PART B: MARKETING PLAN 7
Part B: ABC Marketing Plan (Change to your name of business here)
MKT500 Marketing Management
Dr. Lisa Amans
Introduction (note this is not bold)
Describe or list the feedback you received on Part A of your marketing plan. Do not just list the feedback. Explain how you will use the feedback to improve your plan.
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.
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.
Text starts here, provide rationale (minimum of three sentences).
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, example Nike’s swoosh logo. If you use an image of a logo, make sure you use APA formatting (labeled Figure 1 include description per APA). Example below:
Figure 1. Your company name logo and short descrption.
Text starts here, (do not start with your slogan, describe first); provide rationale (minimum of three sentences).
Text starts here, provide rationale (minimum of three sentences).
Primary and Secondary Target Markets
Determine the primary and secondary target markets for your company. Thoroughly include the demographic profile (e.g., age, gender, ethnicity, etc.), psychographic profile, professional profile, geographic profile, and any other segmentation variable you deem necessary. Considerations for your target markets should be age, lifestyle values, attitudes, wants and needs, gender, number of kids, education income, stage in the household lifecycle, geographic location (urban vs. rural, etc.), or risk orientation, etc. This section is worth 48 points, make sure your target market is not too broad, be focused and concise using a multiple of characteristics. Target market and segmentation choices are perfect topics for scholarly references to substantiate your position (search in library for peer-reviewed, journals, see image below). Also, see textbook for a variety of segments to consider, pages 93-104.
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 than 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 (suggestion: use Snip-it or Jing to take an image to drop in Word to keep the formatting you created). See textbook pages 107-113. Follow APA Figure formatting (your map should be labeled Figure 1 or 2, depending on if you used a figure for a logo, include description per APA). 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 (i.e., “For customers who want [segment], our brand is the best at [unique selling proposition—competitors and competitive advantage].”). See textbook pages 107-113.
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 page 110 in the textbook for 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 (e.g., age, lifestyle values, attitudes, wants and needs, gender, age, number of kids, education income, stage in the household lifecycle, geographic location (urban vs. rural, etc.), or risk orientation, etc.). Good place to use references on consumer behavior from Journal of Marketing. See above for how to find these in the library.
Summarize the plan to this point (minimum of three sentences) and you should not include any new thoughts (just summary).
Sources (note this is centered and not bold and on a separate page)
Use at least three (3) academic, peer-reviewed resources as quantitative marketing research to determine the feasibility of your product / service. Three academic, peer-reviewed references are proficient. In order to receive most points as exemplary, submit four or more.
These academic, peer-reviewed resources should be industry specific and relate to your chosen product / service. Quality, academic references are peer-reviewed and found in scholarly journals published in the last 5 years. A good way to incorporate is by using Journal of Marketing, as an example, for your theories and consumer behavior observations.
Newspapers, magazines, and other Websites do not qualify as academic resources and although you should reference if you use, they do not count towards your minimum.
Listing your references without applying them in your text (citations) is not acceptable!!! See proper formatting in SWS hints on page 7 of this document.
Tips and SWS Formatting (delete this from your paper)
Below are tips and notes to guide you writing an SWS paper. Use this information as a reference and ask if you have any questions.
Tips and Notes:
1. NEVER plagiarize: Plagiarism: act of using someone else’s ideas, words, figures, unique approach, or specific reasoning without giving appropriate credit.
2. Always include an introduction for your Heading 1 topic (example: Environmental Analysis) to explain to the readers what they learn in the section you are introducing.
3. Paragraphs should be complete, such as a minimum of three sentences:
a. “Put only one main idea per paragraph.
b. Aim for three to five or more sentences per paragraph.
c. Include on each page about two handwritten or three typed paragraphs.
d. Make your paragraphs proportional to your paper. Since paragraphs do less work in short papers, have short paragraphs for short papers and longer paragraphs for longer papers.
e. If you have a few very short paragraphs, think about whether they are really parts of a larger paragraph—and can be combined—or whether you can add details to support each point and thus make each into a more fully developed paragraph.”
4. Do not use (or minimize):
a. they (minimize, pronouns, use actual names/titles for clarity)
c. there are
j. one or ones
l. a lot
m. a ton
5. Use of contractions – spell out
6. Findings: are past tense
1. In -text citations:
If the in-text citation appears at the end of a sentence containing evidence, the closing punctuation of the sentence must follow the closing parenthesis of the citation.
Use the author’s last name or publishing organization’s name and then a comma. Then add the number indicating the placement of this source in the source list.
This is an example.
Studies have also indicated that the high concentration of CO2 in the atmosphere is primarily due to humans’ use of fossil fuels. Atmospheric data shows “that levels of CO2 in the atmosphere are higher than they have been at any time in the past 400,000 years” (National Aeronautics and Space Administration, 4).
An SWS format Source list citation consists of:
· The author’s name.
· If there are multiple authors, only the first author is used.
· The year of publication of the source.
· The title of the source.
· The page range.
· A way to locate the source (in this case, a permalink from the Strayer Library).
Here is an example of a Source in an SWS format.
Stephanie Herring. 2014. Explaining Events of 2013 from a Climate Perspective. p. 5. http://libdatab.strayer.edu/login?url=https:// search.ebscohost.login.aspx?direct=true&db=a9h&AN=99124811 &site=eds-live&scope=site
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