create a comprehensive marketing strategy

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. 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.

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.

Part 1-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).

Part 2 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 3 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 5 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.