MKT 500 Strayer University Wk

Week 6: Part B: Your Marketing Plan.  Ross Hearing Aids is the company and Hearing Aids is the Product.  I haven’t received my feedback from my Part A Your Marketing Plan yet. 

ASSIGNMENT INFORMATION

  1. Due DateMonday, August 16, 20219:00 AMPoints Possible150
  2. Part B: Your Marketing Plan
    Overview
    Using the same hypothetical company from Part A: Your Marketing Plan, for this assignment, you will focus on the company’s branding strategy, primary and secondary target markets, positioning statement, and consumer behavior.Note: You should make all assumptions needed for the completion of this assignment.Instructions
    Create the second part of your marketing plan in 8–12 pages:

    1. Describe or list the feedback you received on Part A of your marketing plan. Explain how you will use the feedback to improve your plan.
    2. Develop a branding strategy for your product or service that covers the brand name, logo, slogan, and at least one brand extension.
    3. Thoroughly analyze the primary and secondary markets that you want to target. Thoroughly include the demographic profile (age, gender, ethnicity, and so on), psychographic profile, professional profile, geographic profile, and any other segment you deem necessary.
    4. Prepare a positioning statement. Include a perceptual map that shows your company’s position against its competitors. From this map, create a statement that depicts your position.
    5. Examine the relevant consumer behavior for your target market. Explain the main reasons why the brand name, logo, slogan, brand extension, and positioning statement are right for the identified target market.
    6. Use at least three academic resources as quantitative marketing research to determine the feasibility of your product or service. These resources should be industry specific and relate to your chosen product or service.
    7. Use the Part B Marketing Plan Template [DOCX] to complete the assignment.
    8. Note: Wikipedia and other similar websites do not qualify as academic resources.This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.The specific course learning outcomes associated with this assignment are:
    • Develop a branding strategy for a target market based on relevant consumer behavior.
  • Professor’s comments

Introduction: You provided a well thought out description of your hypothetical business. The product/service that you will focus on in this course is clear, the physical location is defined and you successfully introduced the elements of your marketing plan. Great job!

Mission Statement: This is a good mission statement, but more rationale was needed. Only four of the five questions in a mission statement were addressed. What does the mission statement convey to consumers/customers as well as internal employees and stakeholders -see the purpose of a mission statement, page 21 of textbook.

Goals: The goals you indicated for the short term and long term were specific, measurable and realistic. You also identified how you will measure them. While you do not need many goals, it is important to prioritize what you plan to accomplish and determine how you will monitor your progress on these goals.

Environmental Analysis: All the elements of the environmental analysis were addressed and explained. You gathered factual information covering each of the six categories in the environmental analysis. This was thorough and exhibited an understanding of the environmental factors. Remember that environmental factors are outside of your direct control, but each of these factors has influence over your business.

SWOT Analysis: The SWOT and Needs Analyses are on target and show how your company will fare in the market. Your strengths and weaknesses are clearly internal as you can control them. Your opportunities and threats are clearly derived from the environmental analysis and, while you cannot control them, they can have a direct impact on your hypothetical business.

References and Citations: Your paper used three (3) academic, peer reviewed references as quantitative marketing research to determine the feasibility of your product / service. In order to receive most points, you must submit four (4) or more. You showed a clear understanding of academic, peer reviewed references. Most of your APA or SWS formatting for your references is correct.

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MKT 500 Strayer University Wk

Part A: Your Marketing Plan

Overview

For this assignment, you will document your hypothetical company’s background information and mission statement, your company’s short-term and long-term goals, an environmental analysis, and a SWOT analysis.

Note: You should make all assumptions needed for the completion of this assignment.

Instructions

Create the first part of your marketing plan in 8–12 pages:

  • Write an introduction to your company. Describe your hypothetical company, its location, the product it makes or the service it provides, and introduce the contents of your marketing plan.
  • Develop your company’s mission statement.
  • Decide the main goals that you would like to achieve within the next year (short term) and the main goals that you would like to achieve within the next 5 years (long term). Determine the most appropriate ways to measure both short- and long-term goals.
    • Note: Consider the following metrics: tracking downloads of website content; website visitors; increases in market share; customer value; new product or service adoption rates; retention; rate of growth compared to competition; and the market, margin, and customer engagement.
  • Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
  • Develop both a SWOT analysis and needs analysis for your product or service. Each analysis should examine three strengths, weaknesses, opportunities, and threats for your company.
  • Use at least three academic resources as quantitative marketing research to determine the feasibility of your product or service. These resources should be industry specific and relate to your chosen product or service.
  • Use the Part A Marketing Plan Template [DOCX] to complete the assignment.
  • The Part A Mission Statement and SWOT Analysis Sample [PDF] containing examples has been provided for your reference.

This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.

The specific course learning outcomes associated with this assignment are:

  • Evaluate a company’s goals, environment, needs, strengths, and weaknesses based on its respective market.

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