Marketing Plan: Part I
You must compile a comprehensive marketing plan using the product/service scenario listed below. (Note: You will use the same scenario throughout the course.) This scenario will be the basis of your start-up company and will be the catalyst for the three parts of the marketing plan that you will compose in (Part I), (Part II), and (Part III). The company that you we submit a marketing plan for is a fictional start-up company (not an existing company)
Women on the Go is a startup company targeted at women who need assistance with the selection and purchasing of their clothing/accessories. This service is aimed at the more affluent customer who simply does not have the time and/or knowledge to dress to the business or social setting that they are expected to fulfill. Initial research will provide insight into the types of services that this particular target market would be interested in.
The first submission should consist of the items listed below.
- Include an introduction/overview of the company.
- This section of the marketing plan should introduce the company and business model along with a brief description of the products/services.
- Discuss market research strategies.
- This section of the marketing plan should discuss the research strategies that will be used by your company to understand the target market(s), industry, competition, and/or any other aspects of the company that will provide valuable insight into profitable operations.
- Describe the macro environment through a political, economic, social, and technological (PEST) analysis.
- In this section, you will compile a PEST analysis of your company. You will analyze how the changes in the macro environment as described in the PEST will impact the company and, specifically, the marketing decisions.
Ensure you provide an introduction for this assignment that is engaging and provides a clear background to the purpose of the assignment. The format of the submission should be in essay format using subheadings. Use APA format. Additionally, you need to include a minimum of five sources, three of which must be peer-reviewed, academic sources that are no more than 5 years old. The submission should be a minimum of three pages in length (not counting the title and reference pages).
Text book being used is Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.) [VitalSource Bookshelf version]. Upper Saddle River, NJ: Pearson. Retrieved from https://online.vitalsource.com/#/books/978132359151
Marketing Plan: Part II
This submission should consist of the items listed below.
- Provide a segmentation and target market analysis.
- In this section of the marketing plan, you should identify the four criteria useful in segmenting the market, and apply them to your company. Explain how identifying the target market is more clearly defined once a marketer has conducted segmentation on the population. Explain several target markets for your company using detailed explanations.
- Include a competitive and industry analysis.
- This section of the marketing plan should identify three or four competitors of your company. These can be direct or indirect competitors. (Note: Not all companies have competitors.) Differentiate each competitor based upon multiple criteria. Additionally, conduct an industry analysis by looking at the health of the industry in which your company resides. Identify whether the industry has grown or shrunk in the last 5–10 years. Explain why understanding the competitors and the health of the industry are important elements of the marketing plan.
- Provide a SWOT (strengths, weaknesses, opportunities, and threats) analysis.
- In this section, you will compile a SWOT analysis of your company. The internal strengths and weaknesses as well as the external opportunities and threats need to be identified and explained (include at least 2–3 elements under each area of the SWOT). The value proposition will be demonstrated through a strong showing in the strengths section of the SWOT analysis. Reference the SWOT analysis explanation in the Unit I Lesson for additional insight on how to compile this analysis.
Ensure you provide an introduction for this assignment that is engaging and provides a clear background to the purpose of the assignment. The format of the submission should be in essay format using subheadings. Use APA format. Additionally, you need to include a minimum of five sources, three of which must be peer-reviewed, academic sources that are no more than 5 years old. The submission should be a minimum of three pages in length (not counting the title and reference pages).
Marketing Plan: Part III
(Note: You should have been using the same scenario for Parts I–III.)
This submission should consist of the items listed below.
- Product
- This section of the marketing plan should include a description of the products and services offered to the consumer. Remember that this product section should also identify services, warranties, and installation features. Additionally, brand, logo, and other identifying characteristics should be discussed in this section as they encompass part of the product offering.
- Examine whether your company has a competitive advantage relative to its product offering (i.e., only address the product here).
- Place
- This section of the marketing plan should explain the entire distribution channel (see Unit VII Lesson). As a reminder, this is the flow of the product from the manufacturer or creator of the product/service to the final consumer (the entire process—not just the retailer at the end of the process). Describe a physical facility associated with your company. This can be a unique manufacturing or distribution center, retailer, or even a merchandising technique. The idea here is to describe what it looks like to the consumer and the value that this atmosphere brings to the buying experience.
- Examine whether your company has a competitive advantage relative to its place offering (i.e., only address place or distribution here).
- Price
- This section of the marketing plan should describe the pricing strategies used by your company. Include theoretical aspects of pricing (see Unit VII Lesson) in your discussion here.
- Examine whether your company has a competitive advantage relative to its pricing strategies (i.e., only address pricing here).
- Promotion
- This section of the marketing plan should address the promotional methods used by your company. This should not only include social media/Internet marketing but also traditional marketing and advertising used (e.g., personal selling, advertising, sales promotion, publicity).
- Examine whether your company has a competitive advantage relative to its promotional strategies (i.e., only address promotion here).
Ensure you provide an introduction for this assignment that is engaging and provides a clear background to the purpose of the assignment. The format of the submission should be in essay format using subheadings. Use APA format. Additionally, you need to include a minimum of five sources, three of which must be peer-reviewed, academic sources that are no more than 5 years old. The submission should be a minimum of three pages in length (not counting the title and reference pages).
