As we near the final stages of the iShirt social media marketing plan, Cherie would like to see how you plan to measure the success of your social media efforts. Please be aware of the different qualitative and quantitative metrics that can help you improve the tactics and pivot as needed.
Instructions:
Phase Five of the social media marketing plan (SMMP) is focused on tracking key analytics for the iShirt campaign. This includes:
• Metrics to track – Identify metrics that Apple should track during and after the iShirt campaign for each social media platform. Cover how these metrics support the campaign goals, which you determined at the beginning of the SMMP. Please recommend the best method to collect the data for analysis. Please refer to Chapter 13 in the textbook.
***** This Phase 5 submission will become part of your final project ***** Here are the requirements for the Phase 5 part of your final plan:
• Using the Phase Five Worksheet provided in the assignment, create a one page paper describing the Phase 5 part of your final plan (plus separate Reference page).
• Include at least 2 separate credible resources to back up the details of your plan.
• This is a business course so spelling, grammar & professional business writing
format count.
• Refer to the final Social Media Marketing Plan for assignment details and grading
1. Discuss the sources of internal marketing data and the pros and cons of using this data.
2. Discuss the sources of external marketing data and the pros and cons of using this data.
3. Finally, describe which source of marketing data you believe is most reliable and why.
Discussion Requirements:
· Please ensure that the discussion question response is substantive in nature, which includes a minimum of 350 words.
· Please avoid writing the minimum. Make sure that the response is topic-specific, relevant to the course material, and supported by outside academic sources through the use of in-text citations with the inclusion of a reference section
As an individual assignment, you will be challenged to create a one-year Marketing Plan for an existingstore or company. The components that are critical to the assignment’s success (and should beaddressed in your paper) are: 1. Executive Summary 2. Company Description 3. Strategic Focus 4. Situation Analysis 5. Business Portfolio Analysis 6. Market Product Analysis 7. Market and Product Goals 8. Marketing Mix 9. Implementation Plan 10. Monitoring and EvaluationWhen grading this assignment, the following issues will be taken into account (where applicable): Format and presentation: This would cover the following areas: o Clarity in writing- clear, concise, writing style o Grammatical and spelling errors o Adhering to the prescribed format and page limit: a maximum of ten pages, double spaced (excluding the title page and a reference page), 12-point Times New Roman text and one-inch (2.54 cm) margins o Creativity in presenting results – creativity in writing, layout, graphs, etc. Logical reasoning and analysis: This would cover the following areas: o Presenting logical and relevant arguments o Consistency – be consistent throughout the report o Show an understanding and application of marketing concepts discussed in the class o Thoroughness – cover all the important aspects of the project o Sufficient information collected (if applicable) Recommendations/ conclusions: This would cover the following areas: o Relevance of recommendations/ conclusions o Recommendations supported by information given in the project o Practical implications of the recommendations- can be implemented and has relevance in the real world
1) Based on the theoretical framework(PowerPoint will show) develop the Research Objectives -> Research questions(primary Research )only within the scope of the literature review. A) Research Obj
1) Based on the theoretical framework(PowerPoint will show) develop the Research Objectives -> Research questions(primary Research )only within the scope of the literature review.
A) Research Objectives
B) Research questions(primary Research)
2) Ref to 1B, prepare the Research questions for the SME interview & Questionnaires for customers
One of the most important and challenging elements of the marketing mix is pricing. Price is the value that must be exchanged for a customer to receive a product or service. It is usually monetary and has a direct impact on sales. Many entrepreneurs are intimidated by financials and the prospect of using statements and other information to make projections. Correctly pricing your product enables your company to be competitive while maximizing your product’s profit potential.
Here are several methods that entrepreneurs can use to effectively price products:
Cost-Based Pricing
Cost-based pricing is the easiest way to price a product. It involves taking the cost of making the product and creating a profit margin, which is how much profit your business stands to make after costs have been deducted. For example, if you add the direct costs for materials and labor to the indirect costs of salaries, marketing, rent, and utilities, you determine that your product costs $5 to make. Adding, say, a 30 percent profit margin would give you a sales price of $6.50. The percentage added depends on the business’s goals. This type of pricing is helpful when start-ups do not have much information about their target market and need more time to define their value proposition and business identity.
Competition-Based Pricing
Another option to set prices is for the entrepreneur to consider what the competition is doing—what they are charging customers. And remember, it is the competition that establishes the price range for given product/service categories. If you perform your competitive analysis properly, you will know the prices charged by your competitors. In other words, you will be able to establish the current “going rates.”
