Marketing Plan Assignment
For the business you have chosen and created the other assignments:
- Create a budget with all the necessary components, income, taxes, financial statements(etc.).
- How you will create a safe work environment.
- Manage urgencies.
- What documentation needs to be used for risk management?
Another reminder is all about the costs! Show the expenses you incur for this assignment! Everything has a price attached to it; nothing is for free in the business world!
Make sure you use the excel spreadsheet for your budgets; it is essential to see all the numbers in one defined space!. Marketing Plan Assignment
The first cover page and reference page doesn’t count for your document!
Provide a document with max six pages using the APA style format. Check your spelling!
Title
Student name
Faculty name
Due date
Marketing Plan
Marketing Plan Objectives
The following sentences describe this marketing strategy’s objectives. Increase brand recognition and familiarity. Marketing focuses on brand recognition because it’s relevant to organizations of all sizes and brand loyalty. This purpose is to promote the company and its products. Customer, sales, and profit growth frequently follow brand recognition (Desai & Vidyapeeth, 2019). Enhancing brand recognition may be a general goal or a specific goal for a product introduction.
Increase sales or revenue. This requires the marketing staff to prioritize promoting and selling the company’s products and services. Cross-selling, when customers are offered similar products, may boost revenue. Incentives to encourage customers to hit the purchase button on the website may also work. Marketing Plan Assignment
Increase customer loyalty. Existing customers are influential. They may generate great word-of-mouth marketing and boost sales by being more likely to buy your products. The organization values customer loyalty. Keeping clients is cheaper than acquiring new ones. This aim can aid any budget-related goal. Existing consumers’ pain points that could lead to disengagement must be identified to increase client loyalty. Enhancing the customer experience can also strengthen a sense of connection with the company and make one feel valued.
Marketing plan objectives unite the marketing department, enabling a unified approach to meeting goals. Objectives help marketing team members understand their duties and contribute to team success.
Consumer Analysis
The global market share of wearable fitness trackers is forecast to expand significantly. The wearable fitness tracker market is growing due to rising awareness of healthy living and demand for health monitoring devices. Advanced tracking technology makes it popular with consumers. Data privacy risks inhibit global business. The wearable fitness tracker industry is also expected to benefit from the growing popularity of IoT ecosystems.
Target Market
People of all ages, but mostly young people and older people, are the main market for fitness wearables. The global wearable fitness trackers market share is split up by device type, component, connectivity, operating system, distribution route, application, and region. Smartwatches, exercise bands, smart glasses, smart clothing, and other types of devices make up different parts of the market (Chaffey & Smith, 2022). It is divided into hardware and software based on what it is made of. It is split into online and local categories based on how it is sold. Depending on how it is used, it is split into running, cycling, watching heart rate, managing stress, and other categories. Marketing Plan Assignment
The market analysis
The wearable fitness tracker market is driven by consumer health awareness and wireless fitness and sports gadget demand. The wearable fitness tracker industry is also growing due to new companies entering the market. However, the initial expense of wearable fitness devices limits market expansion. However, investing more in a linked environment may increase market profits. Thus, these factors may impact the smart fitness tracker market growth in the coming years.
Strategy for marketing
These marketing strategies will be used. Social media marketing. Social networking is a prominent sales channel. It’s also a great method to promote your brand and boost sales.
Email marketing. Email marketing works better than traditional marketing. Email addresses are easier to obtain than printed addresses or phone numbers. Marketing with content. Content marketing is different from the other kinds of marketing tactics.
It’s different from regular ads, marketing that takes place in real life, and funny posts on social media.
Marketing through conversations. talking marketing is a way to connect with your audience through one-on-one, real-time conversations that are powered by talking AI (Ferrell et al., 2021).
The use of live chat, chatbots, and message apps are all examples of this.
