Mslp5

MODULE5SLPMRK610TEMP.docx

In this SLP for Module 5, first develop action plans based on the marketing strategies developed in SLP 4 and then evaluate a marketing budget for the plans. This is the final step of this cumulative research project. Be sure to incorporate all the work for this Session Long Project (SLPs 1-5) into a complete marketing plan following the marketing plan outline .

Marketing Implementation: Action Plans and Marketing Mix

The action plans and marketing mix are related. That is, the action plans contain a complete description of a marketing program, including its goals and objectives (as previously outlined in the section on Goals and Objectives), marketing mix activities, program evaluation mechanisms and measurements, budget and timing considerations, and quantitative assessments. (A complete description of these final dimensions follows. Follow the format below for action plan outlines.)

Before you begin working on the action plans, consider the total budget amount for your charge.

Make a realistic budget estimate for your marketing plan based on the financial situation of the company and its past spending on marketing. State for each action plan:

· The goal(s) and objective(s) for the action plan.

· The target market at which this action plan is aimed.

· The marketing mix activities needed to implement the action plan.

· Product strategy and programs require consideration of things such as brand name, product features/benefits, differentiation from competition, relationship to delivering value, logo, package design/labeling, complementary products/services, elements of customer service strategy, and programs. Also, this is where the service concept, tangibles, customer-contact employees, and so on, need to be addressed. Depending on the charge of your marketing plan, some of the above may not apply.

· Price strategy and programs require consideration of things such as pricing objectives and relationship to delivering value. Keep in mind that pricing is not restricted to monetary concerns. Customers are likely to compare the perceived benefits of the new brand to the perceived benefits of the existing brand and other competitive brands. In other words, customers are likely to perform a cost-benefit analysis, which means that customers must perceive the new brand to have benefits that are equal to or exceed the perceived costs.

When considering pricing issues, also include costs customers are likely to incur in terms of time, effort, and energy. Consider psychological costs (e.g., embarrassment, fear, rejection, etc.) and losses (e.g., aesthetics, familiarity, etc.), and physical discomfort or loss of pleasure.

Place or distribution strategy and programs require consideration of things such as the selection, motivation, and evaluation of channel partners (if applicable). This is also the place to describe any direct marketing programs (mail, telemarketing, catalogs, Internet, etc.) and other accessibility issues (e.g., number of local stores, etc.).

Promotional activities

Advertising strategy and programs that require consideration of things such as advertising message (what will be said, unique selling points, benefits to be stressed, value story, points of differentiation, etc.), creative style (settings, characterization, humorous or not, testimonials, etc.), media mix, media schedule, and so on.

Public relations/publicity strategy and programs that require consideration of things such as how to get press coverage, getting the company/brand name and story out to the public, event-oriented marketing, and so forth.

Sales promotion strategy and programs that require consideration of things such as contests, sweepstakes, event tie-ins, coupons, premiums (T-shirts, hats, key chains, cup holders, etc.), trade shows, consumer fairs, and so forth.

Sales force strategy and programs that require consideration of things such as size of the sales force, sales force organization (geographic territory; customer-type based, product based, or some combination; salesperson characteristics and skills to recruit and train toward; compensation; motivation), and so forth. This section will describe selling strategy in terms of sales call emphasis, selling strategy, and tactics (what should sales people be doing and saying).

Other marketing programs that require consideration of methods to systematically listen to the customer, monitor customer satisfaction/loyalty, monitor competition, and become aware of trends that might impact the business. This requires some type of specific intelligence/information-gathering plan.

Describe the evaluation and measurement procedures to be used to monitor overall performance of the action plan, including quantitative measures and allowable time frames.

Elaborate on the specifics of plan implementation and quantitative projections. This includes people responsible for programs, budgets, other resources needed, target completion dates, timetables, and so forth. This requires a consideration of who does what, when, and for how much.

Quantitative assessment includes projections of sales dollars and volume, and market share, costs, and so forth.

Format: Action Plan Outline (please use a table format, such as in the example given below)

Title: The title of the action plan should describe the content.

Goal and Objective: What will this action plan accomplish? Which of the goals and objectives does this plan support? Here you need to go back to your Goals and Objectives section and make sure you develop at least one action plan for each of the goals and objectives you have previously outlined. In other words, you do not need to have seven goals in your Goals and Objectives section; a lesser number is acceptable if you develop more than one action plan for specific goals and objectives.