What you must decide as an entrepreneur is how you will price your products/services given this range. For example, do you wish to be at the high end of the range? Do you wish to be at the low end of the range? Or, do you wish to be at the middle of the range? Now, of course, the key question is how do you know whether to price at the high end, low end, or middle of the range? Well, here is some guidance. For example, if you have a high-quality and highly differentiated product/service, you should probably charge a price at the high end of the price range. If, on the other hand, you are marketing a product/service designed to appeal to the price-sensitive customer, then you will price it at the low end of the price range. If your product/service is similar to your key direct competitors, you will charge basically the same price.
Customer-Based Pricing
Unlike cost-based pricing that emphasizes the cost side of the business, customer-based pricing focuses on the demand side of the business. The price ceiling is the maximum amount that customers are willing to pay for a product. This ceiling is contingent on the elasticity of demand. And elasticity of demand is generally driven by availability of substitutes and the urgency of need for the product (or strong desire for it). So, one thing you need to determine is whether there will be elastic demand (demand that increases as price decreases or demand that decreases as price increases) or inelastic demand (demand does not change if prices increase or decrease) for your product.
One customer-based pricing method, skimming pricing, leverages the newness of a product to justify the highest price possible in order to “skim” the most profits off the top, meaning in the first phase of sales. As time passes, the price is lowered to accommodate for more price-sensitive customers. Apple often introduces its products with this particular method, charging the highest price for them until it has exhausted the market willing to buy at that price and when newer and more technologically advanced products are introduced. Then, Apple slowly lowers its pricing.
On the other hand, penetration pricing (charging a low initial price) is appropriate if you have a market with price-sensitive customers; you want to use the low initial price to discourage competitors from entering the market and when production and marketing costs fall dramatically as demand (volume) increases. However, it may also lead to “price wars” in which competitors keep dropping prices in an attempt to beat each other. Obviously, the disadvantage is diminished profits for all.
If you start with a skimming price strategy, you can, over time, lower your price to attract more price-sensitive customers. However, if you enter the market with a penetration price strategy, it is often very difficult to raise your prices. In other words, while you can move down the going price range with a skimming price strategy, you may not be able to move up the going price range if you initially used a penetration price strategy.
Prestige pricing involves setting high prices on products to convey a message of uniqueness or premium quality. However, you need a clear reason why customers would want to spend more on your product. When Duracell launched its high-performance Ultra brand AA alkaline battery with a 25 percent price premium over standard Duracell batteries, Energizer quickly countered with its own high-performance battery—Energizer Advanced Formula. Believing that consumers would not pay the premium price, Energizer priced its Advanced Formula brand at the same price as its standard AA alkaline battery, expecting to gain market share from Duracell. It did not happen. Why? Consumers associated Energizer’s low price with inferior quality in the high-performance segment. Energizer lost market share.
Some customers are demanding better value (increased benefits at the same price). Therefore, many new ventures appeal to this type of customer using value-based pricing. For example, they might offer customers “better value” by offering a greater quantity of product at the same price as competitors. A startup yogurt company, for example, offers 20 percent more product per package at the same price as a competitor that offers the standard amount. Another value-based pricing strategy is bundling two or more products in a single package deal, thus lowering the total cost compared to if the customer purchased each item separately. An example of this strategy is used by DirectTV, which bundles its phone, Internet, and satellite services for a monthly fee. If a customer were to purchase these services separately, they would be more expensive. The benefits of bundling include gaining more revenue per customer, as they would not have paid for some services separately, and making the order-taking task simpler. Take fast-food chains, for example. Instead of asking the customer to list everything separately from the menu, they give you the name or number of the bundle. They make more profit by including the drink and sides to the main entrée, and the customer saves money and time ordering.
One of the good things about using a customer-based pricing approach is that you should be able to determine the “target price” based on the customer’s perspective. Knowing this target price, you can then “back into that price.” In other words, you can “design to price.” For example, an upstart commercial furniture manufacturer used customer input to establish the optimal price point that customers were willing to pay for particular furniture pieces. The company then went back and pulled costs out of its production system, stripped away costly features the customers do not value, and designed and produced the product to meet the customers’ target price.
Another advantage of using a customer-based pricing approach is the possibility of uncovering the opportunity to “price by segment” and to offer “good, better, best” product options. In other words, you might be able to develop a line of products with specific price points designed to appeal to very specific segments. For example, consider a casual clothing store for women that sells three different lines of casual dresses priced at $39, $59, and $79. This practice is known as price lining.
