Marketing Project

Marketing Project

This is one project. You will see 4 Modules that build on each other. The paper was designed to be submitted a little at a time but I just need a finished product. All instructions are in files attached.

Module 1 – SLP
STP, PRODUCT MANAGEMENT & SITUATION ANALYSIS
Here is the brief overview of this cumulative Session Long Project (SLP). In this research project, you would work as a marketing consultant to develop a feasible marketing plan for your client. You would conduct secondary research in SLP1 and SLP2 to glean the necessary information for your marketing plan in SLP3 and SLP4.
It is important to conduct quality market research on your focal product/company in order to develop realistic and workable marketing plans. Generally speaking, there are two types of research. One is secondary research, which refers to data collection using existing sources, and the other is primary research, which is your own data collection for the specific study at hand. The purpose of market research is to collect usable information to make more informed decisions on the business problem, thus increasing the chance of business success in the marketplace.
Please check the outline of the marketing plan, which provides information on:
1. The final format for this cumulative Session Long Project;
2. A list of topics for the whole project;
3. The continuity and connections among SLPs 1-4.
In this module SLP1, identify a company and a charge (or task) for this marketing research project and conduct situation analysis related to your charge. This is the first step of this cumulative research project. You need to review all four SLPs first in order to better understand the requirements for this project.
Product Statement
In this section, describe the company and the product that is going to be the focus of interest for your marketing plan. For example, if your client is Apple, provide background information on the organization (e.g., what it is, what it does, history, success in what it is doing, etc.). If the charge is to market a new product (such as iPad 6), describe what iPad is, how long it has been around, how successful it has been, and who the target audience is. Be specific and detail-oriented, and do not assume that the reader is familiar with the company and product.
Identify a company and a charge for your research project at the very beginning, based on the detailed requirements for this cumulative Session Long Project. The new charge is a hypothetical task, which should be based on one of the company’s existing brands or products. It is also better to identify a new product charge for existing public firms so that you can find enough information for your task. For example, you may pick one of the following companies and charges.
1. Apple needs to increase its market share for iPhone 7.
2. Samsung wants to introduce a tablet called Galaxy MiniS.
3. New Balance needs to market its Men’s 611 running shoes.
4. Ford needs to have a successful introduction of the 2016 Fusion.
5. Lexus wants to increase the brand awareness of its 2016 Lexus GX466.
Do not choose the product that is the basis of Case 1. It is best to check with your instructor regarding the company and the charge you choose to analyze for this project. In choosing your company and the charge, keep in mind that in order to effectively conduct your market research, you must have access to relevant information. Also note that your charge or task for this research project is what you are going to do with a brand, rather than just the brand. In other words, your charge or task is to solve a business problem faced by your client. So you need to state the business problem and your charge clearly at the beginning since it would guide the following steps of this research project.
Situation Analysis
A situation analysis may also be known as an environmental analysis. Conduct an environmental analysis including the external environment, customer environment, and internal organizational environment.
A. External Environment Analysis
In this section, identify/describe all external forces for change that might affect the company, its future, and the future of its industry. Identify the external realities upon which your plan will be based. What are the competitive, technological, economic, political/legal/regulatory, societal/lifestyle/cultural, market, buyer behavior, channel of distribution, and other industry trends that translate into external opportunities and threats? Explicitly state how each of these forces can impact your company, your charge, and the outcomes you wish to accomplish. That is, do not just list these forces; relate them to the task at hand.
Keep in mind that tables and figures cannot stand alone in any marketing plan. In other words, if you want to use tables and figures, use them as support tools to illustrate the points you are trying to make in your written text.
1. Industry Analysis: What is the current situation in the industry? This description includes the size of the particular industry, trends in the industry, the industry outlook (expanding, stagnant, or contracting), success factors and failures of the industry, and so forth. Are these trends and developments likely to affect your charge? How?
2. Competitive Analysis: There are three major types of competitive forces. Brand competitors offer similar products with similar benefits and prices (e.g., monetary cost, time, effort, etc.), and serve/target the same customers. Product competitors offer products that compete in the same product class but have different features, benefits and price. Generic competitors offer products that satisfy the same need or solve the problem, but in a different way.
For example, assume that the brand in question is Apple iPad 4 and your charge is to come up with a marketing plan of how to promote the iPad 4. In your Product Statement you will have already talked about the iPad. Brand competitors in this case would be Samsung Galaxy, Motorola Xoom, Toshiba Excite, Lenovo IdeaPad, and so on. Product competitors could include Hewlett-Packard,Sony, and Dell computers. Generic competitors of iPad could include Regal Theatres, Cox Cable and so on, which satisfy consumers’ entertainment needs.
When discussing the competitive forces, focus on the brand and product competitors and describe these competitors in more detail. How big are they? What is their market share (in comparison to that of your company)? What is their income? How is the income derived? How do they spend their moneys? What are their strengths and weaknesses? How do they pose a threat to your company? What attracts consumers to their products? A detailed description of these competitors will aid your future SWOT and Issues analyses, and will give you ideas about target market and implementation.
3. Technology not only refers to the new types of products such as computers and digital products but also means the processes by which tasks are accomplished. This section examines how changes in technology impact customers’ lives and needs and how marketers respond to their needs. Are these trends and developments likely to affect your charge? How?
4. The Economic Situation looks at the stability and growth of the market in which the firm operates—for example, country, region, state, or local area. This section may examine inflation, employment, and income levels; taxes; and consumer confidence as they impact the company and the charge of the marketing plan. Are these trends and developments likely to affect your charge? How?
