...Elements of a Marketing Plan Penny Martin MKT/421 April 11, 2016 Michael Gaither Elements of a Marketing Plan Pacific Steel & Recycling, Inc. formerly known as Pacific Hide & Fur Depot, has grown from it humble beginnings in 1885 as a buyer of animal pelts, to a company that recycles ferrous scrap metal, paper, cars, aluminum, copper and also sells new steel to the public. The company is has branches in 9 western states, with headquarters in Great Falls, MT, and 1 branch in Alberta, Canada. (Pacific Steel & Recycling, 2015) Key environmental forces: Pacific Steel & Recycling strives to pursue practices that will lead to environmentally friendly decisions and ecological responsibility. Making decisions and creating lifestyles that will help protect the environment while also protecting natural resources is one of the key elements driving the company. One practice supporting this vision is to keep material that is recyclable out of the solid waste streams, making a more responsible use of landfills and turning valuable scrap materials into new products. The company has developed a partnership with the community through trade relationships and the people the company serves. (Pacific Steel & Recycling, 2015) Changes in purchasing patterns: As with oil, steel and scrap prices fluctuate on a regular basis, with the last two years dealing with very low prices scrap markets. As a result the company kept a keen eye on the market and was very careful...
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...Elements of a Marketing Plan Diandra Wood MKT/421 April 11, 2016 Elizabeth Hartsig Panera Bread Company The success or failure of a company depends on how well the company can manage key environmental factors. Each and every company out there has a specific environment that will move it. Some of the factors can be prevented while others are completely out of control of the company. Panera Bread is one of the fastest growing chains in America today, there is only 5 states that do not have a Panera. A big key environmental force that created a great opportunity for Panera Bread was Technological and Competitive. Panera Bread offers an app in the Play store for Android and on ITunes for Apple, this app makes it super easy to order your food to go and pickup as soon as you get there with no line no waiting. A few more key factors that led to the growth of Panera Bread is the way they treat their customers. Customer service is a key factor that influences the consumers to keep coming back. Customers do not just pay for a meal but they pay for the entire experience. Excellent customer service skills and waitresses going above and beyond kept customers coming back. Another remarkable key factor was Panera Bread had the ability to respond quickly to shifting market conditions. Customers were constantly changing what they wanted, and restaurants needed to keep up with those changes (Dr. Desmarais, 2011). In order for a restaurant to be able to compete with rival companies it...
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...7 ELEMENTS OF A MARKETING PLAN 1. EXECUTIVE SUMMARY This is a brief, less than one-page overview of the entire marketing plan. It highlights key recommendations, as well as their required costs and benefits from implementation. It is the first thing read by the client’s manager and should be the last part of the marketing plan composed. It is a roadmap previewing what needs to be done. 2. INTRODUCTION The introduction provides a description of the organization, its product/service offerings, and the problems it faces, as well as a background of the marketing plan. 3. CURRENT SITUATIONAL ANALYSIS This section should contain an analysis of the organization’s strengths, weaknesses, opportunities, and threats (SWOT). It should also contain the organization’s current strategy, current tactics (marketing mix), current target marketing, current customer needs, and competitive advantage. 4. PROBLEM/OBJECTIVE/GOAL This section will contain: (1) a problem statement identifying the underlying difficulty faced by the firm, (2) an objective statement reflecting the problem that needs to be solved, and (3) a goal statement which explains how that problem will be solved. This/these goal(s) should be SMART: specific, measurable, achievable, relevant, and time-bound 5. RECOMMENDATIONS This section should contain the actions you recommend the firm to take, what its competitive advantage SHOULD be, what its target market SHOULD be, as well as your proposed strategy, proposed...
