EXECUTIVE SUMMARY: Not an introduction, but a true summary of the opportunity for growth with the ch ...
EXECUTIVE SUMMARY: Not an introduction, but a true summary of the opportunity for growth with the chosen market and produce opportunity and benefit for the company TABLE OF CONTENTS (Insert Part 1 Sections here) If you made any changes to part 1 based on professor’s feedback, be sure to highlight them in red. SECTION 5: PRODUCT STRATEGY Include any changes or additions to the product line such as additional features or benefits that are needed to serve the current or new target market, changes to packaging, quality levels, service levels, augmented product features, etc. that are needed to implement the plan to achieve the marketing objectives identified in Part 1. Focus on the product in terms of how it fills needs of the target market with its benefits and features. If a new product strategy was one of the marketing objectives, be sure to fully develop the product’s core, actual and augmented description (see Kotler for details). Be sure to cover branding strategy issues, whether the existing, extended or new product will use the existing brand umbrella or have its own brand name, for example. SECTION 6: DISTRIBUTION STRATEGY Include any changes to current channel strategies with emphasis on value chain delivery of value to customers, change in fulfillment processes, retail and online channels and any other channel issues that may be germane to your product and marketing objectives identified in Part 1. If current channel strategy is sufficient explain why no changes are needed. If you will be seeking new or revised channel partners, identify them and explain how they will add value to the end customer. SECTION 7: PRICING STRATEGY Include any changes to current pricing strategy or new pricing strategies that may be needed as a result of product or distribution changes. Be sure to refer to specific pricing strategies as identified in marketing principles, with emphasis on those that are customer focused. Explain your reasoning for pricing strategy changes as a function of the marketing objectives from Part 1. SECTION 8: MARKETING COMMUNICATION STRATEGY Marketing Communications strategy to communicate the unique value proposition with the target market: include a thorough discussion of the following: - marketing communications objectives (use AIDA model for framework) - marketing communications mix tools to be use for each objective and how each tool with contribute to reaching the objective - push or pull (or combination) promotion strategy - big Idea that captures the unique selling proposition that will link the creative strategy amongst all marketing communications promotion tools - media plan (both traditional and new) (trade and consumer) to be used to reach target market), explain choices and whether goal is to increase reach or frequency and why - timing of marketing communications, briefly outline a schedule for the first year’s marketing communications SECTION 9: MARKETING PROGRAM: Service Component What type of service component will be employed to ensure there is no post purchase dissonance. Is post purchase customer service required? What strategies will bemused to build healthy customer relationships and long term customer lifetime value? This might also include a formal Customer Relationship Management program or something less formal to ensure loyal and satisfied customers and build the brand. It might incorporate a program already implemented by the company or be a new design for the target market or product offering of this marketing plan. SECTION 10: FINANCIAL PLAN Include a brief discussion of the capital and operational financial requirements needs to implement the plan. Outline these financial requirements by both the marketing objectives from part 1 and the marketing communications objectives in part 2. For example, if a marketing objective was to develop a new product, a capital expense will be tooling a new production facility. If a marketing communication objective is to increase awareness, an operational budget expense will be both a pre campaign and a post campaign awareness study to see if awareness was increased. There should be a high level of correlation between the financial plan and the objectives and the marketing metrics. SECTION 11: MARKETING METRICS List and explain multiple metrics, both performance metrics and financial metrics, that will be used to monitor and measure the effectiveness of the strategic marketing plan. Performance metrics like sales growth which is measured after the fact, is acceptable, but specific metrics for each of the marketing objectives, which can be measured in real time, is preferred. The performance metrics should be able to be used by managers to adjust the plan’s performance. REFERENCES Be sure to include your references from Part 1 (Part 2 probably does not require additional references) as well as your footnotes as appropriate using the APA style guide. EXHIBITS Include all exhibits and charts appropriately and adequately referenced throughout your strategic marketing plan here. Be sure to follow an acceptable numbering system as dictated by your chosen style guide.
