14 Aug Assignment DescriptionSTRATEGIC MARKETING PLANINTRODUCTIONThis assignment entail

Assignment DescriptionSTRATEGIC MARKETING PLANINTRODUCTIONThis assignment entails development of a comprehensive strategic marketing plan for a newproduct or service that is ready to go to market. A Project Template is provided that allows youto organize your work in increments and see how the sections come together to produce acomprehensive plan.PRODUCT/SERVICEThis assignment requires application of concepts learned to build a strategic marketing plan for anew product or service that is ready to go to market. You will not be allowed to mimic plans orideas from larger or already "in-place" campaigns. You must develop the business concept in itsentirety.Describe the new product or service.Discuss the qualities that make this product/service new to the marketplace and therationale for your decision to pursue the concept. Be sure to pick a product or service thatis ready to market. If you are developing a new product, assume that the developmentphase is over and you are ready to launch the product into the marketplace.OBJECTIVES/MISSION STATEMENTCreate a Mission Statement. State your short-term MARKETING objectives (one year). Assumethat the product/service is ready to launch at the beginning of the year (planning and testing havebeen completed).Marketing objectives include goals for sales, profits, market share (as examples)Objectives need to be quantifiable. Use the SMART acronymsimple, measurable,achievable, relevant, and time-specificin formulating your objectives. An objectivewith a 100% goal is not acceptableTARGET MARKETIdentify your target market. Provide a specific demographic profile and rationale for thisdecision. 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 back-up yourselection and to provide statistics to show that it is a viable market.COMPETITIONAnalyze 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? Hoover’s Proin the Library is a good tool for this section; it may be accessed under Find Web Resources.PRODUCT/SERVICE FEATURESProvide a brief overview of the product or service.State the features of your product/service. Show how it’s innovative and different. It maybe unique because of the area in which you plan to market it.Discuss legal and ethical implications that could affect the marketing process. This willrequire research.CORE STRATEGYDiscuss your Core Strategy and make sure to connect it to your Mission & Objectives. Include adiscussion on Product/Service Positioning.MARKETING MIX: COMMUNICATIONS & PROMOTIONThe Marketing Mix is the set of decisions about communications and promotion, price, channelsof distribution, and customer relationship management. An integrated marketing communications(IMC) approach delivers a clear and consistent message to your consumers and is connected toyour Core Strategy.1. Discuss the aspects of the IMC. (The elements of the communication mix include:advertising, direct marketing, sales promotion, publicity/public relations and personalselling.) Define each and discuss the pros and cons of the individual elements.2. Provide a detailed description of your IMC approach. Explain your rationale for choosingor rejecting the specific elements (include applications to the earlier research section).What changes do you expect to make as the product/service matures?3. Describe the message you wish to communicate based on your core strategy. Explainyour rationale for the message. Formulate how you will communicate with your targetmarket? Be specific. How will the internet be used in your IMC approach?4. Select and explain the most suitable method for measuring advertising effectiveness. Yourdecision must include research to back up the selected method. Be sure to explain whythis is the most effective method to measure the effectiveness of your marketingcampaign.MARKETING MIX: PRICEDiscuss what pricing objectives you would consider for your product/service. The Objectivesshould be based on the various theories presented in marketing literature and take in to accountcompetitor pricing. Including background on value proposition, positioning, and target market isnecessary. All of these components provide rationale for the chosen pricing scheme.MARKETING MIX: CHANNELS OF DISTRIBUTIONChannels of Distribution: Specify the type of distribution channel you will use and includerationale.MARKETING MIX; CUSTOMER RELATIONSHIP MANAGEMENTCustomer Relationship Management -Detail how you will incorporate CRM into your plan. Besure to include a discussion on the role of technology that will be used to support your CRM.CONCLUSIONREFERENCESThe assignment requires the use of ARTICLES from the library’s full-text databases. Articles arefound in periodicals. These are not to be confused with eBooks or Reference Books. The mostpopular databases in marketing are: ABI Inform Global, Academic Search Premier, and BusinessSource Premier.Your report MUST include a reference list. All research should be cited in the body of the paper.In-text citations and corresponding references should be included in your paper. For moreinformation on APA, please visit the APA Lab. The paper should be written in third person; thismeans words like "I", "we" and "you" are not appropriate. The use of direct quotes isdiscouraged, but may be used sparingly in appropriate situations.Grading will be based on content, application, research, mechanics (APA format, spellinggrammar, and punctuation), and style (organization, readability, and using your own words).Please submit your assignment.For assistance with your assignment, please use your text, Web resources, and all coursematerials.Grading RubricGrading CriteriaPercentageDeliverable requirements addressed;35%understanding of material and writer’s messageand intent are clear.Scholarly research supports the writer’s position 20%and is properly acknowledged, and cited directquotations may not exceed 10% of the wordcount of the body of the assignment deliverable(excluding title page, abstract, table of contents,tables, exhibits, appendices, and referencepages). Inclusion of plagiarized content will notbe tolerated and may result in adverse academicconsequences.Critical thinking: Position is well-justified, there 20%is logical flow, and there are examples.Structure: Includes introduction and conclusion, 10%proper paragraph format, and reads as apolished, academic paper or professionalpresentation, as appropriate for the requiredassignment deliverable.Mechanical: No spelling, grammatical, orpunctuation errors.10%APA: Deliverable is cited properly according to 5%the APA Publication Manual (6th ed.).This assignment will also be assessed using additional criteria