Strategic Marketing Plan The Company I chose is Arcteryx The major project of the course is a comprehensive Strategic Marketing Plan for either an organization you work for, an organization you wished you worked for, or a start-up company you might like to get going. The Plan is worth 200 points and is due by 11:59 pm CT Friday of Week 8. Open the following panel to view details on each required section of the Plan: STRATEGIC MARKETING PLAN OUTLINED Executive Summary:10 pts. (200-300 words) After completing your plan, highlight the key aspects of your marketing plan. What are your goals; who are your targets; and what are the highlights of your strategy and tactics? Situation Analysis: 20 pts. (300-400 words) This is the analysis of the current state of the business, the economy, the competition, the society, and more. Whatever is important to the business should be reported here as the starting point for the business and marketing plan. Often, the analysis is broken down into factors that are intrinsic to the firm, and others that are extrinsic to the firm. Included in this analysis, but certainly not limited to these ideas, are the following. INTRINSIC State of the firm and SWOT analysis Industry analysis and competition Customers: an explanation of market needs, trends, and growth Publics (suppliers; employees; general public, etc.) EXTRINSIC State of the economy Political Legislative Regulatory Technology Environmental Ethical Assemble the facts of the situation which will be the basis for planning for the future of your organization. Goals: 15 pts. (300-400 words) What do you want to achieve by the execution of your marketing plan? You may have separate goals tied to the various actions, such as advertising, new product development, and more. But overall, what do you want to achieve? Your overall goals should include or consider: Increase total revenue and profitability Increase share of market Expansion into new businesses or markets Customer satisfaction improvement Brand recognition Loyalty and retention Customer acquisition Please develop a quantified baseline and a goal for each major activity. Consider including goals for the various aspects of the market mix as you write your plan. For example, pricing goals could be specified in order to align strategies to achieve these goals. Target Markets: 25 pts. (400-500 words) Segment the total marketplace into smaller potential targets. Eliminate some and consider several for potential targeting and development. Targeting criteria might include any or all of the following, or your own criteria specific to your firm. Overall size of the target Consumer behavior within the target that proves their desire to purchase our offering or the ability of our firm to create value for the target Accessibility to reach the target Potential reception of messaging Ability to pay the anticipated price for the offering Competitive scenario; ability to differentiate and gain relevancy Define and then rank order your candidates for targeting. Select initial targets, explaining why you chose specific groups. Value Proposition: 40 pts. (500-600 words) Once you have defined your target, how will you create value for this market? Create a document reviewing the pains, gains, and tasks associated with each target. Use the design thinking approach to process each pain, gain, or task by considering; Current situation (what is) Think creatively and offer innovative solutions, what might be changed to increase and differentiate our value (what if) What might wow the customers based on your “what if” ideas (what WOW’s): be innovative What is actually feasible. Create a written description of the offering to test with your target ((what’s feasible) Do a reality check, given the present ethical environment, discuss how this solution is ethically responsible considering the triple bottom line of people, planet, and profit. Your eventual mix of products and services is called the offering. Define that offering as created for your target. Tactics: 40 pts.(500-700 words) PRODUCTS AND SERVICES Define the product or service Brand: what are the attributes of the brand? Price: indicate the price(s) of your offering Incentives: describe any incentives offered COMMUNICATION PLAN Now that you have your product offering ready, how will you communicate and deliver your offering in such a way as to achieve your overall goals? What is your message and promise to your customers? How will your branding strategy achieve communication goals such as awareness, likability, trial, and purchases? Which communication channels will help you reach your target to include consideration of radio, TV, print, social media, and other digital channels? How will you use public relations, advertising, sales promotion, personal selling, direct, content marketing, mobile, search, sponsorship, etc. to get your message across? DISTRIBUTION PLAN How will you move your product to your customers? Which channels will you employ to distribute your offering? Approaches might include Omni channel, multichannel, exclusive channels, and other strategies Packaging is yet another consideration in the tactics for distribution. Retail strategies, including both brick-and-mortar as well as online retail. Consider the complete supply and value chain and add additional value anywhere you can. Be specific regarding your communications and distribution strategies and tactics Implementation: 25 pts. (300-400 words) You are asked