...Final Marketing Plan MKT 421 Final Marketing Plan There are many factors to consider when a company creates and launches a new product. Not only must the product itself exude quality and greatness, but it must also be backed by an outstanding marketing plan as well. Obtaining an exceptional understanding of the ways to effectively strategize, price, distribute, and promote a new product is necessary for the success of the new item. By implementing all of these factors within a marketing plan, any company or business may strive to be boundlessly prosperous in its given field. Business Overview Louis Vuitton, the brand, and the person, share humble beginnings. At the tender age of sixteen, Louis Vuitton began working as an apprentice in Paris, France in 1837. In a period when transportation occurred primarily by trains, boats, and carriages, luggage underwent a significant amount of wear. It was important for individuals to protect their belongings while traveling great distances and throughout long journeys. It was during his apprenticeship that Vuitton began building customized boxes and trunks tailored to meet the needs of clients. Seventeen years later, Vuitton embarked on the beginning of his own business. In 1859, the Louis Vuitton workshop began with merely twenty total employees, expanding later to one hundred workers in 1900, and again in 1914 to include 225 persons (Louis Vuitton, 2015). During the early 20th century...
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...MKT/421 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers. Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week. The Student Guide provides a breakdown of the readings that align to the Final Examination questions. Week One: Marketing Fundamentals Objective: Explain the importance of the marketing mix in the development of marketing strategy and tactics. 1. Dell, Inc. wants to offer customers televisions in addition to computers. This is a change in its a. pricing b. promotion c. personnel d. product Objective: Identify quantifiable elements that can be used to evaluate, monitor, and control marketing effectiveness. 2. Good marketing strategy planners know that a. firms like Nabisco and WalMart are too large to aim at clearly defined target markets b. target marketing does not limit one to small market segments c. mass marketing is often very desirable and effective d. the terms mass marketing and mass marketer mean basically the same thing Week Two: Marketing Research Objective: Identify various segmentation...
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...Marketing Plan July 2, 2012 MKT 421 Ronald Bonlender Marketing Plan Apple Inc. became incorporated in 1977 and has since generated many innovations giving Apple Inc. a valuable reputation as well as immense revenue. Apple Inc. designs, manufactures and markets a variety of products sold nationwide through retail stores, online sites, and direct sale. Apple Inc. is recognized for product differentiation and will continue to do so with the introduction of Apple Inc.’s I-Magine (video game console). In creating a marketing plan, Apple Inc. intends to consider various factors, such as geographic availability, product mix, and transmission of product description. In addition, phase I of Apple Inc.’s marketing plan will consider an effective SWOT analysis to determine strengths, weaknesses, opportunities, and threats, or trends to creating this latest product. Furthermore, marketing research and analyzing consumer factors, such as demographics, psychographics, behaviors, and geographic considerations will ensure I-Magine’s success. The function in Phase I of Team B’s marketing plan is to consider industrial analysis in relation to competition and differentiation from other competitors in the video gaming industry. To pursue this strategy in Phase II, Team B undertook data-based synopsis from different online resources to gather information on the organizational strategy of Apple Inc. Findings from research information pertaining to the video game industry’s products and services...
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...Week Five: In-N-Out Burger Final Marketing Plan MKT/421 March 20, 2013 Professor Learning Team Final Marketing Plan: Paper Resources: Marketing Plan: Phase I Paper, Marketing Plan: Phase II, Paper, Marketing Plan: Phase III Paper Refer to the Marketing Plan Outline listed on the student website for a broad general outline of a Marketing Plan. However, you must use the specific marketing plan Pegasus template as provided by your instructor for the Final Marketing Plan Paper. [See Kotler 14th ed., Chapter 2, pages 60 – 64] Write a 6,300 to 7,000 word paper integrating your previous Learning Team assignments into a final Marketing Plan Paper using the Pegasus Template provided by your instructor. In addition to the Marketing Plan Phases I through III mentioned above, address and include the following information in your paper: For the bullet points below, each team member, as assigned by the team leader, should write specifically about your product or service with the final marketing plan in mind - approximately 250 to 350 words per bullet/team member to be embodied in the final marketing plan paper using the Pegasus template. The team leader has ultimate authority for managing this effort. • Identify the appropriate place and promotional strategy that should be used in developing the strategic marketing plan. • Develop an initial sales promotion schedule. • Create an advertising plan. • Identify public relations opportunities for the product...