provided here.Assignment DescriptionSTRATEGIC MARKETING PLANINTRODUCTIONThis assignment entails development of a comprehensive strategic marketing plan for a newproduct or service that is ready to go to market. A Project Template is provided that allows youto organize your work in increments and see how the sections come together to produce acomprehensive plan.PRODUCT/SERVICEThis assignment requires application of concepts learned to build a strategic marketing plan for anew product or service that is ready to go to market. You will not be allowed to mimic plans orideas from larger or already "in-place" campaigns. You must develop the business concept in itsentirety.Describe the new product or service.Discuss the qualities that make this product/service new to the marketplace and therationale for your decision to pursue the concept. Be sure to pick a product or service thatis ready to market. If you are developing a new product, assume that the developmentphase is over and you are ready to launch the product into the marketplace.OBJECTIVES/MISSION STATEMENTCreate a Mission Statement. State your short-term MARKETING objectives (one year). Assumethat the product/service is ready to launch at the beginning of the year (planning and testing havebeen completed).Marketing objectives include goals for sales, profits, market share (as examples)Objectives need to be quantifiable. Use the SMART acronymsimple, measurable,achievable, relevant, and time-specificin formulating your objectives. An objectivewith a 100% goal is not acceptableTARGET MARKETIdentify your target market. Provide a specific demographic profile and rationale for thisdecision. 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 back-up yourselection and to provide statistics to show that it is a viable market.COMPETITIONAnalyze 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? Hoover’s Proin the Library is a good tool for this section; it may be accessed under Find Web Resources.PRODUCT/SERVICE FEATURESProvide a brief overview of the product or service.State the features of your product/service. Show how it’s innovative and different. It maybe unique because of the area in which you plan to market it.Discuss legal and ethical implications that could affect the marketing process. This willrequire research.CORE STRATEGYDiscuss your Core Strategy and make sure to connect it to your Mission & Objectives. Include adiscussion on Product/Service Positioning.MARKETING MIX: COMMUNICATIONS & PROMOTIONThe Marketing Mix is the set of decisions about communications and promotion, price, channelsof distribution, and customer relationship management. An integrated marketing communications(IMC) approach delivers a clear and consistent message to your consumers and is connected toyour Core Strategy.1. Discuss the aspects of the IMC. (The elements of the communication mix include:advertising, direct marketing, sales promotion, publicity/public relations and personalselling.) Define each and discuss the pros and cons of the individual elements.2. Provide a detailed description of your IMC approach. Explain your rationale for choosingor rejecting the specific elements (include applications to the earlier research section).What changes do you expect to make as the product/service matures?3. Describe the message you wish to communicate based on your core strategy. Explainyour rationale for the message. Formulate how you will communicate with your targetmarket? Be specific. How will the internet be used in your IMC approach?4. Select and explain the most suitable method for measuring advertising effectiveness. Yourdecision must include research to back up the selected method. Be sure to explain whythis is the most effective method to measure the effectiveness of your marketingcampaign.MARKETING MIX: PRICEDiscuss what pricing objectives you would consider for your product/service. The Objectivesshould be based on the various theories presented in marketing literature and take in to accountcompetitor pricing. Including background on value proposition, positioning, and target market isnecessary. All of these components provide rationale for the chosen pricing scheme.MARKETING MIX: CHANNELS OF DISTRIBUTIONChannels of Distribution: Specify the type of distribution channel you will use and includerationale.MARKETING MIX; CUSTOMER RELATIONSHIP MANAGEMENTCustomer Relationship Management -Detail how you will incorporate CRM into your plan. Besure to include a discussion on the role of technology that will be used to support your CRM.CONCLUSIONREFERENCESThe assignment requires the use of ARTICLES from the library’s full-text databases. Articles arefound in periodicals. These are not to be confused with eBooks or Reference Books. The mostpopular databases in marketing are: ABI Inform Global, Academic Search Premier, and BusinessSource Premier.Your report MUST include a reference list. All research should be cited in the body of the paper.In-text citations and corresponding references should be included in your paper. For moreinformation on APA, please visit the APA Lab. The paper should be written in third person; thismeans words like "I", "we" and "you" are not appropriate. The use of direct quotes isdiscouraged, but may be used sparingly in appropriate situations.Grading will be based on content, application, research, mechanics (APA format, spellinggrammar, and punctuation), and style (organization, readability, and using your own words).Please submit your assignment.For assistance with your assignment, please use your text, Web resources, and all coursematerials.Grading RubricGrading CriteriaPercentageDeliverable requirements addressed;35%understanding of material and writer’s messageand intent are clear.Scholarly research supports the writer’s position 20%and is properly acknowledged, and cited directquotations may not exceed 10% of the wordcount of the body of the assignment deliverable(excluding title page, abstract, table of contents,tables, exhibits, appendices, and referencepages). Inclusion of plagiarized content will notbe tolerated and may result in adverse academicconsequences.Critical thinking: Position is well-justified, there 20%is logical flow, and there are examples.Structure: Includes introduction and conclusion, 10%proper paragraph format, and reads as apolished, academic paper or professionalpresentation, as appropriate for the requiredassignment deliverable.Mechanical: No spelling, grammatical, orpunctuation errors.10%APA: Deliverable is cited properly according to 5%the APA Publication Manual (6th ed.).This assignment will also be assessed using additional criteria provided here.

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