Target Market: At which market is this action plan aimed? Stick to your primary target market. Do not include any “new” target markets here.

Description of the Action Plan: What are the steps being taken to accomplish the objective? This section refers to the marketing mix activities deemed best to accomplish the objective. A rich, detailed description is required.

Who: Who is responsible for carrying out this program? (Name of person or job title)

Timing: When will the program take place? (Start and stop dates)

Budget and Estimated Profitability: How much will the program cost? Give details of the budgetary items for this action plan. Also, you need to include estimated profits and/or expected return on investment.

Measurement: How will the effectiveness of the action plan be measured? How will the organization know that it was successful? Measurement of effectiveness is always quantitative, and may include (depends on your objective) dollar sales, market share, expected customer satisfaction, advertising effectiveness measures, etc., in addition to a time line (monthly, quarterly, annually, etc.).

Marketing Budget

Use the objective and task method and rank the action plans in order of importance. You also need to defend the budget request. The defense should be a strong persuasive argument with a clear rationale. Make sure that you include the profit potential as part of your justification. The defense should be for the total budget amount requested, not for individual action plans.

What We Learned

What did the process of writing a marketing plan teach you? How would you apply what you learned from this process to your current or future career?

SLP Assignment Expectations

Use the following outline to organize your paper. Note that the letters “a, b, c…” and the numbers “i, ii, iii, iv…” and “1, 2, 3, 4…” below are used to show the major issues you need to include in your paper, but should not be used to format your paper.

VIII. Marketing Implementation (2-6 pages)

i. Follow the format provided above.

ii. Remember, suggest at least one action to be taken that can help achieve your stated goals and that are consistent with your strategic statements.

iii. What is the cost/budget of implementing the suggested actions?

IX. Marketing Budget (1 page)

You also need to write an Executive Summary and Table of Contents at the beginning of this marketing research paper.

Note: Use double-spaced, black Verdana or Times Roman font in 12 pt. type size. Include a title page and references. Revise your previous SLPs based on the professor’s feedback and your additional research. Follow the SLP outline to prepare the final paper. Explain clearly and logically the facts you find about your company and charge, and use the required reading to support your positions on the issues. Do not repeat or quote definitions. Your use of the required reading to support your opinions (that is, contentions or positions) should demonstrate that you understand the concepts presented.

Paraphrase the facts into your own words and ideas, employing quotes sparingly. Quotes, if absolutely necessary, should rarely exceed five words. Academic papers at the master’s level should include citations and references. Look at different sources, especially credible and reputable resources such as The New York Times, The Wall Street Journal, Businessweek, and The Economist, to find the information for your paper. Also use the Trident Online Library databases such as ProQuest and EBSCO to find the information for your project. Your discussion on each topic should be a synthesis of the different sources. Taking shortcuts on the number and quality of your sources will result in a poor-quality marketing plan that will be of no use to your client.

Also, it is important that you reference your sources throughout the text of your marketing plan. Take the following paragraph as an example:

“As a result, telephone interviewers often do not even get a chance to explain that they are conducting a survey (Council for Marketing and Opinion Research, 2003), and response rates have steadily declined (Keeter et al., 2000) to reported lows of 7% (Council for Marketing and Opinion Research, 2003). This decrease presents a problem because not only does it increase the cost of conducting telephone surveys, but it also leads to questions concerning the generalizability of the results (Struebbe, Kernan & Grogan, 1986; Tuckel & O’Neill, 2002).”

There are different citation and reference formats such as APA, MLA, or Chicago. You need to use APA citation and reference format for this course. Also note: The marketing plan should use third person business writing. Avoid “we,” “our,” and “you.” Do not use contractions in business writing.

Here are some guidelines on how to conduct an information search and build critical thinking skills.

