WEEK 9 ASSIGNMENT – PART C: DEVELOPING THE MARKETING MIX
For this assignment, you will conclude your marketing plan by developing your hypothetical company’s pricing and distribution strategies and integrated marketing communications plan.
Note: You should make all assumptions needed for the completion of this assignment.
Create the third part of your marketing plan in 6â€“8 pages using the Part C Marketing Plan Template [DOCX]:
- Explain how you will use the feedback you received on Part B of your marketing plan to improve your plan.
- Develop the company’s pricing strategy including a rationale for the approach you have chosen.
- Develop the company’s distribution strategy, including a rationale for the approach you have chosen.
- Develop the promotional mix (message, media, sales promotion, personal selling) appropriate for the target market.
- Develop your online and direct marketing plan most relevant for your product or service and target market.
- Develop your social-responsibility or cause-related marketing plan most relevant for your product or service and target market.
- Use at least three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
PART B FEEDBACK
You accurately described the feedback you received. You also explained how the feedback will be used to improve your marketing plan. This shows an understanding of how to use feedback to improve your overall product. You also re-introduce your hypothetical business and introduced the contents of the remainder of this section of your marketing plan.
Brand Strategy: I would have liked more rationale on how these choices resonate with your target market. Most of your branding elements of the name, logo, slogan and brand extension were provided. Does the name of your business mean something to your consumer? Will they understand the benefit of your business when they see your logo? What about your slogan? Will your consumer understand exactly what your business is all about when they see your slogan? Finally, did you provide a brand extension that is a logical fit with your hypothetical business?
Target Market: Your primary target audience was defined very well. You effectively described your ideal customer through the demographic, psychographic, geographic and behavioral characteristics needed to communicate with your target audience. You did not, however, use enough relevant bases of segmentation to describe your secondary audiences. Remember that demographic, geographic, psychographic and behavioral bases that describe your secondary target audience need to be separate and distinct from your primary audience. Your plan did not demonstrate this knowledge.
Positioning Statement and Perceptual Map: The perceptual map clearly shows where you fall within the competition. Your perceptual map was created using two logical attributes of purchase. You included enough competitors to obtain a solid indication of your market and where you can effectively compete with your hypothetical business. Your positioning statement is relevant and includes the statement of who you are talking to, who you are better than and why you are better than them. This is important because it is the start of your marketing strategy and will guide your communication with your target audience.
Consumer Behavior: You showed a great understanding of your target consumer’s behavior while tying the behavior to your brand name, logo, slogan and brand extension. You explained how your branding elements will create the problem recognition to begin the first phase of the buying process. There is a reason that you created your branding elements and that your branding is based on a clear strategy. It is clear from your discussion that you know how to connect these branding elements to the buying process of your consumer. Your plan shows that you understand how these elements will help to move your consumer through the buying process.
References and Citations: You provided the appropriate number of four (4) or more academic peer reviewed references, and showed a clear understanding of an academic reference. All APA or SWS formatting is correct.
Overall, I really like the way that you wrote your paper. It was clearly written, and very well-organized, which made it very easy to follow your analysis. There were no spelling or grammar mistakes. You are making terrific progress moving from research into the beginning of your marketing strategy.