* * * * *
Ultimately, you need to consider cost, competitors, and customers when setting prices. You must know your price floor (your cost), know what your competitors are charging (the price range), and know your customers’ willingness and ability to pay (the price ceiling). While pricing must be established when starting a new business, pricing strategies should be reviewed on an ongoing basis. These occasions in particular merit consideration:
When adding a new product or service to your offerings
When demand shifts (due to market, consumer, or other factors)
Subject Title Integrated Marketing Communications (IMC) Subject Code MKT201A Assessment Title Assessment 1. Case Study. Graduate Capabilities • Innovative Problem Solving • Global Citizenship Learning Outcome/s (found in the Subject Outline) a) Explain the concepts and basic features of integrated marketing communications b) Link the aims of integrated marketing communications with basic marketing principles to analyse given communication problems Assessment type (group or individual) Individual Weighting % 25% Word count 1000 words (+/- 10%) excluding cover and references Due day Sunday by 11.55pm week 4 Submission type Turnitin ? Format / Layout of Assessment Report: ICMS Cover Page Table of Contents Introduction Analysis Market Competition Consumer ? ? ? ? ? ? ? Page 1 of 5 Conclusion Reference List Appendices if required ? ? Assessment instructions Choose one case study from either the selection provided by your lecturer or propose another which will need to be approved by your lecturer, then conduct further research and analyse an integrated marketing communications campaign applying the theories and concepts from the unit. Each case study includes a detailed profile of a client such as business context, business model, marketing communication channels, and a plan to develop a new product targeting a new type of consumers, etc. Based on the learning contents from the first 4 weeks, students are required to present a brief market analysis (approximately 1000 words +/- 10%, 1-2 pages) including the following points:
analyse the market that your ‘client’ is facing (e.g. current market situation and evolution, growth opportunities and threats, distribution channels, etc.)
identify the competition (e.g. main competitors, their positioning and target markets, etc.)
understand the consumers (e.g. who are current key consumers, what are their preferences, are they satisfied with the products of the client, are there any new consumer trends, what are the main trends for this type of consumer, etc.) The Case Study analysis needs to match the following: • 1000 words +/- 10% excluding cover sheet and references • Follow short report formatting • Minimum of 6 resources, 3 from academic resources at minimum. NOTE: The chosen case study will be used in Assessment 2. Readings for the assessment To assist you with writing this report, use the materials found on your • Moodle page (lecture slides, recommended and additional readings or other documents). • Review the class content. • Review the useful links posted on Moodle. Complete the Module activities which are designed to support the critical tasks of this Assessment. If you have any further questions, make sure you speak to your lecturer. Grading Criteria / Rubric See detailed marking rubric below Page 2 of 5 Assessment 1 – Marking Rubric Criteria HD (85-100) D (75-84) CR (65-74) PASS (50-64) FAIL (0-49) Criteria 1. Introduction. Brief Case Study Background. (10 %)? Highly effective introduction including a brief company/case overview. Mostly effective introduction including a brief company/case overview. Moderately effective introduction including a brief company/case overview. Introduction included but need more elaboration / background on the case/company or the overview is too long. There is no clear introduction and does not adequately provide an overview of the chosen case/company. Criteria 2. Market analysis, application of theories, concepts and methods. (25%)? The analysis is coherently presented. Shows a full understanding of the topic. Theories, concepts and methods are accurately applied and used to justify rationale throughout. Shows a depth of knowledge. Includes insightful commentary and highlights high significance. Links the different theories to analyse and solve the challenges face by the firm in the market in a throughout way The analysis is coherently presented. Shows a significant understanding of the topic. Theories, concepts and methods are accurately applied and used to justify rationale in most instances. Shows a depth of knowledge in all but 1 area. Includes insightful commentary and highlights above average significance. The analysis is present, but hard to follow at times. Shows a good understanding of the topic. Theories, concepts and methods are accurately applied and used to justify the rationale, but further elaboration was needed in 2 areas. Shows a depth of knowledge in all but 2 areas. Includes multiple instances of insightful commentary and highlights average significance. The analysis is present, but hard to follow at times. Shows a basic understanding of the topic. Theories, concepts and methods are sometimes inaccurately applied when used to justify the rationale. Or, greater depth is needed in the analysis and application of the unit content. Includes somewhat insightful commentary and highlights average significance. Analysis is confused or missing. Lacks depth or shows superficial understanding. Theories, concepts and methods are inaccurately applied when used to justify the rationale. Or, greater depth is needed in the analysis and application of unit content. Does not include insightful commentary and highlights little or no significance. Criteria 3. Competitor analysis, application of theories, concepts and methods. (25%) ? The analysis