Marketing for diversity. Diversity marketing is a way to connect with and reach more people in your target market. It is a type of diversification approach. Marketing Plan Assignment
Marketing Budget
The financial resources required to support the marketing plan have been created as shown in the table
| Marketing budget |
|
| Item |
Cost |
| Advertisement |
|
| Television |
$ 300.00 |
| Radio |
$ 200.00 |
| Billboards |
$ 500.00 |
| Burners |
$ 10.00 |
| |
|
| Social media |
|
| Facebook |
$ 100.00 |
| Instagram |
$ 150.00 |
| |
|
| Email marketing |
$ 50.00 |
| Total |
$ 1,310.00 |
Sales plan
Sales planning involves the establishment of sales targets and the formulation of strategies to achieve those targets, thereby fulfilling the objectives outlined in the plan. A sales plan is a formal written document that delineates the strategies and tactics utilized to attain desired outcomes and accomplish success in the realm of sales (Seeling et al., 2022). A sales strategy that is effective encompasses several markets and assesses the consumer’s requirements for the product or service.
The mission
The primary objective of the sales plan is to enhance income generation and augment brand recognition. There exist various instances of sales goals, such as:
The primary objective of the organization is to engage in the production, promotion, and distribution of wearable fitness technology devices. Marketing Plan Assignment
The sales staff aims to raise sales by 20% per quarter throughout the fiscal year.
Increase monthly or annual revenue
Cutting costs can boost profit margins and financial performance.
Customer value proposition improvement.
Increase sales leads
Team
Company sales staff market and distribute products. The company generates leads to reach new customers, promoting growth.
The person is sales-savvy. This person is best suited to handle complex client inquiries. Sales specialists can demonstrate products and provide consumer offers in addition to selling. The expert handles sophisticated sales issues and other team issues.
He’s a Customer Success Representative. Customer success representatives interact with customers who have made purchases and renewed sales (Samouche et al., 2019). Customer retention is crucial to company profitability and loss prevention. Customer success advocates ensure the satisfaction of the most loyal customers and find new ways to improve the customer-business relationship, which boosts profitability.
The person is the Sales Manager. The sales manager must ensure team commitments and goals are met. This person manages the vessel’s navigation, performance, and improvements.
The target audience a company targets.
Market strategy
A company’s market strategy is an entire plan to fulfill its marketing goals. It includes many activities. Future marketing approaches will be used. We discuss social media marketing. Social media marketing is trendy. It is also a top brand awareness and sales tool. Email marketing. Email marketing is more effective than traditional approaches. First, getting email addresses is easier than getting mailing addresses or phone numbers (Bhalla et al., 2022). The discussion is about content marketing. Content marketing differs from other marketing. This technique differs from traditional advertising, offline marketing, and funny social media material. conversational marketing. AI-powered conversational marketing engages target audiences in real time. Chatbots, messaging apps, and live chat are examples. Marketing Plan Assignment
Prospective marketing
A sales strategy encompasses the many approaches and tactics employed by sales representatives to strategically secure business transactions. This entails strategizing the target market, determining the methods of customer interaction employed by team members, and outlining the purchasing procedure. The objective of this study is to devise sales sequences that are very efficient for follow-up purposes.
Consultative Selling Strategy. By adopting a proactive problem-solving mindset when interacting with each potential customer, one can alter their perception of their role in the sales process from that of a seller to that of a consultant. By prioritizing the primary goal of assisting potential clients, one will inherently guide them toward the optimal resolution for their business.
Goals
| Goal |
Tactics |
Deadline |
| 20 $ increase in sales revenue |
Enhance the volume of telephone communications by a magnitude of 10%.
The lead qualifying activity should be reduced by 20%. |
End of quarter |
| 25% Increase in leads provided to the sales team compared |
The objective is to reduce the frequency of daily telephone conversations by 40%.
The lead qualifying activities had a significant increase of 30%.
Enhance the level of lead creation activities by a magnitude of 30%. |
End of quarter |
Budget
| Monthly Sales budget |
| Item |
Number |
Cost |
Total |
| Salary |
|
|
|
| Sales manager |
1 |
$ 2,000 |
$ 2,000 |
| Sales specialists |
10 |
$ 1,000 |
$ 10,000 |
| Customer success representative |
2 |
$ 900 |
$ 1,800 |
| Others expenses |
|
|
|
| Training |
|
|
|
| Attendants |
13 |
$ 400 |
$ 5,200 |
| Team Activities |
|
|
$ 3,000 |
| Traveling expenses |
12 |
$ 200 |
$ 2,400 |
| Vehicles (Fueling) |
5 |
$ 1,000 |
$ 5,000 |
|
|
|
|
| Total |
|
|
$ 29,400 |
Customer service plan
Customer service is essential to brand loyalty and customer satisfaction. A competent customer service plan can help a company handle client inquiries, improve customer happiness, and create a good workplace.
