Developing Marketing Strategies Overview Using the same hypothetical company from Part A: Marketing Plan Input, for this assignment, you will focus on the company’s branding strat
- Week 6 Assignment – Part B: Developing Marketing Strategies
Overview
Using the same hypothetical company from Part A: Marketing Plan Input, 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 5–7 pages using the Part B Marketing Plan Template [DOCX]:
- Explain how you will use the feedback you received on Part A of your marketing plan to improve your plan.
- Develop a branding strategy for the product or service that covers the brand name, logo, slogan, and at least one brand extension.
- Analyze the primary and secondary markets that will be targeted, including the demographic profile (age, gender, ethnicity), psychographic, professional, and geographic profiles.
- Prepare a positioning statement that depicts a specific position using a perceptual map that shows a company's position against its competitors.
- Explain the main reasons why the brand name, logo, slogan, brand extension, and positioning statement are right for the identified target market.
- Use at least three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
- 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.
Resources
- Part B Marketing Plan Template [DOCX].
- The specific course learning outcome associated with this assignment is:
- Develop a branding strategy for a target market based on relevant consumer behavior.
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MKT500 |
Part B: ABC Marketing Plan (Change to your name of business here)
Your Name
MKT500 Marketing Management Strayer University
Dr. Your Professor
Date submitted
Introduction
Explain how you will use the feedback you received on Part A of your marketing plan to improve your plan. Do not just list the feedback.
Next, re-introduce your company you shared in Part A.
Lastly, review what you will share: branding strategy, primary and secondary target markets, positioning statement, and consumer behavior.
Branding Strategy
Write an introduction here (minimum of three sentences). Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension. For each of these sections below, provide rationale. Each section should be a minimum of three sentences.
Brand Name
Text starts here, provide rationale (minimum of three sentences).
Logo
Text starts here (do not start with an image of your logo, describe first); provide rationale (minimum of three sentences). Relay what the logo means, for example, Nike’s swoosh logo. Example below:
Figure 1. Your company name logo and short descrption.
Slogan
Text starts here (do not start with your slogan, describe first); provide rationale (minimum of three sentences).
Brand Extension
Text starts here, provide rationale (minimum of three sentences).
Primary and Secondary Target Markets
Analyze the primary and secondary target markets for your company. Thoroughly include the demographic profile (for example, age, gender, ethnicity, et cetera), psychographic profile, professional profile, and geographic profile. Factors to consider in determining your target markets could be age, lifestyle values, attitudes, wants and needs, gender, number of kids, education income, stage in the household lifecycle, geographic location (urban versus rural, et cetera), or risk orientation. Make sure your target market is not too broad; be focused and concise, using multiple characteristics. Target market and segmentation choices are perfect topics for scholarly references to substantiate your position (search in library for peer-reviewed, journals).
Positioning Statement
Start with an introduction sentence or two. Then state what is your unique selling proposition (USP), who do you consider to be your competitors, and how does their positioning statement (as they are seen in the marketplace, what’s their USP) differ from yours. Include a perceptual map that shows your company’s position against its competitors. You may use Microsoft Word, PowerPoint, or other equivalent software to create your perceptual map. Figure 1 example is below:
Figure 1. Perceptual map representing Your Company Name in relation to competitors XYZ company, ABC company, and AAA company.
From this map, create a statement that depicts your position. Prepare a positioning statement (that is, “For customers who want [segment], our brand is the best at [unique selling proposition—competitors and competitive advantage].”).
Under Armour example:
Under Armour’s mission statement is, “Under Armour’s mission is to make all athletes better through passion, design and the relentless pursuit of innovation.” A converted position statement might be: “For athletes who want to be the best, Under Armour is the best at making all athletes better through passion, design, and the pursuit of innovation.”
Note: See the textbook for an example of another perceptual map.
Consumer Behavior of Target Market
Examine the relevant consumer behavior for your target market (use segmentation and targeting rationale from your textbook). Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement are right for the identified target market. Objective is to examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing. Remember your target market should consist of more than one characteristic (for example, age, lifestyle values, attitudes, wants and needs, gender, age, number of kids, education income, stage in the household lifecycle, geographic location (urban vs. rural, et cetera), or risk orientation). Good place to use references on consumer behavior from Journal of Marketing.
Conclusion
Summarize the plan to this point (minimum of three sentences) and you should not include any new thoughts (just summary).
Sources
Use three credible, relevant, and appropriate resources as marketing research to determine the feasibility of your product or service. To receive most points as exemplary, you must meet the required number of credible, relevant, and appropriate references.
