Marketing Plan
This assignment asks you to create a Marketing Plan for your Business. After reading Chapter 11 and the secondary reading on Positioning: the 5th P of Marketing, and a review of your competitor's websites please address the following in your assignment.
Target Market: Describe briefly the target market for your product/service in terms of demographics, psychographics, behavioral and geographic characteristics.
Positioning: Explain how you will position your company to offer value to your customers relative to your competitors. (This will require you to explore at least three competitors).
Marketing Strategy:
Examine the different elements of the marketing mix (i.e. Product, Price, Place and Promotion) and reflecting on the "needs" of your most target market discuss how these elements can offer greater value to your customer than your competitors and thereby support your position described above. The different elements that you need to examine are:
1. Product/Service Development Strategy: Product differentation and its value -- Product lines - Branding - Future product development goals
2. Promotion Strategy: Discuss in specific terms different elements of the promotional mix: advertising, sponsorships, direct marketing, personal selling, public relations - Discuss guerilla marketing tactics - Use of social media in promotion
3. Distribution Strategies: Discuss different distribution channels that you will use. Are there any aspects of your offering that can be distributed online and can be used to develop a stronger relationship with the customer?
4. Pricing strategy - Price points; Promotional pricing strategies e.g. bundle pricing, special discounts; Value-based versus Cost-based marketing strategies.