Assignment: Your Marketing Plan
You are to develop a fictitious company and product to build the marketing plan. Fictitious is a company that is NOT in existence today. You cannot choose Apple or Microsoft or McDonalds because it is real and it is operating today. Your company can be similar to an existing company, but NOT a company that already is established. You will stick with the same product for all 5 assignments, so make sure it is something that will hold your interest for the next 9 weeks.
From the start of this course, you have accessed the Interactive Marketing Plan tool and used the step-by-step guide to complete Part A of your marketing plan. You are required to submit a marketing plan for a hypothetical product-based company. Your plan must include the company's background information, and information collected from Steps 1-4 of the Interactive Marketing Plan, located in the course shell. Note: Some elements may not be covered in the Interactive Marketing Plan and will require additional research.
Note: You may create and / or make all necessary assumptions needed for the completion of this assignment.
My business: Family Salon
Family Oriented is a hair salon located in Baltimore, MD that allows the entire family to have their hair needs satisfied in one convenient location. Family Oriented serves men, women, and children. Appointments as well as walk-ins are welcomed. We also sell retail hair care products. Family Oriented is able to service the entire family in one quick, convenient visit.
Write a five to six page paper in which you:
1.Construct a concise executive summary that provides the details of the outcomes of your marketing plan outcomes. The relevant outcomes include profitability, shareholder returns, and return on investment.
1.Conduct an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
1.Specify the primary and secondary target markets for your company. Be sure to cover the 4Ps, 5Cs and STP.
1.Conduct a performance analysis with set benchmarks of 50% to 75% per annualized plan. Your analysis should include at least four of the following metrics: tracking downloads of Website content, Website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement. Develop fourquantitative and (4) qualitative marketing objectives from your chosen metrics.
1.Conduct both a SWOT analysis and needs analysis for your product. Each analysis should examine four strengths, weaknesses, opportunities, and threats for your company.
1.Use at least four academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
•Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
•Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
•Analyze the marketing framework including the concepts of the 5Cs, STP, and 4Ps.
•Develop strategies to assess performance and achieve marketing goals.
•Examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing.
•Evaluate target customer segments and positioning products within these segments.
•Use technology and information resources to research issues in marketing management.
•Write clearly and concisely about marketing management using proper writing mechanics.