here to identify the resources you will need to accomplish the plan. Include both human and financial resources. Also, what are your information and research needs to help you make the best marketing decisions? A rough budget should be attempted. Please note the intent of this section is to get you to consider these aspects of planning. Give it a try but go at it in a rough or estimated approach. Control: 10 pts. (300-400 words) Your controls can be at various levels of your plan. Measures should be included for each of the primary company goals that you identified in the section on goals earlier. You can also include an attempt at outlining a marketing dashboard as defined on pages 113 and 114. Exhibits: 15 pts. Provide all helpful charts, graphs, and other resources that you found useful in the creation of this plan. Links to resources will be helpful to give your plan a special robustness. Strategic Marketing Plan Print Criteria Excellent Good Satisfactory Needs Improvement Criterion Score Executive Summary 10 points Key aspects of the marketing plan are fully summarized; what are your goals; who is your target market; and what are the highlights of your strategy and tactics? Between 200-300 words in length. Impeccable spelling and grammar. 8 points Key aspects of the marketing plan are moderately summarized; what are your goals; who is your target market; and what are the highlights of your strategy and tactics? Between 200-300 words in length. Nearly perfect spelling and grammar. 6 points Key aspects of the marketing plan are somewhat summarized or key elements may be omitted. The summary be be slightly less than 200 words in length. There may be numerous spelling and grammar errors. 4 points Key aspects of the marketing plan are very briefly summarized or multiple key elements omitted. The summary may be greatly less than 200 words in length. There may be numerous spelling and grammar errors, impacting comprehension. Score of Executive Summary, / 10 Situation Analysis 20 points Includes a detailed description of both the major factors affecting the business outside the firm (economic, political, environmental, legislative, societal, technology, etc) as well as the factors within the realm of your business (suppliers, customers, competitors, publics, employees, etc.). Between 300-400 words. Impeccable spelling and grammar. 16 points Includes a moderately detailed description of both the major factors affecting the business outside the firm (economic, political, environmental, legislative, societal, technology, etc) as well as the factors within the realm of your business (suppliers, customers, competitors, publics, employees, etc.). Between 300-400 words. Nearly perfect spelling and grammar. 14 points Key aspects of the situation in which the business operates are somewhat summarized or key elements may be omitted. The overview be be slightly less than 300 words in length. There may be numerous spelling and grammar errors. 12 points Key aspects of the situation in which the business operates are very briefly summarized or key elements omitted. The overview be be greatly less than 300 words in length. There may be numerous spelling and grammar errors, impacting comprehension. Score of Situation Analysis, / 20 Goals 15 points Identify primary goals and market-specific objectives. Financial goals include revenues and profits, gains of market share or advancement of the customer base. Customer-focused goals may be customer satisfaction, retention, new customer acquisition, etc. Include the key benchmarks and focus for each market objective. Between 300- 400 words. Impeccable spelling and grammar. 12 points Includes a moderately detailed identification primary goals and market-specific objectives. Financial goals include revenues and profits, gains of market share or advancement of the customer base. Customer-focused goals may be customer satisfaction, retention, new customer acquisition, etc. Include the key benchmarks and focus for each market objective. Between 300- 400 words. Nearly perfect spelling and grammar. 10 points Key aspects of the primary goals and market-specific objectives are somewhat summarized or key elements may be omitted. The section be be slightly less than 300 words in length. There may be numerous spelling and grammar errors. 8 points Key aspects of the primary goals and market-specific objectives are very briefly summarized or several key elements may be omitted. The section may be be greatly less than 300 words in length. There may be numerous spelling and grammar errors, impacting comprehension. Score of Goals, / 15 Strategy: Target Market 25 points Detail the process of segmentation and the target markets. Between 400-500 words. Impeccable spelling and grammar. 20 points Includes a moderately detailed process of segmentation and selection of target markets. Between 400-500 words. Nearly perfect spelling and grammar. 17 points Key aspects of the process of segmentation and selection of target markets are somewhat discussed or some aspects may be omitted. The section be be slightly less than 400 words in length. There may be numerous spelling and grammar errors. 