Assignment:
Marketing Plan still using the Drop water company
Assignment consists of two (2) sections: a marketing plan and sales strategy, and a marketing budget. Note: You must submit both sections as separate files for the completion of this assignment.
For the first six (6) months your company is in business-to give you time to perfect your product and to learn from actual customers-you will start marketing and selling in your own community, a radius of twenty-five (25) miles from where you live.
For most non-alcoholic beverages, marketing (as opposed to the actual product itself) is key to success. Cola drinks, for example, are fairly undifferentiated, as are many energy drinks, juices, bottled water, and the like. Companies producing these types of beverages differentiate themselves and attract market share through marketing and brand awareness-both of which are critical to success.
Section 1: Marketing Plan & Sales Strategy
Create the three to 5 page Marketing Plan & Sales Strategy section of your business plan, in which you:
1. Define your company's target market.
a. Analyze the types of consumers who will be drinking your beverage in demographic terms (i.e., age, education level, income, gender, ethnic group, etc.). Support your analysis with actual data on the size of the demographic groups in your local community (nearby zip codes).
b. Outline the demographic information for your company specified on the worksheet in the course text
2. Assess your company's market competition.
a. Use the factors listed in the course text graphic (p. 123 | Assess the Competition) to assess your company's market competition.
b. Defend your strategy to successfully compete against market leaders in your segment.
c. Defend your plan to differentiate yourself from the competition using the information detailed on the worksheet in the text
3. Clarify your company's message using the information provided on the worksheet in the text
4. Identify the marketing vehicles you plan to use to build your company's brand. Justify the key reasons why they will be effective. Provide examples of other non-alcoholic beverage companies that use these tactics effectively.
5. Format your assignment according to these formatting requirements:
a. Cite the resources you have used to complete the exercise
b. Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format.
c. Include a cover page containing the title of the assignment. The cover page and the reference page are not included in the required page length.
Section 2: Marketing Budget
Section 2 uses the "Business Plan Financials"
Use the "Business Plan Financials Guide to support your development of the Marketing Budget.
6. Complete the Marketing Budget worksheet for your company.
Begin in the current year and complete a marketing budget for the first year of your business. The information you enter in the marketing budget spreadsheet will flow through to your "Income Statement" in the Business Plan Financials.
Remember that all marketing activities involve costs. If social media represents a significant portion of your marketing, assume you will have cost of advertising and that should be reflected on your budget. Even if a social media site charges nothing to use it, you will need to use company resources to manage the site, pay someone to execute your social media marketing campaigns, and will most likely pay for ads on that site.
The specific course learning outcomes are:
Recommend effective business strategies based on an analysis of domestic and global operating environments, market dynamics, and internal capabilities.
Analyze competitive positions including foreign market entry and the resulting impact on business strategy.
Use technology and information resources to research issues in strategic management.
Write clearly and concisely about strategic management using proper writing mechanics.