This assignment focuses on Comprehensive strategic marketing plan. There is also a description of aspects of the IMC. So, discuss the qualities that make this product/service new to the marketplace and the rationale for your decision to pursue the concept.
Comprehensive strategic marketing plan : aspects of the IMC
Assignment Description
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”. So, a Project Template is provided that allows you to organize your work in increments. Then, see how the sections come together to produce a comprehensive plan. PRODUCT/SERVICE So, This assignment requires application of concepts learned to build a strategic marketing plan for a new product or service that is ready to “go to market”. So, You will not be allowed to mimic plans or ideas from larger or already “inplace” campaigns. Besides, You must develop the business concept in its entirety.
Firstly, Describe the new product or service. Secondly, 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.Thirdly, 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
Comprehensive strategic marketing plan : aspects of the IMC
Fourthly, Create a Mission Statement. State your shortterm 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 timespecific—in formulating your objectives. An objective with a 100% goal is not acceptable TARGET MARKET
Comprehensive strategic marketing plan : aspects of the IMC
Additionally, 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 backup 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? Business Source Complete in the Library is a good tool for this section; it may be accessed under Find Articles & eBooks.
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