Assignment 2: Part B: Your Marketing Plan

Final Assignment Revision Posted on: Sunday, May 18, 2014 ! Dear Students, you will include Part A of your marketing plan which has addressed the feedback from your professor. You will also need Steps 5-7 of the Interactive Marketing Plan, which you have completed within the course shell. In this final assignment, you will compile the previous assignment, addressing the feedback from your professor, as well as adding the marketing strategies. Please try to paraphrase your previously used text to avoid self plagiarism. Although, the instructions say 18 to 20 pages, I would be satisfied with 10-15 well written pages. Please repeat the criterion question as a heading (in bold) prior to responding to the criterion / question. ! Note: You may create and / or make all necessary assumptions needed for the completion of this assignment. Write an eighteen to twenty (18-20) page paper in which you: 1. Revise your executive summary from Assignment 1, based on the

outcomes and implementation of your marketing plan. 2. Develop your company’s mission statement and company introduction. 3. Develop the company’s branding, pricing, and distribution plan. 4. Provide the following marketing strategy information: 1. Classify the company’s major competitors as inter- or intra-

competitors. Categorize the competitors’ major strengths and weaknesses.

2. Develop the differentiation strategy in relation to the closest competitor.

3. Establish whether the company’s intention is to be a leader or follower within the industry.

4. Assess the level of impact that the salient macro-environmental issues (e.g., legal, technological, social, and economic, etc.) and trends with which the company must contend could potentially have on the company’s marketing strategy.

5. Predict the most significant trend to impact the business. Formulate a strategy for the company to minimize or capitalize on this trend.

5. Construct an implementation strategy for your hypothetical company in which you specify the essential activities and responsibilities. Include a timetable for completion of each component of your strategy.

6. Develop a five (5) year expansion plan that includes future profitability and market share growth. Include necessary graphs to explain your plan.

7. Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools.

8. Choose two (2) performance standards, two (2) monitory methods, and two (2) financial controls that you would implement that differ from the standards that you had provided in Assignment 1. Justify your choices.

9. Assess the potential for your company’s overall performance in relation to the marketing plan objectives.

10. Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company’s advertising strategy.

11. Use at least five (5) academic resources that address sustainability and monitoring of effective marketing plans and determine the applicability for your hypothetical company. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not quality as academic resources.

! Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with

one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

! !

Name: MKT500 Week 4 Assignment 1: Your Marketing Plan Description: MKT500 Week 4 Assignment 1: Your Marketing Plan ! !

Grid View List View Show Descriptions Show Feedback

MKT500-A1-1
 1. Construct a concise executive summary that provides the details of the outcomes of your marketing plan outcomes. The relevant outcomes include profitability, shareholder returns, and return on investment. Weight: 9% 29 (7.25%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 25.16 (6.29%) Did not submit or incompletely constructed a concise executive summary that provides the details of the outcomes of your marketing plan outcomes. ! Fair 70-79% C 25.2 (6.3%) - 28.76 (7.19%) Partially constructed a concise executive summary that provides the details of the outcomes of your marketing plan outcomes. ! Proficient 80-89% B 28.8 (7.2%) - 32.36 (8.09%) Satisfactorily constructed a concise executive summary that provides the details of the outcomes of your marketing plan outcomes. ! Exemplary 90-100% A 32.4 (8.1%) - 36 (9%) Thoroughly constructed a concise executive summary that provides the details of the outcomes of your marketing plan outcomes. Feedback: Although this topic appears first in the outline, it most likely will be revised as you work through your plan. Therefore, in an actual plan, you will probably write it last. This is a summary of the main highlights of your plan and should address target markets, market needs, sales prospects, expenses, and strategy. Your first paragraph should include; e.g. ¿ what products or services you sell ¿ to what target market ¿ filling what target need ¿ at what general level of sales and expenses Another paragraph should highlight important points. Projected sales and expenses are normally included, as well as unit sales and contribution margin. You should also include the news you do not want anyone to miss. For example, an important strategic focus for your plan could be new products or services, etc. MKT500-A1-2
 2. Conduct an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. Weight: 9% 29 (7.25%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 25.16 (6.29%) Did not submit or incompletely conducted an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. ! Fair 70-79% C 25.2 (6.3%) - 28.76 (7.19%)

