Marketing plans are vital as they explain to management, investors, and other stakeholders that your innovative product is not only creative, but it is profitable and aligns with the strategies, goals, and vision of the organization. As the marketing manager, you have completed all of the research necessary to prepare your marketing plan. You need to present your marketing plan to the Vice President of Marketing for their approval to produce your product or roll out your service. Your signature assignment calls you to build your marketing strategies and research into a marketing plan. Consider your feedback from your assignment evaluations as you develop your marketing plan.
You will now compile your comprehensive marketing strategy for your innovative product’s market entry.
Include the following items in your marketing strategy:
1. The Executive Summary – Provide a concise outline of your marketing strategy here.
2. Background – Concisely share your:
· business goals,
· marketing goals,
· financial goals, and
· challenges.
3. Market Analysis – Concisely describe your:
· strengths,
· weaknesses,
· opportunities, and
· threats.
Also include a description of the:
·
· market size,
· market segments, and
· any external factors that can impact your market (e.g., economic, seasons, etc.)
4. Target Audience – How many different segments will you target?
5. Describe each segment’s demographics, lifestyles, purchasing power, buying patterns, etc.
6. Competitive Analysis – in Week 2, you studied two competitors.
7. Innovative Product description
8. Pricing Strategy – select the most appropriate from the two discussed in Week 3.
9. Distribution Strategy – share what you discussed in Week 3 assignment.
10. Promotional Strategy (including the message) – share what you discussed in Week 3 assignment.
Compare your marketing strategy with the strategies of the two competitors you discussed in week 2. Evaluate the similarities and differences in their marketing strategy approach with your developed strategy for your innovative product. Use a table to display your findings.
Requirements
Length: 10-12 pages, not including title and references pages.
References: Include a minimum of 5 scholarly references.
The completed assignment should address all the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards
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