week 6

Details:

This part of your Marketplace Live simulation assignment is individual. You will present the content to your team members and determine an appropriate digital marketing plan to include in your Marketing Plan assignment.

At this point, your team has developed a Marketing Plan to support your marketing division and justify an additional capital investment from corporate headquarters to move forward. Digital marketing is a critical part of marketing strategies today because of the prevalence of social media and other web-based technologies, online media outlets, and mobile Internet and applications.

Based on the current position of your new division in the simulation and your goals for coming quarters analyze the market research data, competitive data, and real-world digital marketing options to develop a summarized digital marketing plan for your division that benefits growth and considers competition. In 500-750 words, address the following:

Digital marketing options for your division:Discuss the decision to shift all or a portion of your division’s promotional budget in the simulation to digital marketing. Consider factors including B2B verses B2C considerations in digital media, target market coverage, exposure, analytics, and costs.
Digital media impact:How would the addition of digital media options influence your division’s overall promotional plan?
Digital media types and options: Include examples of specific social media platforms, blogs, websites, applications, etc. and include a justification for each based on your division’s goals. Use real-world data by researching the outlets/platforms, reviewing media kits when available, and citing available sources on exposure, targeting options, etc.
Monitor digital media:How will you monitor effectiveness and adjust your strategy based on your division’s goals?

You are required to include both academic and professional references (e.g., data on analytics, platform use data) to justify your plan.

Submit your individual report to the assignment drop box, and then post your report to your CLC team forum for your group to review. Review the reports of the rest of your team and, as a group, discuss your individual plans to create the final digital marketing section to be included in your group’s Final Report due in Topic 8.

Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to Turnitin. Refer to the directions in the Student Success Center.

I have included the Rubric and our teams Marketing Plan

Runninghead: MARKETING PLAN

PAGE

MARKETING PLAN: RainZane

Marketing Plan: RainZane

Executive Summary

RainZane’s brand is focused within the high-performance desktop computer to target the innovator, which is RainZane’s top priority segment. Leadership includes the president, the head of the company who works with other board members to set achievable goals, marketing plans, and policy and procedure to ensure quality customer service. Leadership also includes brand management, which manages and maintains the integrity the company brands across a targeted market population. Another important leadership role of RainZane is the Advertising department, which is responsible for the publicity of goods and services, carrying out research, setting goals for budgeting, reviewing and approving copies, and identifying targeted audiences. Other roles within the company include the Business Analyst who works with other stakeholders to identify and resolve real and hypothetical problems that affect the company, and assesses business models, as well as the Finance department that prepares the company’s overall financial report, forecast, expansion, and strategizes ways to improve profits (Staff, 2018). The company was founded in 2017 as a general partnership (GCU, 2018).

Mission Statement

The mission and goal for RainZane is to enable massive productivity for innovative professionals who depend on advanced functionality, quality, performance and the ability to travel using their devices. RainZane’s goal is to target the innovator segment with the two desktop computers and the X2 and X3 laptops and the traveler segment with the three laptop models (GCU, 2018).

RainZane has three sales offices located in two regions: NORAM and APAC. The stores are specifically located in Los Angeles, Chicago and Tokyo. Beginning with only two stores, one in Chicago and Tokyo, in quarter 4, an additional store in Los Angeles was built to expand product availability in a highly visible market. The organization also focuses on laptop computers for the traveler segment, but also provides a high-performance laptop that appeals to the innovator segment as well. In the last quarter, RainZane designed a new laptop more focused on the traveler segment to get more visibility in that area. In the current quarter, two additional computers were designed to satisfy the desires of the two target markets (GCU, 2018).

