Marketing Plan Project: Phase 2
You are continuing to develop your marketing plan project for final delivery in Unit VII. In this portion of the project, you will be addressing the marketing strategy for the company you chose in Unit III to develop its marketing plan.
This section represents the heart of the marketing plan. Here, this portion enables the marketer to create the necessary strategies for implementation. It also enables the marketer to provide the objective basis for these strategies. The format also enables the marketer to objectively describe, in detail, each section in order to give the marketer’s intended planning audience the ability to judge the soundness of the proposed strategies. It is important to be as specific and detailed as possible. It will help in judging the plan’s effectiveness and use of required resources in the next section.
In this assignment, you will research, analyze, and create the marketing plan sections described below.
- Marketing Strategy: Using the sections below, describe your selected company’s marketing strategy in sufficient and objective detail.
- Objectives: Describe, in detail, the specific elements that make up the marketing strategy. This enables management to create and implement strategies that can be measured and corrected. If challenges arise, then corrective strategies can be objectively created and promptly implemented.
- Target Markets: List the segmented target markets that align with your selected company’s products. This is important as all marketing strategies begin with the following: segmentation, targeting, and positioning.
- Positioning: Identify your selected company’s positioning attributes. These would be a brand description and its benefits. In addition, you will need to describe your brand’s points of difference and points of parity.
- Strategies: Describe your strategies for the following categories: product strategy, pricing strategy, distribution strategy, and marketing communications strategy. Together, these strategies identify decisions about product mix and brands (product strategy), setting product prices and/or adjusting prices to competitor pricing (pricing strategy), assessment of existing and potential channel value effectiveness (distribution strategy), and a communication plan to all target market audiences and channel members (marketing communications).
Marketing Mix: Describe the implemented programs and/or tactics that would support the product, pricing, distribution, and marketing communications strategies.
- Since this is the stage in which other departments can become involved, demonstrate the coordination needed for the best strategies implementation.
- Marketing Research: Describe how marketing research supports the basis of your created strategies and implementation plans. Show how the objective insights gathered from marketing research add customer value for your selected company’s products.
Your assignment will be a minimum of three pages in length. Ensure that you identify each section with a heading in your assignment. You should reference at least three sources to support this section of your marketing plan. Your sources should be from the CSU Online Library, but you may also include outside sources as well. All sources used, including the textbook, must be referenced and follow APA formatting, and quoted or paraphrased material must have accompanying in-text citations.
Aaker, D. A., & Moorman, C. (2018).
Strategic market management
(11th ed.). Hoboken, NJ: Wiley.
InstructionsMarketing Plan Project: Phase 2You are continuing to develop your marketing plan project for final delivery in Unit VII. In this portion of the project, you will be addressing the marketin
MBA 5841, Strategic Marketing 1 Cou rse Learning Outcomes for Unit IV Upon completion of this unit, students should be able to: 4. Evaluate an integrated marketing communication mix . 4.1 Determine how the marketing mix and integrated marketing communications (IMC) provide useful support for marketing strategies. 4.2 Develop a marketing strategy and its assoc iated sections for a specific company’s marketing plan. Course/Unit Learning Outcomes Learning Activity 4.1 Unit IV Lesson Chapters 12 and 17 Unit IV Project 4.2 Unit IV Lesson Unit IV Project Reading Assignment Chapter 12 : Leveraging the Business Chapter 17 : How Marketing Activities Create Value for Companies Unit Lesson In this Unit IV Lesson, we will discuss three related elements : m arketing campaign, marketing mix, and integrated marketing communications (IMC). These are designed to work together in supporting the marketing strategies created by the company in its attempt to reach its designa ted target markets with its created strategies. The Common Language Marketing Dictionary has defined the aforementioned elements. “An advertising or marketing campaign is a set of coordinated, specific activities that are based on a common theme and are designed to promote a product, service, or business through different advertising media ” (“Campaign ,” n.d. , para. 1 ). The marketing mix refers to the mix of controllable marketing variables that the firm uses to pursue the desired level of sales in the ta rget market. The most common classification of these factors is the four -factor classification called the 4 Ps: price, product, promotion, and place (or distribution). Optimization of the marketing mix is achieved by assigning the amount of the marketing b udget to be spent on each element of the marketing mix to maximize the total