5. Political Trends, Legal Trends, and Regulatory Forces: This section examines how governmental regulations may affect the company and its charge. It also looks at the company’s relationships with elected officials. Is the current administration, Congress, state legislature, county or city government likely to sponsor laws or regulatory changes that will affect the company and the charge, either favorably or negatively? Do recent court decisions have an impact on the operating environment? Do they impact how you will have to carry out your charge?
6. Cultural Trends may have a profound impact on how customers respond to the company’s offering. Examples of lifestyle trends include less leisure time; cocooning; focus on health, exercise, and nutrition; and less concern with cleanliness. Demographic trends include aging baby boomers, new boomers (Generation Y), a rise in single-person and single-parent households, more women who work, and increasing population diversity. Some changes in cultural values include less conspicuous consumption, value orientation (quality/price), environmental concern, less tolerance of public smoking, more tolerance of varying lifestyles, and giving back to the community. Are these trends and developments likely to affect your charge? How?
B. Customer Environment Analysis
This section should examine the current situation in respect to the needs of the target market, expected changes in those needs, and how the firm presently meets those needs. Make sure you answer all of the following questions. Keep in mind that this section focuses on the current target market of the company, not the market you propose to target with this marketing plan. At this point, you are still examining the status quo, which should aid your decision making in the remainder of the marketing plan. For example, if the company in question is Apple, and the charge is to promote the iPad 4, the focus in this section of the marketing plan would be on the existing target markets served by Apple and what can be learned from those targets. Consider the following issues for your analysis:
1. Who? Who are current and potential customers of the same customer group? What are the demographics, psychographics, and geographics? Is the buyer the user? Who influences the purchasing decision?
2. How many? How many customers does the company serve? How many does it have the capacity to serve?
3. Where? Where are products purchased? Where do customers buy the products? What are the types of intermediaries? What is the influence of electronic commerce? Where are customers doing non-store buying—Home Shopping Network, catalogs, Internet?
4. When? When are the products bought? What is the frequency of purchasing? Do promotional events affect purchase? How do differences in physical or social environment, time demands, or purchase task affect buying?
5. How and What? What are the basic need-satisfying benefits? Does a competitor’s product fit a need this product/service does not provide? What are changes in customers’ needs? How do the customers pay—cash, credit?
6. Why Are There Non-Customers? Needs not met? Bad fit for lifestyle/image? Price? High switching costs? Competition’s product is better? Poor distribution? They do not know about the product?
C. Internal Environment Analysis
This section should identify/describe relevant internal aspects of the company that will help identify strengths and weaknesses in your SWOT analysis in the Module 2 SLP. This requires the identification and analysis of the organization’s past financial performance (sales, market share, profitability, etc.); marketing strategies (target market and positioning/image); marketing goals, objectives, and past performance; and marketing programs (advertising/promotion effectiveness, product/service offers, distribution effectiveness and channel programs, pricing, sales force effectiveness, sales strategy and programs, public relations/publicity, marketing research/intelligence gathering efforts, etc.). Additionally, the report may need to examine items such as production capacity, technical capabilities, management/leadership, organizational structure and culture, level of available resources and skills, financial stability, the product life cycle (i.e., is the product in introduction, growth, maturity, or decline stage?), and other relevant characteristics of the company that help develop a complete list of strengths and weaknesses in your SWOT analysis. It is important to focus on how the company is perceived by the market and its own customers as the main determinant of market-relevant strengths.
You are required to create a table to show the company’s financial performance such as its sales revenues, the profits, profit margin, market share, stock price, market cap, return on assets, operating cash flow, and so on. Also generate a histogram or a chart to show these financial numbers. Your written analysis in this subsection should be consistent with the table and histogram/chart.
SLP Assignment Expectations
Use the following outline to organize your paper. Note that the letters “a, b, c…” and the numbers “i, ii, iii, iv…” and “1, 2, 3, 4…” below are used to show the major issues you need to include in your paper, but should not be used to format your paper.
I. Product Statement (2 pages maximum)
1. Describe the company/organization.
2. Provide brief background of the organization.
3. Describe the business problem and charge you have for this marketing plan.
4. Provide a brief overview of what issue you are studying, and how a marketing perspective can help address the issue.
II. Situation Analysis (3-6 pages)
Note: Only include sections that are relevant to your charge. The relevance of each section of analysis should be clear to the reader.
a. External Environment Analysis
i. Context Analysis
• Industry forces that might impact success of any actions taken
ii. Competitor Analysis
• Any organization or message that may prevent any actions taken from being successful
iii. Technological and Economical Situation Analysis
iv. Political, Legal, and Cultural Analysis
b. Customer Environment Analysis
i. Customer Analysis
ii. Collaborator Analysis
c. Internal Environment Analysis
i. Company Analysis (include the table and histogram/chart in the appendix)
Note: Use double-spaced, black Verdana or Times Roman font in 12 pt. type size. Include a title page and references.
Explain clearly and logically the facts about your company and charge, and use the required reading to support your positions on the issues. Do not repeat or quote definitions. Your use of the required reading to support your opinions (that is, contentions or positions) should demonstrate that you understand the concepts presented. Paraphrase the facts using your own words and ideas, employing quotes sparingly. Quotes, if absolutely necessary, should rarely exceed five words.
Academic papers at the master’s level should include citations and references. Look at different sources, especially credible and reputable ones such as The New York Times, The Wall Street Journal, Businessweek, and The Economist, to find the information for your paper. Also use Trident University’s online library databases such as ProQuest and EBSCO to find information for your project. Your discussion on each topic should be a synthesis of the different sources. Taking shortcuts on the number and quality of your sources will result in a poor-quality marketing plan that will be of no use to your client.