Financial and Market Performance

Financial Performance = (Operating Profit / Sales Revenue) * 100
(850,348 / 4,559,574) * 100 = 18.65
Operating Profit
Gross Profit – Operating Expenses = 2,026,930 – 1,176,582 = 850,348

Gross Profit: 2,026,930

Operating Expenses: 1,176,582

Sales Revenue: 4,559,574

RainZane is currently earning a profit. However, there is room to grow as shown below in the performance within the market. In target segments, RainZane is currently performing 2nd and 3rd as compared to the other companies that have a significant amount of the market. Sales continue to grow over the last four quarters. Currently, RainZane stands at an overall sale of $1,525,156, with a net profit of $647,797, and a projected gross profitability of $ 1,455,383 (GCU, 2018).

Market Performance = Average Market Share in Targeted Segments / 100

16 / 100 = 0.16

Average Market Share in Targeted Segments
(Market Share in Primary Segment + Market Share in Secondary Segment) / 2 = (19 + 13) / 2 =16

Market Share in Primary Segment: 19

Market Share in Secondary Segment: 13

In the simulation under Market Performance it is stated that with 3 teams a good score would be anything over 0.5 and with 8 teams 0.35. As an organization, there is room for improvement in this regard. However, RainZane’s marketing effectiveness score is good, and management is confidence that future sales will increase. With $1,375,249 available funds to invest in the next quarter, the company with invest in research and development that will create new features to appeal specifically to the innovator and traveler markets (GCU, 2018).

SWOT Analysis

A SWOT analysis is a strategic planning tool that helps a business owner identify his or her own strengths and weaknesses, as well as any opportunities and threats that may exist in a specific business situation (Gregory, 2017). RainZane is currently performing well in the marketplace, but there is room for growth. The organization’s current strengths are: marketing effectiveness and investment in the firm’s future. RainZane is performing within the average numbers and currently earning a profit. The weaknesses can be identified in the lack of market share, which will be the focus of the coming quarters (GCU, 2018).

Consumer Response & Competition

In quarter four, prices were lowered and rebates were added and advertised, to become more relative to the competition’s pricing. Introduction of a new laptop computer occurred, targeting the traveler consumer in hopes to be acknowledged as a recommended product to this segment. However, this new product did not meet the needs of the traveler segment. Additional investigation in the coming quarters will be conducted and moving forward, RainZane will focus on branding a new laptop to better suit the needs of the traveler market. The main competition is YOUnity Inc. which has a predominant share of the total market. However, they do not necessarily focus on the same target markets as RainZane. TecTitan and Future Desktops Ltd. are targeting similar segments and currently have similar shares of the innovator and traveler markets (GCU, 2018).

Strengths and Weaknesses

RainZane’s current strength is market effectiveness and profit. The numbers show that the organization is reaching their target customers and are experiencing success within those markets. But gaining a larger share of the market is a major focus as there is opportunity for growth. Currently, RainZane is not experiencing any major problems. The team hopes to capitalize on the new laptop in the traveler segment with the Phoenix X3 as well as implement two brand new models in the sixth quarter to have a total of five available to consumers (GCU, 2018).

Marketing Strategy

The use of a marketing mix is an excellent way to ‘put the right product in the right place.’ The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P’s of marketing: price, product, promotion, and place (Martin, 2014). Future marketing plans include discounting specific models, promotion of a new product line to include the least expensive laptop on the market and a high performing, larger high resolution screen desktop. The advertising will remain in magazines as this avenue is effective for the traveler and innovator markets, and media placement will appear in magazines that are read frequently by these target markets (GCU, 2018).

Pro Forma

Tactical Plan

In the fifth quarter, two new computer designs will be created and advertising will be marketed in preparation for the sixth quarter. The Phoenix Riser desktop model is a high performing computer with a large high resolution monitor. Priced at $3,850 with a $150 rebate, this design will be directed to the innovator market. The Phoenix Flyer laptop model is also being designed in quarter five and will be the least expensive laptop currently available to consumers. This laptop will be priced to sell at $2,100 with a $150 rebate. An additional nine sales representatives will be hired, one support, innovator sales, and traveler sales representative for each sales office to ensure preparation for the new models created this quarter. Investments into research and development of new features to improve the brand of existing computer models will take place this quarter. A slim laptop case design will be developed to appeal to the traveler markets’ desire for portability and a slim design that can be easily used on the road. The new design will become available in quarter six. To appeal to both the innovator and traveler markets, research is being conducted to design an improved high speed network that will be available in quarter seven (GCU, 2018).

