[solved] Week 9 Group Marketing Plan
Strategy Project: Work Plan for Week 10
One member is to post the team work plan for next Week 10 into your group assignment folder by Thursday night .
Assignment
Due November 12 at 11:59 PM
.Strategy project: Marketing Plan (6% of course grade)
Resources:
- The Marketing Mix http://www.quickmba.com/marketing/mix/
- Marketing Segmentation http://www.quickmba.com/marketing/market-segmentation/
- Marketing Strategy http://www.quickmba.com/MarketingStrat.shtml
- Market share http://www.quickmba.com/marketing/market-share/
Assignment overview: Marketing Management is the process of analyzing, planning, implementing, coordinating and controlling programs involved with the 4 P's of Product conception, Pricing, Promotion and Placement (distribution) of products, services, and ideas. The purpose of the marketing strategy is to gain access to target markets and win market share.. In this assignment, you will develop a marketing plan to reach your client 's target Buyer and win market share. Marketing is the function that generates revenue, so this is where you will estimate the Revenue projections for your income statement. .
Assignment Requirements/format.
I. The Introduction to this paper (same as week 8) should consist of (a) statement of purpose (b) description of the company and its industry, (c) the product/service that will be entered in the new country; (d) description of the target country and why it was recommended as better opportunity than the other country; the target Buyer and the size and growth of the target market
II. The body of this paper (approximately 10 -15 pages,double spaced) will:
- Describe the market size of each target buyer segment in quantifiable units (number of buyers and/or dollars)
- Identify any further segmentation that may be needed to reach the best target or set of targets for your client's product/service offering.
- specify projected market growth of each segment over 3-5 years
- Estimate your expected market share as a percent of each target segment
- explain the rationale for your estimates, considering the competitors and their market share, and your client's competitive position;
- specify all assumptions you used in your estimation (e.g., about price, competitors' market share, new entrant threat),
- show all your calculations so they can be readily verified
- Pricing: Describe the pricing strategy (low price leader? High priced luxury leader? Value pricing?) How will the pricing strategy support market entry? Competitive positioning? (You may have addressed pricing specifically in your competitive strategy in Week 6)
- . Specify the recommended sales price.
- SUMMARIZE EXPECTED REVENUE in a table showing
- Sales price,
- Market share in units or expected sales
- Projected growth in Revenue over 3-5 years
- ESTIMATE THE ANNUAL COSTS of each component of your marketing plan ( product modifications; promotion costs, distribution costs). My section
- You have already identified the marketing/sales headcount in your organizational chart, but you still must show in each marketing component who will do these marketing functions. When you summarize your marketing cost in the required table below, note the headcount dollars that are already in the organizational chart so that you don't double count those dollars when the marketing costs are put into the income statement.
- Note: The dollars for marketing headcount should be reflected on the organizational chart you developed last week. If you identify any new headcount in this plan, go back and add it to your organization chart, so the people costs of your strategy will be clear and all in one organization chart..
- You have already identified the marketing/sales headcount in your organizational chart, but you still must show in each marketing component who will do these marketing functions. When you summarize your marketing cost in the required table below, note the headcount dollars that are already in the organizational chart so that you don't double count those dollars when the marketing costs are put into the income statement.
- For costs in each component, show dollars separately for start -up costs, needed to prepare for market entry (e.g., establishing showrooms, designing websites, modifying the product, developing prototypes or samples) and for on-going operational costs to support the marketing function once revenue begins to flow ( e.g., continuing sales efforts; distribution of your product/service).
- Product: Are there any modifications needed to reach the buyers in this market segment(s)? This could be based on your previous country and competitor analyses, if certain Buyer preferences or competitive opportunities or threats were identified (e.g, language modifications to the software you sell; size preferences for the cell phones you sell) .SUMMARIZE PRODUCT COSTS, including headcount and any other expenses. (note: product modifications will likely be all start up costs)
- Promotion: State your recommended Promotion/Positioning with the target markets/segments, which you initially addressed in your Week 6 competitive strategy assignment. State what the promotional message will be to position your product/service within each market segment, what kinds of promotional materials will be needed?.SUMMARIZE PROMOTION COSTS, including headcount and any other expenses.
- Placement (distribution): How will the buyers be reached? Will you need a direct sales force? Online sales support? For a sales force, what kinds of incentives might you propose? For online sales, what kinds of back-office support would be needed for getting your product/service to the buyer? Consider both physical distribution/geographic spread and distribution of the message that must reach your target markets. What will be the promotional channel? The media used? SUMMARIZE DISTRIBUTION COSTS, including headcount and any other expenses.
- SUMMARIZE ALL MARKETING COSTS in a a table that aggregates all of the above components, with all costs identified as either start up or operational costs
- Product modifications
- Promotional materials
- Distribution/Advertising costs
- Headcount costs for all categories should note that these are already included in your organizational chart dollars.
III. Include
- Title page with name of every contributing member
- Approximately a 2-3 page Executive Summary that summarizes the entire paper
- Table of contents
- *The body of the paper should have page numbers, starting with page one.
- Reference list, including proper APA format for all in-text citations.
One member is to post the assignment in the Group Assignment folder by the end of week 9 and title it “Marketing Plan.”
For now: You have a corporate level entry strategy, business level competitive strategy, and functional marketing plan. You have estimated the market share (revenue) expected from this marketing strategy and the headcount and marketing costs of this plan.
With the completion of this assignment, you have the information needed to abstract section 15 of the Business Plan Template. Add section 15 to your Draft Business Plan, along with all feedback on previous assignments that has not yet been incorporated into your draft. Post the updated draft in your group locker. Next week, you will submit the full business plan with your week 10 financial assignment.
Looking ahead: You will next estimate the remaining costs to implement your plan, including any upfront capital investments and other administrative/ operational expenses. Next week's financial evaluation will tell the company whether the strategy you recommended is worth the costs!
