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MKT500ScenarioScript_Week10_Pdf.pdf
MKT 500 Week 10 Scenario: Marketing Plans and Putting all Together.
Slide # Scene # Narration
Slide 1 Scene 1
[Ed, Samantha – Ed’s Office]
Ed and Samantha meet in the
morning to discuss the next steps
in the tablet PC launch.
MKT500_10_1_Samantha-1: Good morning,
Ed. How are you doing today?
MKT500_10_1_Ed-1: Good morning, I’m great.
I was just looking over the work we’ve done so
far for this launch. Things are progressing quite
nicely.
MKT500_10_1_Samantha-2: I can’t believe
we’re already on the final step of creating the
marketing plan. I’m really proud of the work
we’ve done, and I’m excited to put it all together
in a written marketing plan.
MKT500_10_1_Ed-2: Yes, it is an exciting
process. You have been a tremendous help
throughout this journey, so you should feel proud.
I spoke with Carl earlier. He said that now that we
have met for the past ten weeks in and out of
meetings he would like to see a recap of your
marketing plan.
MKT500_10_1_Samantha-3: Yes, I agree, Ed.
Putting everything together in a written plan is the
ultimate goal of our efforts. I have some ideas for
where to start that I learned from my Strayer
classes.
See, a good marketing plan begins with an
assessment of where things currently stand for
Golds Reling. This is called the situation
analysis, and is documented by the 5Cs.
Marketers draw on those Cs to develop segments
and choose segments to target, by using
segmenting, targeting and positioning, which,
as you know, is abbreviated, STP.
The STP section of the marketing plan usually
involves summaries of marketing research.
Marketing and financial goals follow, which
stipulate the objectives the company wishes to
achieve, as well as how success and ROI will be
measured.
(Display SWOT graphic on
screen)
MKT500_10_1_Ed-3: You’re right, Samantha.
As you may recall from your classes at Strayer,
the first step in building a marketing plan involves
a corporate self-examination.
The company uses a SWOT analysis to
determine its strengths. It also decides on its
goals. I’m sure you’ll also recall that a SWOT
analysis is a method that companies use to
analyze the strengths, weaknesses,
opportunities, and threats to create the
foundation of a marketing strategy.
With the S and W, we’re characterizing the
company: ‘What are our strengths and
weaknesses?’ With the O and T, we’re
characterizing the broader environment, such as
the industry as a whole, suppliers, or government:
‘What are the opportunities and threats to our
company?’ S and W are considerations internal to
the organization, whereas O and T are external
and beyond our control.
MKT500_10_1_Samantha-4: I do remember
learning about SWOT analysis at Strayer
University. However, I’ve never seen one actually
implemented. Can you explain how we will apply
the SWOT analysis to help develop our marketing
strategy?
MKT500_10_1_Ed-4: Sure. There are four
factors that we will consider when examining our
strengths, weaknesses, opportunities, and threats.
Slide 2 Interaction
Click the tabs for more
information on Golds Reling’s
SWOT analysis.
Customer: As a part of gaining a
better understanding of our
MKT500_10_1_Ed-5: Click the tabs for more
information on Golds Reling’s SWOT analysis.
MKT500_10_1_Ed-5A: As a part of gaining a
better understanding of our current business, we
will also try to understand our customers by
collecting data on them. We will start with
studying secondary data to know the background
current business, we will also try
to understand our customers by
collecting data on them. We will
starts with studying secondary
data to know the background
trends. Later on, we will collect
fresh data on our current
customers, past customers,
potential customers, our
competitor’s customers, and so
on.
Context: With regard to context,
we will assess the macro-
environmental issues we must
attend to. Some common sample
questions that we should pose in
order to understand the business
context include: what are we
known for? Or what do we want
to become? We will revisit these
questions when we see changes
in our environments or if we
change our brand or target
segments.
Collaborators: We should also
study the relationship we have
with our providers in the supply
chain.
Competitors: By constructing
and using a SWOT analysis, we
will be better able to determine
our strength relative to other
providers in the market place.
trends. Later on, we will collect fresh data on our
current customers, past customers, potential
customers, our competitor’s customers, and so on.
MKT500_10_1_Ed-5B: With regard to context,
we will assess the macro-environmental issues we
must attend to. Some common sample questions
that we should pose in order to understand the
business context include: ‘What are we known
for?’ and ‘What do we want to become?’ We will
revisit these questions when we see changes in
our environments or if we change our brand or
target segments.
MKT500_10_1_Ed-5C: We should also study
the relationship we have with our providers in the
supply chain.