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...Using Perceptual Maps in Marketing Krissinda Richards MKT 421 December 21, 2011 Dr. Dyrren Davis Using Perceptual Maps in Marketing In the world’s market things are constantly changing. Products are introduced, have a growth period, then it starts to decline and eventually replaced with something new.The Thorr motorcycle simulation describes how the product life cycle of the Cruiser Thorr develops and then slowly declines as time and people change. In this situation, the CruiserThorr has had a lengthy product life cycle and the know the question is should the company think of new ways to reposition the Crusier Thorr in the market to appease the next generation or come up with a newer more fashionable model to replace it. Thorr Motorcycles must determine the motorcycles position in the market using a perceptual map. This map will chart the consumer’s views about the Cruiser Thorr and help the company make a final decision. Perceptual Map In the first step of using the perceptual map is selecting the parameters in which to reposition the cruiser in the market. The optimal parameters chosen are the lifestyle image, price, service offerings, and quality engineering. The Lifestyle image is the most powerful characteristic because it is design to persuade the customer buy into the image and not the functional attributes of the product. Quality engineering covers the product design, engine capacity and design, styling and the uniqueness of the product. These are important...
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...Marketing Mix Fontineese Green MKT/421 November 11, 2013 Jeff Lewis Marketing Mix Marketing mix is defined as a planned mix of the controllable elements of a product’s marketing plan commonly termed as 4Ps: product, price, place, and promotion. These four elements are adjusted until the right combination is found that serves the needs of the products customers, while generating optimum income (Business Dictionary.com, 2013). When a company is marketing their products, it is useful to reduce all the variables in the marketing mix to four basic ones: * Product * Place * Promotion * Price In order to create the most effective marketing mix, the product has to have the right features. Keep in mind that Product is not limited to physical goods. For example, the Product of H & R Block is a completed tax form (University of Phoenix, 2011). Place is concerned with all the decisions involved in getting the “right” product to the target market’s Place. This happens through a channel of distribution. A channel of distribution is any series of firms (or individuals) that participate in the flow of products from producer to final user or consumer (University of Phoenix, 2011). Distribution decisions include market coverage, channel member selection, logistics, and levels of service (“Quickmba”, 1999-2010). Promotion is the business of communicating with customers. It will provide information that will assist them in making a decision to purchase a product...
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...Using Perceptual Maps in Marketing MKT/421 May 9, 2012 University of Phoenix Thorr motorcycles are a 5.5 billion dollar company that produces more than 200,000 units annually. The Thorr Company licensed dealers to sell t-shirts, leather goods, and toys. The Thorr motorcycle company recently saw a decline in the Thorr cruiser that in the past has been the company’s top-selling cruiser. Sale declines are attributed to target age groups no longer taking interest in the lifestyle that the Thorr cruiser portrays and also a younger group of customers. There are main three objectives of this simulation that will be addressed. The first Task and objective was to identify the appropriate parameters and complete the perceptual map. The second task and objective was to create an effective marketing plan with an budget of $13 Million dollars and the decision whether to launch a new product or reposition the company altogether together. The final objective was to identify the parameter values that would take the company into the future. The first objective was determining the perceptual map parameters. The map will show a realistic visual of how consumers feel about the products and services being offered. There were four parameters chosen and the chosen parameters were lifestyle image, quality engineering, service offering, and price. The parameters chosen were chosen because they were the most important aspects of marketing located in the simulation. The lifestyle image...
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...Budget Portion for team paper MKT/421 November 15, 2012 Budget Portion for team paper Coffee Bean and Tea Leaf has decided to allocate twenty million dollars towards the launch of our new energy drink beverage line. We have carefully thought out where and how the money will be divided up. Due to the fact that we are already in the beverage industry and we own and operate our own distribution centers, our main distribution hub that is in Southern California has unused space which will now be converted into the energy lines production and bottling area. Fortunately for us we already had adequate machinery to aid us in this new project. Unused machines and conveyer belts will now become our bottling and filling stations. Conveyer belts will take the final product to packaging to be prepared for shipment to their prospective destinations. The company did not have to purchase new production equipment. As a beverage company we have in house beverage consultants that work exclusively for The Coffee Bean & Tea Leaf Company so from idea to prototype it only cost us $25,000.00.After numerous meetings with our beverage consultants and marketing team, our main focus on making the launch of this new energy beverage line a success will go towards marketing. Ten million dollars of the overall budget is going directly towards multiple channels of advertising. Tea Leaf Energy is going to be seen in places where our target audiences spend most of their time. Online marketing through...
