Assignment 2 KIM WOODS ONLY:

 

Assignment 2: Part B: Your Marketing Plan

Due Week 6 and worth 240 points

In Assignment 2, using the same company from Assignment 1, you will focus on the company’s mission, introduction, and branding.

Note: You may create and /or make all necessary assumptions needed for the completion of this assignment.

Write a four to five (4-5) page paper in which you:

1. Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension.
2. Assemble a marketing strategy for your product, and determine an  appropriate time table to implement your plan. Provide a rationale for  your response.
3. Prepare a positioning statement. Include a perceptual map that shows  your company’s position against its competitors. From this map, create a  statement that depicts your position. For example, “Our product is the  fastest in its class for half the price.” Note: See pp.  54 – 55 in the textbook for examples of perceptual maps. You may use  Microsoft Word, PowerPoint, or other equivalent software to create your  perceptual map.
4. Examine the relevant consumer behavior for your target market.  Explain the main reasons why the brand name, logo, slogan, brand  extension, as well as the positioning statement and marketing strategy  are right for the identified target market.
5. Develop your company’s mission statement and company introduction.
6. Use at least three (3) academic resources as  quantitative marketing research to determine the feasibility of your  product / service. These resources should be industry specific and  relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.

Marketing Plan for (your company):

Part 2

2

Marketing Plan for (the name of your company)

Part 2

Student Name Here

Strayer University

Prof. Mimi Kawwaff

November 9, 2015

Running head: Marketing plan for (your company) Part 2 1

Marketing plan for (your company): Part 2

This is your introduction paragraph. Here you will provide the reader with an introduction to your paper.

Branding

Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension.

Marketing Strategy and Implementation Plan

Assemble a marketing strategy for your product, and determine an appropriate time table to implement your plan). Provide a rationale for your response.

Positioning

Prepare a positioning statement. Include a perceptual map that shows your company’s position against its competitors. From this map, create a statement that depicts your position. See pp. 54 – 55 in the textbook for examples of perceptual maps. You may use Microsoft Word, PowerPoint, or other equivalent software to create your perceptual map.

Relevant Consumer Behavior

Examine the relevant consumer behavior for your target market. Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement and marketing strategy are right for the identified target market.

Mission and Company Introduction

Develop your company’s mission statement and company introduction.

References

(Insert relevant, high quality references in the following format. You need more than 3 references here)

Access Eric, R. D. (1991). Emergent literacy: An early reading and writing concept. Issues in Adult Literacy Education. The ERIC Review. Retrieved from EBSCOhost Hansel, G., & Gretel, D. (1973). Candied houses and unfriendly occupants. Thousand Oaks, CA: Fairy Tale Publishing.

Hellriegal, D. & Slocum, J.W., Jr. (2011). Organizational behavior: 2011 custom edition. Mason, OH: South-Western Cengage Learning.

Imel, S. (1991). ERIC and the Adult Education Act: 25 years of collaboration.

Retrieved from: http://www.ericdigests.org/pre-9219/adult.htm

Mulally, A. (2010). A message from Alan Mulally. Retrieved from http://corporate.ford.com/news-center/news/press-releases/press-releases-detail/message_from_alan_mulally

Running Head:

Marketing plan for Stock All

Marketing plan for Stock All
2

Marketing plan for Stock All

Student’s Name

Institution

Marketing plan for Stock All

A marketing plan is an essential element of any business organization as it determines the ability of such an organization to sell its product (Baker & Hart, 2016). It is through the marketing plan that an organization is able to identify its customers and provide them with products and services that will meet their needs. Prior to coming up with a marketing plan, it is important for a business to look at its products as well as the market. This enables it to understand the best strategies to utilize.

Introduction

Stock All is a business organization that primarily manufactures and sells smartphones. It is a new organization that has just entered the market and it is still learning on how well to establish itself. The company is based in California but has plans to go regional and global. As earlier stated, Stock All manufactures and sells smartphones that vary in terms of features and functionality. This variation enables the business to target different customers.