It is also important that you reference your sources throughout the text of your marketing plan. Take the following paragraph as an example:
“As a result, telephone interviewers often do not even get a chance to explain that they are conducting a survey (Council for Marketing and Opinion Research, 2003), and response rates have steadily declined (Keeter et al., 2000) to reported lows of 7% (Council for Marketing and Opinion Research, 2003). This decrease presents a problem because not only does it increase the cost of conducting telephone surveys, but it also leads to questions concerning the generalizability of the results (Struebbe, Kernan & Grogan, 1986; Tuckel & O’Neill, 2002).”
There are different citation and reference formats such as APA, MLA, or Chicago. No matter which format you adopt for your marketing plan, make it consistent throughout the plan.
The marketing plan should use third person business writing. Avoid “we,” “our,” and “you.” Do not use contractions in business writing.
Here are some guidelines on how to conduct information search and build critical thinking skills.
Emerald Group Publishing. (n.d.). Searching for Information. Retrieved from http://www.emeraldinsight.com/learning/study_skills/skills/searching.htm
Emerald Group Publishing. (n.d.). Developing Critical Thinking. Retrieved from http://www.emeraldinsight.com/learning/study_skills/skills/critical_thinking.htm
Guidelines for handling quoted and paraphrased material are found at:
Purdue Online Writing Lab. (n.d.). Academic Writing. Retrieved from https://owl.english.purdue.edu/owl/section/1/2/
Purdue Online Writing Lab. (n.d.). Quoting, Paraphrasing, and Summarizing. Retrieved from https://owl.english.purdue.edu/owl/resource/563/1/
Purdue Online Writing Lab. (n.d.). Avoiding Plagiarism. Retrieved from http://owl.english.purdue.edu/owl/resource/589/1/
Your paper consists of arguments in favor of your opinions or positions on the issues addressed by the guidelines; therefore, avoid the following logical fallacies:
Purdue Online Writing Lab. (n.d.). Logic in Argumentative Writing. Retrieved from
http://owl.english.purdue.edu/owl/resource/659/03/
Your SLP should not simply be a list of facts. Take the facts you find about the company, the charge, and the environments that the company faces, and explain how you think those facts will affect the financial future of the product or brand in your charge. The emphasis in grading your paper will be on the breadth and depth of your discussion of each topic, critical thinking, the clarity of your discussion, and the proper organization of the paper.
Module 2 – SLP
PROMOTION MANAGEMENT & SWOT ANALYSIS
Here is the brief overview of this cumulative Session Long Project (SLP). In this research project, you would work as a marketing consultant to develop a feasible marketing plan for your client. You would conduct both secondary research in SLP1 and SLP2 to glean the necessary information for your marketing plan in SLP3 and SLP4.
It is important to conduct quality market research on your focal product/company in order to develop realistic and workable marketing plans. Generally speaking, there are two types of research. One is secondary research, which refers to data collection using existing sources, and the other is primary research, which is your own data collection for the specific study at hand. The purpose of market research is to collect usable information to make more informed decisions on the business problem, thus increasing the chance of business success in the marketplace.
Please check the outline of the marketing plan, which provides information on:
1. The final format for this cumulative session long project;
2. A list of topics for the whole project;
3. The continuity and connections among SLPs 1-4.
In this module SLP2, conduct SWOT analysis for your charge based on the situation analysis in SLP1. This is the second step of this cumulative research project. Be sure to revise the sections in SLP1 and include them in this paper following the marketing plan outline provided above.
SWOT Analysis
A thorough situation analysis in the Module 1 SLP is the foundation for a SWOT analysis. Develop statements of the company’s internal strengths and weaknesses, and external opportunities and threats. If there is any question as to whether a fact or issue is external (these lead to opportunity and threat statements) or internal (these lead to strength and weakness statements), ask this key question, “Would this issue exist if the company did not exist?” If the answer is yes, then the issue should be classified as external.
Note: Remember that alternative marketing strategies and tactics are not opportunities. Opportunities and threats exist independently of the firm. Strategies and tactics are what the firm intends to do about its opportunities and threats relative to its own strengths and weaknesses.
The SWOT will play a critical role (along with an in-depth understanding of target market needs/preferences and competition) in the development of goals, objectives, and marketing strategies and programs. Key strengths need to be matched to opportunities and converted to capabilities that help serve customer needs better and lead to competitive advantage. Goals, strategies, and program ideas stem from an attempt to convert weaknesses into strengths and threats into opportunities. Some alternatives will also come from thinking about how to minimize the repercussions of weaknesses and threats that cannot be converted, and/or how to avoid them altogether. Follow the instructions below to identify strengths, weakness, opportunities, and threats.
A. Strengths and Weaknesses (Internal)
Think about internal conditions; those things that management has some control over that are relevant to future success and effectiveness. The task is to identify internal strengths, which must be taken into consideration as management plans for the future.
Remember, a strength is any internal characteristic that improves effectiveness. Look for factors that help the company improve positioning in the marketplace, enhance financial performance, and most importantly, fight off threats and take advantage of opportunities in the external environment.
A weakness is any internal characteristic that limits effectiveness, performance, and the ability to accomplish objectives, meet threats, and take advantage of opportunities.
It is also important to point out that a particular fact about the internal environment may have a weakness and a strength dimension. For example, we might say that the company’s technical skills are of the highest quality and this is a strength, but since these skills are possessed by only a few employees, it is also a weakness in that we need more people with such skills and would be hurt if a few key people left the company.
Using the following 16 internal factors to stimulate your thinking, list all of the company strengths you can think of for each category. Then review the same list of 16 internal factors and develop a list of company weaknesses. (You may not have access to all of the information below, but try your best to identify at least five of them for your project).
Internal Factors
The following categories of internal factors are commonly used to generate a list of specific company strengths and weaknesses. This list is to be used to stimulate your thinking about internal strengths and weaknesses.