is coherently presented. Shows a full understanding of the topic. Theories, concepts and methods are accurately applied and used to justify rationale throughout. Shows a depth of knowledge. Includes insightful commentary and highlights high significance. The analysis is coherently presented. Shows a significant understanding of the topic. Theories, concepts and methods are accurately applied and used to justify rationale in most instances. Shows a depth of knowledge in all but 1 area. Includes insightful commentary and highlights above average significance. The analysis is present, but hard to follow at times. Shows a good understanding of the topic. Theories, concepts and methods are accurately applied and used to justify the rationale, but further elaboration was needed in 2 areas. Shows a depth of knowledge in all but 2 areas. Includes multiple instances of insightful The analysis is present, but hard to follow at times. Shows a basic understanding of the topic. Theories, concepts and methods are sometimes inaccurately applied when used to justify the rationale. Or, greater depth is needed in the analysis and application of the unit content. Includes somewhat insightful Analysis is confused or missing. Lacks depth or shows superficial understanding. Theories, concepts and methods are inaccurately applied when used to justify the rationale. Or, greater depth is needed in the analysis and application of unit content. Does not include insightful commentary and highlights little or no significance. commentary and highlights average significance. commentary and highlights average significance. Criteria 4. Consumer analysis, application of theories, concepts and methods. (25%)? The analysis is coherently presented. Shows a full understanding of the topic. Theories, concepts and methods are accurately applied and used to justify rationale throughout. Shows a depth of knowledge. Includes insightful commentary and highlights high significance. The analysis is coherently presented. Shows a significant understanding of the topic. Theories, concepts and methods are accurately applied and used to justify rationale in most instances. Shows a depth of knowledge in all but 1 area. Includes insightful commentary and highlights above average significance. The analysis is present, but hard to follow at times. Shows a good understanding of the topic. Theories, concepts and methods are accurately applied and used to justify the rationale, but further elaboration was needed in 2 areas. Shows a depth of knowledge in all but 2 area. Includes multiple instances of insightful commentary and highlights average significance. The analysis is present, but hard to follow at times. Shows a basic understanding of the topic. Theories, concepts and methods are sometimes inaccurately applied when used to justify the rationale. Or, greater depth is needed in the analysis and application of the unit content. Includes somewhat insightful commentary and highlights average significance. Analysis is confused or missing. Lacks depth or shows superficial understanding. Theories, concepts and methods are inaccurately applied when used to justify the rationale. Or, greater depth is needed in the analysis and application of unit content. Does not include insightful commentary and highlights little or no significance. Criteria 4. Conclusion. (5%)? Thorough conclusion that summarises effectively. Mostly thorough conclusion that summarises effectively. Somewhat thorough conclusion that summarises adequately. Minimal conclusion that summarises averagely but lacks depth in some areas. Conclusion present but does not summarise and is not effective. Or conclusion missing. Criteria 5. Presentation, referencing and structure (10%)? Professional presentation and effective communication of analysis and evaluation, fully supported with evidence. Outstanding report structure and communication of ideas enhances readability. Free of errors and logical flow, appropriate sections. At least 6 resources from reliable sources, with at least 3 being from academic sources… e.g., journals, company websites, trustworthy articles. Well-structured presentation and communication of analysis and evaluation, supported with evidence that closely correspond to the elements of the report. Very good report structure, free of errors and has a logical flow, appropriate sections. 5 resources from reliable sources, e.g., journals, company websites, trustworthy articles. OR 1 source not reliable. Appropriate presentation and communication of analysis and evaluation, supported with some evidence. Good report structure, free of errors and has a logical flow with appropriate sections. 4 resources from reliable sources, e.g., journals, company websites, trustworthy articles. OR 2 sources not reliable. Presentation that shows some evidence of report structure, but errors may detract from the communication of the analysis and evaluation. There is some evidence used but it may not correspond to the elements and sometimes detract from the readability. Basic report structure, some errors and is hard to follow, some sections are missing. 3 resources from reliable sources, e.g., journals, company websites, trustworthy articles. OR 2 sources not reliable Lacks evidence of a structured presentation with limited analysis and evaluations. The few pieces of evidence used do not correspond to the key elements. Missing appropriate report structure, contains errors and hard to follow, appropriate sections are missing. 2 resources, OR less than 3 from reliable sources e.g., journals, company websites, trustworthy articles. OR 4 or more not from reliable sources
Use this link to discover Marketing 3.0 that was developed by the “father” of the field. What is it? How has marketing developed? What should the goal of successful marketing be? Finally, how does this relate to advertising?
