B6026 WK 5 ASSIGNMENT RANJU LEWIS

 
Assignment 1: LASA 2—The Marketing Plan
The marketing plan format is one that is utilized by major  corporations all over the country. However, writing a comprehensive  marketing plan is a difficult and challenging task, yet, the ability to  write such a plan is critical to the development of a marketing manager  and an organization. As you draw to the culmination of this course,  apply all that you have learned to develop a comprehensive marketing  plan.
Directions:
Identify a company you would like to use for this assignment. This  should be an organization that you are familiar with, or have access to  their information. You will complete a comprehensive marketing plan,  which will include an analysis of their current market situation. In  other words, ask yourself: Is the industry growing? What is the market  share for the organization that they represent? Who is the dominant  player in the marketplace? Remember, you will need to justify your  approach using market research and data.
The second step in the process is the actual writing of the plan.  Think about the following: What are the goals and objectives for the  organization? What is the timing of the plan? What resources will be  required to achieve the plan? What are the financial goals?
In your marketing plan, be sure to include the following sections:

Executive Summary and Table of Contents

In the executive summary, make sure you address all the main goals  and objectives of your plan. These goals and objectives need to be  clear, measurable, and reasonable.
 

Situational Analysis

A situational analysis presents a snapshot of the market in its  current state by describing the company’s products/services, target  segments, distribution networks, and position of the products/services  in the segment, along with competing offerings and relative positioning.  It includes current and future assessment of the business conditions  and challenges. Within your situational analysis, analyze all the  following points:
Market summary
SWOT analysis
Competitor analysis
Product offering
Keys to success
Critical issues
Pricing
 

Marketing Strategy

The marketing strategy describes the planned direction and goals of  the marketing activities, incorporating facts and assumptions about the  market size, growth, and financial objectives. Think about the following  questions: Where do you see your business going in the next 3-5 years?  What is unique about your product portfolio? How will you tell the  consumer about your products and unique value proposition? How will you  stay connected to your target market’s needs and wants? How will you  price your product? Within your market analysis, be sure to address the  following:
Mission
Marketing objectives
Product positioning
Marketing mix (4 Ps)
Marketing research
 

Financials

The financials of the marketing plan describe a set of five-year  revenue, cost, and profit projections for the marketing plan, including  any initial startup costs, sales by channel and segment, and profit  margins. Think about the following questions: How much do you plan to  sell? What are your factory cost targets? What is your profit target by  percent and dollar amount? Remember to include the following in your  financials:
Sales Forecast
Profit targets
 

Controls

The controls of the marketing plan describe the budget tactical  activities for implementing the plan, as well performance benchmarks for  each activity. These include pricing, product configuration, promotion,  and distribution performance benchmarks, and plans for changing any of  the parameters if performance measures are not met. They are in place to  measure forecast and profit attainment. Forecasts should be reviewed  monthly and quarterly. Secondly, a 12-month calendar should be developed  to clearly target specific dates for product introductions and  promotional activity.

Remember to include the following:
Milestones
Implementations and timelines
 

Summary

The summary of the marketing plan should summarize the plan by  summarizing the size and scope of the opportunity, and reiterating the  STP (segmentation, targeting, positioning) and 4 P (product, price,  place, promotion) elements of the plan. It should tell the reader that  the plan is real, how you will win, and why it is worth pursuing as an  organization (RRW). This section should be no longer than one page.
Remember to review the grading criteria as you write the plan to ensure you address all needed elements.
 
Use the grading criteria to guide your report. Make sure you include  details within your analysis to support your ideas. Use proper grammar,  spelling, and APA style throughout. For more information on modeling the  buying process, refer to your textbook.
Write an 8–12-page report in Word format. Apply APA standards to citation of sources.