week 2_ asssignment

Renea Couser

Assessment 3 Part C

Strategic Marketing Plan

MKTCB/574 v1

Page 2 of 2

Strategic Marketing Plan

Part A: Environmental Analysis and SWOT Analysis

(Due in Competency 1 Assessment)

Company Description

Describe the company you are designing the plan for. Include:

· Mission Statement

· Vision Statement

· Product line description

· Company information, such as the size of the company

Environmental Analysis

Analyze the forces that affect the company and marketing efforts.

Competitive Forces

Analyze the company’s key competitors. You may choose to use a BCG Matrix or attribute checklist to compare your company against its competitors. Describe any strategic moves the competition has recently made. Estimate your market share. Identify key competitive advantages against your competitors.

Economic Forces

Analyze the economic environment in the areas affecting your business. Consider differences within your industry and the economic impact on suppliers.

Political Forces

Analyze relevant political forces. Examples may include an election year or a law to drastically reduce or eliminate plastic waste in your county.

Legal, Regulatory, and Ethical Issues

Analyze the legal, regulatory, and ethical issues that may affect your business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail.

Technological Forces

Analyze whether your company will be affected by emerging technologies or trends in hardware and software industries

Social Forces

Analyze social trends and how they may affect your business. Considerations may include if your business will be affected by demographic trends, a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values.

Current Target Markets

Define the company’s current target markets. Describe the demographic, geographic, psychographic, and product usage of these targets.

Review Current Marketing

Review the company’s current marketing tactics. Consider how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your company is a start-up, describe your competitors’ current marketing.

SWOT Analysis

Assess your company’s strengths, weaknesses, threats, opportunities, and then evaluate how to address these in your marketing plan.

Strengths

Assess your company’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers.

Weaknesses

Assess what limits the company may have in its current marketing strategy. Consider if there is a company weakness that needs to be addressed through Public Relations or Marketing.

Opportunities

Assess the opportunities you see based on trends or environmental conditions.

Threats

Assess the threats or limitations that may interfere with the company’s ability to meet its objectives or interfere with marketing plans.

Strengths to Opportunities & Converting Weaknesses and Threats

Convert weaknesses and threats to strengths, then strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets.

Marketing Objectives

Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate objectives, modified by the company’s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured. For example: The company will expand its marketing efforts to include a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2020 that will address the specific psychographic and technological needs of this age group. This strategy is expected to attain a 20% growth in overall sales by January 2020. Customer loyalty (willingness to recommend the product) will increase by 30%.

Part B: Marketing Data Analysis

(Due in Competency 2 Assessment)

Internal Data

Evaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed.

Source	What it Measures	Data	Potential Usage
Example: Sales data	Monthly sales by specific product	Average sales that month in US dollars for each of 10 products. Data can be segmented by business and consumer markets.	Can be used for trend analysis, projections, and to measure effectiveness of promotions.

Secondary Data

Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed.

Source	What it Measures	Data	Potential Usage
Example: retail store analytics	Dollar value of sales by quarter by major product categories	Total sales of major players	Market Share Analysis Seasonal patterns

Primary Data

Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed.

Source	What it Measures	Data	Potential Usage
Example: Focus group	Product usage, motives, identify group level satisfaction, decision process, etc.	Qualitative	Identify different reactions of market segments to product. Identify marketing opportunities, product/service flaws and opportunities

Customer Relationship Management

Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed.

CRM Touchpoint	Purpose & CRM Objective	Data	Potential Data Usage
Example: Customer profile information on website	Starts the account for visitors: name, geography, email address (Customer acquisition)	Presale: geographic location; customer id, source of reference Email address Post sales: address, product purchased, quantity, price.	Track new and returning customer counts, total period purchases by customer ID, geographic sales data. Can be used for loyalty rewards, retention, and targeted marketing.

Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring

(Due in Competency 3 Assessment)

Pumps and Pearl’s Shoes are targeting various people segments within the wide classification of a style-conscious Ladies and accessible income. Business or Professionals: these are full time working career women. They earn more than $56,000 themselves. They will purchase shoes for the office and for leisure time. 

This group is currently being pursued while they are working full time and therefore have the need for several pairs of footwear for all of their various outfits.  They also have the money to pay on shoes and are going to take advantage of this reality as women typically love to collect lots of shoes.

