Assignment: Marketing Plan and Budget- Marketing plan and sales strategy
Reminders
• Your company (a wig and hair extension company) will operate in a 100-mile radius from your home address. The goal is to reach $1 million in sales by the end of the second year.
Task
In MS Word, write the 3 to 5 pages marketing plan and sales strategy section of your business plan, in which you:
I. Revise the company's target market based on the feedback received in the Week 3 discussion thread.
• Be sure to include demographic, geographic, lifestyle, psychographic, purchasing patterns, and buying sensitivities in the target market description.
II. Assess your chosen company's market competition.
• Use the factors listed in the graphic in your textbook labeled "Assess the Competition" (page 125), to assess the company's market competition.
• When assessing the competition, specify the exact company and particular product or service you are competing against. For example, Coca Cola offers a portfolio of products, such as water, fruit juice, and cola. Are you competing against Coca Cola's fruit juice product? Or its cola product?
• Be sure to detail your plan to differentiate yourself from the competition.
III. Outline the company's value proposition and create a marketing slogan/tagline for the product.
• The value proposition tells your customers why they want to do business with you.
• You need to know what message you want to convey in your marketing slogan before selecting the marketing vehicles in the next step.
IV. Specify the marketing vehicles you will use to build your chosen company's brand and justify the key reasons they will be effective.
• Marketing vehicles are ways to promote your product. Examples include social media, sponsored events, trade shows, and sampling. You will use a combination of these tactic
Format your assignment according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, and typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the assignment, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.