Scenario 1: You are the
marketing manager for the firm of your choice responsible for developing the
tactical and strategic marketing plan. You are also responsible for the
successful implementation and evaluation of the plan and have full P&L responsibility
for your product/service line.
Scenario 2: You are the owner
of a small to mid-sized business. You are currently developing your marketing
plan for the upcoming year. The marketing plan will include both the tactical
and strategic plan elements. You will also discuss the implementation and
evaluation of the strategic marketing plan.
In Week 3, you will answer the following:
·
Summarize your selected
scenario and details about the firm and/or product line.
·
Assess which of Michael
Porter’s basic strategies you will use to market this product and why.
·
As you know from your reading,
consumers have different product needs and use products differently.
Segmentation seeks to group different demands and needs into clusters with
similar demand patterns. Using the dimensions of market segmentation,
determine and defend which markets you will target with your marketing plan.
Outline your target market in detail.
·
Justify the stages in the
consumer decision making process for your selected product or service. Be sure
to discuss how consumers evaluate alternatives and what mediums they use in the
information search stage.
·
Conduct research to determine
where improvements should be made to your product or service line. Discuss
these improvements and the estimated cost in developing and launching these
enhancements. This could be a product line extension, a service improvement,
new packaging, Web site enhancements, etc. The purpose of this element of the
marketing plan is continuous improvement. You should justify the need of these
enhancements based on your research, such as a review of the competition,
feedback from customers, or a review of the marketing environment.
