sales, profits, and market share (as examples).
Objectives need to be quantifiable. Use SMART—simple, measurable, achievable, relevant, and time-specific—in formulating your objectives. An objective with a 100% goal is not acceptable.
Target Market

Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you is the U.S. Census Bureau’s American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back up your selection and to provide statistics to show that it is a viable market.

Competition

Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends or forecasts in the industry? How does your product or service fit in? Business Source Complete in the Library is a good tool for this section; it may be accessed under “Find Articles & eBooks.”

Product or Service Features

Provide a brief overview of the product or service.

State the features of your product or service. Show how it is innovative and different. It may be unique because of the area in which you plan to market it.
Discuss legal and ethical implications that could affect the marketing process. This will require research.
Core Strategy

Discuss your core strategy, and make sure to connect it to your mission and objectives. Include a discussion on product or service positioning.

Marketing Mix: Communications and Promotion

The marketing mix is the set of decisions about communications and promotion, price, channels of distribution, and customer relationship management (CRM). An integrated marketing communications (IMC) approach delivers a clear and consistent message to your consumers and is connected to your core strategy.

Discuss the aspects of the IMC. (The elements of the communication mix include advertising, direct marketing, sales promotion, publicity or public relations, and personal selling.) Define each, and discuss the pros and cons of the individual elements.
Provide a detailed description of your IMC approach. Explain your rationale for choosing or rejecting the specific elements (include applications to the earlier research section). What changes do you expect to make as the product or service matures?
Describe the message that you wish to communicate based on your core strategy. Explain your rationale for the message. Formulate how you will communicate with your target market. Be specific. How will the Internet be used in your IMC approach?

Sample Solution

John Locke takes a considerably more sensible perspective as he concentrates on man in the condition of nature. He affirms that individuals decide to go into society consensually as opposed to out of dread. “Men being, as has been said, essentially, all free, equivalent and free, nobody can be put out of this domain, and exposed to the political force of another, without his own assent.” In this way they go into an agreement with the public authority wherein they consent to keep the guidelines and consequently the public authority will safeguard them and their privileges. According to he, “Being all equivalent and free, nobody should hurt one more in his life, wellbeing, freedom, or assets.” This is a more practical way of thinking as Locke consolidates what he is familiar with human instinct and people want to have effects and be protected. Since people will need to obtain and keep merchandise they will definitely collide and in this manner agree to specific norms of conduct. Not at all like Plato, John Locke considers the public authority to be a delegate of the interests of individuals. Along these lines, individuals reserve the option to supplant the public authority assuming they neglect to go about their business.

Finally, Alexis de Tocqueville is the reasonable pragmatist of the bundle as he perceives both the advantages and disadvantages of a vote based system and uniformity however contends for the voice of the minority. He considers the sway of the larger part which he secludes as one of the significant factors of American culture. He expresses that this greater part bunch can possibly become domineering. He proceeds to say that the very power and strength of American establishments could prompt their destruction as the strong can become domineering. He additionally expresses that this power can be actually looked at through America’s arrangement of balanced governance. While he says that he doesn’t figure France ought to duplicate America’s administration, he sees numerous up-sides of American vote based system.

Alexis de Tocqueville concentrates on the American “fairness of condition” which is the absence of social orders. While Tocqueville perceives there is an opportunity of this prompting oppression, he sees numerous up-sides of generally speaking balance. He claims that esteeming equity will keep harmony and forestall upsets. He proceeds to say that the possibility of social versatility will urge individuals to take a stab at their best though a general public in which everybody stays in their specific situation without any possibility climbing could make individuals less propelled. This is in direct differentiation to Plato’s idea of specialization where people stick to one work and don’t have a potential chance to go up or down in a social progressive system.

Alexis de Tocqueville additionally contends that religion is absent from American government. Like Thomas Aquinas he feels that religion has a spot in government as it mitigates American’s innate childishness and realism. He studies Americans saying they don’t worry about way of thinking or philosophy however rather center around straightforward things. According to he, “I think in no country in the acculturated world there is less interest in way of thinking than in the US” (Tocqueville, 698).

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