Partially conducted an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. ! Proficient 80-89% B 28.8 (7.2%) - 32.36 (8.09%) Satisfactorily conducted an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. ! Exemplary 90-100% A 32.4 (8.1%) - 36 (9%) Thoroughly conducted an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. Feedback: Although macro-environmental forces affect all business to some extent, your responses in this section were very general and should be more specific to your industry and company. For example, what prevailing economic forces directly affect your business; e.g. material, labor, fixed costs variable costs, facilities, financing, etc? A more detailed accounting of macro and micro economic forces should be discussed. The operation of a transportation business, cartage, and passenger transportation are very varied and different and crosses every macro-environmental threshold. In addition, your environmental analysis is where you look at your company's situation relative to your competitors. Consider what your company offers and why, what you do better than they do and why. Your marketing plan should take a market-oriented strategic planning approach that focuses on the market need while considering such forces as; e.g. ¿ Markets ¿ Competition ¿ Macro (Government, Political, Legal, etc. ¿ Micro Environment, Capital, Resources, etc ¿ Historical Trends MKT500-A1-3
 3. Specify the primary and secondary target markets for your company. Weight: 7% 23.4 (5.85%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 19.56 (4.89%) Did not submit or incompletely specified the primary and secondary target markets for your company. ! Fair 70-79% C 19.6 (4.9%) - 23.96 (5.99%) Partially specified the primary and secondary target markets for your company. ! Proficient 80-89% B 22.4 (5.6%) - 25.16 (6.29%) Satisfactorily specified the primary and secondary target markets for your company. ! Exemplary 90-100% A 25.2 (6.3%) - 28 (7%) Thoroughly specified the primary and secondary target markets for your company. Feedback: Marketing and selling is not the same thing. You¿ll need to define a target market described with the use of relevant demographics, geographic, psychographics and

behavioral attributes for businesses or consumers. Also, depending upon your company¿s product, you should explain why the identified groups (s) are your target market. Why is the identified group (s) part of your target market and what about your offering appeals to them? MKT500-A1-4
 4. Develop a branding strategy for your product / service that covers the brand name, logo, slogan, and at least one (1) brand extension. Weight: 8% 25.72 (6.43%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 22.36 (5.59%) Did not submit or incompletely developed a branding strategy for your product / service that covers the brand name, logo, slogan, and at least one (1) brand extension. ! Fair 70-79% C 22.4 (5.6%) - 25.56 (6.39%) Partially developed a branding strategy for your product / service that covers the brand name, logo, slogan, and at least one (1) brand extension. ! Proficient 80-89% B 25.6 (6.4%) - 28.76 (7.19%) Satisfactorily developed a branding strategy for your product / service that covers the brand name, logo, slogan, and at least one (1) brand extension. ! Exemplary 90-100% A 28.8 (7.2%) - 32 (8%) Thoroughly developed a branding strategy for your product / service that covers the brand name, logo, slogan, and at least one (1) brand extension. Feedback: The use of a logo is a good idea (although I don¿t see one) as it can provide a clue as to who your company is and what you do. Also, the intention of a product¿s brand is to initially create a heuristic connection with the user and over a period of time reaffirm that buying decision through the consistent experience with the product and, or service. In the case of a transporter, the attributes should go beyond delivery from point A to B, but create the desired holistic affects implied by the brand; e.g. safety, security, international, etc. Will the company use a ¿House of Brands or an Umbrella Branding strategy? MKT500-A1-5
 5. Conduct a performance analysis with set benchmarks of 50% to 75% per annualized plan. Your analysis should include at least four (4) of the following metrics: tracking downloads of website content, Web site visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. Develop four (4) quantitative and (4) qualitative marketing objectives from your chosen metrics. Weight: 9% 28.96 (7.24%) Levels of Achievement:

! Unacceptable Below 70% F 0 (0%) - 25.16 (6.29%) Did not submit or incompletely conducted a performance analysis with set benchmarks of 50% to 75% per annualized plan. Did not submit or incompletely included at least four (4) of the following metrics: tracking downloads of website content, Web site visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. Did not submit or incompletely developed four (4) quantitative and (4) qualitative marketing objectives from your chosen metrics. ! Fair 70-79% C 25.2 (6.3%) - 28.76 (7.19%) Partially conducted a performance analysis with set benchmarks of 50% to 75% per annualized plan. Partially included at least four (4) of the following metrics: tracking downloads of website content, Web site visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. Partially developed four (4) quantitative and (4) qualitative marketing objectives from your chosen metrics. ! Proficient 80-89% B 28.8 (7.2%) - 32.36 (8.09%) Satisfactorily conducted a performance analysis with set benchmarks of 50% to 75% per annualized plan. Satisfactorily included at least four (4) of the following metrics: tracking downloads of website content, Web site visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. Satisfactorily developed four (4) quantitative and (4) qualitative marketing objectives from your chosen metrics. ! Exemplary 90-100% A 32.4 (8.1%) - 36 (9%) Thoroughly conducted a performance analysis with set benchmarks of 50% to 75% per annualized plan. Thoroughly included at least four (4) of the following metrics: tracking downloads of website content, Web site visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. Thoroughly developed four (4) quantitative and (4) qualitative marketing objectives from your chosen metrics. Feedback: Qualitative measures and benchmarks are observable anecdotal occurrences and events that may provide an indication that deeper insight is required to more fully comprehend the observed behavior or phenomenon; i.e. ¿where there¿s smoke, there¿s fire.¿ Whereas, a quantitative measure relies primarily on methodology that can produce empirical measures; e.g. numerical, categorical, etc. that can be generalized to a larger population. MKT500-A1-6
 6. Conduct both a SWOT analysis and needs analysis for your product/service. Each analysis should examine four (4) strengths, weaknesses, opportunities, and threats for your company. Weight: 9% 34.2