Customer service plans are comprehensive strategies used by companies to manage and respond to customer interactions (Feine et al., 2019). A well-designed customer service strategy includes guiding principles that help team members provide a consistent customer experience throughout the customer journey.
Customer service team roles and responsibilities
The Customer Service Manager is assigned many responsibilities, including team leadership, expectation formulation, interdepartmental coordination, and budget creation.
Within the organizational structure, the customer service manager will oversee a team of individuals known as customer service representatives. The assigned team will have responsibility for managing customer interactions, including direct engagement with inquiries and addressing complaints.
The decision-making process
Establishment of a clear internal process for making decisions. The clear hierarchy of the customer service organizational structure will ensure that every member is aware of their responsibilities in the decision-making process, hence decision-making will be a faster process.
Decisions that require the involvement of the management will be handled by the manager of customer service while minor issues and decisions will be handled by the customer representatives.
The communication strategy
Effective internal and external communication will be established. Customers will submit complaints, requests, or feedback to customer representatives, who will report to the customer service manager, who handles any management involvement. This path will enhance efficient communication (Muthukrishnan & Balaji, 2019). The channels of communication include social media, chatbots, internal messaging systems, and phone
Monitoring and measurement of success by the use of Key performance indicators
There will be established protocols to assess the effectiveness of the customer service teams (Laaksonen, 2023). Customers will be requested to furnish feedback after engaging with a chatbot, engaging in a telephonic conversation with the contact center, or participating in an email correspondence. If any patterns or suboptimal practices are identified, the team, processes, or structure will be modified to enhance customer satisfaction. Marketing Plan Assignment
Budget
| Customer service plan |
| Item |
Number |
Cost |
Total |
| Salaries |
|
|
|
| Customer service manager |
1 |
$ 900 |
$ 900 |
| Customer service representatives |
2 |
$ 750 |
$ 1,500 |
| |
|
|
|
| Channels of communication |
|
|
|
| social media charges |
1 |
$ 200 |
$ 200 |
| Chatbots |
2 |
$ 50 |
$ 100 |
| internal messaging system |
1 |
$ 100 |
$ 100 |
| Phone |
2 |
$ 75 |
$ 150 |
| Total |
|
|
$ 2,950 |
References
Bhalla, S., Alfnes, E., Hvolby, H. H., & Oluyisola, O. (2022). Sales and operations planning for delivery date setting in engineer-to-order manufacturing: a research synthesis and framework. International Journal of Production Research, 1-31.
Chaffey, D., & Smith, P. R. (2022). Digital marketing excellence: planning, optimizing, and integrating online marketing. Taylor & Francis.
Desai, V., & Vidyapeeth, B. (2019). Digital marketing: A review. International Journal of Trend in Scientific Research and Development, 5(5), 196-200.
Feine, J., Morana, S., & Gnewuch, U. (2019). Measuring service encounter satisfaction with customer service chatbots using sentiment analysis.
Ferrell, O. C., Hartline, M., & Hochstein, B. W. (2021). Marketing strategy. Cengage Learning.
Laaksonen, T. (2023). Developing seamless after-order customer service experience.
Muthukrishnan, A., & Balaji, V. (2019). Relationship With Independent Factors On Customer Service Satisfaction. Think India Journal, 22(14), 6631-6636.
Samouche, H., EL Barkany, A., & EL khalfi, A. (2019). Performance of Sales and Operation Plan: Literature review & Perspectives of improvement. ICAMOP journal, 1(1), 47-53.
Seeling, M., Kreuter, T., Scavarda, L. F., Thomé, A. M. T., & Hellingrath, B. (2022). The role of finance in the sales and operations planning process: a multiple case study. Business Process Management Journal, 28(1), 23-39. Marketing Plan Assignment