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...Elevator Pitch MKT 421 December 7, 2015 Elevator Pitch My name is Jane Doe. I am a stay at home mother to a two year old and an online student. I am currently working on my second year of course work for a bachelor’s degree in business accounting. I have experience in customer service, communication, house work, childcare, and a little with marketing. When it comes to working, I work my hardest to do the best job I can. I never give up even when the going gets rough. I always have a smile on my face even on a bad day. My attitude towards whatever I do is always positive. I am able to stay calm even at the hardest points especially when dealing with the temper tantrums of a two year I am a team player. I like to express the different ideas I have to make a company strong or better even if they don’t use them. I would be a great contributor to any business in any way possible even if it is a minor role to a company. Companies I Would Like to Work For The first company that I would like to work for would be Amazon. Amazon would be a great way to show off my positive attitude towards the customer service department of its company. I would be able to stay calm when it comes to have a rude customer that wants to anger over something that with their deliveries or anything else they would complain about. I would also help Amazon come up fresh marketing ideas to get customers buying items they might like from what they interested in and buy just by asking them questions of what...
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...Defining Marketing Marky mark MKT-421 February 10, 2014 Henry Tran Marketing can mean many things to different people. My personal definition of marketing is making demand for your product. Many times new products do not have a high demand either because people do not know anything about the new product or people do not have a need for the new product. Marketing is used to create awareness of the product you are pushing and it is also used to educate people on what your product does and how to use it. Once the public is educated they themselves begin to create their own need for the product and therefore bring the demand up. According to “investopedia” (2014), Marketing is “The activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people.” “BusinessDictionary.com” (2014), states that Marketing includes the coordination of four elements, which are Product, Price, Place, and Promotional strategy. Based on these definitions marketing is very important for organizational success. You first of have to have a product that is usable and that product has to be sold at a reasonable price. It must be sold in a place that is logical and it has to be promoted adequately. The product offered has to be able to do what it is intended to do. It has to be priced fairly. The market is analyzed for a similar product and the new product is priced based off of that. If the product is...
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...Week 4 Reflection MKT/421 Week Four Reflection Once again, Team C has had another week full of different information, which is critical to each persons’ major. In order to ensure that each member understood important parts of week four, each member chose an objective and wrote about it. Objectives which were discussed among team members of Team C include the channel of distribution, push and pull strategies, and direct and indirect distribution strategies. Channels of Distribution Channels of distribution are any series of firms or individuals who participate in the flow of products form producer to final user or consumer (Perreault, Cannon, & McCarthy, 2011, p. 284). The flow of products between the firm, intermediaries, and consumers is a large part of the overall profit margin of a firm that requires marketing teams to dedicate substantial time and planning towards choosing the appropriate channels. Distribution channels are a firms way in which they can get products to from manufacture to intermediaries and consumers in a direct or indirect manner that revolve around the Place within the marketing mix. Direct and Indirect Distribution The direct method of distribution channels involves going directly to the consumer. Firms bypass the intermediary (wholesaler) and issue the product to the consumer at the wholesaler’s price. This method is most often used for new...
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...TermPaperWarehouse.com - Free Term Papers, Essays and Research Documents The Research Paper Factory JoinSearchBrowseSaved Papers Home Page » Business and Management Discuss How the Following Organizations Would Be Arranged in Terms of the Depth and Breadth of Their Product Lines: In: Business and Management Discuss How the Following Organizations Would Be Arranged in Terms of the Depth and Breadth of Their Product Lines: Discuss how the following organizations would be arranged in terms of the depth and breadth of their product lines: A solo-practice family practitioner who does not deliver babies A multi-specialty group practice that provides primary care at five (5) satellite locations An academic medical center Shouldice Hospital in Toronto, which specializes in short-stay surgery for hernia repair According to our text, breadth "refers to the number of different product lines in the mix." (Berkowitz, 2011, pg 263) and depth "refers to the nimber of product items within each product line." (Berkowitz, 2011, pg 263) For a solo-practice family practitioner who does not deliver babies, the breadth of this organization is very narrow. The practitioner only has one practice and they have excluded themselves from delivering babies, which may be something wanted from a growing family. On the other hand, the depth of this organization can possibly still be great. They can offer family counseling services, perscription services on site, and...
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