Questions We Can Help to Answer
Instructions:
Week 9 Assignment
Marketing Plan
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.
Need much more detail and specifics on the following. Current paper is attached so use as basis to add more detail on the items below.
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
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).
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.
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 ongoing 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 table that aggregates all of the above components, with all costs identified as either startup or operational costs
o Product modifications
o Promotional materials
o Distribution/Advertising costs
o Headcount costs for all categories should note that these are already included in your organizational chart dollars.
