new marketing strategy
· Guide to Marketing Final 2020
- Executive Summary( This is the Last part that you will write on, after completing the paper.) What is included? An executive summary should summarize the key points report. It should restate the purpose of the report, and describe any result, conclusion, or recommendation from the report.)
- Current Marketing Situation(PESTEL,Competition (compare, your product with competitors, just keep in mind where your company fits in with in their markets.)Marketing Research(Internal Market Research is when you collect information for your company’s specific purpose,Internal Data can be both Primary and Secondary, if you use Primary data then you can collect survey within a focus group), Consumer behaviors( In General there are 4 factors that influence consumer behaviors, such as 1.Cultural,2.Social,3.Personal,4.Psychological. Keep in mind that what do you personally know about these factors in a relationshipto products/Services?)
- Opportunity &Issue Analysis (SWOT)
- Marketing Objective (Marketing objectives are goals set by a business when promoting its products or services to its products and services to potential consumers that should be achieved within a given frame time, an example can be increasing sales among woman over 40s, or increasing the number of people who are purchasing while browsing our online website, by 20 percent)
- Marketing Strategies
- Segmentation, Targeting and Positioning (write a positioning Statement, very briefly, An effective positioning strategy, consider the strength and weaknesses of the organization, the needs of customers and market and position of competitors. The purpose of Positioning strategy is that it allows a company to spotlight specific areas where they can outshine and beat their competition. In order to write a good positioning statement answer these questions; 1. What is it, 2. Who’s it for?, 3. How is it unique?)
- Products (1.Quality, 2.Features; such as low and high level model features, 3.Distinctive Style & Design, 4. Branding, 5.Packaging, 6.Labelling, 7. Support Services).
- Price( Pricing Strategy should reflect your products positioning in the market and the resulting price should cover the cost per item and the profit margin). We have Premium, discount or same as competitors, b. Entry-Skim or penetration and c. list price, discounts, credit terms.
- Distribution (Places, an example; Producer to wholesalers to retailers to consumers) and how easily these places are accessible to target costumers.
- Communication, the component of communication is the Advertising(Advertising it is not only social media, use other methods, use of multichannel marketing strategy), 2.Public relation( Public relation, can be how organization communicate with public and also role of Pr), 3.Trade Promotion(like free merchandise, gifts and exadera), 4.Consumer Promotion, 5. Sales Forces(when business use people to sell their product face to face).
- Action Programs/Next Steps( Make a chart with four sections and put the headings, 1.Who, 2.What, 3.When, 4.Now)
- Projected Profit & Loss Statement (Sales, costs, Gross margine, Operating Costs, net proft)…> Provide simple number (this is not finance course, it is marketing course), perhaps an estimate of sale increase given your recommended plan (5% , 10% …?)
- Implementation Controls( Measure of tools of annual plan control, Analysis of sales, Analysis of market expenses to sale, Analysis of costumer and stakeholder attitudes, Analysis of market shares, Finance Analysis.), an example can be; After X months, have your sales increased? By how much? Has your market share increased by how much? Has your awareness increased? Have you changed consumers attitudes?
- DO NOT USE CASE ANALYSIS FORMAT! FOLLOW THE ABOVE FORMAT.
- Example of the Exam and how to approach it;
You have been asked by Amazon.com to prepare a marketing plan for their lunch into Canada. Recommend a Complete Plan (The four P’s), including objective and Strategy. In preparing the plan include the Analysis of Segmentation, targeting, Positioning and SWOT, internal and external factors, competitors’ factors and consumer behavior. Fill in all the section of Marketing plan format provided. (You also need to have chart for all Analysis+ Gant Chart).
- Keep in mind that alternatives are not required to make the marketing plan.
- You will be given some information that you can use to complete the Exam, it is not necessary to do Deep External research, however you should do a bit of research and use academic sources.