These resources should be industry specific, relate to your chosen product or service, and be published in the last five years. A good way to incorporate is by using Journal of Marketing, as an example, for your theories and consumer behavior observations.
SWS Guidelines: (delete this from your paper)
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 and the Strayer Writing Center.
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University.
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Coolstay Marketing Plan
Student’s Name
Professor
Institution
Introduction
Gulangyu Island's Coolstay restaurant, a bed and breakfast restaurant, will be serving seafood specialities in Xiamen, China. The restaurant will serve patriots from various businesses, including the tourist and corporate sectors. In addition to the delicious and refreshing cuisine, the atmosphere is built on a Pacific Rim theme, and all three meals are provided. Tens of thousands of people visit the restaurant each year to sample the beautiful flavours of the Pacific Rim's regional delicacies and seafood. This marketing strategy aims to provide a comprehensive look at what makes Coolstay restaurant stand out from the competition. For these reasons, the restaurant is a great place to spend time on vacation. Additionally, the company's goals and objectives, as well as its strengths, are outlined in this marketing plan. The level and quality of service offered at the coolstay restaurant are also examined.
Environment Analysis
Gulangyu Island, a 660-square-mile island in Xiamen City, China, is home to more than 3 million people. In addition, the island is divided into six districts along its perimeter, all of which serve as important secondary markets for the company.
Competitive
There are many restaurants, high-end accommodation and hospitality companies in the environment (Bondarenko et al., 2019). This implies that coolstay will have to put more effort into ensuring great quality of service provision. Such an implementation will help to overcome the stiff competition realized in the environment.
Economic
China is one of the world's most established and knowledgeable economies, thus placing the business in a promising economic environment. Besides, the country hosts various economical leaders and influencers, which describes the amount of cash flow possessed by the individuals (Bondarenko et al. 2019). Such individuals often dwell in excellent catering facilities such as hotels, which make cool stay favourable for this purpose. This implies that the general economic environment and factors will be favoured and allow the company t thrive.
Political
China is an economy without political crises or scandals, thus making it a favourable environment for business. Political stability is one of the major determinants of a business's success and stability, implying that the climate will fully support and stir the company towards success.
Legal
The legal factors realized in the Chinese environment favour and accommodated the tourism sector, thus illustrating how advantageous and suitable the domain will be for Coolstay restaurant. The legal procedures and requirements will be followed for all the processes and needs of the company, and therefore uninterrupted operation will be realized.
Technological
The presence of advanced technology in the Chinese economy provides a great platform of operation, which will positively influence activities and operations such as marketing, financing, communication, and service provision, where customers are destined to enjoy quality restaurant service offered with the aid of advanced technology in the hospitality, hotel and accommodation sector. These factors would help to accrue more customers and win the trust and favour of clients.
Sociocultural
The cultural composition and behaviour of the Chinese environment represent one of the most hospitable and interesting cultures worldwide. Such an aspect is a major concern in tourism and hospitality (Bondarenko et al., 2019). The welcoming and friendly nature of the environment's cultural composition will positively impact the business. Besides, the cultural presentations such as the food and dances are another bonus factor that would aid in attracting more customers to the company.
Mission statement
Cool stay restaurant is determined to provide excellent and affordable services to tourists and prospective customers while exhibiting a cultural display of hospitality. The company operates with the best terms and conditions without discrimination against all its customers.
Company analysis
To simplify the transition of a new firm into a highly competitive industry, the Coolstay Bed and Breakfast Restaurant has a suitable product range and the requisite degree of technical competence. As a result, Coolstay Restaurant intends to target customers who are highly regarded in their respective areas, such as executives. This group of customers enjoys some of the world's best food, which is the direction in which our menus are headed (Bondarenko et al., 2019). Whether it's Breakfast, lunch, or dinner, we will do everything we can to take this throne away from our competitors. Tourism and business executives who value amenities like housing and seafood cuisine are at the centre of demography. Both of these groups make use of the comforts that come with them. Relaxing at home while eating seafood is a favourite pastime for many people, especially those who have been on the road or spent long hours at work. Reassuring purchases from the B&B will allow consumers to experience positive emotional attachments of lovely talks, selected pleasure, and necessary rest throughout their personal and professional obligations.
Short term goals
New concepts inviting to executives and visitors alike are one of the short-term aims of the firm. Creating and executing new concepts welcoming to executives and tourists alike is one of the short-term goals (Sofronov, 2019). Bed and Breakfast may be able to attract a large number of repeat customers through word of mouth, owing to its executives' experience in the development of financial income through firm operations.
