Assignment 2: Marketing
Plan
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Due Week 6 and worth 100 points
This assignment consists of two (2) sections: a marketing plan
and sales strategy, and a marketing budget. Note: You must submit both sections as separate files for the
completion of this assignment.
For the first six (6) months your company is in business—to give
you time to perfect your product and to learn from actual customers—you will
start marketing and selling in your own community, a radius of twenty-five (25)
miles from where you live.
For most non-alcoholic beverages, marketing (as opposed to the
actual product itself) is key to success. Cola drinks, for example, are fairly
undifferentiated, as are many energy drinks, juices, bottled water, and the
like. Companies producing these types of beverages differentiate themselves and
attract market share through marketing and brand awareness—both of which are
critical to success.
Section 1: Marketing Plan
& Sales Strategy (MS Word or equivalent)
Write the three to five (3-5) page Marketing Plan & Sales
Strategy section of your business plan, in which you:
1. Define
your company’s target market.
·
Analyze the types of consumers who will be drinking your
beverage in demographic terms (i.e., age, education level, income, gender,
ethnic group, etc.). Support your analysis with actual data on the size of the
demographic groups in your local community (nearby zip codes).
·
Outline the demographic information for your company specified
on the worksheet in the course text (p. 107 |Demographic
Description). Click here for help
accessing a specific page number in your eBook.
·
Hints:At
American FactFinder (http://census.gov), you will find demographic information
on potential consumers in your area. If you are selling through other
businesses (such as grocery stores), indicate the number of those businesses in
your local area. You will find information about such businesses in your local
area at County Business Patterns (http://www.census.gov/econ/cbp/). Check
Chapter 2 ofSuccessful Business Planfor
more research sources.
2. Assess
your company’s market competition.
·
Use the factors listed in the course text graphic (p. 123 |Assess the Competition) to assess your
company’s market competition.
·
Defend your strategy to successfully compete against market
leaders in your segment.
·
Hints:For
example, in the soft drink market, it is intimidating to try to compete against
Coke and Pepsi. Newcomers in mature markets typically must pursue niche markets
or even create new market categories, as Red Bull did with energy drinks.
·
Defend your plan to differentiate yourself from the competition
using the information detailed on the worksheet in the text (p. 131 |Market Share Distribution).
·
Hints:Every
business faces competition and the non-alcoholic beverage market is an
especially crowded market.
3. Clarify
your company’s message using the information provided on the worksheet in the
text (p. 160 |The Five F’s).
·
·
Hints:Before
you choose your marketing vehicles, you must determine the message you want to
convey through those vehicles.
4. Identify
the marketing vehicles you plan to use to build your company’s brand. Justify
the key reasons why they will be effective. Provide examples of other
non-alcoholic beverage companies that use these tactics effectively.
·
·
Hints:If you
plan to use online marketing tactics, refer to the worksheet in the text (p.171
|Online Marketing Tactics) to
aid your response. Remember that even if you’re selling through grocery stores
you need to build your brand and social media is a major part of that in regard
to beverages. Some of the marketing tactics that beverage companies use include:
sampling in grocery stores, building a following on social media, sponsoring
events, exhibiting at trade shows attended by retailers, and so on. You will
use a combination of these tactics. For example, if you decide to give out
samples in grocery stores, promote your sampling on your social media networks
and those of the grocery store.
·
·
Hints:If you
are planning to distribute through resellers, describe how you plan to reach
them, for example, through industry trade shows or by establishing your own
sales force. For information on trade shows, visit the Trade Show News Network
(http://www.tsnn.com). You can exhibit or network at these shows.
5. Format
your assignment according to these formatting requirements:
6. Cite
the resources you have used to complete the exercise.Note:There is no minimum requirement for the number of resources used
in the exercise.
7. Be
typed, double spaced, using Times New Roman font (size 12), with one-inch
margins on all sides; references must follow APA or school-specific format.
Check with your professor for any additional instructions.
8. Include
a cover page containing the title of the assignment, the student’s name, the
professor’s name, the course title, and the date. The cover page and the
reference page are not included in the required page length.
Section 2: Marketing
Budget (MS Excel worksheets template)
Section 2 uses the “Business Plan Financials” MS Excel template
(see: Course Required Files in Week 1). Use the “Business Plan Financials
Guide” (see: Course Required Files in Week 1) to support your development of
the Marketing Budget.
1. Complete
the Marketing Budget worksheet for your company.
·
·
Hints:The
goal of the marketing budget is to help you determine how much it will cost you
to reach your market and achieve your sales goals.
·
Hints: When
filling out the “Marketing Budget” worksheet in the Excel spreadsheet:
·
Begin in the current year and complete a marketing budget for
the first year of your business. The information you enter in the marketing
budget spreadsheet will flow through to your “Income Statement” in the Business
Plan Financials.
·
Leave the number at zero (0) for any marketing vehicles you do
not intend to use.
·
Remember that all marketing activities involve costs. If social
media represents a significant portion of your marketing, assume you will have
cost of advertising and that should be reflected on your budget. Even if a
social media site charges nothing to use it, you will need to use company
resources to manage the site, pay someone to execute your social media
marketing campaigns, and will most likely pay for ads on that site.
·
Do NOT leave the “Marketing Budget” blank, assuming you will not
have any marketing costs.
The specific course learning outcomes associated with this
assignment are:
·
Recommend effective business strategies based on an analysis of
domestic and global operating environments, market dynamics, and internal
capabilities.
·
Analyze competitive positions including foreign market entry and
the resulting impact on business strategy.
·
Use technology and information resources to research issues in
strategic management.
·
Write clearly and concisely about strategic management using
proper writing mechanics.
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