1. Management leadership/capabilities.
2. Organization structure and management systems.
3. Facilities, equipment, and materials.
4. Technical skills and expertise.
5. Dedication, morale, and motivation of employees.
6. Capacity to meet demand—production capacity, including excess available for growing demand.
7. Marketing effectiveness/efficiency—advertising, personal selling, public relations, products/services, prices, distribution, marketing research and planning, customer service, warranties, sales support, sales promotion, etc.
8. Ability to deliver what the market wants.
9. Ability to deliver in a timely manner.
10. Image and reputation as perceived by customers and within the industry.
11. Customer (and potential customer) perception—likes, dislikes, and perceptions of service, quality, etc.
12. Financial performance—sales, market share, customer satisfaction/loyalty, and profits.
13. Financial situation—availability of capital, internal funding, financial stability, etc.
14. Cost of operations—high cost vs. low cost, rising costs, costs compared to competition (manufacturing, distribution, etc.)
15. Geographic location(s).
16. Other relevant competencies/resources that translate into strengths that have not been mentioned. Also, any weaknesses we have missed related to a lack of competencies and/or resources that are needed in the future.
B. Opportunities and Threats (External)
Think about the most significant trends in the organization’s external environment that will have an impact on future success. The challenge is to identify relevant opportunities and threats outside management’s control that must be taken into consideration during the planning process. You will need to list and describe the factors/issues forming industry trends that may influence future efforts one way or the other, either as a positive force (opportunity) or as a barrier (threat).
An opportunity is the result of some trend or fact in the external environment that represents a marketplace and/or financial performance advantage. It may indicate a new direction, product or service, and/or resource requirement for the company. It represents an attractive arena for marketing action in which the company would enjoy a competitive advantage.
A threat is the result of some trend or fact in the external environment that represents an area of concern for management. It represents a challenge posed by an unfavorable trend or development that would lead, in the absence of effective marketing action, to the erosion of the company’s or industry’s position. A threat may:
1. Directly or indirectly affect the business.
2. Indicate an area to be avoided.
3. Demand a strategic response.
4. Represent an opportunity if responded to properly.
It should be pointed out that a particular trend in the external environment (for example, mergers/acquisitions, technological advancements, and/or a recent change in the way competitors operate and what they are offering the market) can imply both a threat and an opportunity. Sometimes in strategic planning we say that behind each threat (or problem) lies an opportunity. Or an optimist in strategic planning will look at threats and try to turn them into opportunities. Thus, it should be remembered that if management can adapt properly to a threat (such as mergers and acquisitions), this trend may be viewed as an opportunity as well as a threat.
Review the following 13 categories of external environmental trend factors and list the trends or issues that are relevant to the company and industry. Then translate each factor identified into a specific opportunity and/or threat statement. That is, what are the implications of each environmental trend or issue outside the company in terms of specific opportunities and/or threats? (You may not have access to all the information below, but try your best to identify at least five of them for your project).
External Environmental Trend Factors
The following categories of external environmental trend factors are commonly considered in the planning process. They are used to develop a specific list of company opportunities and threats. This list is to be used to stimulate your thinking about opportunities and threats in the external environment.
1. Mergers and acquisitions—(e.g., among customers, potential customers, suppliers, competitors, and/or within the industry).
2. Competitive trends—specific competitive strategies and programs, or recent changes such as lower prices or new products.
3. Economic trends—forces and changes in the economy such as inflation, interest rates, recession.
4. Technological trends—new technological innovations.
5. Technical requirements—within the industry.
6. Market/industry trends—size of firm related to industry, financial performance of the industry compared with the firm, size/growth rate of current and future potential market characteristics and trends in markets and industry.
7. Customer and potential customer attitudes—preferences, expectations, problems, wants, needs, etc. What changes are anticipated?
8. Legal trends—government regulations and policies.
9. Societal/lifestyle trends—changes in people’s values, attitudes, and activities.
10. New products/services—on the market.
11. Supply sources.
12. Declining or increasing productivity—in the industry or economy.
13. Other industry trends not previous mentioned that are relevant to the future.
Based on the detailed discussion of strengths, weaknesses, opportunities, and threats, use SWOT tables for the SWOT analysis. In other words, first state the facts based on your research, and then summarize the findings in a SWOT table. Note the examples below and follow the “best statements” to describe the strengths, weaknesses, opportunities and threats for your company and charge in SWOT table(s).
Examples Not Useful Statement Better Statement Best Statement
Internal Strengths Customer loyalty/brand image We have a strong brand image. We have a 42% market share and our brand is known worldwide. Our global market share has grown from 25% to 42% over the past four years. Independent surveys show our quality and image is rated No. 1 in our industry in the U.S. and Asia and No. 2 in Europe behind XYZ.
Sales/ Distribution Our distribution is the best in the industry. Our product is available in more locations than our competitors’. Our extensive distribution network provides product within 10 miles of the home or work location of 95% of our target market. Our competitors only achieve this level for 40%-65% of the market.
Internal Weaknesses Product cost Our costs are high. Our major competitors, ABC and XYZ, produce in China for less cost. Our labor costs average $40/unit (in Detroit) vs. $12/unit for our competitors (in China). With product market prices of $120/unit we barely break even.
Product Life We have product problems. Our product life is less than the competition. Typically, our product fails after one year. Our major competitor’s product lasts 2-3 years. Customers are willing to pay 50% more for our competitors’ product.
External Opportunities Alternative Distribution College Campus We can leverage new distribution channels. Internet could be used to increase sales to college students. Direct Sales (via campus Intranet) and on-campus kiosks would more than double our coverage of our targeted Generation Y market.
