Comprehensive Strategic Management
Plan
STRATEGIC MARKETING PLAN
INTRODUCTION
This assignment entails
development of a comprehensive strategic marketing plan for a new product or
service that is ready to “go to market”.
PRODUCT/SERVICE
requires application of concepts
learned to build a strategic marketing plan for a new product or service that
is ready to “go to market”. You must develop the business concept in
its entirety.
• Describe
the new product or service.
• Discuss
the qualities that make this product/service new to the marketplace and the
rationale for your decision to pursue the concept. Be sure to pick a product or
service that is ready to market. If you are developing a new product, assume
that the development phase is over and you are ready to launch the product into
the marketplace.
OBJECTIVES/MISSION STATEMENT
Create a Mission Statement. State
your short-term MARKETING objectives (one year). Assume that the
product/service is ready to launch at the beginning of the year (planning and
testing have been completed).
• Marketing
objectives include goals for sales, profits, market share (as examples)
• Objectives
need to be quantifiable. Use the SMART acronym – simple, measurable,
achievable, relevant, and time-specific – in formulating your objectives. An
objective with a 100% goal is not acceptable.
TARGET MARKET
Identify your target market.
Provide a specific demographic profile and rationale for this decision. Another
source that may help you: The US Census Bureau’s American Fact Finder. Consider
the size of the market and its purchasing power. Research is required to
back-up your selection and to provide statistics to show that it is a viable
market.
COMPETITION
Analyze your competition. Who are
they? Who are the biggest players? How large is the market? What are the
trends/forecasts in the industry? How does your product/service fit in?
Hoover’s Pro in the Library is a good tool for this section; it may be accessed
under Find Web Resources.
PRODUCT/SERVICE FEATURES
Provide a brief overview of the
product or service.
• State
the features of your product/service. Show how it’s innovative and different.
It may be unique because of the area in which you plan to market it.
• Discuss
legal and ethical implications that could affect the marketing process.
CORE STRATEGY
Discuss your Core Strategy and
make sure to connect it to your Mission & Objectives. Include a discussion
on Product/Service Positioning.
MARKETING MIX: COMMUNICATIONS
& PROMOTION
The Marketing Mix is the set of
decisions about communications and promotion, price, channels of distribution,
and customer relationship management. An integrated marketing communications
(IMC) approach delivers a clear and consistent message to your consumers and is
connected to your Core Strategy.
1. Discuss
the aspects of the IMC. (The elements of the communication mix include:
advertising, direct marketing, sales promotion, publicity/public relations and
personal selling.) Define each and discuss the pros and cons of the individual
elements.
2. Provide
a detailed description of your IMC approach. Explain your rationale for
choosing or rejecting the specific elements (include applications to the
earlier research section). What changes do you expect to make as the
product/service matures?
3. Describe
the message you wish to communicate based on your core strategy. Explain your
rationale for the message. Formulate how you will communicate with your target
market? Be specific. How will the internet be used in your IMC approach?
4. Select
and explain the most suitable method for measuring advertising effectiveness.
Your decision must include research to back up the selected method. Be sure to
explain why this is the most effective method to measure the effectiveness of
your marketing campaign.
MARKETING MIX: PRICE
Discuss what pricing objectives
you would consider for your product/service. The Objectives should be based on
the various theories presented in marketing literature and take in to account
competitor pricing. Including background on value proposition, positioning, and
target market is necessary. All of these components provide rationale for the
chosen pricing scheme.
MARKETING MIX: CHANNELS OF
DISTRIBUTION
Channels of Distribution: Specify
the type of distribution channel you will use and include rationale.
MARKETING MIX; CUSTOMER
RELATIONSHIP MANAGEMENT
Customer Relationship Management
-Detail how you will incorporate CRM into your plan. Be sure to include a
discussion on the role of technology that will be used to support your CRM.
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