Re-worked paper and new business plan for 2 to 3 years. This paper has been completed but needs to be reworked based on what is provided below.
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TEAM WRITTEN PAPER – FINAL MARKETING STRATEGY (LO1, 2)
Context: Throughout the course we have practiced applying processes to making decisions about elements of a marketing strategy. This week your team will compile those decisions into a final paper that summarizes your decisions and the rationale for making them. In addition, you will add a list of measurements you will use to track implementation of the strategy and add a summary budget.
Step 1 – Define Your Marketing Strategy
Teams will develop a summary of marketing decisions to include the following:
- Provide an overview of the organization and a description of your marketing system that is engaged in implementation of a marketing strategy. Use feedback from the assignment in Week 2 as well as important lessons learned since then about collaboration with entities inside and outside an organization. Insert diagrams as appropriate.
- Define the problem that your organization is attempting to solve (WITHOUT referencing the product or solution) as it creates a new market. opportunity for your organization. Briefly explain why solving that problem will create value for business, customers, and society.
- Create a customer profile for the people or organizations that share the stated problem. Provide a summary profile of the potential customer group including the reasons they share the problem, a list of their common attributes, and their motivations for seeking a solution to the problem. The profile should include rough estimate of the number of potential customers or size of the market.
- List the marketing strategy goals and success measures. Explain why achieving these goals will provide value for the business, customers, and society.
- Describe the Product or solution developed to address the problem. Explain how the product attributes align with creating value for business and solves the problem for customers. If relevant, include product attributes that impact creating value for society. Include any relevant decision matrices that support your decisions.
- Describe the distribution or Place strategy. Explain criteria used to develop the Place strategy and how it creates value for stakeholders. Include relevant decision matrices if appropriate.
- Describe and support the Price strategy or objectives and the price methods or tactics to be used to implement the strategy.. Explain how this price strategy aligns with the overall business goals and creates value for business, customers, and society (if relevant).
- Explain the Promotion Strategy. Describe the top 3 promotion methods to be used, results measures that will be tracked, and why this promotion strategy is most effective to communicate with your customers. Summarize the key results the promotion strategy will deliver and the overall cost of implementing the strategy.
- Develop a marketing budget for 2-3 years that projects revenue, expenses, and outcomes that align with overall marketing strategy goals and marketing mix strategy expenses.
- Develop a summary or conclusion paragraph that supports the decision-making process the team followed to develop the marketing strategy. Provide a summary that explains how solving the stated problem has potential to create value for the company, the customers, and society. Conclude with a final rationale and request for approval of the strategy.
Step 2 – Compile and Submit
The team should collaborate to compile, write, and review the material listed above. The final document should be appropriate for a professional business environment that would achieve a positive review from busy executives. Proofread and edit the paper so that the decisions are aligned and clearly explained. Include any supporting tables, matrices or supporting material in the document or an appendix. Add citations to relevant resources that support your decisions or data. Your final team paper should be less than 12 pages in length, excluding matrices and references.
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