Export Growth via Strategic Alliances Export markets can help us grow. Europe and Asia provide good opportunities to grow by partnering. Strategic alliances with ABC in Europe and XYZ in Asia would allow us to double international sales in two years.
External Threats Substitutes Substitutes are a threat. ABC’s new sugar-free sweetener may hurt us. In six months, ABC’s sugar-free sweetener has achieved 20% market share. Its share is expected to grow to 40% by next year.
Mergers Competitor mergers could hurt us. Competitor XYZ is expected to acquire ABC. If XYZ acquires ABC, it will dominate the distribution network and limit our access.
SLP Assignment Expectations
Use the following outline to organize your paper. Note that the letters “a, b, c…” and the numbers “i, ii, iii, iv…” below are used to show the major issues you need to include in your paper, but should not be used to format your paper.
III. SWOT Analysis (3-6 pages)
1. Strengths and Weaknesses (Internal)
i. Strengths
ii. Weaknesses
2. Opportunities and Threats (External)
i. Opportunities
ii. Threats
3. SWOT Table
Note: Use double-spaced, black Verdana or Times Roman font in 12 pt. type size. Include a title page and references. Revise your Module 1 SLP based on the feedback from your professor and your additional research, and include the Module 1 SLP in the Module 2 SLP.
Explain clearly and logically the facts about your company and charge, and use the required reading to support your positions on the issues. Do not repeat or quote definitions. Your use of the required reading to support your opinions (that is, contentions or positions) should demonstrate that you understand the concepts presented.
Paraphrase the facts using your own words and ideas, employing quotes sparingly. Quotes, if absolutely necessary, should rarely exceed five words.
Academic papers at the master’s level should include citations and references. Look at different sources, especially credible and reputable resources such as The New York Times, The Wall Street Journal, Businessweek, and The Economist, to find the information for your paper. Also use Trident University’s online library databases such as ProQuest and EBSCO to find the information for your project. Your discussion on each topic should be a synthesis of the different sources. Taking shortcuts on the number and quality of your sources will result in a poor-quality marketing plan that will be of no use to your client.
Also, it is important that you reference your sources throughout the text of your marketing plan. Take the following paragraph as an example:
“As a result, telephone interviewers often do not even get a chance to explain that they are conducting a survey (Council for Marketing and Opinion Research, 2003), and response rates have steadily declined (Keeter et al., 2000) to reported lows of 7% (Council for Marketing and Opinion Research, 2003). This decrease presents a problem because not only does it increase the cost of conducting telephone surveys, but it also leads to questions concerning the generalizability of the results (Struebbe, Kernan & Grogan, 1986; Tuckel & O’Neill, 2002).”
There are different citation and reference formats such as APA, MLA, or Chicago. No matter which format you adopt for your marketing plan, make it consistent throughout the plan.
Module 3 – SLP
DISTRIBUTION & MARKETING PLAN
Here is the brief overview of this cumulative Session Long Project (SLP). In this research project, you would work as a marketing consultant to develop a feasible marketing plan for your client. You would conduct both secondary research in SLP1 and SLP2 to glean the necessary information for your marketing plan in SLP3 and SLP4.
It is important to conduct quality market research on your focal product/company in order to develop realistic and workable marketing plans. Generally speaking, there are two types of research. One is secondary research, which refers to data collection using existing sources, and the other is primary research, which is your own data collection for the specific study at hand. The purpose of market research is to collect usable information to make more informed decisions on the business problem, thus increasing the chance of business success in the marketplace.
Please check the outline of the marketing plan, which provides information on:
1. The final format for this cumulative Session Long Project;
2. A list of topics for the whole project;
3. The continuity and connections among SLPs 1-4.
In this module SLP3, conduct the issue analysis based on the secondary research results in SLPs 1-2. Then develop goals and objectives, as well as the specific marketing strategies to accomplish your charge. This is the third step of this cumulative research project and you are developing marketing plans for your charge. Be sure to revise the sections in SLPs 1-2 and include them in this paper following the marketing plan outline provided above.
Issues Analysis
The situation analysis and SWOT Analysis are the basis for the Issues Analysis. Here the primary focus should be on the charge for your research project. What are the most important issues and decisions that the organization is likely to face when trying to accomplish the charge? Further, if the previous research steps (situation analysis and SWOT analysis) have shown that previous marketing efforts were unsuccessful (and why), you should include the lessons to be learned as issues.
In general, issues can include, but are not limited to (the issues depend on the charge of the respective marketing plan and are likely to differ from plan to plan):
• Should the company focus on the charge in question?
• What rate of growth is necessary and sustainable?
• Does the company need to increase promotion to thwart the competition or to successfully reach its target market?
• Does the company need to develop new promotional efforts to reach the identified target market?
• What would be the most promising way of communicating with the target market?
• Does the company need to increase the target market’s knowledge base?
• Does the company need to address/change the target market’s belief systems?
• Does the company need to develop persuasive messages tailored to the specific brand at hand?
• Does the organization need to work on its reputation?
• Is the company’s current distribution in order?
• Should the company review its pricing strategy?
• Does the company anticipate any major competitive attacks in its current markets?
Note: Be realistic when proposing issues. For example, suggesting that the company should invest funds in stocks or real estate is not appropriate for the marketing plan. First, it has nothing to do with the charge at hand; second you are unlikely to have enough information to address this issue in the following sections (i.e., goals, objectives, and implementation).
Also do not list questions in your issue analysis. Instead you should list the issues in a descriptive way based on the situation analysis and SWOT analysis results.
Goals and Objectives
Both goals and objectives need to be driven by the Issues Analysis.