Marketing used to be oriented around dollar signs and profit margins. Through much evolution, marketing is finally centered around the needs of the consumer.
And not just the physical tangible needs, but the spiritual, mental, and emotional needs.
Successful value propositions offer more than a product. Many of the successful advertisers of today have ads centered around the human experience.
Week 2
https://stevenw.guru/marketing/frames.html
Go to the following website and read the section about brands. What is the importance of branding?
How is branding achieved?
Classmate response
If there is one thing you want to get right for your business it is branding. It is so important because everyone looks for the best branding. Branding is where you differentiate your business from other businesses. Examples of brandings are logos, jingles, mascots, and slogans. The best logos, slogans, and jingles always bring the most attention to your business. Have you ever caught yourself singing the Home Depot jingle or another jingle? Everyone can sing the McDonalds jingle, knows the Nike slogan, and knows what Target’s logo is. If it is catchy then it will stick with you for longer and will have you thinking about it more. The more you think about it then you will be more likely to consider buying from that company. This can also make advertising better. It is easier to advertise if you have better branding. You can rely on your slogan more or your jingle more.
Week 3
Choose one of the videos. Explain why you liked it and why you think it is clever. Finally, answer the question: what is an integrated advertising campaign?
Classmate response
Choose one of the videos. Explain why you liked it and why you think it is clever. Finally, answer the question: what is an integrated advertising campaign?
I chose the M&M’s-Find Red video because I liked the clever ideal how they did the digital treasure hunt where they asked the Canadians to find the red m&m’s so they would have a chance to win a red smart car. The way they originated this finding was through a YouTube video and players actually took on the challenge. I liked how they also had it set up where they gave the players clues because of Torrento being so big and without the clues they may have never found the red m&m. I found it real clever they gave them clues on the website on twitter and Facebook two of the main popular media sites to gain their players. They also had a word translator on the site for those who needed it. I really love how they had it so how you could scan the bar code on wall papers they had hanging throughout the city of Torrento so it would give you a clue and also on the back of an M&M pack they had it where you could scan the bar code on the back of the pack, and it would also give you a clue.
Integrated advertising campaign is a cross-channel marketing strategy that involves creating consistent campaigns across different platforms to provide a cohesive experience to the customer.
Week 4
Why do you think this was considered an award winning campaign? What are the key elements? Do you think Nike increased sales? Explain.
Classmate Response
I think this was considered an award-winning campaign because the empowerment it brings against the women. It started off as an incredible choice for serious runners. So, they used that and gathered women from all over to run together because there were true power in numbers with them running together. It was an inspiration to others and made them more powerful and stronger as a whole. They used it to create unite a community of female runners at first and named them She Runs with the Nike logo. It Empowered them to redefine their sport and change the way they train forever. They started off their communication through social media with a rally Christ of change. They all agreed they needed to tackle the biggest barrier of them all women running in the dark. They began by recruiting women who already loved running in the dark and they received hundreds of responses. The more of them that ran the brighter they can burn. Then they challenged the community that they would hold a 13k night race for women runners. This alone this big empowerment and movement should definitely be considered an award-winning campaign. The key element is She run with a community of women who gathered together to run as a whole and motivate others to join as well. Nike definitely increased sales. Nike was and is still popular in the world today. You have male and female that wear Nike from head to toe still today.
Week 5
Watch the video to explain the importance of social media in advertising. How do you think you can incorporate social media into your advertising campaign for your project? Share some idea
Classmate response
Social media is important because it allows marketers to connect and engage potential customers on various apps. Social Media is better than traditional advertising because it can be a cheaper way to promote your business or product and you can see who views your business info and products. The business and retail world are changing rapidly, and it is important that businesses stay on top of current marketing trends such as social media. Traditional forms of marketing don’t work as well as they used to. One of the main reasons social media marketing is so effective is that brands can hyper-target ideal clients based on exact demographics. Showing ads to the right individuals is a critical part of the marketing process and must be taken seriously to avoid wasted ad spending. Building both a social media audience and a landing page is important to creating consistent and future success from your marketing efforts by leveraging data. Also, another importance of social media is the ability to directly track your return on investments from your marketing campaigns. For example, on Facebook, this information is built directly into its Ads Manager platform, making it possible to view your budget’s performance and analyze the return on your ad spending.