Major media placement for the Phoenix X1, X2, X3, and the Riser will appear in magazines most viewed by innovators, including New Venture Magazine, Computer Magazines, and Science & Technology Magazines. The Phoenix X2, X3, and the Flyer will appear in traveler favorite reads including Leading Trade Journals, New Venture Magazine, Sports Magazines, and General News Magazines. There will also be inserts for the Phoenix Flyer included in the Cost cutter markets’ favorite reads, such as General business magazines. Even though this is not a target market, the Flyer is the least expensive computer on the market so appearing in magazines read frequently by the cost cutter market is likely to pay off (GCU, 2018).

In the sixth quarter, the slim laptop design will be implemented into all three laptop models to appeal to travelers. Anticipating a 200 unit increase each quarter with each of the five computers available, an increase in sales and support representatives will follow each quarter as well. Research will be conducted to develop ultra-fast computing power, which will appeal to the innovator market. The investment will cost over $3.5 million. This will be completed and implemented into the Phoenix X1, X2, X3 and the Riser in the seventh quarter (GCU, 2018).

In the seventh quarter, the new improved high speed network will be implemented into four of the five computer models. Advertising will be updated to reflect this in all the media so that both the innovator and traveler markets will be aware of the new feature. Anticipating a 200 unit increase each quarter with each of the five computers available, an increase in sales and support representatives will follow each quarter as well. Market research will be purchased to determine what benefits the innovator and traveler markets are looking for in their products features will be added to accommodate their wants and needs. Attention will also be paid to the Workhorse and Mercedes markets to ensure that the products created are desirable among all targetable markets (GCU, 2018).

In the eighth quarter, a gain of 10-15% of the market share in both the innovator and traveler market is the goal. Media placement in other sectors in addition to the magazine inserts will be implemented to increase brand recognition. Anticipating a 200 unit increase each quarter with each of the five computers available, an increase in sales and support representatives will follow each quarter as well (GCU, 2018).

Conclusion

RainZane will continue to focus on their mission to enable massive productivity for innovative professionals who depend on advanced functionality, quality, performance and the ability to travel using their devices. In future quarters, marketing strategies will be implemented to gain a larger share of the innovator and traveler markets by appealing to their desired benefits within products, proper media placement and appropriate pricing. Initial success will grow due to the investment in research and development of higher quality product features to stand out within their targeted markets.

References

Gregory, A. (2017, March 14). How to conduct a SWOT analysis for your small business. Retrieved from the balance:

https://www.thebalance.com/swot-analysis-for-small-business-2951706

GCU. (2018). Marketplace Live. Retrieved 01/29/2018 from:

https//web5.marketplacelive.com/engine.php?tpl=student&studentID=10773666&

sessionID=18c71f0a6ef36c8ac2819612aa4006a5&quarter=5&language=en-

us&resource=proformadivisionprofitability&parentResource=finance&tab=workspace

Martin. (2014, August 5). Understanding the marketing mix concept- 4ps. Retrieved from Cleverism: https://www.cleverism.com/understanding-marketing-mix-concept-4ps/

Staff, I. (2018, January 8). What is the difference between a president and a CEO. Retrieved from Investopedia: https://www.investopedia.com/ask/answers/04/062504.asp#ixzz55itgUKhD

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Benchmark – Digital Marketing Promotion

1
Unsatisfactory
0.00%

2
Less than Satisfactory
74.00%

3
Satisfactory
79.00%

4
Good
87.00%

5
Excellent
100.00%

70.0 %Content

20.0 %Digital Marketing Option (1.2: Leverage digital marketing strategies to promote organizational growth.)

No digital marketing option for the division is present.

