Reference no: EM132827590

IG005 Marketing Strategy

Assessment Instructions

Overview

In this Work Product Assessment, you will create a comprehensive marketing strategy to enhance the performance of products and/or services throughout their life cycles. You are strongly encouraged to use the Academic Writing Expectations Checklist when completing this Assessment.

Professional Skills: Written Communication, Technology, Critical Thinking and Problem Solving, and Information Literacy are assessed in this Competency.

This Assessment requires submission of two (2) files. Save your files as follows:

Save Parts I - III and V as IG005_PartsI_III_V_firstinitial_lastname (for example, IG005_PartsI_III_V_J_Smith).
Save Part IV (a spreadsheet) as IG005_PartIV_firstinitial_lastname.

When you are ready to upload your completed Assessment, use the Assessment tab on the top navigation menu.

Instructions

Before submitting your Assessment, carefully review the rubric. This is the same rubric the assessor will use to evaluate your submission and it provides detailed criteria describing how to achieve or master the Competency. Many students find that understanding the requirements of the Assessment and the rubric criteria help them direct their focus and use their time most productively.

Adhere to the required length.
Use the APA course paper template available here.
Download the Writing Checklist to review prior to submitting your Assessment.

This marketing plan is to be based on a product of your choice sold by a company of interest to you. This might be a company in which you work or a publicly-held company whose mission statement, marketing objectives, and financial objectives can be accessed.

Part I: Executive Summary

Summarize the most important aspects of the proposed plan including a description of the product or service and how it is differentiated in the marketplace. Also, be sure to state what the target market looks like as well as the sales potential for the plan and , if possible, the return on the marketing investment (ROI).

Note: Although this will comprise the first part of your Work Product, you should write the Executive Summary after completing all other parts of the Assessment.

Part II: External Assessment

This part is comprised of several components. Before completing each component, describe the general situational context you have chosen for this Work Product (e.g., Company X is in its second year of operation in the mechanical industry, providing solutions in x, y, and z). Key elements to mention about the company are the "what" and "how." Part 2 should include the following:

Market Opportunity
Describe the market for the product you are working with.
Provide an estimation of market size for years one, two, and three.

SWOT or PESTE Analysis
In tabular form with narrative, describe the product's strengths, weaknesses, opportunities, and threats (SWOT). If appropriate, explain any political, economic, social, technological, or environmental (PESTE) risks associated with the product.

Competition Using Porter's Five Competitive Forces Model
Who will you compete with and why? Describe the risks of competing with other brands using Porter's model.

Global Markets
Using Porter's model, analyze the attractiveness and risk of at least one non-domestic market (of your choice).

Part III: Creating the Marketing Strategy

The marketing strategy should include the following:
Mission, Marketing Objectives, and Financial Objectives
Describe the company's mission, marketing objectives, and financial objectives.

Target Market
Detail market demographics and other relevant information.

Positioning
Provide detail on how the product will be differentiated in the minds of prospective purchases/customers.

Marketing Mix
Product Strategy
If you are creating a new product or significantly modifying an existing one, indicate whether your product is competing with others within the company. For existing products, summarize the current product offering.

Promotional Strategy
Explain the use of traditional and digital marketing tactics.
Pricing strategy What is price?
How does it compare to competition?

Distribution Strategy
How is the product/service to be distributed? Explain the rationale for the strategy.

Contingency Planning
Considering a changing marketplace driven by technology, describe the implications of altering one marketing mix variable on the entire strategy (e.g., move from traditional bricks and mortar to online retailing) including competitive response, customer base, marketing mix considerations, and core competencies of the firm.

Part IV: Financial Assessment

Summarize the company's budget, schedule and monitoring in a spreadsheet, and include comments.
Sales Forecast
Include a breakdown by product, segment, and region, if applicable.

Expense Forecast
Include a breakdown by partner, segment, and region, if applicable.

Marketing Expenditures Alignment With Strategy and Tactics
List strategy/tactics along with related expenditures. Explain the return on investment for marketing expenditures.

Break-Even Analysis
Create a "Cost of Goods" estimate and determine the revenue required for break even.

Part V: Build Key Performance Indicators (KPIs)

What measures will you use to determine the progress and success of the Plan? Explain why each is important.
Establish a Timeline (Including milestones integrated with the KPIs) Create a set of at least four KPIs and a 12-month timeline.
Post Sale Customer Feedback
Describe customer feedback mechanism to assure satisfaction and the minimization of product performance issues.

Create a Performance Dashboard
Using a spreadsheet, provide a Performance Dashboard comprised of the timeline and the KPIs.

Attachment:- Marketing Strategy.rar