Establish corporate goals: qualitative statements of desired general accomplishments that are indicative of the direction and priorities of the company or the outcome that the company hopes to accomplish (e.g., to improve customer satisfaction and loyalty, increase consumer knowledge, change consumer beliefs, persuade the target audience to buy the new brand, have the most-recognized and effective advertising campaign in the industry, improve service quality, have lower prices than all competitors, increase market share, produce the most loyal customers in the industry).
Set specific measurable corporate quantitative objectives: targeted dollar amount of sales; number of iPad 4 sold; targeted market share; etc. That is, you need to express the goals you have outlined above in quantitative (numerical) terms, and you also need to place them within a time frame. In other words, the objectives are driven by the goals you outlined above. Please avoid listing objectives that have nothing to do with the identified goals.
Note: If you are dealing with a new product (i.e., your charge), please do not express objectives for the first year in percentage terms. In other words, stating that you would like to increase awareness by 5% for a new product does not make sense, because a new product will start out with a market share (or awareness) of zero and 5% of zero is still zero. In such a case, please phrase your objectives differently (e.g., the objective is to increase the brand awareness among 10% of the target market within the next 6 months).
You should have at least one goal. Please make sure that those goals (and your objectives) focus on your charge and also reflect your issues analysis. You should have at least two objectives for each goal.
The format for this section should look as follows:
Goal 1
Objective 1
Objective 2 (if applicable)
Etc.

Goal 2
Objective 1
Objective 2 (if applicable)
Etc.
Marketing Strategies
Marketing strategies encompass recommended positioning, competitive differentiation, and customer value strategy. These include a description of your target market, intended image/position in the market, and the value proposition.
A. Target Market Definition
The process of selecting a target market is one of the most important decisions an organization can make. Most organizations segment the entire population into groups with homogeneous needs. For a market segment to be viable it must be measurable, meaningful, and marketable. A segment is measurable if its size can be determined, its purchasing power can be estimated, and other characteristics can be identified. It may be difficult to segment on the basis of social class, but easy to segment along income levels. A segment is meaningful when it is large enough to have sufficient sales and growth potential to serve in the long run. A marketable segment is one that may be reached and served efficiently. In general, a company wishes to serve the largest possible homogeneous group that also seems to be most likely to be persuaded to buy the product in your charge.
When companies write the marketing plan, defining the target market often proves to be the most challenging aspect of the plan. However, if you do not choose the right markets to target, you will often never achieve complete success. Too often, companies see that their solution can serve the needs of multiple markets and they try to establish multiple markets at the same time. Ultimately, this may lead to failure because they overextended themselves and did not successfully meet the needs of any market. Choose a well-defined market when you write your marketing plan and stick to it until the market dictates a change.
Bases for segmenting consumer markets include demographic, benefit, psychographic, and behavioral characteristics. Demographic segmentation includes the characteristics of age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class. Benefit segmentation describes why consumers buy a product (e.g., makes me feel good, makes me feel useful, etc.). Psychographic segmentation encompasses lifestyle (e.g., outdoors, athletic), and personality (e.g., compulsive, gregarious). Behavioral characteristics include occasion (e.g., Valentine’s Day, birthday), usage rate (e.g., light, medium or heavy users), or attitude (loyalty).
Note: You do not have to use all of the above-listed bases for segmenting consumer markets. However, demographic segmentation and benefit segmentation will always have to be used. Follow the instructions below:
1. Primary (and Only) Target Market
• Describe the primary target market in demographic terms (use the descriptors that are most useful in terms of your charge).
• Describe the primary target market using benefits sought by that market.
• Describe the primary target market using one of the following bases: geographic, psychographic, benefits sought, or usage (depends on your target and your charge).
• Estimate the number of customers in your primary market.
• Justify the choice of your primary target market (if applicable).
This section is very important. Do not take shortcuts.
B. Strategy Statement
1. Image/Market Position
Positioning is the act of designing the offering and its image so that both occupy a meaningful and distinct competitive position in the minds of the target market.
What is the intended image you wish the product to portray? What is the position you wish the product to obtain?
2. Value Proposition
Why should customers buy from the agency instead of its competitors?
What does the agency have to offer to its customers that outperforms its competitors’ products?
SLP Assignment Expectations
Use the following outline to organize your paper. Note that the letters “a, b, c…” and the numbers “i, ii, iii, iv…” and “1, 2, 3, 4…” below are used to show the major issues you need to include in your paper, but should not be used to format your paper.
V. Issues Analysis (2 pages maximum)
1. Given your complete marketing analysis, what are the key issues that the company/organization must understand in order to address the charge that is being considered?
i. Note: This section concisely identifies the most important issues and decisions that the organization is likely to face when trying to sell the product in your charge.
o Bullet points (or numbered statements) are acceptable.
VI. Goals and Objectives (2 pages maximum)
1. The goals and objectives should be stated clearly and concisely.
i. (Think S.M.A.R.T. i.e. Specific, Measurable, Achievable & Result Traceable).
2. Each goal/objective should be easily understood given your previous analysis and summary of key issues.
i. Do not “discuss” the goals/objectives. Just present them.
VII. Marketing Strategy Statements (2-6 pages)
1. Note: These are literally statements
i. Do not provide detailed descriptions.
ii. These statements will guide your implementation.
iii. These statements should be logical given your analysis and goals.
2. Target Market Definition
i. Note: This is a short, final description of who your action plan will be intended to reach. You may simply be restating target population previously identified.
o Describe the target market in demographic and/or psychographic terms.
o Describe the key benefits/behaviors this target market seeks/prefers.
o Estimate the number of customers in this segment.
3. Strategy Statements
. Value Statement
 Why should “customers” adopt your strategic initiative?