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...Identifying quantifiable elements to evaluate, monitor and control your marketing plan begins with establishing goals. Establishing quantifiable goals that must be met within a certain time frame gives you context within which to evaluate whether your marketing campaigns are bringing in enough leads or sales. Based on whether you are on track to meet your goals or not, you can adjust your plan accordingly. In most marketing plans, the quantifiable elements are the number of new leads or sales brought in. Step 1 Set quantifiable goals for your marketing plan. Common goals include increasing brand awareness, store or website traffic and the number of leads or sales. Step 2 Create new marketing campaigns or tweak existing ones to help you reach the goals you set in the marketing plan. Step 3 Review last year's sales records so you have something to which to compare this year's sales. An increase in leads or sales over last year's numbers will indicate that your current marketing campaigns are working. Step 4 Set metrics for tracking the direct impact of each campaign on its ability to help you reach your marketing goals. Common metrics include number of click-throughs on an online ad, number of new sales, number of new leads or percent increase in traffic to the store. It's okay if the metrics directly mirror your goals because campaigns are only run to help you reach your overall goals. Step 5 Analyze the results of each campaign based on your metrics. Determine whether...
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...Profession * What is your reason for taking this course? * How can a course in marketing help you with your objectives? * Think of any two instances from your life when you did some kind of marketing. * Do you think that having a formal education in marketing would have made you react differently in those situations? Take note of your reply to this question and compare it with your views after you have completed the course. MKT 230 Week 1 Discussion 2 Assignment 2 Identify Product & Marketing Mix 1. Select/ identify a major consumer product and the company that makes it. Provide a brief history of them both. (Select an existing publicly owned company. View the link Public Companies for a comprehensive list of publicly traded companies.) 2. Identify/ create/ build a Marketing Mix for this product as it is today. 3. Discuss any potential ethical or social responsible issues that could arise from the marketing of this product. Your post should be written about the marketing activities of a well-known consumer product, not services (like insurance, storage, or banking), not automobiles/ jets or any other industrial product. Select a well-known consumer company/product that comes in a box/ bottle/ can/ etc. (like Corn Flakes, M&M, Hershey Kisses, Welch's Grape Jelly) to demonstrate the marketing concepts we will study. You will usually find a great deal of marketing/ business information...
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...Competency 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...
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...COURSE DESCRIPTION Introduces basic marketing principles and concepts. Emphasis is placed on the development of marketing strategy and the major components of the marketing mix (product, price, promotion, and distribution). Reviews the critical environmental factors of markets, domestic and international, and customer behavior characteristics that affect marketing operations. Highlights the integration of marketing with other functions in a business organization. INSTRUCTIONAL MATERIALS Required Resources Pride, W. M., & Ferrel, O. C. (2013). Foundations of marketing (5th ed.). Mason, OH: South-Western Cengage Learning. Supplemental Resources A comprehensive list of supplemental resources is located at the end of the course guide. COURSE LEARNING OUTCOMES 1. Identify the key concepts of marketing and its function in society. 2. Explain the fundamentals of marketing, including product, price, distribution, and promotion in a global environment. 3. Determine the marketing planning process, market segmentation, and the development of the key elements of a marketing strategy. 4. Identify ethical issues involved in marketing. 5. Understand customer relationship management. 6. Determine the elements of marketing research. 7. Determine the factors affecting the behavior of consumers and commercial / organizational buyers. 8. Understand the key elements of business marketing, including product, price, distribution, and promotion. 9...
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...Marketing fundamentalsFUNDAMENTALS OF AN INTEGRATED MARKETING COMMUNICATION PLAN This document is intended to provide a general guide to students in Bus 134B, Integrated Marketing Communications, as they develop their semester project. Hopefully, this will provide an additional “comfort zone” to students, enabling a clearer understanding and a faster start with the project. References to page numbers and figures whose content is incorporated here refer to Chapter 4, The IMC Planning Process, of Integrated Advertising, Promotion, and Marketing Communications, Clow & Baack, 5th Edition, Prentice Hall, 2011. Integrated Marketing Communications (IMC) is the term used to describe the entire program by which you communicate with your customers. The “face, personality and spirit” of your company and products (all marketing mix variables) should blend together to present a unified message. Note that an IMC plan is NOT a marketing plan. An IMC plan is the portion of the marketing plan that involves all promotional aspects of the marketing plan. All communications with customers, including but not limited to • personal selling • consumer sales promotions • trade (channel) promotions • advertising • public relations • corporate as well as product positioning • customer service experiences are included in a complete IMC plan. Each of these different communication types must be aligned with and in support of each other and the overall positioning (Value Image) of company. To develop a feeling...