MKT500_10_1_Ed-5D: By constructing and
using a SWOT analysis, we will be better able to
determine our strength relative to other providers
in the market place.
Slide 3 Scene 1, cont.
[Ed, Samantha – Ed’s Office]
MKT500_10_1_Samantha-5: I see. Thanks for
that explanation, Ed. I know that our team has
written marketing plans for many of our previous
product launches. Do you think that Carl is
looking for how we are going to grow Golds
Reling’s business?
MKT500_10_1_Ed-6: Yes, I do, but we need to
take a deeper look into the Golds Reling business
model and growth initiatives first. Let’s show
Carl the Ansoff Product-Market Growth
Matrix.
As you review the figure, you can see that it
shows all four possible product and market
combinations.
Slide 4 Interaction
Click the quadrants of the matrix
for more information.
Market Penetration Strategy:
In this scenario, marketers simply
encourage their current
customers to purchase from them
more frequently. This strategy is
low risk, but it might max out
quickly.
Market Development Strategy:
Marketers using this strategy do
not offer new products but find a
new use for their product which
suits a new customer segment, or
they plan to advertise through
new outlets to reach different
demographics.
Product Development Strategy:
In this scenario, marketers
introduce new products to their
current customers. This approach
is perceived to be a great way to
MKT500_10_1_Ed-7A: Marketers simply
encourage their current customers to purchase
from them more frequently. This strategy is low
risk, but it might max out quickly.
MKT500_10_1_Ed-7B: Marketers using this
strategy do not offer new products, but find a new
use for their product which suits a new customer
segment, or they plan to advertise through new
outlets to reach different demographics.
MKT500_10_1_Ed-7C: Marketers introduce
new products to their current customers. This
approach is perceived to be a great way to really
delight one’s customers and strengthen their
loyalty.
MKT500_10_1_Ed-7D: This is the most difficult
and riskiest strategy in this framework. Marketers
try to introduce new products to new customers.
really delight one’s customers
and strengthen their loyalty.
Diversification Strategy. This is
the most difficult and riskiest
strategy in this framework.
Marketers try to introduce new
products to new customers.
Slide 5 Scene 1, cont.
[Ed, Samantha – Ed’s Office]
MKT500_10_1_Samantha-6: This is excellent,
Ed. Carl will see from the Ansoff Matrix that we
are adopting the market development strategy
for our new tablets, which certainly justifies our
growth needs and why the new tablet computer
fits in with Golds Reling’s existing product
offerings.
MKT500_10_1_Ed-8: Yes. Also, an important
assessment in strategic thinking is corporate
identity with regard to Golds Reling’s philosophy
toward the marketplace.
In addition to SWOT and the Ansoff Matrix, we
need to decide whether Golds Reling shows
tendencies toward either offensive or defensive
actions in our marketing plan, which are not
necessarily correlated with the size of an
organization. In offensive business strategies, the
company attempts to take the lead; however, in a
defensive strategy, the company is typically a
follower, and often lacks the skills, resources, and
entrepreneurial spirit to be a leader in the
industry.
For instance, a company with a large market share
may have the resources to take the initiative and
lead the other players in a new direction, which
would be offensive action. However, small
entrepreneurial companies frequently create
something new in the marketplace that may elicit
responses from other, bigger or older,
competitors. Such responses would be considered
defensive action.
The role that Golds Reling plays in the
marketplace can change over time.
MKT500_10_1_Samantha-7: I remember
learning the term “value-added” in my marketing
classes at Strayer University. Is this what you are
referring to as it relates to the dynamics of the
marketplace?
MKT500_10_1_Ed-9: Yes! Value-added is a
term used in marketing today to measure a
company’s worth and competiveness in the eyes
of the customer.
Furthermore, it is not clear that being first-to-
market is always a good thing. For example,
launching really new products like our tablet can
be risky - adoption can be slow, and the
pioneering company can take quite a hit. In
comparison, the so-called “quick-follower
companies” can learn from the leader’s mistakes,
and can benefit from customers learning how the
new offering might be valuable in their lives.
MKT500_10_1_Samantha-8: So what I think
you are saying is that Golds Reling wants to be a
leader for some of its brands in their respective
markets, and more of a follower for its other
brands, but overall we must continue to focus on
value-added.
Whether our orientation is on the offense or
defense may vary across our brand portfolio—
mature, “cash cow” brands should be treated
carefully, whereas more risk can be taken with
newer ventures, like our tablet. This distinction
depends on the products’ life cycles and the stage
of maturity of their industries. Lastly, there are
dynamics coinciding with the 5Cs to take into
consideration.