 What does your initiative provide (or what do you suggest it provide) in order to encourage/support behavioral change?
 Identify “the set of benefits that the strategy offers.”
Note: The value proposition is intangible, but it is made tangible through specific offerings/activities.
i. Proposition Statement
 What is the key proposition on which the strategy and its activities should be based?
 Refer to the “4 Ps” of marketing.
ii. Accessibility Statement
 What information or support materials must be made easily accessible?
 Refer to the “4 Ps” of marketing.
iii. Communication Statement
 What method of communications should be sought? Print/radio and other traditional media? Social networking?
Note: Use double-spaced, black Verdana or Times Roman font in 12 pt. type size. Include a title page and references. Revise your Module 3 SLP based on the feedback from your professor and your additional research, and include the SLPs from Modules 1-3 in the Module 4 SLP.
Explain clearly and logically the facts you find about your company and charge, and use the required reading to support your positions on the issues. Do not repeat or quote definitions. Your use of the required readings to support your opinions (that is, contentions or positions) should demonstrate that you understand the concepts presented.
Paraphrase the facts using your own words and ideas, employing quotes sparingly. Quotes, if absolutely necessary, should rarely exceed five words.
Academic papers at the master’s level should include citations and references. Look at different sources, especially credible and reputable resources such as The New York Times, The Wall Street Journal, Businessweek, and The Economist, to find the information for your paper. Also use Trident University’s online library databases such as ProQuest and EBSCO to find information for your project. Your discussion on each topic should be a synthesis of the different sources. Taking shortcuts on the number and quality of your sources will result in a poor-quality marketing plan that will be of no use to your client.
Also, it is important that you reference your sources throughout the text of your marketing plan. Take the following paragraph as an example:
“As a result, telephone interviewers often do not even get a chance to explain that they are conducting a survey (Council for Marketing and Opinion Research, 2003), and response rates have steadily declined (Keeter et al., 2000) to reported lows of 7% (Council for Marketing and Opinion Research, 2003). This decrease presents a problem because not only does it increase the cost of conducting telephone surveys, but it also leads to questions concerning the generalizability of the results (Struebbe, Kernan & Grogan, 1986; Tuckel & O’Neill, 2002).”
There are different citation and reference formats such as APA, MLA, or Chicago. No matter which format you adopt for your marketing plan, make it consistent throughout the plan.
Also note: The marketing plan should use third person business writing. Avoid “we,” “our,” and “you.” Do not use contractions in business writing.
Module 4 – SLP
DISTRIBUTION & MARKETING PLAN
Session Long Project
Here is the brief overview of this cumulative Session Long Project (SLP). In this research project, you would work as a marketing consultant to develop a feasible marketing plan for your client. You would conduct both secondary research in SLP1 and SLP2 to glean the necessary information for your marketing plan in SLP3 and SLP4.
It is important to conduct quality market research on your focal product/company in order to develop realistic and workable marketing plans. Generally speaking, there are two types of research. One is secondary research, which refers to data collection using existing sources, and the other is primary research, which is your own data collection for the specific study at hand. The purpose of market research is to collect usable information to make more informed decisions on the business problem, thus increasing the chance of business success in the marketplace.
Please check the outline of the marketing plan, which provides information on:
1. The final format for this cumulative session long project;
2. A list of topics for the whole project;
3. The continuity and connections among SLPs 1-4.
In this module SLP4, first develop action plans based on the marketing strategies developed in SLP3 and then evaluate marketing budget for the plans. This is the final step of this cumulative research project. Be sure to incorporate all the work for this Session Long Project (SLPs 1-4) into a complete marketing plan following the marketing plan outline provided above.
Marketing Implementation: Action Plans and Marketing Mix
The action plans and marketing mix are related. That is, the action plans contain a complete description of a marketing program, including its goals and objectives (as previously outlined in the section on Goals and Objectives), marketing mix activities, program evaluation mechanisms and measurements, budget and timing considerations, and quantitative assessments. (A complete description of these final dimensions follows. Follow the format below for action plan outlines.)
Before you begin working on the action plans, consider the total budget amount for your charge. Make a realistic budget estimate for your marketing plan based on the financial situation of the company and its past spending on marketing.
State for each action plan:
1. The goal(s) and objective(s) for the action plan.
2. The target market at which this action plan is aimed.
3. The marketing mix activities needed to implement the action plan.
• Product strategy and programs require consideration of things such as brand name, product features/benefits, differentiation from competition, relationship to delivering value, logo, package design/labeling, complementary products/services, elements of customer service strategy, and programs. Also, this is where the service concept, tangibles, customer-contact employees, and so on, need to be addressed. Depending on the charge of your marketing plan, some of the above may not apply.
• Price strategy and programs require consideration of things such as pricing objectives and relationship to delivering value. Keep in mind that pricing is not restricted to monetary concerns. Customers are likely to compare the perceived benefits of the new brand to the perceived benefits of the existing brand and other competitive brands. In other words, customers are likely to perform a cost-benefit analysis, which means that customers must perceive the new brand to have benefits that are equal to or exceed the perceived costs. When considering pricing issues, also include costs customers are likely to incur in terms of time, effort, and energy. Consider psychological costs (e.g., embarrassment, fear, rejection, etc.) and losses (e.g., aesthetics, familiarity, etc.), and physical discomfort or loss of pleasure.
• Place or distribution strategy and programs require consideration of things such as the selection, motivation, and evaluation of channel partners (if applicable).
• This is also the place to describe any direct marketing programs (mail, telemarketing, catalogs, Internet, etc.) and other accessibility issues (e.g., number of local stores, etc.).