Emerald Group Publishing. (n.d.). Searching for Information. Retrieved from http://www.emeraldinsight.com/learning/study_skills/skills/searching.htm

Emerald Group Publishing. (n.d.). Developing Critical Thinking . Retrieved from http://www.emeraldinsight.com/learning/study_skills/skills/critical_thinking.htm

Guidelines for handling quoted and paraphrased material are found at:

Purdue Online Writing Lab. (n.d.). Academic Writing . Retrieved from https://owl.english.purdue.edu/owl/section/1/2/

Purdue Online Writing Lab. (n.d.). Quoting, Paraphrasing, and Summarizing . Retrieved from https://owl.english.purdue.edu/owl/resource/563/1/

Purdue Online Writing Lab. (n.d.). Avoiding Plagiarism . Retrieved from http://owl.english.purdue.edu/owl/resource/589/1/

Your paper consists of arguments in favor of your opinions or positions on the issues addressed by the guidelines; therefore, avoid the logical fallacies found in the following reference:

Purdue Online Writing Lab. (n.d.). Logic in Argumentative Writing . Retrieved from http://owl.english.purdue.edu/owl/resource/659/03/

GuidelinesforWritinganExecutiveSummaryM5.pdf

Guidelines for Writing an Executive Summary

An executive summary is a brief overview of a report designed to give readers a quick preview of its contents. Its purpose is to consolidate the principal points of a document in one place. After reading the summary, your audience should understand the main points you are making and your evidence for those points without having to read every part of your report in full. That's why they are called executive summaries -- the audience is usually someone who makes funding, personnel, or policy decisions and needs information quickly and efficiently. Remember that your purpose is to provide an overview or preview to an audience who may or may not have time to read the whole report carefully. Some guidelines for writing executive summaries:

• An executive summary should explain why you wrote the report, emphasize your conclusions or recommendation, and include only the essential or most significant information to support those conclusions

• Executive summaries are usually organized according to the sequence of information presented in the full report, so follow the order of your report as you discuss the reasons for your conclusions.

• Executive summaries are usually proportional in length to the larger work they summarize, typically 10-15%. Most executive summaries are 1-2 paragraphs.

• Write the executive summary after you have completed the report and decided on your recommendations. Look at first and last sentences of paragraphs to begin to outline your summary. Go through and find key words and use those words to organize a draft of your summary; look for words that enumerate (first, next, finally); words that express causation (therefore, consequently); words that signal essentials (basically, central, leading, principal, major) and contrast (however, similarly, more than, less likely).

• Make the summary concise, but be sure to show why you've arrived at your conclusions. • Don't introduce any new information that is not in your report. • Executive summaries should communicate independently of the report. Ask someone not

familiar with the report's examples to read your executive summary to see if it makes sense.

• Consider using bullets in your summary as a useful method of organizing your information quickly.

• Remember to spell-check and proofread. Don't trust the Spellchecker alone. Let's face it, proofreading is dull. But although proofreading may not be the most exciting part of the writing process, it is crucial. Errors strewn throughout a memo, an executive summary, or a business plan are distracting and annoying and they undermine your authority as a writer and a professional in your field. Proofreading is different from revising and editing. Revising refers to that step of the writing process when you go back and make broad alterations to your draft, such as changes in your main argument or in the organization of material. When you edit, you make changes to sentence or paragraph structure. When you proofread,

however, you are searching for misspellings, typographical mistakes, and omitted words or word endings. These errors are often difficult to spot because you may read what you intend to write, not what is actually on the page. What follows are some tips toward more effective proofreading.

• Save it for last: Don't worry about misspellings and typos until the very end. • One thing at a time: Don't look for everything at once. Read over the document 2-3 times,

looking for specific mistakes each time. • Read it aloud: Reading aloud forces you to slow down your reading and makes it easier to

spot mistakes. • Have someone else read the document: A different reader often finds mistakes you may

have missed. Another useful strategy is for someone else to read your manuscript aloud, as well.

• Take a break: Leave the manuscript alone for at least a day before picking it up again to proofread. Coming at the document with refreshed eyes makes the process easier.

• Take your time: Don't rush through the proofreading process. Leave yourself enough time before the manuscript is due to proofread slowly and methodically.

• Pleasant environment: There's no getting around it - proofreading can be dull work. Make it as enjoyable as possible by selecting a pleasant place in which to read: a park, a cafe, your favorite reading spot. Just because the work might be tedious, your work area doesn't have to be.

• Keep proofing: The more you take the time to proofread, the easier it gets.

