Assignment 2: Part B: Your Marketing Plan
Due Week 8 and worth 400 points
For this assignment, 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.
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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:
- Revise your executive summary from Assignment 1, based on the outcomes and implementation of your marketing plan.
- Develop your companyâ€™s mission statement and company introduction.
- Develop the companyâ€™s branding, pricing, and distribution plan.
- Provide the following marketing strategy information:
- Classify the companyâ€™s major competitors as inter- or intra-competitors. Categorize the competitorsâ€™ major strengths and weaknesses.
- Develop the differentiation strategy in relation to the closest competitor.
- Establish whether the companyâ€™s intention is to be a leader or follower within the industry.
- 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 companyâ€™s marketing strategy.
- Predict the most significant trend to impact the business. Formulate a strategy for the company to minimize or capitalize on this trend.
- 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.
- Develop a five (5) year expansion plan that includes future profitability and market share growth. Include necessary graphs to explain your plan.
- Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools.
- 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.
- Assess the potential for your companyâ€™s overall performance in relation to the marketing plan objectives.
- Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your companyâ€™s advertising strategy.
- 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 studentâ€™s name, the professorâ€™s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Analyze integrated marketing communications and its relationship to advertising strategy.
- Develop strategies to assess performance and achieve marketing goals.
- Design customer satisfaction evaluation processes and quality assurance measurements.
- Evaluate marketing research tools involved in the marketing process.
- Create an effective marketing plan.
- Use technology and information resources to research issues in marketing management.
- Write clearly and concisely about marketing management using proper writing mechanics.