contribution to the firm. Contribution may be measured regarding sales or profits or in terms of any other organizational goals . (“Integrated Marketing Mix ,” n.d. , para. 1 ) Lastl y, IMC is “a cohesive combination of marketing communications activities, techniques, and media designed to deliver a coordinated message to a target market with a powerful or synergistic effect, while achieving a common objective or set of objectives” ( “IMC,” n.d. , para. 1 ). Marketing managers create campaigns to market their optimal product mix to their designated product markets. They use IMC to ensure their message is the strongest, most compelling communication and is uniform across the marketing mix to achieve the best results . UNIT IV STUDY GUIDE The Marketing Mix and How it Creates Value for the Firm MBA 5841, Strategic Marketing 2 UNIT x STUDY GUIDE Title The marketing campaign is the theater in which the marketing strategies, both strategic and tactical , are implemented. This is also where the company can leverage its existing business by expanding either its products throug h brand extensions or by creating new products or product lines. Before proceeding, the marketing manager must determine how or if the proposed new brand extensions and products will fit within the existing brand identity. A poor brand extension might not only perform poorly, but a poor performing brand extension could also hurt the brand image. With these risks, why make the attempt? There are benefits to creating brand extensions. The strength of the brand can enable a new brand extension to have a high degree of awareness because of its proximity to the brand umbrella. This also improves the timeline to performance because of its proximity to the brand. Marketing development costs can be much lower because of this speed to the market capability of a bra nd extension. There are many cost -effective, positive aspects of leveraging the firm’s business through successful brand extension strategies. Finally, if the brand extension becomes successful, the company could consider making it a master brand of family products, much the way Lever Brothers did with Dove cleansing bars. W ithin the newly created Dove product family were Dove body lotion and newly created Axe personal care products. Not all brands are well suited to have brand extensions. Sometimes , a br and and its existing product line are best left to compete with their existing strategies intact. In any case, existing brands or new brand extensions are all affected by the marketing controllable variables, which are often referred to as the 4 Ps . Onc e it is decided what will be marketed in the marketing campaign, then the marketing campaign strategies are folded into the marketing mix variables for stated goals and corresponding budgets to be created across the 4 Ps. Each of these variables is interde pendent and affect s the other. Therefore, much consideration should be taken when allocating budget resources to each of the marketing mix functions. An example of a misjudgment would be if product demand w as greater than the means of distribution. This wo uld cause shortages of a highly sought product , potentially causing target market customer frustration. This could further cause damage to the brand image. When the shortage passes, the product may not recover its previous level of desire and customer dema nd. Customers may have moved on to choosing a competitive product , or the wait could have caused customers to question the high cost and aband on the product altogether. This can happen during the holiday season when th e year’s hottest toy is in high demand and short supply. Later, what was the most in -demand product of the season quickly vanishes due to its inability to meet that demand. Customers attempting to purchase the season’s latest children’s toys each year are all too familiar with this scenario. Marketing 4 Ps (Aaker & Moorman, 2018) MBA 5841, Strategic Marketing 3 UNIT x STUDY GUIDE Title The IMC portion of the marketing campaign is what brings the marketing and brand messages together. Creating, building, and promoting a brand image that continues to resonate positively with its designated target market is one of marketing’s greatest ong oing challenges. Brands have intrinsic values that can last for decades. Brands like Coca -Cola, Ford Motor Company, and Morton Salt are just a few brands that remain relevant and popular after a century. IMC is one of the ways customers receive unified bra nd messages across all areas of the marketing mix to reinforce the brand’s image and message. Labeling, packaging, public relations, social media, and promotion are a few of the marketing areas where IMC messaging can and should remain consistent. When a c ustomer hears the phrase, “Tide’s in – Dirt’s out,” not only does the product name come to mind, but the bold orange and black logo comes to mind (Justia Trademarks, n.d.). Tide ’s labeling images come to mind too, reinforcing a strong, confident message to the customer that Tide is there to safeguard clothing . This is especially important if the customer purchasing the Tide is also responsible for cleaning his or her family’s clothing. A company’s IMC plan is designed to create brand awareness , which is a key component to brand equity. Other brand equity key elements are brand loyalty, perceived quality, brand associations , and other proprietary brand assets (Aaker & Moorman, 2018). Customers must have awareness of a brand or product. Otherwise, the brand