MarketingPlanOutlineM5.pdf

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Outline for Completing the Marketing Plan MKT610– Advanced Strategic Marketing

Use this format to plan your research and complete the SLP assignments. Your final paper in module 5 SLP should follow this outline. Note that the letters “a, b, c…” and the numbers “i, ii, iii, iv…” in the outline below are used to show the major issues you need to include in your paper and you should not use these letters and numbers to organize your paper.

Cover Page (1 page) a. Marketing plan title b. Course title and number c. Your name and date d. Name of Instructor

e. Executive Summary (2 pages maximum) f. Summary of what plan is designed to achieve g. Summary of key elements of internal environment and external environment

analysis (only points that are relevant to understanding the action plan, only the point, not the analysis)

h. Summary of key primary research findings i. Summary of prescribed goals and strategic approach to achieving them. j. Summary of key actions that are outlined.

Table of Contents (as many pages as needed)

I. Product Statement (2 pages maximum)

k. Describe the company/organization l. Provide brief background of the product/brand m. Describe task you have for this marketing plan n. Provide a brief overview of what issue you are studying, and how a marketing

perspective can help address the issue.

II. Situation Analysis (3-6 pages) NOTE: only include sections which are relevant to your task. The relevance of each section of analysis should be clear to the reader. a. External Environment Analysis

i. Context Analysis  Industry forces that might impact success of any actions taken

ii. Competitor Analysis  Any organization or message which may prevent any actions taken

from being successful iii. Technological and Economical situation Analysis iv. Political, legal and cultural Analysis

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b. Customer Environment Analysis i. Customer Analysis

ii. Collaborator Analysis c. Internal Environment Analysis

i. Company Analysis

III. SWOT Analysis (3-6 pages)

a) Strengths and Weaknesses (Internal) 1) Strengths 2) Weaknesses

b) Opportunities and Threats (External) 1) Opportunities 2) Threats

• SWOT Table (put in the appendix)

IV. Qualitative Primary Research (3-6 pages)

i. Identify the purpose of your research.

ii. Identify the subjects and describe the research process.

• What issues did you want to study?

iii. Present the key findings

iv. Present a concise conclusion of what you learned.

• Questions used in this analysis should be included in the appendix. • Complete report of each interview should be included in the appendix.

V. Issues Analysis (2 pages maximum) a. Given your complete marketing analysis based on secondary and primary

research, what are the key issues which the company/organization must understand in order to address the task that is being considered?

i. NOTE: This section concisely identifies the most important issues and decisions that the organization is likely to face when trying to promote the product/brand in your task  Bullet points (or numbered statements) are acceptable with a

detailed introduction at the beginning.

VI. Goals and Objectives (2 pages maximum) a. The goals and objectives should be stated clearly and concisely

i. (Think S.M.A.R.T.).

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b. Do not “Discuss” the goals/objectives. Just present them. i. Each goal/objective should be easily understood given your previous

analysis and summary of key issues.

VII. Marketing Strategy Statements (2-6 pages) a. NOTE: These are LITERALLY STATEMENTS.

i. Do not provide detailed descriptions. ii. These statements will guide your implementation.

iii. These statements should be logical given your analysis and goals. b. Target Market Definition

i. NOTE: This is a short, final description of who your action plan will be intended to reach. You may simply be a restating target population previously identified.  Describe the target market in demographic and/or psychographic

terms.  Describe the key benefits/behaviors this target market

seeks/prefers  Estimate the number of customers in this segment.

c. Strategy Statements

i. Value Statement 1. Why should “customers” adopt your strategic initiative? 2. What does your initiative provide (or what do you suggest it

provide) in order to encourage/support behavioral change. a. Identify “the set of benefits that the strategy offers” b. NOTE: The value proposition is intangible, it is made

tangible through specific offerings/activities. ii. Proposition Statement

1. What is the key proposition on which the strategy and its activities should be based?

a. Refer to the “4ps” of marketing. iii. Accessibility Statement

1. What information or support materials must be made easily accessible?

a. Refer to the “4ps” of marketing. iv. Communication Statement

a. What method of communications should be sought? i. Print/radio and other traditional media?

ii. Social media?

VIII. Marketing Implementation (2-6 pages) a. Follow the format provided in the module 5 SLP. b. Remember, you should suggest at least 2 actions to be taken which can help

achieve your stated goals and which are consistent with your strategic statements.

c. What is the cost/budget of implementing the suggested actions?

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IX. Marketing Budget (1 page)

X. References

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