Assignment Description
STRATEGIC MARKETING PLAN
INTRODUCTION
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 is provided that allows you to organize your work in increments and see how the sections come together to produce a comprehensive plan.
PRODUCT/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/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 market. If you are developing a new product, assume that the development phase is over and you are ready to launch the product into the marketplace.
OBJECTIVES/MISSION STATEMENT
Create a Mission Statement. State your short-term MARKETING objectives (one year). Assume that the product/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 the SMART acronym—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 US 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/forecasts in the industry? How does your product/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/SERVICE FEATURES
Provide a brief overview of the product or service.
State the features of your product/service. Show how it’s 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.
PRODUCT/SERVICE FEATURES
Provide a brief overview of the product or service.
State the features of your product/service. Show how it’s 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/Service Positioning.
MARKETING MIX: COMMUNICATIONS & PROMOTION
The Marketing Mix is the set of decisions about communications and promotion, price, channels of distribution, and customer relationship management. 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/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/service matures?
- Describe the message 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?
- Select and explain the most suitable method for measuring advertising effectiveness. Your decision must include research to back up the selected method. Be sure to explain why this is the most effective method to measure the effectiveness of your marketing campaign.
MARKETING MIX; PRICE
Discuss what pricing objectives you would consider for your product/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 a rationale for the chosen pricing scheme.
MARKETING MIX: CHANNELS OF DISTRIBUTION
Channels of Distribution: Specify the type of distribution channel you will use and include the rationale.
MARKETING MIX; CUSTOMER RELATIONSHIP MANAGEMENT
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.
CONCLUSION
REFERENCES
The 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 eBooks or Reference Books. The most popular databases in marketing are: ABI
Inform Collection, Academic Search Complete, and Business Source Complete.
Unit 5 Assignment: A Strategic Marketing Plan
Introduction
Advertising plans assist organizations in expanding their manufacturers and clientele. To raise their attraction to clients, all famous organizations use advertising techniques. A thorough advertising plan consists of several diverse advertising methods, necessitates the improvement of a method in advance, and bills for marketing campaign expenses. To create an effective, all-encompassing advertising method, you should hire some of the tactics, from figuring out your traditional consumer to making use of the era for your benefit. Making clever and well-known advertising choices permits you to make certain that your emblem is visible to ability customers. A thorough advertising plan has lots of shifting additives that everyone unfolds collectively to make your enterprise successful.
Product/service
Carpentry, which incorporates woodworking, has been practiced for a long time and has advanced right into a greater modern art. Most woodwork in homes these days is in the form of fixtures and decorations, or maybe smaller gadgets like own circle of relatives heirlooms passed down over a long time and easy crafts created with the aid of using more modern generations. However, the capacity to grasp woodworking calls for years of preparation and is not always hereditary. Even professional woodworkers from time to time come across difficulties. The trick is to get via that barrier and give you innovative approaches to apply a bit of wood. It is captivating to take a look at and enjoy the steps a carpenter takes. The most vital exceptional a woodworker can own is patience. Woodworking is a labor-in-depth method that takes an extended time. In woodworking, there are 5 foremost steps, which are “planning and design, cutting, drilling, attaching, sanding, and completing” are the primary 5 steps.
The marketplace for woodworking systems is experiencing big improvement capacity because of international urbanization tendencies and several housing protection initiatives. The significant use of woodworking gear by small and medium-sized companies may additionally act as a big boom driving force for the marketplace for one product. The marketplace for woodworking gear can also additionally revel in a quicker boom because of the developing recognition of “Do It Yourself projects” (Transparency market research, 2022). Along the anticipated period, extra functions inclusive of the use of robust metal and lightweight substances may increase sales.
Objectives/mission statement
To ensure a perfect and green outcome, it’s our venture to provide society with a contemporary generation and capabilities of the very best caliber. We attempt to provide a quality-orientated provider to our customers and customers with the useful resource of our teamwork and dedication.
Our company objectives are to (Using the SMART acronym)
- Specific– Offer brilliant wooden merchandise that meets or beyond the desires of our customers in phrases of value, quality, and service over time.
- Measurable– Be a successful, expanding, and long-lasting commercial enterprise through diligent investments in new technology, capable management, and forward-questioning belief of recent Using marketing strategies to expand our market.
- Achievable– To open more than 20 stores in my city and expand in the social media market.
- Relevant– In the past few months, we have made a 15% profit from the initial investment, looking forward to increasing our profits up to 20% by the end of the year.
- Time–bound– To aim for smaller milestones have been set every six months to achieve the long-term goals of the company.
Target market
A target market is a selected institution of human beings with no unusual place trends to whom a business enterprise gives its items or services. Target markets help organizations understand their capability customers so they’ll expand advertising techniques that help their industrial and advertising goals. The aim of choosing a goal marketplace is straightforward: to attention to advertising efforts through having a clean draw close of the capability of customers of an excellent or service. Businesses may also create advertising efforts that enchant and attain their patron base through having clean expertise in their goal marketplace. A goal marketplace may be recognized in several methods, which include demographics, psychographics, firmographics, and patron behavior. According to research, cautiously crafting a marketplace plan that consists of defining a goal marketplace may also bring about marketplace success. The targeted market is Mexico and Canada as they have increased trade and “eliminated tariffs”. North American Free Trade Agreement (NAFTA) has a lot of new opportunities for new companies.