I can incorporate social media into my advertising campaign for my project by promoting my ad campaign on my Facebook page, Instagram, Twitter, and even on TikTok. Also, I could record my family and friends using my product for my ad campaign and post the video on all of my social media platforms as well as on YouTube. I would also have my friends and family leave me reviews on my website page about my product.
Week 6
Watch this video and answer this question: how can you use Instagram for advertising? How could you use this for your project? Give examples.
I strongly suggest you use this video for your weekly discussions. It will be helpful for your project.
Classmate response
All social media accounts can help anyone advertise their business or product. Instagram specifically is a great way to reach other people and share your product. For example, you can create an account on Instagram that has a specific topic you post about like weekly exercises and so on. Posting a picture or a short video once a day about your specific product that your trying to promote can help you grow your audience and eventually your business. Another way that Instagram can help with advertising is it gives the business a chance to reach knew possible consumers. For example, lets say that I post on my account about the product I’m selling and someone tags their friend in the post. That opens a door for me to potentially gain a new client. Now imagine the audience you could build if you had 8 Instagram accounts. This information will help you with your project by giving you the knowledge of how Instagram can be used as a promotional tool when creating your promotional campaign. For example, you create your big idea but you have no idea how to reach your specific audience. Instagram can be that gate way that allows you the chance to gain potential consumers.
Week 7
What is Pinterest and how can it be used as part of an advertising campaign? Can you provide some examples?
Summarize the key points in the video.
https://www.youtube.com/watch?v=zlKcf0s-MEo
Classmate response
What is Pinterest and how can it be used as part of an advertising campaign? Can you provide some examples?
Summarize the key points in the video.
Pinterest is a social media site where you and others can collect and share images of anything you find interesting. Using Pinterest allows you to visually discover new interests by browsing the collections of other users who are on Pinterest. If you’re interested in a subject, such as cooking or decorating, find images you like on Pinterest or on the web, and then save those images to your Pinterest bulletin board. Create multiple bulletin boards to catalog your interests. Pinterest is a place where people post their ideas for others to see for easier or less expensive crafting projects. You use Pinterest to market your business. I would take the flyer and add it to Pinterest and add a link to give contributions. Pinterest allows you to promote and advertise your business in a more professional and business-oriented way.
Week 8
Watch this video to see how Facebook is used as an advertising tool. What are the key points? How can Facebook be used for an advertising campaign?
Follow the link.
Classmate response
Facebook allows for marketers to reach out and create content that may be helpful for their viewers. Facebook allows for marketers to connect with potential consumers. Their are approximately 550 million users on Facebook and out of that 550 million users 50 percent of them are active users. Facebook can be used as an advertising tool because users can create an ad on Facebook much cheaper than for them to create a television ad or a radio ad. This allows for Facebook users to promote their business or product in a way that is affordable and, at the same time, allows them to reach a bigger audience. One key point is that Facebook allows its users to set an ad budget for their ads. The cost for an ad on Facebook depends on the cost per click. What this means is that you as the marketer will pay for each click your ads receives. How can Facebook be used as an advertising campaign? To some it up a user on Facebook can create an ad to promote their product and or business. This allows for a marketer to communicate to potential consumers and to do it at a much cheaper price
Strategic Marketing Plan Part A: Environmental Analysis and SWOT Analysis
(Due in Wk 2) Company Description
Describe the company you are designing the plan for. Include:
Mission Statement
Vision Statement
Product line description
Company information, such as the size of the company
Environmental Analysis
Analyze the forces that affect the company and marketing efforts. Competitive Forces
Analyze the company’s key competitors. You may choose to use a BCG Matrix or attribute checklist to compare your company against its competitors. Describe any strategic moves the competition has recently made. Estimate your market share. Identify key competitive advantages against your competitors. Economic Forces
Analyze the economic environment in the areas affecting your business. Consider differences within your industry and the economic impact on suppliers. Political Forces
Analyze relevant political forces. Examples may include an election year or a law to drastically reduce or eliminate plastic waste in your county. Legal, Regulatory, and Ethical Issues
Analyze the legal, regulatory, and ethical issues that may affect your business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail. Technological Forces
Analyze whether your company will be affected by emerging technologies or trends in hardware and software industries Social Forces
