m&m post 2

The Marketing Plan—Part 1

Due in Unit 2, you will start working this week on Part 1 of the assignment. 

The following Course Outcome is assessed in this assignment: 

 Develop the key components of a marketing plan. 

Introduction: You have likely heard the expression, "Failing to plan is planning to fail.” Nevertheless, many companies act without having a solid plan in place. Kotler et al. (2022) state that a marketing plan communicates the proposed course of action to relevant entities. Moreover, the marketing plan must be actionable, relevant, clear, and succinct to be effective. Once developed, the marketing plans must be updated to remain relevant. 

Before beginning this assignment, complete the learning activity, which focuses on the key components of a marketing plan. Be sure to refer to the readings in this unit to assist you in this area.

Learning Activity:

· Practice with   marketing plan components .

This assignment presents you with three company scenarios ( see the tabs above ) needing a marketing plan. Read each scenario and  select one  to create a marketing plan. 

Assignment Instructions:

This assignment presents you with three company scenarios needing a marketing plan. Read each scenario from Tabs 1–3 above, and  select one to create a marketing plan that will be due in Unit 2. 

In Unit 1, address Part 1 of the assignment due in Unit 2 by applying it to your chosen scenario.

In the Unit 2 Assignment, you will complete Part 2 and submit Parts 1 and 2 in Unit 2 in a 15-slide Microsoft® PowerPoint® narrated presentation with notes and additional title and reference slides.

Checklist: 

Part 1–Unit 1

· Create a market-oriented mission statement using the five major characteristics suggested by Kotler et al. (2022).

· Prepare a brief situational overview. 

· Analyze the industry using Porter’s five forces model.

· Apply the four additional forces from the readings as noted by Isabelle et al. (2020). See the article in the reading area called “Is Porter’s five forces framework still relevant? A study of the capital/labour intensity continuum via mining and I.T. industries.” 

· Create five strategic goals using the SMART acronym.

· Determine the three characteristics of an SBU for the new product/product line. Discuss whether you characterize the marketing portfolio as specialized or diverse. 

Part 2–Unit 2

· Determine the difference between strategy and tactics.

· Prepare the target market using the 5Cs framework. Illustrate the 5Cs similar to Figure 2.2 in our text. 

· Describe the 3V elements of the market value principle. Design the 3V market value principle similar to Figure 2.3 in our text. 

· Design the seven tactics (the 7Ts) defining the marketing offers similar to Figures 2.4 and 2.5 in the text. 

· Develop an implementation strategy by outlining a process for developing resources, the market offering, and deploying the offer to the target market.

· Describe how you will demonstrate at least three key performance metrics against established goals. 

· Prepare an executive summary. You may use this as the first slide of your presentation. 

Your minimum 12- to 15-slide PowerPoint presentation must include the following:

· A narration that expounds on the bullet points on the slides. You must speak loudly enough to be heard, varying voice pitch and volume to ensure audience interest and attention. Be sure to pronounce words correctly and enunciate them clearly.

· A separate title and references slide.

· Each slide should have professionally written  notes below each slide  substantiated with research.

· Correct spelling, grammar, and punctuation.

· 4–5 bulleted items per slide that are explained in the narration.

· Use of a sans serif font like Ariel or Calibri in 24-point font.

· Your submission must use the current APA format and citation style for in-text citations or quotes and references with no errors. (See Unit 1 Reading area for APA assistance from the Academic Success Center.)

Access this tutorial on how to  add audio to a PowerPoint presentation. This is where your built-in computer microphone (in most cases) or the microphone headset you purchased will be used.

Access the three scenario options on the tabs above.

· How to add  audio to PowerPoint .

· How to add  notes to slides .

· Preview the  Unit 2 Assignment grading rubric  before beginning this assignment. 

Directions for submitting this assignment due in Unit 2:

Compose your assignment as a PowerPoint presentation with audio and save it as (Example: TAllen-MT450 Assignment-Unit 2.pptx). Submit the completed presentation to the Unit 2 Assignment Dropbox.

Reference

Kotler, P., Keller, K. L., & Chernev, A. (2022).  Marketing management (16th ed.). Pearson.

 

The Scenario:

 Lee’s Artificial Flowers

In 2021, Lee Jones put the final touches on a product she had worked on for years in her garage. Lee graduated with a degree in chemistry from a well-known school in Indiana. However, she has always had an entrepreneurial spirit. Initially called Lee's Artificial Flowers, the product broke new ground in the flower industry by creating patented, artificial flowers that look real and smell like a flower. In other words, roses smell like roses, and tulips smell like tulips. However, Lee's flowers will never expire. The scent typically lasts three months and can be replaced with new scented cartridges. She launched a website and opened a small store in a strip mall at the beginning of 2022. With modest sales, Lee hired several employees to assist with manufacturing, sales, and administrative duties. In the summer of 2022, a popular morning show interviewed Lee about her new product. This interview led to dozens of other popular coverage on television, and in magazines, blogs, and podcasts. Because this product was starting to be popular on a national scale, she could secure a business loan for $500,000. Lee's biggest concern was her lack of business knowledge, mainly in marketing.

Lee has just hired you as a marketing consultant/acting manager to assist her in taking the business to the next level. In your initial consultation with her, she suggested that many sales were purchased as gifts. The raw materials required for her artificial flowers are paper, cotton, parchment, latex, rubber, sateen (for large, bold-colored flowers and arrangements), and dried materials, including flowers, plant parts and berries, feathers, and fruits. For more upscale silk flowers, silk, rayon, and cotton are the fibers of choice. The cartridges that provide the scents are produced in Lee’s manufacturing facility.

General Goals

· Sell several hundred thousand units.

· Create awareness of new product line to new, prospective clients

· Incorporate digital marketing. 

· Hire more employees.

· Identify the best distribution model for selling to customers. 

You have just been hired to develop the key components of a marketing plan.

*Disclaimer: The organization and characters depicted in this exercise are fictional. Any resemblance to real organizations or individuals is purely coincidental. This exercise may include actual companies and brand names solely for instructional purposes; this exercise is not associated with any such existing company or brand name. All trademarks remain the property of their respective owners.