• Promotional activities
o Advertising strategy and programs that require consideration of things such as advertising message (what will be said, unique selling points, benefits to be stressed, value story, points of differentiation, etc.), creative style (settings, characterization, humor or not, testimonials, etc.), media mix, media schedule, and so on.
o Public relations/publicity strategy and programs that require consideration of things such as how to get press coverage, getting the company/brand name and story out to the public, event-oriented marketing, and so forth.
o Sales promotion strategy and programs that require consideration of things such as contests, sweepstakes, event tie-ins, coupons, premiums (T-shirts, hats, key chains, cup holders, etc.), trade shows, consumer fairs, and so forth.
o Sales force strategy and programs that require consideration of things such as size of the sales force, sales force organization (geographic territory; customer-type based, product based, or some combination; salesperson characteristics and skills to recruit and train toward; compensation; motivation), and so forth. This section will describe selling strategy in terms of sales call emphasis, selling strategy and tactics (what should sales people be doing and saying).
• Other marketing programs that require consideration of methods to systematically listen to the customer, monitor customer satisfaction/loyalty, monitor competition, and become aware of trends that might impact the business. This requires some type of specific intelligence/information-gathering plan.
4. Describe the evaluation and measurement procedures to be used to monitor overall performance of the action plan, including quantitative measures and allowable time frames.
5. Elaborate on the specifics of plan implementation and quantitative projections. This includes people responsible for programs, budgets, other resources needed, target completion dates, timetables, and so forth. This requires a consideration of who does what, when, and for how much.
Quantitative assessment includes projections of sales dollars and volume, and market share, costs, and so forth.
Format: Action Plan Outline (please use a table format, such as in the example given below)
Title: The title of the action plan should describe the content.
Goal and Objective: What will this action plan accomplish? Which of the goals and objectives does this plan support? Here you need to go back to your Goals and Objectives section and make sure you develop at least one action plan for each of the goals and objectives you have previously outlined. In other words, you do not need to have seven goals in your Goals and Objectives section, a lesser number is acceptable if you develop more than one action plan for specific goals and objectives.
Target Market: At which market is this action plan aimed? Stick to your primary target market. Do not include any “new” target markets here.
Description of the Action Plan: What are the steps being taken to accomplish the objective? This section refers to the marketing mix activities deemed best to accomplish the objective. A rich, detailed description is required.
Who: Who is responsible for carrying out this program? (Name of person or job title)
Timing: When will the program take place? (Start and stop dates)
Budget and Estimated Profitability: How much will the program cost? Give details of the budgetary items for this action plan. Also, you need to include estimated profits and/or expected return on investment.
Measurement: How will the effectiveness of the action plan be measured? How will the organization know that it was successful? Measurement of effectiveness is always quantitative, and may include (depends on your objective) dollar sales, market share, expected customer satisfaction, advertising effectiveness measures, etc., in addition to a time line (monthly, quarterly, annually, etc.).
Marketing Budget
Use the objective and task method and rank the action plans in order of importance. You also need to defend the budget request. The defense should be a strong persuasive argument with a clear rationale. Make sure that you include the profit potential as part of your justification. The defense should be for the total budget amount requested, not for individual action plans.
What We Learned
What did the process of writing a marketing plan teach you? How would you apply what you learned from this process to your current or future career?
SLP Assignment Expectations
Use the following outline to organize your paper. Note that the letters “a, b, c…” and the numbers “i, ii, iii, iv…” and “1, 2, 3, 4…” below are used to show the major issues you need to include in your paper, but should not be used to format your paper.
VIII. Marketing Implementation (2-6 pages)
1. Follow the format provided above.
2. Remember, suggest at least one action to be taken that can help achieve your stated goals and that are consistent with your strategic statements.
3. What is the cost/budget of implementing the suggested actions?
IX. Marketing Budget (1 page)
You also need to write an Executive Summary and Table of Contents at the beginning of this marketing research paper.
Note: This assignment has been chosen to evaluate students’ writing communication skills. In particular, you need to show how to present quantitative data in tables/charts/diagrams with proper discussion in the text. You would note the different grading rubric used for this paper. Be sure to check the rubric before you write this final paper for the cumulative project. Make sure to include previous sections into the final paper.
Use double-spaced, black Verdana or Times Roman font in 12 pt. type size. Include a title page and references. Revise your previous SLPs based on the professor’s feedback and your additional research. Follow the SLP outline to prepare the final paper.
Explain clearly and logically the facts you find about your company and charge, and use the required reading to support your positions on the issues. Do not repeat or quote definitions. Your use of the required reading to support your opinions (that is, contentions or positions) should demonstrate that you understand the concepts presented.
Paraphrase the facts into your own words and ideas, employing quotes sparingly. Quotes, if absolutely necessary, should rarely exceed five words.
Academic papers at the master’s level should include citations and references. Look at different sources, especially credible and reputable resources such as The New York Times, The Wall Street Journal, Businessweek, and The Economist, to find the information for your paper. Also use Trident University’s online library databases such as ProQuest and EBSCO to find the information for your project. Your discussion on each topic should be a synthesis of the different sources. Taking shortcuts on the number and quality of your sources will result in a poor-quality marketing plan that will be of no use to your client.
Also, it is important that you reference your sources throughout the text of your marketing plan. Take the following paragraph as an example:
“As a result, telephone interviewers often do not even get a chance to explain that they are conducting a survey (Council for Marketing and Opinion Research, 2003), and response rates have steadily declined (Keeter et al., 2000) to reported lows of 7% (Council for Marketing and Opinion Research, 2003). This decrease presents a problem because not only does it increase the cost of conducting telephone surveys, but it also leads to questions concerning the generalizability of the results (Struebbe, Kernan & Grogan, 1986; Tuckel & O’Neill, 2002).”