MKT500_10_1_Ed-10: Perfect. You’re totally
right.
MKT500_10_1_Samantha-9: Very interesting,
Ed. I think we also need to understand the
competitive forces that may affect our tablet
launch. Additionally, I think we need to present to
Carl a re-examination of strategic goals that we
discussed in our previous meetings. Our goals
may need to be adjusted as a result of changes in
the external elements of SWOT, or when
observing the effects of the 5Cs on perceived
opportunities and threats.
MKT500_10_1_Ed-11: I’m glad you mentioned
this, Samantha. I have a video that we can watch
that explains the five competitive forces that
shape strategy.
Slide 6 The Five Competitive Forces
That Shape Strategy
http://youtu.be/mYF2_FBCvXw
Slide 7 Scene 1, cont.
[Ed, Samantha – Ed’s Office]
MKT500_10_1_Samantha-10: Thanks, Ed.
From what I understood from this video and from
my classes at Strayer University, a company can
dominate its market in one of three ways.
First, it can strive for cost leadership, producing
goods and services more efficiently than the
competition. To deliver this, the company should
have resources such as easy access to plentiful,
good raw materials; cheaper labor sources; better
information or other technologies; and so on.
Second, a company might take the approach of
differentiation. This strategy is an attempt to
distinguish one’s products as unique in the
industry. Differentiation may be fostered through
excellent quality in products and customer
service, distinctive design, exclusivity, or value-
added bundled into the core purchase, among
other things.
The final approach is called focused. Whereas
the cost leadership and differentiation approaches
are said to be broad, the focused strategy is
narrower. Companies using this strategy often
serve niche markets, and customers in that
segment can be very satisfied, very loyal, and
rather price-insensitive.
MKT500_10_1_Ed-12: Right. The strategy is to
win and retain profitable customers. In writing
our plan for Carl, as the “do” or action part of the
plan, Golds Reling must know itself, its
environmental context, its competitors, its
collaborators, and its customers - which are the
5Cs - before knowing where it wants to go next or
deciding there is a problem to solve or
opportunity to exploit.
At the end of the day, it is important for Golds
Reling to keep an eye on our goals. We need to be
smart about launching our new tablet. We can do
this either by being consistent with our current
business or in using this new action to ultimately
move purposely through the positioning matrix.
MKT500_10_1_Samantha-11: Ed, you are
correct. In the end, the marketing plan is a
document that should not only remind the
marketers about the corporate goals but should
also be a working document. It is important to
remember that all of marketing, both strategy and
planning, is iterative.
In particular, Golds Reling must look for internal
consistency throughout the plan—it is critical for
good branding and good marketing that the whole
of the plan be synchronous.
MKT500_10_1_Ed-13: As you already
mentioned, marketing plans are always works in
progress. While they are intended to keep
everyone on track, they are also not rigid. Thus,
as situations change, Golds Reling must be able to
modify the marketing plan.
MKT500_10_1_Samantha-12: I think we are
almost ready to meet with Carl. What do you
think?
MKT500_10_1_Ed-14: Yes, I agree, but there is
one more thing that we need to add to the plan.
That is a marketing dashboard.
MKT500_10_1_Samantha-13: Why a marketing
dashboard?
MKT500_10_1_Ed-15: This will please Carl,
who’s a “numbers” guy, and additionally, a
marketing dashboard will provide a visual image
of the successes or failures of the new Tablet
launch. Marketing dashboards are poised to aid
marketers in the planning and execution of
marketing initiatives, as well as with the
evaluation of those campaigns to tie success or
failure to overall financial performance.
MKT500_10_1_Samantha-14: That makes a lot
of sense, and I can see why we should include
one. Let’s finalize this information for Carl.
MKT500_10_1_Ed-16: Good idea. But before
we do, I think we should briefly recap the most
important concepts we’ve covered today.
Slide 8 Check Your Understanding
1. In the spirit of a SWOT
analysis, a company’s strengths
are defined somewhat relative
to_______.
a) Behavior of non-buyers b) Other providers in the
marketplace
c) Customer satisfaction levels
d) Competitiors’ misfortunes
Incorrect answer: A, SWOT is a
strategic marketing planning tool.
It is not used to determine
consumer behavior.
Correct answer: B, SWOT
compares a company’s strengths
against the strengths of their
competitors.
Incorrect answer: C, SWOT is
not a customer satisfaction
measurement tool.
Incorrect answer: D, SWOT does
not measure competitors’
misfortunes. This would occur
through competitve intelligence.