Competition
Precision production of vital fixtures and wood-associated merchandise is carried out with the useful resource of woodworking equipment. The worldwide marketplace for woodworking tools may also enjoy improvement because of a growth in maintenance tasks and the variety of creative tasks. This study affords sensible breakthroughs that have a beneficial effect available in the marketplace enlargement for woodworking equipment. Additionally, it makes a specialty of some of the different factors, together with local evaluation, aggressive structure, and most important trends. A person may also definitely recognize the diverse boom aspects of the marketplace for cognitive woodworking equipment way to the segmental study. The marketplace for woodworking equipment has a huge variety of competition striving for the pinnacle spot. Manufacturers inside the woodworking device enterprise are setting their awareness on growing modern equipment that can be accurate, and effective, and assist with the advent of tricky fixtures with precision at each stage.
The marketplace for woodworking equipment may also see a boom in studies and improvement tasks to provide cutting-edge, in the desired price range of current woodworking equipment. The advertising of woodworking gadget income via innovative virtual advertising and marketing and social media marketing and marketing campaigns is gaining popularity. Furthermore, the marketplace for woodworking equipment is making the most of mergers, acquisitions, partnerships, collaborations, and joint ventures (Transparency Market Research, 2022). To enhance their marketplace positions, many corporations inside the woodworking device enterprise are engaged in the aforementioned actions.
Product/service features
The main features of my products are that they are mostly customized as per the requirements of the customers. I also have some wood works like decorations and ornaments which serve as a display product to help the customer choose the type of woodworking they would like. The main features of my products are for decoration and furnishing homes. As my products as mostly customized, they are set at a value that would give me a good profit alongside paying my other four employees as well as provide good maintenance for my store. We mostly use basswood, aspen, and butternut wood as they are inexpensive and easy to work on. If the customers prefer high-quality wood like black walnut or oak, take the orders and thereby customize the best preferred by our customers. This is an advantage for us in the market as most of the wood carving shops do not work in expensive wood and therefore the customers are drawn to us. As I am more into natural aesthetics, brown colors have been my favorite color, so seeing the wood patterns and the tones of brown is pleasing to the eyes and even my house is mostly decorated with wooden carvings.
Core strategy
The segmentation method is simply one of the numerous advertising strategies available. One greater is known as the method centered on competitors. With this method, we execute marketplace attacks, look for holes in competitors’ defenses, or create strategies to take gain of these flaws. Two major matters are important for enterprise success. These standards should be taken into consideration in advertising methods. growing the effectiveness of operations economies of scale, decreased manufacturing costs vertical integration, manufacturing experience, and scale all play dependable manufacturing techniques. Strategic advertising and positioning for competition choice of the proper markets, the advent of latest products, differentiating products, locating new methods to distribute products, pricing system. Focusing on marketplace segments or marketplace niches, product innovation, and advertising can assist groups to benefit from an aggressive gain. differentiating yourself, choosing trade distribution channels or production techniques, and pricing structure. The advantage should be palpable with a purpose to be genuine. Measurable and time-keeping for some reason.
The great useful resource to be had in the interim for proprietors and executives to live one step in advance of the opposition in a tough marketplace is Porter’s Five Forces. Particularly SMEs seeking to manipulate danger with their finite sources and make investments for boom have long favored Porter’s five Forces approach. Porter’s Five Forces is a version of evaluation that aids entrepreneurs and enterprise managers in inspecting the “stability of power” amongst diverse organizations in a marketplace on an international scale in addition to the appeal and potential profitability of an enterprise sector.
The advertising and marketing blend is the gathering of tactical advertising and marketing devices that can be managed and utilized by a commercial enterprise to elicit a particular reaction from its goal market. It includes each movement a commercial enterprise can take to affect patron calls for its goods. It is likewise a device for making plans and wearing out advertising and marketing campaigns. The 4 Ps, or units of factors, are broadly used to classify the advertising and marketing blend. Product: The gadgets and/or offerings that a commercial enterprise gives to its clients. Price: The number of cash clients paid to buy the goods. The moves that make the product on hand to clients are called place or distribution. Promotion: The moves used to put up for sale a product’s traits and blessings and convince clients to shop for it (Lahtinen, Dietrich, & Rundle-Thiele, 2020).
A PESTLE look is a device for acquiring a huge evaluation of the commercial enterprise environment. Political, Economic, Social, Technological, Legal, and Environmental factors are regularly called PESTLE (Martinez-Contreras, et, al., 2022). It permits an organization to get an experience of the variables that might affect a new marketplace or sector. Different styles of corporations will area an extra emphasis on numerous factors, and a PESTLE look will assist in becoming aware of threat elements for the SWOT analysis.
