Market Strategy, Marketing Channels, Implementation, and Monitoring

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Company Description

Describe the company for which you are designing the plan. Include:

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Environmental Analysis

Analyze the forces that affect the company and marketing efforts.

Competitive Forces

Analyze the company’s key competitors. You may use a BCG Matrix or attribute checklist to compare your company against its competitors. Describe any strategic moves the competition has recently made. Estimate your market share. Identify key competitive advantages against your competitors. Market Strategy, Marketing Channels, Implementation, and Monitoring

Economic Forces

Analyze the economic environment in the areas affecting your business. Consider differences within your industry and the economic impact on suppliers.

Political Forces

Analyze relevant political forces. Examples may include an election year or a law to reduce or eliminate plastic waste in your county drastically.

Legal, Regulatory, and Ethical Issues

Analyze the legal, regulatory, and ethical issues affecting your business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail. Market Strategy, Marketing Channels, Implementation, and Monitoring

Technological Forces

Analyze whether your company will be affected by emerging technologies or trends in hardware and software industries.

Social Forces

Analyze social trends and how they may affect your business. Considerations may include whether your business will be affected by demographic trends, a growing dependence on computers, or whether interest in your product might be affected by growing preferences in how things are done or changing social values.

Current Target Markets

Define the company’s current target markets. Describe these targets’ demographic, geographic, psychographic, and product usage.

Review Current Marketing

Review the company’s current marketing tactics. Consider how people find out about the product, get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your company is a start-up, describe your competitors’ current marketing. Market Strategy, Marketing Channels, Implementation, and Monitoring

SWOT Analysis

Assess your company’s strengths, weaknesses, threats, and opportunities, and then evaluate how to address these in your marketing plan.

Strengths

Assess your company’s competitive advantage. Consider core competencies, assets, location, practices, etc., distinct in how the organization meets its customers’ needs.

Weaknesses

Assess what limits the company may have in its current marketing strategy. Consider if a company’s weakness needs to be addressed through Public Relations or Marketing.

Opportunities

Assess the opportunities you see based on trends or environmental conditions.

Threats

Assess the threats or limitations that may interfere with the company’s ability to meet its objectives or marketing plans.

Strengths to Opportunities & Converting Weaknesses and Threats

Convert weaknesses and threats to strengths, then strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, changing the product line or managing new markets. Market Strategy, Marketing Channels, Implementation, and Monitoring

Marketing Objectives

Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate goals, modified by the company’s resources. Goals should include a date for the completion of the goal and how success will be measured. For example, the company will expand its marketing efforts to reach a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2020 that will address this age group’s specific psychographic and technological needs. This strategy is expected to attain a 20% growth in overall sales by January 2020. Customer loyalty (willingness to recommend the product) will increase by 30%.

Part B: Marketing Data Analysis

Internal Data

Evaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed.

  • Source
  • What it Measures
  • Data
  • Potential Usage

Secondary Data

Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed.

Primary Data

Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed.

Customer Relationship Management

Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed. Market Strategy, Marketing Channels, Implementation, and Monitoring

Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring

New Customer Segments

Determine any new customer segments for your strategy and describe how you will provide value to each segment.

Marketing Mix for New Customer Segments

Determine adaptions for each new customer segment.

  • Products
  • Price
  • Distribution
  • Traditional Promotion
  • Online Promotion

Marketing Implementation

Create the implementation for your marketing plan. Describe how you will organize and implement the plan, such as whether it will be managed by market, geography, and who is responsible for marketing decisions.

Marketing Communication Channels

Evaluate the marketing communication channels you will use to reach selected audiences. Include Internet and traditional communication channels to convey critical messages. Describe the advantages and disadvantages of each channel you choose. Insert or remove rows as needed.

Strategic Actions

Develop specific activities required to implement the marketing plan. Please identify the person or role responsible for each action, when it will be complete, and what standard or metric indicates that the activity is complete. Insert or remove rows as needed.

Monitoring

Develop the measurement to identify how you have succeeded with each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts. Insert or remove rows as needed. Market Strategy, Marketing Channels, Implementation, and Monitoring