Reference no: EM132771317

The Company Name For The Marketing Plan: Humana(Healthcare Insurance Company)whose headquarters is located at 500 W Main StLouisville, KY, 40202-4268, #52 Fortune 1000 Revenue Rank, Company Type is Corporation Parent

Marketing Plan Project Instruction:

Before turning in the project, be sure that you have reviewed the contents within ensuring that all of the information requested has been included. Ensure that all major headings are bold and underlined as to set this apart from the rest of the text. The marketing plan should be constructed in a professional manner in terms of appearance as though you are presenting the information to a financial institution or CEO of a large corporation.It's important to cover all of the required topics in sufficient detail. That being said, I would expect a minimum of 15 pages of content plus title page, table of contents and list of references pages. I also don't think it's necessary to go over 25 pages of content. It is important to check for composition errors such as typos, sentence structure, punctuation, etc. before turning in.

Marketing Plan Purpose:
There are many different definitions or explanations for the purpose of a marketing plan. This purpose begins with steps in defining the actions that will be taken in order to accomplish goals set forth in the plan. An example of one goal might be to increase market share by 20%. Another example might be to increase profits by a 10% margin over a twelve-month period. Whatever the goal, it must be specific and secured to a specific time frame in order to be successful.

Marketing Plan Components:
Depending on the organization and what they plan to accomplish will depend on the components that will be included in the marketing plan. A basic marketing plan should at least include the following information.

Business Mission Statement:
A business mission statement answers the question "What is our business?" More specifically it should describe the type of business your organization represents including what type of products or services you offer as well as the customers you service.

Executive Summary:
An executive summary, or management summary, is a short document or section of a document, produced for business purposes, that summarizes a longer report or proposal or a group of related reports in such a way that readers can rapidly become acquainted with a large body of material without having to read it all. It usually contains a brief statement of the problem or proposal covered in the major document(s), background information, concise analysis and main conclusions. It is intended as an aid to decision-making by managers and has been described as the most important part of a business plan.

Situational Analysis or SWOT: Strengths, Weaknesses, Opportunities, and Threats:
It's important for organizations to understand the Strengths and Weaknesses that are inside the organization as well as the Opportunities and Threats that may be present outside of the organization. Armed with this information organizations are able to strategically plan to compete in the marketing environment.

Goals and Objectives:
Another way of thinking in terms of objectives is goals. What objectives are needed to be pursued within the organization? Here are just a few examples.
• To invest 15% of net profits into a direct advertising campaign
• To capture 20% market share within the next year
• To distribute the product regionally

Marketing Strategy:
In this section of the plan, "How will the organization market the product?" It's important in this section of the plan to address the consumer's needs. It's important to note that consumers do not buy what the organization sells, but what they believe adds value.

Target Market Strategy:
The target market strategy list those explicit group or groups of customers that you want to sell your product to. But there is a strategy involved in this section. A strategy simple means describing how the ends (goals) will be achieved by the means (resources). An example of a marketing strategy might be to; market to consumers who use your product or mention a specific advertising campaign that might be used to promote the product or service.

Marketing Mix:
A gentleman by the name of Neil Borden first coined this phrase in 1953. This is a technique that allows businesses to apply the four different choices of Product, Price, Place and Promotion when determining its plan to market a product to customers. It is worth mentioning that there are however 7 p's that can be applied as well when adding Physical Environment, Process, and People. However, we will discuss the 4 P's and their content. There are a number of items that exist within each portion of the marketing mix.
• Product:
o What type of product does the consumer want?
o What is the name of the product?
o How is the product branded?

Price:
o What does the product cost?
o What Value Proposition does this price offer the consumer?
o How does your price compare to competitor pricing?

Place:
o Where could possible buyers look for your product?
o Which type of distribution channel will you use to distribute the product?
o Will a sales force be needed?

Promotion:
o What type of marketing message will you use?
o Which type of medium will you use to promote your product? T.V., Social media.
o Which type of promotional efforts are your competitors using?

The whole purpose of a marketing mix is used so organizations are able to control the marketing plan.

Table of Contents
I. Business Mission Statement
II. Executive Summary
III. Current Market Situation
a. Market Description
b. Product Review
c. Competitive Review
d. Distribution Review
IV. SWOT
a. Strengths
b. Weaknesses
c. Opportunities
d. Threats
V. Market Strategy
a. Positioning
b. Product Strategy
c. Pricing Strategy
d. Distribution Strategy
e. Market Communication Strategy
f. Market Research
g. Market Organization
VI. Action Programs/ Implementation
VII. Budget
VIII. Controls
IX. Reference
X. Appendix

Attachment:- Principle Of Marketing.rar