Assignment: INTEGRATED MARKETING PLAN PAPER
The team is responsible for developing your advertising creative concept and developing two executions of the advertising (see below). Additional Marketing tactics that are part of your integrated marketing communications plan (5 tactics, each tactic developed by one of your members) should be provided.
The purpose of the assignment is to for each student to have the experience of working as a professional in the marketing field and applying course concepts to the development of a clear, concise integrated marketing and communications plan for the product or service your selected at the beginning of the semester. Each will be developing a marketing plan that encompasses a launch plan and rollout.
• Your budget is $500,000
• Launch in April 2020 and complete implementation of plan in September (6 month plan that can run different lengths of time and different executions at different periods).
• The test market where you will launch your marketing plan is Philadelphia, PA.
• Each will make an oral presentation of their strategic marketing plan before the class and develop a comprehensive 20 -25 page report including charts and visuals. This presentation will include portions you have developed throughout the semester as well as a number of additional sections.
Paper Assignment - Each student will contribute to the paper that more fully expands and represents the information relating to the Strategic Marketing Plan. This paper is the "amplification" of your presentation and should expand upon the information provided in the presentation and include much more details and comprehensive data relating to each of the various sections. It can include data and charts from research about trends in the industry, competition, more insight into target audience and rationale behind your segmentation of the target audience, as well as inclusion of trends, competitors and industry analysis. This should be a 20/25-page paper document with four - five pages developed by each individual student and include amplification of sections in the presentation as well as some additional new sections. All facts, direct quotes and information from sources MUST be documented in proper format in the paper after information is provided. In the writing of each section, it is critical to emphasize the justification for each marketing action recommended. Grading will be weighted heavily in favor of papers that refer back to reference class notes, readings or include outside sources. Your CMO or Marketing VP will be as interested in the reasoning and critical thinking behind the strategy as in marketing plan itself. You're building a case for why this plan will be successful and needs to be approved. Your paper can include research data, charts, exhibits, figures (your own or those that you include with attribution). This is a paper and must include the following (see below). Each member who is writing their specific section must have their name on the top of each page they write. (Review page 61-65 in textbook for example of a strategic marketing plan). Sections to be included in your paper are the following:
• Executive Summary - comprehensive, high-end overview of the entire plan and why it was developed. Should be at least one page
• Situational Analysis - what are the general dynamics of the industry? Provide market summary, what are potential areas to penetrate that have an important influence on your promotional strategy? Define the macro and micro economic factors that contribute to the market environment, both internal and external conditions.
o Market Needs
o Market Trends
o Market Growth
o Competitors
o Competitive Intelligence - what are they doing that you need to acknowledge, do better, consider as you make your plan.
o Ideas and Insights from the market place
• SWOT Analysis - what are the strengths, weaknesses, opportunities and threats to your brand and how will you handle? - Here you can use tier chart and the information you have already researched but amplify it. In addition, for each of the four areas - make sure you explain how you will use the positive (strengths/opportunities) to help your marketing and define how you will circumvent the threats.
o Keys to Success - considerations
o Critical Issues - for your start-up
• Marketing Strategy
o Mission
o Marketing Objectives -relating to:
- Key audiences
- market share
- revenue
- cause relationship, etc.
o Financial Objectives and Projections
o Target Market - Who are your market segments and how will you break them down? Include geographic, demographics and behavioral factors as well as any other insights you feel are needed.
o Brand positioning statement - provide the best possible concept
o Brand strategy:
- How will you ensure your brand and its value proposition is communicated?
- What Brand elements will you employ and how?
• Marketing Tactics
o Product Overview - Define all aspect of the product from what it is, to where it will be produced, to high-end benefits and customer value proposition for this product for consumers. How is product differentiated from its competition?
o Pricing
o Distribution
o Packaging
o Place - where sold?
• Integrated Marketing Communications Strategy
o Key MARCOM strategy you will use to accomplish business/marketing goals.
o Key tactics you will employ to accomplish objectives/goals that include five of the following eight tactics:
o Advertising - Overview of why this specific campaign and creative was chosen and justification for how it will be the best choice to generate attention and reception and activate purchase. Differentiate yourself. Do remarkable marketing.
o Sales Promotion
o Database Marketing
o Direct Marketing (Interactive electronic media, social media, viral marketing, direct mail, inbound telemarketing (TV ad directs consumer to toll-free number), outbound telemarketing (sales calls directly to consumers, infomercial or home shopping networks. Employ as many of these tools as you feel necessary but no less than two.
o Mobile Marketing
o On-line and Social Media Marketing
o Special Events and Experiences
o Personal Selling.
• Market Flow chart - that shows timing for start and duration for each of your marketing tactics in the test market (in oral presentation) some additional explanation
• Marketing Budget - You have a budget of $500,000 for April 2020 - September 2020 - six months. Place in an excel format and delineate cost for each marketing effort (in excel sheet (in oral presentation) - provide some additional explanation and justification of choices
• Marketing Integration Section -How are your different types of communication integrated to achieve objectives? How are your various elements of this plan integrated into your organization and a part of your marketing communications channel mix. How do you plan to influence the different stages of the consumer decision-making process?
• Metrics for Success/KPI - what Key Performance Indicators are you using to define success and what do you estimate you will achieve for each of these KPI's? What methods will you use to measure the effectiveness of the plan once implemented including communications effectiveness?
• Communications Effectiveness - What are the metrics you will use to measure effectiveness for each of the various media channels you use to promote your product?
• Growth Strategies - What are ideas for growing product success as you expand to a national marketplace?
• Product line extension of innovation for the future - If successful -what are some ideas for product line extension(s) for the future and rationale behind them.
• Conclusion - one page summary that highlights key area that your marketing plan with accomplish and additional information as to how you will make adjustments if sales results are not happening during Philadelphia test market campaign.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.