will not have value or equity. Hakala, Svensson, and Vincze (2012) posit that if customers are not conscious of the brand, it is not likely the brand will be purchased. Conversely, if there is a strong awareness of the brand, a strong degree of preference for that specific brand can also include higher levels of satisfaction, brand loyalty, and a strong willingness to recommend the brand to others (Hak ala et al. , 2012). Again, this is one of the critical objectives of creating a strong IMC , which can consi stently address and reinforce brand equity across the marketing mix while being presented in an effective marketing campaign. An effective marketing campaign is a marketing asset to the company creating value. It can positively leverage a firm’s competit ive position in its selected target markets. Its brands and brand extensions , both current and new , are best positioned and highlighted by the firm’s focused and effective IMC sufficiently conveying a uniform marketing message across all elements of the ma rketing mix , which reinforces customer confidence and top -of-mind brand recall. These marketing assets and their associated budgeted costs are considered investments by marketing managers. Even though the marketing expenditures represent some of the firm’ s highest use of financial and cash resources, they are not counted by the company as investments. They are counted as expenses to the firm. However, to not continue the significant resource allocation, time, and care required to keep brands current and re levant to their target markets can cause serious long -term harm to a company’s competitive position and profitability. Brands that are treated as investments , regardless of the accounting rules that govern the business , can thrive and grow. B rands that also receive sufficient investment and are nurtured to continue living up to their brand promises for their targeted consumers will have lives that can last many generations past the current firm’s leadership. The benefit of an attentive corporate brand hol der can mean that the firm can command higher -than -average prices than its competition. Brand loyalty can prevent customers from easily switching to competitors. High -brand awareness can mean the company can spend less on its marketing campaigns and still have the same marketing effectiveness. A strong brand can enable a company that may have the same manufacturing or producing costs as its competitors to still outperform its competitors by commanding the lion’s share of the market by exacting higher prices , selling its product faster, and leveraging its business by creating more profitable brand extensions. These virtuous activities can speed up cash flow, create higher Tide detergent in China (WhisperToMe, 2015) MBA 5841, Strategic Marketing 4 UNIT x STUDY GUIDE Title firm value, and enable the firm to enjoy a more stable strategy , creating the environmen t in which it may plan for future growth. References Aaker, D. A., & Moorman, C. (2018). Strategic market management (11th ed.). Hoboken, NJ: Wiley. Campaign . (n.d.). In Common language marketing dictionary . Retrieved from http://www.marketing – dictiona ry.org/Campaign Hakala, U., Svensson, J., & Vincze, Z. (2012). Consumer -based brand equity and top -of-mind awareness: A cross -country analysis. The Journal of Product and Brand Management, 21 (6), 439 –451. http://dx.doi.org.libraryresources.columbiasouther n.edu/10.1108/10610421211264928 Integrated marketing communication. (n.d.). In Common language marketing dictionary . Retrieved from http://www.marketing -dictionary.org/Integrated+marketing+communication Integrated marketing mix. (n.d.). In Common langua ge marketing dictionary . Retrieved from http://www.marketing -dictionary.org/Marketing+Mix Justia Trademarks . (n.d. ). Tide’s In – Dirt’s Out – Trademark details . Retrieved from https://trademarks.justia.com/715/54/tide -s-in-dirt -s-out -71554044.html Whisp erToMe. (2015). Tide detergentChina [Photograph]. Retrieved from https://commons.wikimedia.org/wiki/File:TideDetergentChina.jpg Suggested Reading This article explains the importance of market orientation as an implementation of the marketing concept. This is important because the marketing concept is one of the most studied areas of marketing. This article provides a good overview of both marketing concepts . Sheppard, R. (2011). The evolution and conceptualization of market orientation: What managers ought to know. Journal of Management Policy and Practice , 12 (6), 3 0–45. Retrieved from https://search – proquest – com.libraryresources.columbiasouthern.edu/abicomplete/docview/9 15203951/599AF058817C47F0P Q/1?accountid=33337 Learning Activities (Nong raded) Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit them. If you have questions, contact your instructor for further guidance and information. Chapter 12 Flash Cards The following interactive presentation on Chapter 12 will assist you in better understanding the lesson. Click here to access the Chapter 12 Flash Cards . (Click here to access a PDF version.) Chapter 12 “For Discussion” Questions Review the Chapter 12 “For Discussion” questions on page s 226 –227 in your textbook , and answer one to two questions. Submit your responses to your instructor for relevant feedback. MBA 5841, Strategic Marketing 5 UNIT x STUDY GUIDE Title Chapter 17 Knowledge Check Complete the Ch apter 17 Knowledge Check to gain a better understanding of the lesson. Click here to access the Chapter 17 Knowledge Check.