Part 4 Information to Complete for Part 4: Marketing Strategy, Implementation a

Part 4
Information to Complete for Part 4:
Marketing Strategy, Implementation and Control, Conclusion, and Executive Summary
Due date is on course calendar. Part 4 is worth 100 points.
You will write your Executive Summary last but it goes at the beginning of your plan—it replaces your Introduction in part 1.
Marketing Strategy
Suggested length = one to two pages single spaced
· Marketing Strategy = Target Market + Marketing Mix (4 Ps)
· A marketing strategy is a “big picture” of what a firm will do in a particular market. Two parts are needed (1) a target market– a fairly homogeneous (similar) group of customers to whom a company wishes to appeal and (2) a marketing mix– the controllable variables the company puts together to satisfy this target group.
Target Market
· Determine your target market for this new product or service. Remember to use research to identify your target market. If you have two different target markets, then you need different marketing mixes that are specific to each target market.
· Understanding your customers helps to segment the market and determine target markets and in developing a marketing mix that meets the customers’ needs
· Is there a specific geographic area where customers are located?
· What are the demographic characteristics of sets of current and potential customers?
Marketing Mix (4 Ps)
Keep in mind your defined target market – all of the info that you develop for your 4 Ps should make sense for your target market AND SHOULD HELP YOU ACCOMPLISH THE GOALS YOU SET IN PART 3.
Product/Service
What is the specific product/service that you are promoting to your defined target market? Brand name, quality, warranty, packaging, design, menu, services provided, etc. Describe what the product/service does, how it works, what features it offers and what problem it solves – people buy solutions. Describe the product’s physical characteristics such as size, weight, and color. Know which features and benefits of your product or service will appeal to different market segments.
Place
Where will your product or service be sold? What are your plans for distribution, such as direct, retail, distributors?
Promotion
What are your specific plans for promoting this product or service to your target market? Be specific – provide details of your planned promotions. ALSO, LIST THE GOALS FROM PART 3 THAT THESE PROMOTIONS WILL HELP YOU ACCOMPLISH.
· Advertising – TV, print, radio, billboards, internet, direct mail, etc.?
· What is your promotion objective? (inform, persuade, or remind)
· What is your campaign theme (slogan or tag line)?
· Sales reps?
· Public Relations? Sponsor community fundraising events?
· Sales promotions?
· Digital and Social Media?
Price
What will be your list price in the market? Will you offer discounts or financing?
Implementation and Control
Suggested length = half page single spaced
· To implement this marketing plan, do you need additional employees, training programs, etc?
· Implementation requires cross-functional coordination, in particular a marketing plan should consider: human resources needed, production capacity, marketing information system needs.
· Control is the feedback process that helps the marketing manager learn (1) how ongoing plans are working, and (2) how to plan for the future.
· Marketing control is important. Not long ago, marketing managers planned their strategies and put them into action, but then it took a long time before they got feedback to know if the strategy was working. Sometimes the feedback took so long that there wasn’t anything they could do about a problem except start over. That is now changed dramatically in many types of business.
· Marketing information systems keep track of sales and cost details day-by-day and week-by-week. Marketers are getting more information faster and using it quickly to improve a strategy or how the firm implements it. Marketing managers who take this approach can often develop a competitive advantage. Therefore, marketing managers should develop systems for gathering information on control. These should be specified in the marketing plan.
· How often will you gather and report sales and cost data? A good manager wants to know: which products’ sales are highest and why? Which products are profitable? What is selling where? And how much the marketing process is costing?
Budget and Timing of Marketing Activities
Use a table/chart for timeline and budget. Add a chart in Microsoft Word by going to Insert – Table or use my chart below. You can add or delete rows by right clicking and then selecting Insert row.
· A marketing plan should include a budget that details the costs and timing of specific promotions and initiatives.
· The marketing plan should include details about what will be done, by when, and by whom.
Marketing Plan Budget and Timeline
Marketing Tactic
Timing
Cost
Total Cost
$
Conclusion
Include a brief summary of your plan and your goals as a conclusion.
Executive Summary
DUE WITH PART 4 – half page single space
· Provides an introduction and a high-level summary of the marketing plan focusing on the marketing strategy recommendations made in the plan. Your Executive Summary goes at the beginning of your plan and replaces your Introduction in part 1.
· Should not attempt to summarize everything covered in the plan
o Show that the plan helps to address needs in the customer market and how it will address competitors.
· THIS WILL BE THE LAST PART OF THE MARKETING PLAN THAT YOU COMPLETE—YOU SUBMIT THIS SECTION WITH PART 4
· Don’t forget your five sources on a Works Cited page and to include in-text citations for any information you use from your sources using MLA format.
Works Cited
Add your sources here in MLA format – need a total of at least five sources for the entire plan. For info on citing sources, go to the Purdue OWL website.