15 points Key aspects of the process of segmentation and selection of target markets are very briefly discussed or several aspects may be omitted. The section may be be greatly less than 400 words in length. There may be numerous spelling and grammar errors, impacting comprehension. Score of Strategy: Target Market, / 25 Strategy Value Proposition 40 points Detail how you will create value in your product or service offerings that differentiates your firm in your target markets. How will you tackle the target market's “pains, gains, and tasks”? Describe your use of design thinking as a process to create value. Between 500-600 words. Impeccable spelling and grammar. 32 points Moderately detailed discussion of how you will create value in your product or service offerings that differentiates your firm in your target markets. Between 500-600 words. Nearly perfect spelling and grammar. 28 points Aspects of how you will create value in your product or service offerings are somewhat summarized or key aspects are omitted. The section may be slightly less than 500 words in length. There may be numerous spelling and grammar errors. 32 points Aspects of how you will create value in your product or service offerings are very briefly summarized or several key aspects are omitted. The section may be greatly less than 500 words in length. There may be numerous spelling and grammar errors, impacting comprehension. Score of Strategy Value Proposition, / 40 Tactics 40 points Detail how you will communicate and deliver the value created for your target markets. Communication includes your messaging, media, branding, and other important communications decisions. Your distribution strategy should include your approach to the delivery of your offering, packaging, and other channels decisions. Between 500-700 words. Impeccable spelling and grammar. 32 points Moderately detailed discussion of how you will communicate and deliver the value created for your target markets. Communication includes your messaging, media, branding, and other important communications decisions. Your distribution strategy should include your approach to the delivery of your offering, packaging, and other channels decisions. Between 500-700 words. Nearly perfect spelling and grammar. 28 points Aspects of how you will communicate and deliver the value created for your target market are somewhat summarized or key aspects are omitted. The section may be slightly less than 500 words in length. There may be numerous spelling and grammar errors. 24 points Aspects of how you will communicate and deliver the value created for your target market are very briefly summarized or several key aspects are omitted. The section may be greatly less than 500 words in length. There may be numerous spelling and grammar errors, impacting comprehension. Score of Tactics, / 40 Implementation 25 points Identify the key resources needed to implement your plan. Cover your needs for developing resources as well as budgeting to develop and bring the offering to market. Between 300-400 words. Impeccable spelling and grammar. 20 points Moderately detailed discussion of the key resources needed to implement your plan. Between 300-400 words. Nearly perfect spelling and grammar. 17 points Aspects of how you will develop key resources needed to implement your plan are somewhat summarized or key aspects are omitted. The section may be slightly less than 300 words in length. There may be numerous spelling and grammar errors. 15 points Aspects of how you will develop key resources needed to implement your plan are very briefly summarized or several key aspects are omitted. The section may be greatly less than 300 words in length. There may be numerous spelling and grammar errors, impacting comprehension. Score of Implementation, / 25 Control 10 points Identify appropriate metrics to measure the overall success of your marketing plan. Specific metrics should measure the achievement of goals specified earlier and monitor the environment. Between 300-400 words. Impeccable spelling and grammar. 8 points Moderately detailed provision of appropriate metrics to measure the overall success of your marketing plan. Specific metrics should measure the achievement of goals specified earlier and monitor the environment. Between 300-400 words. Nearly perfect spelling and grammar. 6 points Aspects of the metrics identified are either somewhat summarized or may not be entirely appropriate for the desired controls. The section may be slightly less than 300 words in length. There may be numerous spelling and grammar errors. 4 points Aspects of the metrics identified are either very briefly summarized or key metrics are omitted. The section may be greatly less than 300 words in length. There may be numerous spelling and grammar errors, impacting comprehension. Score of Control, / 10 Exhibits 15 points Provides substantial and appropriate additional information such as research data, financial analyses, charts and graphs, market analyses, etc. to support your various aspects of this plan. 12 points Provides a moderate amount of appropriate additional information such as research data, financial analyses, charts and graphs, market analyses, etc. to support your various aspects of this plan. 10 points Provides a low amount of appropriate additional information such as research data, financial analyses, charts and graphs, market analyses, etc. to support your various aspects of this plan. 8 points Provides a very low amount of appropriate additional information such as research data, financial analyses, charts and graphs, market analyses, etc. to support your various aspects of this plan. Score of Exhibits, / 15 TotalScore of Strategic Marketing Plan, / 200
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