Analyze social trends and how they may affect your business. Considerations may include if your business will be affected by demographic trends, a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values. Current Target Markets
Define the company’s current target markets. Describe the demographic, geographic, psychographic, and product usage of these targets. Review Current Marketing
Review the company’s current marketing tactics. Consider how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your company is a start-up, describe your competitors’ current marketing. SWOT Analysis
Assess your company’s strengths, weaknesses, threats, opportunities, and then evaluate how to address these in your marketing plan. Strengths
Assess your company’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers. Weaknesses
Assess what limits the company may have in its current marketing strategy. Consider if there is a company weakness that needs to be addressed through Public Relations or Marketing. Opportunities
Assess the opportunities you see based on trends or environmental conditions. Threats
Assess the threats or limitations that may interfere with the company’s ability to meet its objectives or interfere with marketing plans. Strengths to Opportunities & Converting Weaknesses and Threats
Convert weaknesses and threats to strengths, then strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets. Marketing Objectives
Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate objectives, modified by the company’s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured. For example: The company will expand its marketing efforts to include a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2020 that will address the specific psychographic and technological needs of this age group. This strategy is expected to attain a 20% growth in overall sales by January 2020. Customer loyalty (willingness to recommend the product) will increase by 30%. Part B: Marketing Data Analysis
(Due in Wk 4) Internal Data
Evaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed.
Source
What it Measures
Data
Potential Usage
Example: Sales data
Monthly sales by specific product
Average sales that month in US dollars for each of 10 products. Data can be segmented by business and consumer markets.
Can be used for trend analysis, projections, and to measure effectiveness of promotions.
Secondary Data
Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed.
Source
What it Measures
Data
Potential Usage
Example: U.S. Census Bureau
Income over the last 4 years by family structure
Household structures with the highest income capacity
Market Share Analysis Customer Segments
Primary Data
Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed.
Source
What it Measures
Data
Potential Usage
Example: Focus group
Product usage, motives, identify group level satisfaction, decision process, etc.
Qualitative
Identify different reactions of market segments to product. Identify marketing opportunities, product/service flaws and opportunities
Customer Relationship Management
Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed.
CRM Touchpoint
Purpose & CRM Objective
Data
Potential Data Usage
Example: Customer profile information on website
Starts the account for visitors: name, geography, email address (Customer acquisition)
Presale: geographic location; customer id, source of reference Email address Post sales: address, product purchased, quantity, price.
Track new and returning customer counts, total period purchases by customer ID, geographic sales data. Can be used for loyalty rewards, retention, and targeted marketing.
Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring
(Due in Wk 6) New Customer Segments
Determine any new customer segments for your strategy and describe how you will provide value to each segment.Marketing Mix for New Customer Segments
Determine adaptions for each new customer segment.
Products
Price
Distribution
Traditional Promotion
Online Promotion
Marketing Implementation
Create the implementation for your marketing plan. Describe how you will organize and implement the plan, such as whether it will be organized by market, geography, and who is responsible for marketing decisions. Marketing Communication Channels
Evaluate the marketing communication channels you will use to reach selected audiences. Include Internet and traditional communication channels to convey key messages. Describe the advantages and disadvantages of each channel you select.
Develop specific activities required to implement the marketing plan. Identify the person or role who will be responsible for each action, when it will be complete, and what standard or metric indicate that the activity is complete. Insert or remove rows as needed.
Action
Date for Completion
Person/Role Responsible
Standard/Metric
Example: Design flyer for direct mail campaign
1/1/2021
J. Smith, graphic designer
Approval by senior marketing team and legal
Monitoring
Develop the measurement to identify how you know you have been successful for each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts. Insert or remove rows as needed.
Action
Target
Person Responsible
Inter-measurement
Example: Direct mail flyer
1100 new inquiries
Western regional manager
500 new inquiries first month of campaign
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You are employed as a manager in a medium size business which is a limited company and has ambitions to expand. The Managing Director (MD) of the organisation is not a marketing professional and does not have a good understanding of the role of marketing in business. He knows from your CV that you have studied marketing principles and practice and he is keen to use your understanding and skills. At a meeting with the MD you are asked to complete the following tasks.