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...The Marketing Plan Introduction As a marketer, you’ll need a good marketing plan to provide direction and focus for your brand, product, or company. With a detained plan, any business will be better prepared to launch a new product or build sales for existing products. Non-profit organizations also use marketing plans to guide their fundraising and outreach efforts. Even government agencies put together marketing plans for initiatives such as building public awareness of proper nutrition and stimulating area tourism. The Purpose and Content of a Marketing Plan Unlike a business plan, which offers a broad overview of the entire organizations mission, objectives, strategy, and resource allocation, a marketing plan has a more limited scope, it serves to document how the organization’s strategic objectives will be achieved through specific marketing strategies and tactics, with the customer as the starting point. The Role of Research To develop successful strategies and action plans, marketers need to up date information about the environment, the competition, and the market segments to be served. Marketing Research helps marketers learn more about their customers’ requirements, expectations, perceptions, and satisfaction levels. This deeper understanding provides a foundation for building competitive advantage through well-informed segmenting, targeting, and positioning decisions. The Role of Relationships The marketing plan shows how the company will establish...
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...What is a Marketing Plan? "The formal marketing plan is the symbol and essence of purposeful management," in the view of many marketing executives surveyed by The Conference Board. "Formulation of a written plan to guide the future operations of the marketing function, some marketers contend, links in a practical way the customer oriented marketing concept and the principle of management by objectives. What is more, in the words of one executive, such a plan puts an end 'to the intuitive approach to decision making and to informal planning to meet day-to-day challenges. "Those supporting use of a formal marketing plan applaud especially the discipline of spelling out future intentions in a written document. Several acknowledge that the element of ritual in preparing a written plan may, on occasion, degenerate into 'busy work' or 'gold-plating.' Yet they themselves do not see this as sufficient reason to settle for anything less formal. Unless all the key elements of a plan are written down, they say there will always be loopholes for ambiguity and misunderstanding. "The notion that formalized marketing planning can become something of a straitjacket, leaving too little flexibility for future marketing, action, is not borne out by the experience of most of the marketers reporting. Many emphasize that for them, formal planning is not mere adherence to standardized techniques sure to yield standardized plans. As they see it, marketing planning in each company is a search for...
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...How to prepare a Business Plan Prof K Ramachandran Thomas Schmidheiny Chair Professor of Family Business & Wealth Management Indian School of Business, Hyderabad Most Entrepreneurial initiatives fail • How come backpacks, Staples, Jeans, gmail, Chic Pouch Shampoo, Nirma, Goodknight, Dell, Take aways, mobiles, share autos, mineral water (and the companies) . became run away success? Why did they all become successful? They eliminated high customer dissatisfaction By Offering Solutions to customers’ problems Discontent – Criticality Matrix High Discontent Low Criticality High Criticality Low Discontent Financial Attractiveness Strategy (source, cost, availability, adequacy) Technical Attractiveness Strategy (Existing/new technology and products/services) Market opportunity Marketing Attractiveness Strategy (size, Entry, Sustenance) Entrepreneurial Capability Strategy (Attitude, Skills, Knowledge pool/network – individual/group) Why businesses fail? • Not spotting opportunity right • Not developing balanced tripod and sharpened diamond • Not maintaining sharpness of diamond over time • In essence, S W resource pool not matching with OT of environment • Entrepreneurs need to facilitate transformation of the “baby” through its life cycle Rs FLC and Capability mix at different stages Growth Idea Motivaton Attitude Planning Opportunity Stabilisation t S Start - up W O T Write the horoscope of the enterprise ...
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...BUS 497 WEEK 4 MARKETING OBJECTIVES AND STRATEGIES TO purchase this tutorial visit following link: http://wiseamerican.us/product/bus-497-week-4-marketing-objectives-strategies/ Contact us at: SUPPORT@WISEAMERICAN.US BUS 497 WEEK 4 MARKETING OBJECTIVES AND STRATEGIES Marketing Objectives and Strategies: Product, Pricing, and Distribution Continue working on the Marketing Plan. The assignments in Weeks 1-4 will culminate in the Marketing Plan: Final Paper in Week Five. Assignment Instructions: In a three- to four-page paper (not including the title and reference pages), explain the difference between marketing objectives and strategies. Identify and justify the strategies you will use to achieve your marketing objectives (use examples to support justification). For your product (good or service), describe the next two elements of the marketing mix, pricing, and distribution objectives, as they relate to your product. You must use a minimum of two scholarly sources, not including the textbook, and your paper must be formatted according to APA Style guidelines. BUS 497 WEEK 4 MARKETING OBJECTIVES AND STRATEGIES Marketing Objectives and Strategies: Product, Pricing, and Distribution Continue working on the Marketing Plan. The assignments in Weeks 1-4 will culminate in the Marketing Plan: Final Paper in Week Five. Assignment Instructions: In a three- to four-page paper (not including the title and reference pages), explain the difference between marketing objectives and...