2. Which strategy in the Ansoff
Product-Market Growth Matrix
combines current markets and
current products?
a) market development b) product development c) market penetration d) diversification
Incorrect answer: A, Market
development does not fit into the
matrix quadrants.
Incorrect answer: B, Product
development does not fit into the
correct matrix quadrant.
Correct answer: C, market
penetration. Looking at the
graphic, one can easily determine
that market penetration fits into
the quadrant combining current
markets and current products.
Incorrect answer: D,
Diversification does not fit into
the matrix quadrants.
The 5 C’s
In consideration of the 5Cs, if we
are assessing the macro-
environmental issues we must
attend to, such as legal, technical,
and social changes, then we are
considering our ______.
a) context b) company c) customers d) collaborators
Correct answer: A, context,
Macro-environmental issues
such as legal, technical, or social
changes are considerations that
occur within context.
Incorrect answer: B, In the 5 C’s,
company is concerned with
defining who the company is,
what they are known for and
good at, and what they want to
become.
Incorrect answer: C, Macro-
environmental issues are not a
part of the customers as
described by the definition of the
5C’s found in the textbook.
Incorrect answer: D, Macro-
environmental issues are not a
part of the collaborators as
described by the definition of the
5C’s found in the textbook.
Slide 9 Scene 2
[Ed, Samantha, Carl –
Conference Room]
Ed, Samantha, and Carl meet in
the conference room to discuss
the final written marketing plan
and revised strategies of the
product launch.
Display dashboard image
MKT500_10_2_Carl-1: Good afternoon, Ed and
Samantha. I saw you both looking very busy in
Ed’s office earlier. I’m looking forward to hearing
the information that you two have put together for
the marketing plan for our new tablets.
MKT500_10_2_Samantha-1: Yes, Ed and I have
been very busy. We have a lot of great ideas and
revised strategies for our new tablet launch.
MKT500_10_2_Carl-2: I’m glad to hear that. Go
on, please.
MKT500_10_2_Samantha-2: Marketing
strategies can be successful or unsuccessful.
However, before even thinking about making any
changes, we feel that Golds Reling needs to
conduct an honest self-assessment—what does
our brand portfolio look like and what are our
strengths and weaknesses as measured by our
newly created marketing dashboard? Therefore,
we have proposed an extensive SWOT analysis
as part of our plan.
In addition, we have considered both what and
how we would like to change, should the analysis
conclude we need to do so: target segments, and if
necessary, the 4P’s of product, price, place,
promotion. Thus, we have created an Ansoff
Product / Market Matrix to guide Golds
Reling’s strategic initiatives.
In conclusion, both Ed and I feel that with these
strategies in place, Golds Reling is poised to
increase profitability, in addition to achieving the
goals we’ve discussed in previous meetings. To
review, those goals include the following:
One - Penetrate twenty percent of existing market
segments for tablet computers within the first
twelve months.
Two - Reach a target segment of one million
potential consumers within the first six months of
launch.
Three - Cross-sell current Golds Reling customers
with the use of database marketing in
international markets.
Four - Obtain an initial markup of twenty percent
on new tablet computer sales; and
Five - Offer twelve month warranties for all new
tablets sold.
MKT500_10_2_Carl-3: Excellent. I like what
I’m hearing. Your methods seem very reasonable
and effective for marketing our new tablets. I’m
excited to take a closer look at the written plan.
Very nice work, both of you.
Samantha, I would like to personally congratulate
you on all the work you have done on this product
launch. Over the past several weeks, your input
has been integral in developing a solid marketing
plan that I have no doubts will take Golds Reling
through a successful tablet launch.
As a reflection of all of your hard work, I would
like to offer you full-time employment at Golds
Reling as a member of my marketing team. You
don’t have to give me an answer today, but I
sincerely hope that you will consider coming on
board. No matter what decision you make, I wish
you great success in your career.
Slide 10 Scene 3
[Ed, Samantha – Hallway]
MKT500_10_3_Samantha-1: What a day! I’m
so excited about Carl’s offer of employment. It
appears that he was really impressed with my
work. I’m eager to tell all of my classmates at
Strayer University about my experiences here!
MKT500_10_3_Ed-1: Your hard work has really
paid off, Samantha. I’m so happy for you. As Carl
mentioned, your work has been impressive, and I,
too, hope that you will give some serious thought
to taking Carl’s offer.
In the meantime, remember to complete the e-
Activity and the threaded discussion covering
marketing plans for the new product launch. Take
care!