Homemakers: this segment has an abundance of disposable personal income because of their husbands. These women adore shoes and spend fair amounts of time shopping for shoes and clothing. The household income of this group is $60k-$150k toward the higher end of this range.  This group is attractive because they have the money and the time to shop for shoes.  With both money and time, there is no limit to the number of shoes that they would like to own.

Marketing Mix for New Target Markets

Determine adaptions for each new target market.

·         Products a variety of different types of heels and pumps no matter of the height and other types of shoes to the requirements of the cliental. Functionality, character, certificate, quality, and packaging.

·    Price Pumps and Pearl’s Shoes pricing is designed to be competitive to the other fashion footwear retailers.  Selling price, discounts, payments arrangements, pricing marketing services and credit terms.

·     Distribution: all shoes will be donated to Pumps and Pearl’s Shoes rolling RV’s.  While the RV’s are constantly rolling throughout the southern atmosphere for the customer to come and pick up the shoes at remote locations, it allows Pumps and Pearl’s Shoes to offer a much wider selection than any of the competition.

·     Traditional Promotion Location, targeted advertising in the newspaper and strategic alliances will serve as the foundation of Pumps and Pearl’s Shoes advertising and promotion effort. Sponsorships, advertising, public relations, and message.

·     Online Promotion offers with incentives and coupons that allow the customers to receive more discounted prices.  It also allows more opportunity to the customer on what is offered from Pumps and Pearl’s Shoes.

Marketing Implementation

During the initial phases of the marketing plan development, several focus groups were carried out to help gain insight into the most prized customer and some of their decision-making processes as they relate to shoe purchases.   The information collected from the focus groups has been extremely helpful to Pumps and Pearl’s Shoes and help justify the business model.

An alternative source of market study is the most comprehensive survey that has been distributed to an upscale women's clothes retailer's customers.  A mathematics doctoral candidate was used in the growth of the study ensuring the survey were statistically significant and appropriate.  The questionnaire was also very perceptive in the consciousness of a potential client.

The following milestones identify the key marketing programs.  It is important to accomplish each one on time and on budget. Considering the process in the milestone for completing the stage for the specific requirement.

Marketing Communication Channels

Evaluate the marketing communication channels you will use to reach selected audiences. Include Internet and traditional communication channels to convey key messages. Describe the advantages and disadvantages of each channel you select. Insert or remove rows as needed.

Channel	Target Market	Advantages	Disadvantages
Example: Direct mail	Middle class residential	Can include coupons	Expense and low return rate for given product
Crowd sourcing	All customers willing to participate. Middle class Women	Having the customer to participate in a contest to receive a free pair of shoes	No confidentiality, poor quality entries, wrong direction
Social Media	All customers young and old that are available to technology	Inexpensive way to market shoes. Providing offers only to online discount	Social media posts cannot be entirely deleted. Criminals can use social media to commit and promote crimes.
Mixed Media	Integrated marketing brings in both older and younger customers.	Inexpensive way to market shoes. Variety of discounts can be used online and in store.	What you get is what you see based on the behavior.

Strategic Actions

Develop specific activities required to implement the marketing plan. Identify the person or role who will be responsible for each action, when it will be complete, and what standard or metric indicate that the activity is complete. Insert or remove rows as needed.

Project to reduce the adverse effects associated with wearing high heeled shoes.

Action	Date for Completion	Person/Role Responsible	Standard/Metric
Developing the type of heel	3/1/2025	MsLady, stylist designer	Approval by the Marketing team and legal team
Develop footwear technology of biomechanical and orthopedic design	3/1/2023	Dr Shoes, orthopedic designer	Design to reduce the deleterious effects associated with wearing high heeled shoes

Monitoring

Develop the measurement to identify how you know you have been successful for each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts. Insert or remove rows as needed.

Action	Target	Person Responsible	Inter-measurement
Example: Direct mail flyer	1100 new inquiries	Western regional manager	500 new inquiries first month of campaign
Survey online	5000 potential buyers	Southern Regional Managers	750 received returned surveys within 90 days
Initiated Contest to provide an idea 100-word essay	3000 participate	Southern Regional Managers	To be submitted by the upcoming holiday with in 60 days

Copyright 2020 by University of Phoenix. All rights reserved.

Copyright 2020 by University of Phoenix. All rights reserved.