Management Question
NKU Haile College of Business Professional Selling Degree (BSBA) The client and product this session: The plan is separated into both a written document (W) and a video presentation (V). The entire content of the plan is listed below, with a focus on the two delivery forms in a section afterwards. Section 1: Situation Analysis To craft a Marketing Strategy, it is important to be aware of the business world in the market around your firm. A situation analysis is a method used to uncover that information and present it for decision-makers to use in crafting strategies. Based on the information you can uncover with research; you are to complete the following: Instructions: 1. (W) Describe the product category and marketplace. Include general observance of the size and growth of the market. 2. (W) Describe the competitors that the company faces. Be sure to be thorough and strategically analytical. Section 2: Target Markets A Marketing Strategy is powerless without the development of a positioning strategy. It is the segmentation of the marketplace followed by a very diligent targeting of those segments and the ultimate use of the Marketing Mix to position your product in the consumer’s mind that activates the entire marketing function! To prepare for this assignment, continue to research your client. Also review the course material for Module 2. Based on the information you have found and can generate by intuition or non-formal research methods, you are to complete the following: Instructions: 1. (W) (V) Create 4 different target market personas for the new client product. Your submission should include a name for the persona (descriptive), at least 7 segmentation bases of your choice, an exemplar image, and any additional information found in the lecture. [remember, these are minimum requirements!] Section 3: Product Strategy The product is most seen as the visual representation of your firm. It is what the customers seek in an exchange, as they see it as valuable to them. There are numerous decisions that take place during this stage: what is the product, how is it branded, and how does the company function to develop new products? To prepare for this assignment, review the information about your assigned organization that you have uncovered. Also review the course material for Module 3. Based on the information found, you are to complete the following: Instructions: 1. (W) Product Strategy. o Please describe the product mix to which the new product will be added. 2. (W) Look at the client’s brand. o Describe the client’s brand elements (as defined in the module lecture). 3. (V) Creation and creativity in branding. o Create a logo and tagline for the new product. o Create two brand collateral pieces for the client’s product. You must include visuals and explanations. Choose from this list: brochure, flyer, infographic, web landing page, leaflet, blog post. Section 4: Pricing and Distribution Continuing our investigation of our assigned organization, we now move on to their pricing and distribution strategy. Pricing is your sole means of generating revenue, and distribution covers the delivery of your product to your target consumers from the beginning of the process to the actual point of purchase. To prepare for this assignment, review the information you have gathered about your client. Also review the course material for Module 4. Based on the information found, you are to complete the following: Instructions: 1. (W) Look at the Pricing Strategy. 1. Determine a price point for the new product. Be sure to explain your rationale (include competition, psychology, and economics in your rationale). 2. (W) Look at the Distribution Strategy. 1. Identify the optimal delivery method for this new product. Be sure to explain your rationale. 2. Describe three service partners that are used by the client in the distribution of the product. Section 5: IMC Program The final step of the marketing strategy process is to determine the promotional strategy for the firm. This includes all the elements needed to communicate the value of the product to the target customers. Companies tend to use various mediums to communicate with their target customers as well. To prepare for this assignment, review your work in Parts I–IV of the Marketing Plan that was assigned. Note that there are key pieces from Parts I–IV that will be used in the creation of this final section of the Marketing Plan. Also review the course material for Module 5. Based on the information found, you are to complete the following: Instructions: 1. Complete creative briefs for each communication piece. 2. (V) Traditional media. Create/mock-up 2 examples of traditional media you believe they should use in the marketplace. (For example, if you think they should create a magazine ad, compose an ad you believe would work best for them; you don’t need to be an artist; just give an idea; you can grab pictures from the web and make up taglines and logos as you see fit.). 3. (V) Digital media. Create 2 examples of social media posts you believe they should use in the marketplace. This involves creating a mock-up of a post they should share on one of their platforms. DO NOT create live accounts on any of the social platforms! Simulate only. For each version of the marketing plan, you will be required to do the following: Written paper Your team will be responsible for compiling a written Marketing Plan. The plan will contain the following parts (that are more fully described above): Product category/marketplace Competitors Target personas (overview) Product mix Brand elements Pricing strategy Distribution strategy You should thoroughly cover the information requested. If that information is not readily found and you have exhausted sources of information, you can extrapolate it from the information you have found. Each plan assignment will be graded on the following dimensions: accuracy and insight; creativity and depth; and writing style and visuals. The plan must contain between 12 and 16 pages of content. The following sections of a report do not count towards the total: the cover page, table of contents, reference pages, and/or appendices. When you create your assignment, you should use a word processor, and when you upload, you must use the pdf file format. Video Presentation Your team will also be responsible for presenting part of your Marketing Plan. The video will contain the following parts (that are more fully described above): Target personas New brand elements Collateral pieces Traditional ads Social media posts The video presentation must include every member of the group. You can either compile the separate recordings into one or you can hold a Zoom or Teams meeting and record the entire thing at once. The video will be exactly 10 minutes in length, with each team member aiming for exactly 2 minutes of content. If your team drops from 4 members, you will leave out the Target Personas portion. If your team drops to 3, I have other rules/procedures for dealing with that situation. You will also submit a packet that contains the strategy for and the graphic representations of your created assets. That form can be found here . Individual-graded portion of the final Video Presentation Each individual effort in the project will be assessed for individual presentation skills. You will not need to do anything different or extra for this part of the course. The graders will simply provide two scores: a team score and an individual presentation skills score. Project Due Dates The two parts of the Marketing Plan project are due in this configuration: The written document portion of the Marketing Plan is due at the end of module week 4 The video presentation is due at the end of module week 5.
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