Long term goals
Long-term objectives will include growing into a financially sustainable organization that contributes to greater economic security within the community in which we are situated. In addition, one of our aims and activities outlined in the strategy is to cultivate partnerships with local owners and produce sellers. In addition, we are planning to continue expanding upon our business's value by securing distribution from worldwide resources for products unrelated to marine food (Sofronov, 2019). Additionally, there will be an emphasis placed on the ongoing education of staff members. A long-term aim that is both realizable and attainable in its practical aspects is the maintenance of a successful bed and Breakfast via the development of trustworthy and enduring connections and memories through dialogue.
Market analysis
The company employs a price strategy that is somewhat above industry norms for its products. Customers can purchase goods and services at a lower price from local firms to ensure a smooth and effective market launch. Our price value will be based on cultural concepts of affordability and delectability to achieve unity.
Product
When it comes to Deliverance's aromas and scents, you can expect them to be in keeping with what is currently and historically recognized. As a result, products are marketed with an overall idea of cultural longevity based on historical beliefs. For anyone who might get hungry while seeing our city, we'll have a selection of local dishes that tourists from other nations will likely enjoy (Sofronov, 2019). A wide spectrum of ideologies will be represented on our menu, from the most mainstream to the most extreme. These numbing beverages will be acquired from all around the world and brewed right here in town.
Promotion
In addition to utilizing regional modes of message delivery, Coolstay will implement social marketing strategies in its business. Word-of-mouth advertising is another form of promotion that we are interested in. We strive to maximize the effectiveness of our word-of-mouth advertising by delivering meals that are not only delicious but also memorable at a price that is fun and reasonable, all while assuring complete client satisfaction.
Place
Because of the island of Gulangyu's strategic placement as the tourism hub, the costs and the time required for visitors to go there were reduced. Our service area includes six nearby villages, all of which will be served by our new facility, Coolstay. Local farmer cooperatives will give distribution means for fresh fruit to ensure long-term economic viability.
SWOT analysis
Strengths
The coolstay restaurant has a great location, which will be a source of strength for the business. The firm will probably get new customers with its existing location and activities. It may take some time for word-of-mouth, a kind of advertising and marketing, to take hold of the business's internal and exterior potential. The striking balance between satisfying both external and internal stakeholders who impact profitability while pursuing marketing objectives (Benzaghta et al. 2021). To top it all off, the company's hotel and housing services are competitively priced compared to those provided by other businesses and hotels in the neighbourhood. A component of this scale is invaluable for a business looking to expand its customer base.
Weaknesses
The weaknesses included are the expensive labour cost for experienced and high-class restaurant workers and the generally degrading demand for hotels, which highly affect the performance and revenue earned by hotels in the environment. Incoming technology and trends such as night apartments for renting are some of the weaknesses realized.
Opportunities
Despite the market size of over 400 organizations, bed and breakfast hotels like cool stay are well-organized and culturally fashionable ideas (Benzaghta et al., 2021). As previously said, capital investment has been made to ensure the implementation of strategies for promoting new products and reorganizing the company. Even if it's not yet feasible to quantify organizational changes, metrics such as occupancy rates and the number of sites have resulted in a significant rise in earnings for this industry.
Threats
There are several competitors in the Gulangyu tourism region. It's common for segments to have six or more rooms, so occupancy is often about 53%. If the restaurant has a low occupancy rate, guests aren't staying long (Benzaghta et al., 2021). Thus, the company may compete with other local businesses that offer the same service.
Reference
Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 55-73.
Bondarenko, V. A., Efremenko, I. N., & Larionov, V. A. (2019). Marketing strategy for hotel and tourist complex companies.
Chernev, A. (2020). The marketing plan handbook. Cerebellum Press.
Leigh, D. (2009). Handbook of Improving Performance in the Workplace: Volumes 1‐3, 115-140. SWOT analysis.
Sofronov, B. (2019). The development of marketing in the tourism industry. Annals of Spiru Haret University. Economic Series, 19(1), 117-127.
Starcevic, S., & Konjikušić, S. (2018). Why millennials as digital travellers transformed marketing strategy in the tourism industry. Starcevic, S., &Konjikusic, S.(2018), Why Millenials As Digital Travelers Transformed Marketing Strategy in Tourism Industry, International Thematic Monograph Tourism in Function of Development of the Republic of Serbia-Тourism in the Era of Digital Transformation, University of Kragujevac, 221-24.
Stevens, R. E., Loudon, D. L., & Nykiel, R. A. (2013). Marketing your business: a guide to developing a strategic marketing plan. Routledge.
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