Task 1
Your first task is to help him understand the role of marketing in business. You need to explain to the MD what marketing is and the role it plays in the achievement of business objectives. You have decided to produce a file which addresses each of the topics listed below. You will present the file at your next meeting with the MD. In your file you will include:
· an analysis of the role of marketing in the achievement of business objectives (AC1.1)
· an analysis of the external factors influencing marketing in business (AC1.2)
· an assessment of the role of marketing in not for profit organisations (AC1.3)
Merit Task
To achieve a Merit, you must add to your file an analysis of how a marketing strategy supports the sales function in businesses. (AC1M1)
Task 2
Following a successful meeting with the MD, who was delighted with the file and your analyses, you have been asked to prepare a presentation for the Board of Directors, so they understand the principles of marketing. This will show how marketing will equip the management of the business with more effective tools. The MD wishes to see the materials before they are used at the Board Meeting. He has also made it clear that, as the Board members are involved with other activities outside of the business and are busy, the presentation must include slides and an accompanying handout that they can read following the meeting. The presentation and handout must cover the following.
· an analysis of the different elements of the marketing process (AC2.1)
· an explanation of the methods of segmenting markets (AC2.2)
· an analysis of the principles of digital marketing. (AC2.3)
Merit Task
To achieve a Merit, the presentation and handout must include an evaluation of the benefits of segmenting markets. (AC2M1)
Distinction Task
To achieve a Distinction, the presentation and handout must include an analysis of the challenges businesses face to market effectively. (AC2D1)
Task 3
Your work and the meeting which followed could not have gone better! The Managing Director has revised your job description and given you particular responsibility for marketing the business. He has allocated three employees to assist you. The employees are new to marketing, so you decide to produce a training pack for them to help them understand how they might apply different marketing methods. In the pack you should:
· analyse different methods of researching a market (AC3.1)
· evaluate the use of the different channels for digital marketing (AC3.2)
Distinction Task
To achieve a Distinction, the training pack must include a proposal for ways in which the current challenges for digital marketing could be overcome or mitigated. (AC3D1).
Task 4
The Board of Directors is delighted that marketing is now a key function in the business and there is a marketing expert of your calibre, who can advise them on how marketing could revolutionise the business! You have been asked to develop a marketing plan for a specific product or service. This plan must include the following sections:
1. The proposed strategic objectives for the plan (AC4.1)
2. A determination of target market/s for the selected product or service (AC4.2)
3. A consideration of factors which will be relevant to the implementation of the plan. (AC4.3
Assignment Overview: MARKETING STRATEGY AND INCLUSIVE MARKETING COMMUNICATIONS
Strategies and Target Marketing
While online shopping had been growing over the last decade, 2020’s pandemic and lockdowns propelled the activity to new heights. We will use this case to look at how online vs. in-store shopping is presented.
Case 3 Resources
Target Market (2021)
The Nature and Functions of Distribution (Place) (2021)
Using Supply Chain Management to Increase Efficiency and Customer Satisfaction (2021)
Promotion Strategy (2021)
Sales Promotion (2021)
The Huge Impact of Advertising (2021)
Online Shopping vs In Store Shopping – Infographics (2021)
Case Assignment
Online vs. In-Store
Using the module’s readings and at least one article published in 2020 or 2021 from Trident Library’s Business Source Complete (EBSCO), a full-text database, research marketing strategy, and target marketing for online vs. store-based business.
Company Background
Select a business that has both online and physical stores. Provide a background of the company; define the target market. Cite and reference your sources. (1/2 page) IBISWorld, used in Module 1, may be a good resource.
The In-Store Experience
Research how the company promotes its store. Look to social media, traditional marketing, and articles about the store’s strategy. Provide an overview of how the store communicates with consumers. Consider its target markets. Cite and reference your sources. (1 page)
Online Shopping
Research how the company promotes its online shopping. Look to social media, its online store, and articles about the site’s strategy. Provide an overview of how the online store communicates with consumers. Consider its target markets. Cite and reference your sources. (1 page)
Making Connections
Based on the research above, compare and contrast how the company markets its two shopping situations. Provide rationale. Cite and reference your sources. (1/2 page)
No quotations are permitted in this paper. Each paragraph (except the introduction and conclusion) must contain at least one in-text citation.
Since you are engaging in research, be sure to cite and reference the sources in APA format. NOTE: failure to use research with accompanying citations to support content will result in reduced scoring “Level 2-Developing” on the grading rubric.
This is a professional paper, not a personal one based on feelings. It must be written in the third person; this means words like “I”, “we”, and “you” are not appropriate.