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...Marketing Mix Marcos Moreno Marketing Mix Organization's success follows a marketing plan, process and strategies to achieve maximum product awareness and make their product or service in the top of any industry to achieve revenues needed to make an organization reach maximum profits. The industry the organization is part of plays an important role too, because depending on the market saturation or not, makes the organization creates a larger plan causing to spend more than in other industries adding additional costs to the final product or service. The marketing mix describes the combination of the four inputs which constitute the core of an organization’s marketing system (Stanton, William J.) Organizations use the elements of the marketing mix (product, place, price, and promotion) to outline the marketing plan, goals, and strategy to follow. The marketing mix is the instrument to reach the marketing goals. The marketing mix are interrelated, because of the decisions taken in one area usually affects the other. The product mix is the actual article or substance, is the first element. The product must satisfy consumer needs. It includes the physical product, services, branding, packaging, planning and developing the right products, modification and innovations. The price is the actual amount the organization sells their final product or services which affects the volume of sales. It includes pricing objectives and policies, price fixation, discount policy, concession...
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...BUS 497 WEEK 4 MARKETING OBJECTIVES AND STRATEGIES To purchase this, Click here http://www.activitymode.com/product/bus-497-week-4-marketing-objectives-and-strategies/ Contact us at: SUPPORT@ACTIVITYMODE.COM BUS 497 WEEK 4 MARKETING OBJECTIVES AND STRATEGIES Marketing Objectives and Strategies: Product, Pricing, and Distribution Continue working on the Marketing Plan. The assignments in Weeks 1-4 will culminate in the Marketing Plan: Final Paper in Week Five. Assignment Instructions: In a three- to four-page paper (not including the title and reference pages), explain the difference between marketing objectives and strategies. Identify and justify the strategies you will use to achieve your marketing objectives (use examples to support justification). For your product (good or service), describe the next two elements of the marketing mix, pricing, and distribution objectives, as they relate to your product. You must use a minimum of two scholarly sources, not including the textbook, and your paper must be formatted according to APA Style guidelines. BUS 497 WEEK 4 MARKETING OBJECTIVES AND STRATEGIES To purchase this, Click here http://www.activitymode.com/product/bus-497-week-4-marketing-objectives-and-strategies/ Contact us at: SUPPORT@ACTIVITYMODE.COM BUS 497 WEEK 4 MARKETING OBJECTIVES AND STRATEGIES Marketing Objectives and Strategies: Product, Pricing, and Distribution Continue working on the Marketing Plan. The assignments in Weeks 1-4 will culminate...
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...creation of a marketing plan for a product of service. You will propose a “fictional” consumer product or service you wish to bring to market. This final project is designed to walk you through such a task. The components of this project will be submitted in six separate milestones spread throughout the modules of the course. These milestones are the initial product idea (Module One), Part One (Module Two), Part Two (Module Four), Part Three (Module Seven), Part Four (Module Eight) and the full marketing plan (Module Nine). Main Elements of Final Product Marketing Plan Elements (Ten Sections) I. Product or Service Description Describe for the reader what it is that you wish to bring to market. If it is a product, describe the product, its functionality, and how it works. If it is a service, describe the service offering so that the reader understands what they would receive. It is suggested that you create a product or service on your own. Please do not attempt to write a marketing plan for Google or Aflac, as that is beyond the purview of this course. Your description should be complete, including: • Where your company is located • The problem your product/service solves – as seen by the target market (not you) – and to which the target market would say, “Yes, that is a problem and no one has solved it”? • The competitive advantages that you offer • The challenges might you face in the marketing of this product...
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