Executive Summary and Consolidated Presentation
Marketing entry plan
VISION STRATEGIC PLAN
To become a global leader in the production of beauty products that promotes human wellness and conserves our natural environment
Our company wants to be accessible and product products to all without the harsh chemicals.
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PRIMARY GOALS
To expand our marketing ways and embrace new technology
To expand our customer service
To expand our supply channels
To have affordable products
Our goal is refining communication amongst our employers and customers, training employees on interpersonal and great communication skills and being available for our customers
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TARGET MARKET
Target marketing to each distinct age group.
Demographics at either end of the spectrum: - Young and the old
Offer distinct potential for brands if marketing teams can craft the right messaging
Cosmetics brands are increasingly discovering how important it is to craft unique messaging for each age demographic in the consumer pool. Middle-of-the-road marketing has neglected to specifically address young and old consumers until quite recently, leaving lots of potential untapped (Saka, 2013).
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Size of Target Market
This shows different areas around the world where cosmetics are grossing in revenue. Statista (2019).
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Resources Required to Implement plan
Market insights:
Competitors’ activities
Trends
Brand awareness, brand loyalty, brand images, marketing activities
Consumer insights:
Perception
Behavior: Usage and Attitude
How-to
Usage frequency
Factors affecting purchasing decision
Pricing assessment
Triggers and Barriers to start using BB Cream
Unmet needs existing
Media touch points
These are key information that is needed in order to research my cosmetic plan (Kotler & Armstrong, 2012).
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Reach your plan
Frequency of data
Bearing manufacturers, for example, will publish specific frequencies to monitor based on the physical properties of the bearing itself
Accuracy of data
The data collected needs to represent the application correctly to draw accurate conclusions
Resolution
Application knowledge will answer this and help find the correct controller resolution necessary to provide useful data
Acquiring data is always important when it comes to being able to reaching your goals for your strategic plan. Tubbs, A & Menz, B. (2018).
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Reach your plan (Cont.)
Synchronized data
If data sets cannot accurately be correlated to one another in a repeatable fashion, an accurate measurement of system behavior won’t be possible
Application knowledge
Application knowledge is the key to collecting the right data and turning it into actionable data
Tubbs, A & Menz, B. (2018).
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Marketing strategy seek to achieve vision
This is a prime example of what strategy plan can help me to be able to achieve my vision. https://image.slidesharecdn.com/integratedmarketingcommunicationsplanmooicosmetics-120604110818-phpapp01/95/integrated-marketing-communications-plan-mooi-cosmetics-5-728.jpg?cb=1338808173
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Measure if the marketing strategy is achieving vision
Need to dig deep to make sure that everyone has the same understanding of each phase of the strategic plan
Define the right indicators that measure progress towards my company’s vision.
It’s important to understand how a vision statement can be measured and how you are able to achieved it.
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What are the indicators to identify this
Two possible indicators:
Quality
Service
You can create a survey and have people rate the quality and service of your company or find data information internally from sales.
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What type of leadership and innovative qualities
Risk tolerance
Domain expertise
Openness
Low anxiety
Emotional stability
Confidence
Action oriented
Collaborative inquiry
Serious play
Paying attention
All of these are what a good leader should aquire as these qualities can help them in all types of obstacles that they may have to overcome. Yscouts, n.d)
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Plans to implement in order to execute marketing strategy
Set the right expectations
Build the team and secure resources
Communicate the plan
Build out timeline and tasks
Set up a dashboard for tracking success
Monitor and check-in regularly
Be willing to adapt
Communicate results and celebrate success
In order for a plan to work, you have to make sure that you put your plan in motion and take all necessary steps that are outlined above in order to become successful. (Click, 2015).
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References
Click, L. (2015). 8 Important Steps to Successfully Implement Your Marketing Plan. Retrieved from https://flybluekite.com/how-to-implement-your-marketing-plan/
Kotler, P. & Armstrong, G. Principles of Marketing.Harlow: Pearson Education Limited, 2012
Saka, E. (2013). Why Cosmetics Brands Must Embrace Age Group Marketing. Retrieved from https://www.salsify.com/blog/why-cosmetics-brands-must-embrace-age-specific-marketing
Statista (2019). Market share of leading cosmetics, fragrances and personal care products markets worldwide in 2017, based on revenue. Retrieved from https://www.statista.com/statistics/717710/market-share-cosmetics-personal-care-products-markets/
References (Cont)
Tubbs, A & Menz, B. (2018). Five data acquisition strategies for success. Retrieved from https://www.controleng.com/articles/five-data-acquisition-strategies-for-success/
Yscouts. (n.d). 10 Innovation Leadership Characteristics. Retrieved from https://yscouts.com/10-innovation-leadership-characteristics/
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PROFESSOR NOTES
Within this assignment you had excessively copied and pasted material in this assignment, which resulted in a similarity index score of 21%. Based on my welcome announcements, you are to correct your work prior to submitting your assignments for this course Please ensure to paraphrase all of your work in your own words and cite your work in APA format. When reading your slides, there were areas within this assignment that was not substantive and needed to be corrected prior to submitting this assignment. The basis of your marketing plan for your strategic plan for this course is to implement your research from your marketing strategy. What will be the basis of your analysis based on measuring your marketing data?