The digital marketing options for the division are included, but lack detail or are incomplete.

The digital marketing options for the division include some details on the decision to shift to digital marketing. There is mention of additional factors that were considered in the decision.

The digital marketing options for the division include a detailed description on the decision to shift to digital marketing. The additional factors that were considered in the decision are included with some reasoning to support your decisions.

The digital marketing options for your division include a comprehensive description on the decision to shift to digital marketing. The additional factors that were considered in the decision are included with detailed reasoning that supports your decisions.

10.0 %Digital Media Impact

The marketing plan does not include the digital media impact on the promotional plan.

The marketing plan includes the digital media impact on the promotional plan, but lacks detail or is incomplete.

The marketing plan includes the digital media impact on the promotional plan.

The marketing plan includes a detailed description for the digital media impact on the overall promotional plan.

The marketing plan includes a comprehensive description for the digital media impact and its influence on the overall promotional plan.

15.0 %Digital Media Types and Options

No digital media types and options are present.

The digital media types and options are included, but lack details or are incomplete.

The digital media types and options are included. There is mention of specific social media platforms used to target the identified market.

The digital media types and options are included. There are details on specific social media platforms relating to division goals. Real-world data is included in the description.

The digital media types and options are included. There are clear details on specific social media platforms relating to division goals. Real-world data is included to support the digital media option selected for the division.

10.0 %Monitor Digital Media

No methods for monitoring digital media are included.

There is some mention of methods for monitoring digital media, but they lack details or are incomplete.

Methods for monitoring digital media are included with some details on effectiveness and strategy to meet division goals.

Methods for monitoring digital media are included with details on effectiveness and strategy to meet division goals. There is some mention of a plan for modification when necessary.

Methods for monitoring digital media are included with clear details on effectiveness and strategy to meet division goals. There is a clear plan for modifications when necessary.

15.0 %Methods of Marketing and Consumer Research (2.4: Analyze markets and consumer data to inform marketing strategy.)

No methods of marketing and consumer research are included.

There is little or no evidence of marketing and consumer research.

The plan includes evidence of relevant marketing and consumer research. There is a minimum of three resources included.

The plan includes evidence of relevant and quality marketing and consumer research. There are more than three current resources validating the digital marketing decisions included in the plan.

The plan includes evidence of relevant, current, and quality research. The description analyzes marketing and consumer research to thoroughly validate digital marketing decisions for the plan.

20.0 %Mechanics

20.0 %Mechanics of Writing (includes spelling, punctuation, grammar, language use)

Surface errors are pervasive enough that they impede communication of meaning. Inappropriate word choice or sentence construction is used.

Frequent and repetitive mechanical errors distract the reader. Inconsistencies in language choice (register) or word choice are present. Sentence structure is correct but not varied.

Some mechanical errors or typos are present, but they are not overly distracting to the reader. Correct and varied sentence structure and audience-appropriate language are employed.

Prose is largely free of mechanical errors, although a few may be present. The writer uses a variety of effective sentence structures and figures of speech.

Writer is clearly in command of standard, written, academic English.

10.0 %Format

5.0 %Paper Format (use of appropriate style for the major and assignment)

Template is not used appropriately or documentation format is rarely followed correctly.

Appropriate template is used, but some elements are missing or mistaken. A lack of control with formatting is apparent.

Appropriate template is used. Formatting is correct, although some minor errors may be present.

Appropriate template is fully used. There are virtually no errors in formatting style.

All format elements are correct.

5.0 %Documentation of Sources (citations, footnotes, references, bibliography, etc., as appropriate to assignment and style)

Sources are not documented.

Documentation of sources is inconsistent or incorrect, as appropriate to assignment and style, with numerous formatting errors.

Sources are documented, as appropriate to assignment and style, although some formatting errors may be present.

Sources are documented, as appropriate to assignment and style, and format is mostly correct.

Sources are completely and correctly documented, as appropriate to assignment and style, and format is free of error.

100 %Total Weightage

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