(8.55%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 25.16 (6.29%) Did not submit or incompletely conducted both a SWOT analysis and needs analysis for your product/service. Did not submit or incompletely examined four (4) strengths, weaknesses, opportunities, and threats for your company. ! Fair 70-79% C 25.2 (6.3%) - 28.76 (7.19%) Partially conducted both a SWOT analysis and needs analysis for your product/service. Partially examined four (4) strengths, weaknesses, opportunities, and threats for your company. ! Proficient 80-89% B 28.8 (7.2%) - 32.36 (8.09%) Satisfactorily conducted both a SWOT analysis and needs analysis for your product/ service. Satisfactorily examined four (4) strengths, weaknesses, opportunities, and threats for your company. ! Exemplary 90-100% A 32.4 (8.1%) - 36 (9%) Thoroughly conducted both a SWOT analysis and needs analysis for your product/ service. Thoroughly examined four (4) strengths, weaknesses, opportunities, and threats for your company. ! MKT500-A1-7
 7. Develop a marketing strategy for your product / service and determine an appropriate timeframe for execution of the plan, i.e. 5, 10, 15 years. Provide a rationale for your timeframe for execution. Weight: 9% 29 (7.25%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 25.16 (6.29%) Did not submit or incompletely developed a marketing strategy for your product / service and determined an appropriate timeframe for execution of the plan, i.e. 5, 10, 15 years. Did not submit or incompletely provided a rationale for your timeframe for execution. ! Fair 70-79% C 25.2 (6.3%) - 28.76 (7.19%) Partially developed a marketing strategy for your product / service and determined an appropriate timeframe for execution of the plan, i.e. 5, 10, 15 years. Partially provided a rationale for your timeframe for execution. ! Proficient 80-89% B 28.8 (7.2%) - 32.36 (8.09%) Satisfactorily developed a marketing strategy for your product / service and determined an appropriate timeframe for execution of the plan, i.e. 5, 10, 15 years. Satisfactorily provided a rationale for your timeframe for execution. !

Exemplary 90-100% A 32.4 (8.1%) - 36 (9%) Thoroughly developed a marketing strategy for your product / service and determined an appropriate timeframe for execution of the plan, i.e. 5, 10, 15 years. Thoroughly provided a rationale for your timeframe for execution. Feedback: Your response should include an overall time frame for execution. Also, your response lacks detail as to the rational for the time frame; e.g. target market strategies, value propositions, and financial objectives. In setting marketing objectives, think about sales, market share, market positioning, image, awareness, and related objectives. Objectives should be concrete and measurable. For example, sales and coupon redemption, etc, are easy ways to track and measure revenue progress. However, market share, positioning or image awareness is more difficult to track because it depends upon market research. For example, the use of Day after Recall (DAR) of advertising and the number of exposures to a website can be measured with technology and analytics. MKT500-A1-8
 8. Develop a positioning statement which should include, at a minimum, i.e., a benefit, user, competitive, or innovative statement about your product / service. Provide a rationale for your timeframe for execution of your positioning statement. Weight: 8% 25.72 (6.43%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 22.36 (5.59%) Did not submit or incompletely developed a positioning statement which should include, at a minimum, i.e., a benefit, user, competitive, or innovative statement about your product / service. Did not submit or incompletely provided a rationale for your timeframe for execution of your positioning statement. ! Fair 70-79% C 22.4 (5.6%) - 25.56 (6.39%) Partially developed a positioning statement which should include, at a minimum, i.e., a benefit, user, competitive, or innovative statement about your product / service. Partially provided a rationale for your timeframe for execution of your positioning statement. ! Proficient 80-89% B 25.6 (6.4%) - 28.76 (7.19%) Satisfactorily developed a positioning statement which should include, at a minimum, i.e., a benefit, user, competitive, or innovative statement about your product / service. Satisfactorily provided a rationale for your timeframe for execution of your positioning statement. ! Exemplary 90-100% A 28.8 (7.2%) - 32 (8%) Thoroughly developed a positioning statement which should include, at a minimum, i.e., a benefit, user, competitive, or innovative statement about your product / service. Thoroughly provided a rationale for your timeframe for execution of your positioning statement. Feedback:

The positioning statement could benefit from the template that was included in the class reading materials. E.g. To , , is the brand of (Target group, users/need) (Brand name) that , (Competitive framework) (Point of differentiation benefit) because . MKT500-A1-9
 9. Examine the relevant marketing science of customer behavior for your product / service. Weight: 7% 21 (5.25%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 19.56 (4.89%) Did not submit or incompletely examined the relevant marketing science of customer behavior for your product / service. ! Fair 70-79% C 19.6 (4.9%) - 22.36 (5.59%) Partially examined the relevant marketing science of customer behavior for your product / service. ! Proficient 80-89% B 22.4 (5.6%) - 25.16 (6.29%) Satisfactorily examined the relevant marketing science of customer behavior for your product / service. ! Exemplary 90-100% A 25.2 (6.3%) - 28 (7%) Thoroughly examined the relevant marketing science of customer behavior for your product / service. Feedback: From a consumer behavior perspective, will this product be considered a low, medium or high involvement product? Will the advertising for this product be promotion focused or prevention focused? Will the product's distribution be intensive, selective, or exclusive? MKT500-A1-10
 10. 4 references Weight: 5% 15 (3.75%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 13.96 (3.49%) No references provided ! Fair 70-79% C 14 (3.5%) - 15.96 (3.99%) Does not meet the required number of references; some or all references poor quality choices. ! Proficient 80-89% B 16 (4%) - 17.96 (4.49%) Meets number of required references; all references high quality choices. !

Exemplary 90-100% A 18 (4.5%) - 20 (5%) Exceeds number of required references; all references high quality choices. Feedback: APA Reference Format: Surname, Fi. Mi. (Alpha) Title, Publication, Publisher, etc. MKT500-A1-11
 11. Writing Mechanics, Grammar, and Formatting Weight: 5% 17 (4.25%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 13.96 (3.49%) Serious and persistent errors in grammar, spelling, punctuation, or formatting. ! Fair 70-79% C 14 (3.5%) - 15.96 (3.99%) Partially free of errors in grammar, spelling, punctuation, or formatting. ! Proficient 80-89% B 16 (4%) - 17.96 (4.49%) Mostly free of errors in grammar, spelling, punctuation, or formatting. ! Exemplary 90-100% A 18 (4.5%) - 20 (5%) Error free or almost error free grammar, spelling, punctuation, or formatting. ! MKT500-A1-12
 12. Appropriate use of APA in-text citations and reference section Weight: 5% 17 (4.25%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 13.96 (3.49%) Lack of in-text citations and / or lack of reference section. ! Fair 70-79% C 14 (3.5%) - 15.96 (3.99%) In-text citations and references are provided, but they are only partially formatted correctly in APA style. ! Proficient 80-89% B 16 (4%) - 17.96 (4.49%) Most in-text citations and references are provided, and they are generally formatted correctly in APA style. ! Exemplary 90-100% A 18 (4.5%) - 20 (5%) In-text citations and references are error free or almost error free and consistently formatted correctly in APA style. ! MKT500-A1-13
 13. Information Literacy/Integration of Sources Weight: 5% 14.76

(3.69%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 13.96 (3.49%) Serious errors in the integration of sources, such as intentional or accidental plagiarism, or failure to use in-text citations. ! Fair 70-79% C 14 (3.5%) - 15.96 (3.99%) Sources are partially integrated using effective techniques of quoting, paraphrasing, and summarizing. ! Proficient 80-89% B 16 (4%) - 17.96 (4.49%) Sources are mostly integrated using effective techniques of quoting, paraphrasing, and summarizing. ! Exemplary 90-100% A 18 (4.5%) - 20 (5%) Sources are consistently integrated using effective techniques of quoting, paraphrasing, and summarizing. ! MKT500-A1-14
 14. Clarity and Coherence of Writing Weight: 5% 17 (4.25%) Levels of Achievement: ! Unacceptable Below 70% F 0 (0%) - 13.96 (3.49%) Information is confusing to the reader and fails to include reasons and evidence that logically support ideas ! Fair 70-79% C 14 (3.5%) - 15.96 (3.99%) Information is partially clear with minimal reasons and evidence that logically support ideas ! Proficient 80-89% B 16 (4%) - 17.96 (4.49%) Information is mostly clear and generally supported with reasons and evidence that logically support ideas ! Exemplary 90-100% A 18 (4.5%) - 20 (5%) Information is provided in a clear, coherent, and consistent manner with reasons and evidence that logically support ideas ! Raw Total: 326.76 (of 400.0) Feedback Shawnique, your responses were mostly in the proficient categories of the grading rubric indicating a fair understanding of the marketing concepts; with the exception of items 3, and 9. Please review the concepts where you were less than exemplary in

order to demonstrate greater proficiency in those areas. There were some composition issues and a need for better research and higher quality citations and referencing.