Create the first part of your marketing plan:
- Write an introduction to your company. Describe your hypothetical company, its location, and the product it makes or the service it provides, and introduce the contents of your marketing plan.
- Develop your company’s mission statement.
- Decide the main goals that you would like to achieve within the next year (short term) and the main goals that you would like to achieve within the next five years (long term). Determine the most appropriate ways to measure both short- and long-term goals.
Note: Consider the following metrics: tracking downloads of website content, website visitors, increases in market share, customer value, new product /service adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement.
- Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
- Develop both a SWOT analysis and needs analysis for your product / service. Each analysis should examine three strengths, weaknesses, opportunities, and threats for your company.
- Use at least three academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service.
Note: Wikipedia and other websites do not qualify as academic resources.
The specific course learning outcomes associated with this assignment are:
- Analyze marketing environments and strategies used to strengthen product or service positioning.
a. Evaluate data and information on customer/consumer behavior.
b. Evaluate marketing research tools involved in the marketing process.
c. Examine the marketing science of customer behavior and products in the marketing exchange process.
- Evaluate marketing strategies used to create/communicate customer value.
a. Analyze the marketing framework through a situation analysis.
- Create an effective marketing plan.
a. Develop recommendations based on market analysis and strategy.
b. Develop strategies to assess performance and achieve marketing goals.
c. Develop dynamic strategies for competing.
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