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
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.
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).
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.
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.
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.
Marketing Mix: Price
Discuss what pricing objectives you would consider for your product or service. The objectives should be based on the various theories presented in marketing literature and take into account competitor pricing. Including background on value proposition, positioning, and target market is necessary. All of these components provide rationale for the chosen pricing scheme.
Marketing Mix: Channels of Distribution
Specify the type of distribution channel that you will use, and include your rationale.
Marketing Mix: Customer Relationship Management
Detail how you will incorporate CRM into your plan. Be sure to include a discussion on the role of technology that will be used to support your CRM.
This assignment requires the use of articles from the library’s full-text databases. Articles are found in periodicals. These are not to be confused with e-books or reference books. The most popular databases in marketing are the following:
Your report must include a reference list. All research should be cited in the body of the paper. In-text citations and corresponding references should be included in your paper. For more information on APA, please visit the APA Lab. The paper should be written in third person; this means that words like I, we, and you are not appropriate. The use of direct quotes is discouraged, but they may be used sparingly in appropriate situations.
Grading will be based on content, application, research, mechanics (e.g., APA format, spelling, grammar, and punctuation), and style (e.g., organization, readability, and using your own words).
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