Environmental Analysis

Regardless of the industry in which a business operates, it is affected by a number of factors not exist both internally and externally. It is important for the marketing department to understand the factors in the environment to understand the best strategies that can be applied at any given point. Whether or not the marketing plan of a business will be successful depends on the kind of strategies that are applied and this can only be achieved if the environment is effectively analyzed.

i. Competitive Forces

The kind of a marketing plan that Stock All should utilize should depend on the competitive forces that exist. The smartphone market is among the most competitive given the number of businesses that engage in the industry. Basing on this, Stock All will have to create a strong and competitive marketing plan in order to get a significant share of the already crowded market.

ii. Economic Forces

Marketing is an investment that has an impact on the economic conditions of the organization (Lynn & Close, 2011). The management team of Stock All should determine whether or not this investment is worth it. Prior to creating and implementing a marketing plan, the business should you look at its financial resources. It needs to have sufficient resources that will enable it to carry out a successful marketing exercise. Basically, economic forces affect the ability of a business to market its products.

iii. Political Forces

Political forces also have a significant impact on the marketing activities of an organization. It is the political class that sets the regulations that govern businesses. Stock All needs to take into consideration what has been enacted as law to make sure that it does not infringe any.

iv. Legal Forces

Stock on should also ensure that it gets on the legal documentation before engaging in its marketing. The company needs to get the necessary licenses and permits that will allow it to perform its marketing efforts within the legal framework.

v. Technological Forces

Technology is a significant factor in business in the modern world. For the purpose of having an effective marketing exercise, is important for a business to utilize different technologies to make sure that it achieves its target. Stock All can consider technology buy marketing through different platforms such as the internet and television. This will enable it to reach a large number of potential customers.

vi. Sociocultural Forces

Businesses exist in societies that have different cultures. While conducting its marketing efforts, Stock All should consider the culture of the people in which it carries out its businesses. It has to come up with strategies that are acceptable in the society (Roger, 2012).

Target Market

Businesses exist in societies that have different cultures. While conducting its marketing efforts, Stock All should consider the culture of the people in which it carries out its businesses. It has to come up with strategies that are acceptable in the society.

i. 4Ps

For the purpose of achieving effective marketing, a business has to make the right decisions with respect to utilizing the 4ps of marketing. As earlier mentioned, the product in this marketing plan is a smartphone. With respect to the place, Stock All will avail its products in different stores across the country for easy access by but it’s primary and secondary target market. The products will be priced competitively on the basis of the existing similar products. This will enable customers to have a choice. As far as promotion is concerned, the company will use different means to promote its product such as the internet, television, and billboards at strategic locations (Erica, 2012).

ii. 5cs

The customer is the major focus in this case. They need high-performance phones that are affordable. The company will satisfy the needs of the customer by providing them with the products that require. This will be analyzed through the frequency of purchasing as well as the quantity of the products purchased. The second C is the company. Stock All is a company that is in a position to meet the needs of the customers. Thirdly, there is competition. The greatest competitors are Samsung and Apple because they target the same customers. Fourth, the company will utilize collaborators such as suppliers and distributors to make sure that the products reach out to the market effectively and efficiently. Lastly, there is the context. A business operates in an environment that is affected by different factors. In this case, one of the limiting factors is the economic conditions. The labor costs are high and this will be expensive for the business.

STP

The SLP model basically consists of segmentation, targeting, positioning. This are essential elements in marketing because they have a significant and direct impact on the efficiency and effectiveness of the marketing plan.

Through market segmentation, it will be necessary to determine particular characteristics of specific market segments in order to serve them in the right manner. To achieve market targeting, stroke all will evaluate the potential attractiveness of the different market segments and select one of them to focus on. With respect to product positioning, the marketing department will you make sure that communication is done in the right manner for the market to understand what the product is (Baines & Page, 2013). This will involve using effective communication channels such as the internet and television.

Goals

In the next 1 year, the goal of the company is to create awareness and attract customers. Basically, it is concerned with letting the market know that it exists. In the next five years, Stock All looks forward to being among the top smartphone sellers in America. One of the ways to know whether or not the goals have been achieved is by looking at their market share. A significant increase in the market share will indicate that the company has managed to achieve its goals.

SWOT Analysis

Strengths 1. Competitive marketing team 2. Financial stability 3. Effective marketing strategies 4. High-quality products	Weaknesses 1. Lack of market familiarity 2. Limited workforce 3. Inexperienced management team 4. Poor employee coordination
Opportunities 1. Exploring new markets 2. Applying better marketing techniques 3. Improving product quality 4. Growth of the market share	Threats 1. Competition 2. Tough economic conditions 3. Political instability in selected areas 4. Risk of business failure

References

Baines, P. & Page, K. (2013). Essentials of Marketing. Oxford: Oxford University Press.

Baker, M. & Hart, S. (2016). The Marketing Book. London: Routledge.

Erica, O. (2012). Strategic Planning Kit. New York: John Wiley and Sons

Lynn, R. & Close, G. (2011). Consumer behavior knowledge. New York: Routledge

Roger, A. (2012). Marketing: The core. New York: McGraw-Hill