Marketing Plan

Marketing PlanPaper instructions:SUBDOMAIN 318.1 – MARKETINGCompetency 318.1.5: Marketing Plans – The graduate can create a marketing plan.Objectives:318.1.5-06: Apply Porter’s Five Forces model to an analysis of the competitive environment for a given business situation.318.1.5-07: Define the target market as part of a marketing plan for a given situation.318.1.5-08: Classify a specified consumer product using the three-way consumer products classification system.318.1.5-09: Develop an appropriate set of marketing objectives that support a given mission statement.318.1.5-10: Develop a SWOT analysis for a given business situation.318.1.5-11: Select an appropriate distribution channel for a given marketing situation.318.1.5-12: Select an appropriate pricing strategy for a given marketing situation.318.1.5-13: Select an appropriate promotion strategy for a given marketing situation.318.1.5-14: Develop a tactical marketing plan that supports specified elements of a strategic marketing plan.318.1.5-15: Identify monitoring and control activities appropriate for a specified tactical marketing plan.Introduction:Company G is a well-established firm that is highly regarded in the electronics market. Its mission statement is as follows:“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronic solutions.”Company G’s engineers and designers have developed a line of small appliances that the company feels can be very successful in the small-appliance market. Thecompany feels that the current marketing plan for its products does not put them in a position to reach the profit potential for the small appliances.Success with the new line will depend upon an accurate assessment of the market and a well-crafted, effectively implemented marketing plan that will fit thecurrent market.As the marketing manager, you are charged with the responsibility of developing a new marketing plan that will enable the company to reach the full profitpotential of one small appliance from the new product line.The president has suggested that you use the “clean sheet of paper” concept as you develop the plan; therefore, during the time you are creating the new plan, alldetails of the company’s existing electronics marketing plan are to be considered irrelevant. The intent is that current strategies, practices, etc., will beconsidered for relevance and possible continuance only after your new plan has been presented to and is understood by top management.Given:Company G’s team of engineers and designers have developed a line of top-quality small appliances, and through concept and prototype testing, they have shown thatthe visual design features are very appealing to potential buyers and give a distinct impression associated with quality and artistic elegance. Extensive testing hasdemonstrated that the new products may be the most reliable line of products in the small-appliance industry. Additionally, the team has designed a production processthat is very efficient in terms of labor and production-line time and that will result in very little raw materials waste. The combination of these efficiencies andthe relatively small front-end investment for this line will result in the company’s ability to produce each of the products in the line at a cost that should enablethem to emerge as the lowest-cost producer in the small-appliance industry.Company G has a low debt-to-equity ratio and a high credit rating. It enjoys excellent relationships with current suppliers, but because of differences in materialrequirements, new raw material suppliers will be needed to support the small appliance line. Company G will also need new suppliers for two component parts that willbe purchased ready for assembly into some of the small appliances.The credit terms Company G offers to intermediaries in their distribution channel are typical for their industry. Marketing research has shown that the company’sXG brand and logo are readily recognized by most categories of electronics product consumers.Task:Prepare a three-year marketing plan (suggested length of 5–7 single-spaced pages) for one of the small appliances from the new line. Describe the specificappliance you have chosen. Carefully examine the details provided in the given Company G marketing situation and identify the specific information that should beconsidered while developing the plan. Consider other information from the real world that you should incorporate as you develop the plan. Include the followingsections in your plan:A.  Product Support of Mission Statement1.  Explain how the small appliance you have selected supports Company G’s mission statement provided in the introduction.2.  Classify Company G’s products using the three-way consumer product classification system.B.  Target Market1.  Describe the target market for the company’s product.C.  Analysis of Competitive Environment1.  Analyze Company G’s competitive environment utilizing Porter’s Five Forces model of competitive forces.D.  SWOT Analysis1.  Describe three of Company G’s strengths related to the marketing of the new product.a.  Support your choice of each of these elements as strengths.b.  Identify at least two strengths that should be considered as core competencies.2.  Describe three areas where Company G has weaknesses related to the marketing of the new product.a.  Support your choice of each of these elements as weaknesses.3.  Describe three current or potential opportunities within the industry.a.  Support your choice of each of these as opportunities.4.  Describe three current or potential threats within the industry.a.  Support your choice of each of these as threats.E.  Marketing Objectives1.  Select four marketing objectives for Company G consisting of one objective for each of the four marketing mix elements (product, distribution, price, andpromotion).F.  Marketing Strategies1.  Describe three strategies for each element of the market mix (product, distribution, price, and promotion) that are appropriate for the target market. The 12strategies should be consistent with each other and supportive of the related objective.2.  Explain why you feel this is the best mix to achieve the objectives.G.  Tactics and Action Plan1.  Develop an action plan for implementing the marketing strategies identified.a.  Include one task for each strategy identified (for a total of 12).2.  Create a timeline outlining when each task is to be completed.H.  Monitoring Procedures1.  Describe the specific actions that will be taken to measure the effectiveness of the plan.2.  Create a timeline for these actions from the action plan (part H1 above).I.  When you use sources, include all in-text citations and references in APA format.Note: When bulleted points are present in the task prompt, the level of detail or support called for in the rubric refers to those bulleted points.Note: For definitions of terms commonly used in the rubric, see the Rubric Terms web link included in the Evaluation Procedures section.Note: When using sources to support ideas and elements in a paper or project, the submission MUST include APA formatted in-text citations with a correspondingreference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the textof the paper or project.Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from sources, even if cited correctly. For tips on usingAPA style, please refer to the APA Handout web link included in the General Instructions section.Marketing PlanPaper instructions:SUBDOMAIN 318.1 – MARKETINGCompetency 318.1.5: Marketing Plans – The graduate can create a marketing plan.Objectives:318.1.5-06: Apply Porter’s Five Forces model to an analysis of the competitive environment for a given business situation.318.1.5-07: Define the target market as part of a marketing plan for a given situation.318.1.5-08: Classify a specified consumer product using the three-way consumer products classification system.318.1.5-09: Develop an appropriate set of marketing objectives that support a given mission statement.318.1.5-10: Develop a SWOT analysis for a given business situation.318.1.5-11: Select an appropriate distribution channel for a given marketing situation.318.1.5-12: Select an appropriate pricing strategy for a given marketing situation.318.1.5-13: Select an appropriate promotion strategy for a given marketing situation.318.1.5-14: Develop a tactical marketing plan that supports specified elements of a strategic marketing plan.318.1.5-15: Identify monitoring and control activities appropriate for a specified tactical marketing plan.Introduction:Company G is a well-established firm that is highly regarded in the electronics market. Its mission statement is as follows:“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronic solutions.”Company G’s engineers and designers have developed a line of small appliances that the company feels can be very successful in the small-appliance market. Thecompany feels that the current marketing plan for its products does not put them in a position to reach the profit potential for the small appliances.Success with the new line will depend upon an accurate assessment of the market and a well-crafted, effectively implemented marketing plan that will fit thecurrent market.As the marketing manager, you are charged with the responsibility of developing a new marketing plan that will enable the company to reach the full profitpotential of one small appliance from the new product line.The president has suggested that you use the “clean sheet of paper” concept as you develop the plan; therefore, during the time you are creating the new plan, alldetails of the company’s existing electronics marketing plan are to be considered irrelevant. The intent is that current strategies, practices, etc., will beconsidered for relevance and possible continuance only after your new plan has been presented to and is understood by top management.Given:Company G’s team of engineers and designers have developed a line of top-quality small appliances, and through concept and prototype testing, they have shown thatthe visual design features are very appealing to potential buyers and give a distinct impression associated with quality and artistic elegance. Extensive testing hasdemonstrated that the new products may be the most reliable line of products in the small-appliance industry. Additionally, the team has designed a production processthat is very efficient in terms of labor and production-line time and that will result in very little raw materials waste. The combination of these efficiencies andthe relatively small front-end investment for this line will result in the company’s ability to produce each of the products in the line at a cost that should enablethem to emerge as the lowest-cost producer in the small-appliance industry.Company G has a low debt-to-equity ratio and a high credit rating. It enjoys excellent relationships with current suppliers, but because of differences in materialrequirements, new raw material suppliers will be needed to support the small appliance line. Company G will also need new suppliers for two component parts that willbe purchased ready for assembly into some of the small appliances.The credit terms Company G offers to intermediaries in their distribution channel are typical for their industry. Marketing research has shown that the company’sXG brand and logo are readily recognized by most categories of electronics product consumers.Task:Prepare a three-year marketing plan (suggested length of 5–7 single-spaced pages) for one of the small appliances from the new line. Describe the specificappliance you have chosen. Carefully examine the details provided in the given Company G marketing situation and identify the specific information that should beconsidered while developing the plan. Consider other information from the real world that you should incorporate as you develop the plan. Include the followingsections in your plan:A.  Product Support of Mission Statement1.  Explain how the small appliance you have selected supports Company G’s mission statement provided in the introduction.2.  Classify Company G’s products using the three-way consumer product classification system.B.  Target Market1.  Describe the target market for the company’s product.C.  Analysis of Competitive Environment1.  Analyze Company G’s competitive environment utilizing Porter’s Five Forces model of competitive forces.D.  SWOT Analysis1.  Describe three of Company G’s strengths related to the marketing of the new product.a.  Support your choice of each of these elements as strengths.b.  Identify at least two strengths that should be considered as core competencies.2.  Describe three areas where Company G has weaknesses related to the marketing of the new product.a.  Support your choice of each of these elements as weaknesses.3.  Describe three current or potential opportunities within the industry.a.  Support your choice of each of these as opportunities.4.  Describe three current or potential threats within the industry.a.  Support your choice of each of these as threats.E.  Marketing Objectives1.  Select four marketing objectives for Company G consisting of one objective for each of the four marketing mix elements (product, distribution, price, andpromotion).F.  Marketing Strategies1.  Describe three strategies for each element of the market mix (product, distribution, price, and promotion) that are appropriate for the target market. The 12strategies should be consistent with each other and supportive of the related objective.2.  Explain why you feel this is the best mix to achieve the objectives.G.  Tactics and Action Plan1.  Develop an action plan for implementing the marketing strategies identified.a.  Include one task for each strategy identified (for a total of 12).2.  Create a timeline outlining when each task is to be completed.H.  Monitoring Procedures1.  Describe the specific actions that will be taken to measure the effectiveness of the plan.2.  Create a timeline for these actions from the action plan (part H1 above).I.  When you use sources, include all in-text citations and references in APA format.Note: When bulleted points are present in the task prompt, the level of detail or support called for in the rubric refers to those bulleted points.Note: For definitions of terms commonly used in the rubric, see the Rubric Terms web link included in the Evaluation Procedures section.Note: When using sources to support ideas and elements in a paper or project, the submission MUST include APA formatted in-text citations with a correspondingreference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the textof the paper or project.Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from sources, even if cited correctly. For tips on usingAPA style, please refer to the APA Handout web link included in the General Instructions section.

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