Marketing mix: communications & promotion
Companies nonetheless propose to bring a steady message to their customers and ability clients even if the cash spent through businesses on advertising and marketing their offerings might also additionally waft to a couple of media outlets (IMC). Advertising, income promotions, direct advertising, and marketing, public members of the family and publicity, sponsorships activities and experiences, social media and interactive advertising and marketing, expert selling, and different forms of advertising and marketing communications make up an organization’s merchandising or conversation mix. IMC’s importance might be illustrated all through the attention of each traditional media and extra recent, focused, and often interactive internet media.
Marketing mix: price
One of the four key components of the advertising blend is pricing. The sole factor of the advertising blend that generates profits is pricing. The other 3 additives are fee centers, which means they improve a company’s costs. Pricing and enterprise version are intently related. The company’s sales assets are conceptually represented through the enterprise version. Any extensive charge adjustments can affect a selected enterprise version’s viability. Three targets have to be reached with the aid of using a sensible price to obtain the business’s economic targets or profitability as well as to satisfy the necessities of the market customers are inclined and capable of paying this set price assists product quality, distribution issues, merchandising challenges.
Marketing mix: channels of distribution
Three targets have to be reached with the aid of using a sensible price to obtain the business’s economic targets or profitability as well as to satisfy the necessities of the market customers are inclined and capable of paying this is set price assists product quality, distribution issues, merchandising challenges. One of the important things in advertising blend additives is distribution. The most important characteristic and importance of distribution consist of shipping of satisfaction, degree of residing, the addition of value, communication, employment, efficiency, and finances. The advertising paradigm locations a sturdy emphasis on producing sales via client happiness. Participants inside the distribution channel help manufacturers with the introduction of the latest gadgets similarly to supporting marketplace studies for the improvement and income of merchandise primarily based totally on client desires and wants. By growing jobs, elevating incomes, and moving ownership, distribution increases the same old of residing for consumers. As a result, it has an excellent effect on society. The significance of gadgets is multiplied via distribution procedures like transportation, storage, stock management, etc. via way of means of producing area utility, time utility, and amount utility. A customer can be a person, a family, a business, or a government. Furthermore, middlemen paintings within the retail or wholesale sectors. A channel’s cause is to perform precise tasks. Transactional sports encompass purchasing, selling, and taking up the danger. Transportation, garage, and assembly are all elements of logistics. Recalls and maintenance, funding, promotion, and management are the very last facilitating functions. Furthermore, relying at the channel you use, you will be capable of putting off the agency that contains out a challenge, however now no longer the challenge itself. For instance, whilst a manufacturer decides to open an internet store, the store is no longer part of the distribution chain (Types of Distribution Channels | Product Distribution Strategy, 2022). However, the manufacturer assumes the responsibility and characteristics of danger management, sorting, and garage that the store commonly could perform.
Marketing mix: Customer relationship management
CRM needs a commercial enterprise to fulfill the guarantees made to clients by supplying splendid client service, top-notch goods, and aggressive prices. Customer courting control, or CRM for short, is an advertising and marketing tactic utilized by groups to cognizance on maintain their modern-day clientele. In component due to the fact, that current clients are five instances more precious to an organization than looking to update them with new consumers, client courting control has ended up extra critical in the improvement of advertising and marketing strategy. They also are much more likely to stay clients and advise your enterprise on their social network (Hausman, 2022). For some, client courting control refers to technical factors like a client and making contact with monitoring software programs like the ones supplied through Salesforce, Microsoft Dynamics CRM, and information mining tools, however in advertising and marketing strategy.
Conclusion
The operations plan explains how we may reap your goals, which had been mentioned in the earlier sections of your commercial enterprise plan. The operations method needs to be divided into subsequent areas. All of the everyday short-time period operations are vital to running our woodworking enterprise, together with buying and acquiring wood, growing items, paying carriers and/or suppliers, etc. The milestones we desire to attain are our long-term objectives. These may be the dates by which we intend to promote our product or hit a sales purpose for the year. It also can be the time whilst we plan to transport our woodworking enterprise to a distinct city.
References
Transparency market research (2022). Woodworking Tools Market. Retrieved on 17th August 2022, from: https://www.transparencymarketresearch.com/woodworking-tools-market.html.
Lahtinen, V., Dietrich, T., & Rundle-Thiele, S. (2020). Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context. Journal of Social Marketing.
Martinez-Contreras, R. M., Hernandez-Mora, N. C., Vargas-Leguizamon, Y. R., & Borja-Barrera, S. M. (2022). Pestel Analysis and the Porter’s Five Forces: An Integrated Model of Strategic Sectors. In Handbook of Research on Organizational Sustainability in Turbulent Economies (pp. 292-314). IGI Global.
Types Of Distribution Channels | Product Distribution Strategy. Product Distribution Strategy. (2022). Retrieved on 22nd August 2022, from https://productdistributionstrategy.com/types-of-distribution-channels/.
Hausman, A. (2022). Marketing Strategy: Customer Relationship Management. MKT Maven. Retrieved on 22nd August 2022, from https://www.hausmanmarketingletter.com/marketing-strategy-customer-relationship-management/#:~:text=Customer%20relationship%20management%20(CRM%20for,concentrate%20on%20retaining%20existing%20customers.
