Question

STRATEGIC MARKETING PLAN

INTRODUCTION

This assignment entails development of a comprehensive strategic marketing plan for a new product or service that is ready to “go to market”. A Project Template is provided that allows you to organize your work in increments and see how the sections come together to produce a comprehensive plan.

PRODUCT/SERVICE

This assignment requires application of concepts learned to build a strategic marketing plan for a new product or service that is ready to “go to market”. You will not be allowed to mimic plans or ideas from larger or already "in-place" campaigns. You must develop the business concept in its entirety.

Describe the new product or service.

Discuss the qualities that make this product/service new to the marketplace and the rationale for your decision to pursue the concept. Be sure to pick a product or service that is ready to market. If you are developing a new product, assume that the development phase is over and you are ready to launch the product into the marketplace.

OBJECTIVES/MISSION STATEMENT

Create a Mission Statement. State your short-term MARKETING objectives (one year). Assume that the product/service is ready to launch at the beginning of the year (planning and testing have been completed).

Marketing objectives include goals for sales, profits, market share (as examples)

Objectives need to be quantifiable. Use the SMART acronym—simple, measurable, achievable, relevant, and time-specific—in formulating your objectives. An objective with a 100% goal is not acceptable

TARGET MARKET

Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau's American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.

COMPETITION

Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? Business Source Complete in the Library is a good tool for this section; it may be accessed under Find Articles & eBooks.

PRODUCT/SERVICE FEATURES

Provide a brief overview of the product or service.

State the features of your product/service. Show how it's innovative and different. It may be unique because of the area in which you plan to market it.

Discuss legal and ethical implications that could affect the marketing process. This will require research.

CORE STRATEGY

Discuss your Core Strategy and make sure to connect it to your Mission & Objectives. Include a discussion on Product/Service Positioning.

MARKETING MIX: COMMUNICATIONS & PROMOTION

The Marketing Mix is the set of decisions about communications and promotion, price, channels of distribution, and customer relationship management. An integrated marketing communications (IMC) approach delivers a clear and consistent message to your consumers and is connected to your Core Strategy.

Discuss the aspects of the IMC. (The elements of the communication mix include: advertising, direct marketing, sales promotion, publicity/public relations and personal selling.) Define each and discuss the pros and cons of the individual elements.

Provide a detailed description of your IMC approach. Explain your rationale for choosing or rejecting the specific elements (include applications to the earlier research section). What changes do you expect to make as the product/service matures?

Describe the message you wish to communicate based on your core strategy. Explain your rationale for the message. Formulate how you will communicate with your target market? Be specific. How will the internet be used in your IMC approach?

Select and explain the most suitable method for measuring advertising effectiveness. Your decision must include research to back up the selected method. Be sure to explain why this is the most effective method to measure the effectiveness of your marketing campaign.

MARKETING MIX: PRICE

Discuss what pricing objectives you would consider for your product/service. The Objectives should be based on the various theories presented in marketing literature and take in to account competitor pricing. Including background on value proposition, positioning, and target market is necessary. All of these components provide rationale for the chosen pricing scheme.

MARKETING MIX: CHANNELS OF DISTRIBUTION

Channels of Distribution: Specify the type of distribution channel you will use and include rationale.

MARKETING MIX; CUSTOMER RELATIONSHIP MANAGEMENT

Customer Relationship Management -Detail how you will incorporate CRM into your plan. Be sure to include a discussion on the role of technology that will be used to support your CRM.

CONCLUSION

REFERENCES

The assignment requires the use of ARTICLES from the library's full-text databases. Articles are found in periodicals. These are not to be confused with eBooks or Reference Books. The most popular databases in marketing are: ABI Inform Collection, Academic Search Complete, and Business Source Complete.

Your report MUST include a reference list. All research should be cited in the body of the paper. In-text citations and corresponding references should be included in your paper. For more information on APA, please visit the APA Lab. The paper should be written in third person; this means words like "I", "we" and "you" are not appropriate. The use of direct quotes is discouraged, but may be used sparingly in appropriate situations.

This is self explanatory.

Answer 1

STRATEGIC MARKETING PLAN

PRODUCT:

* We have been in the coffee industry for a while now, and share a good consumer share with a few other competitors. However, we are launching a new product in the same vertical. This new coffee is high on caffeine, more than any other available coffee in the market along with a few herbs which works naturally on body fat and acts as a fat burner.

OBJECTIVE/MISSION STATEMENT:

The objective of the company behind launching this product is to provide customers with a complete solution especially when they want to stay fit and are involved in daily exercises or gymming. This will help the consumers reduce body fat with the help of natural herbs and with zero side effects.

* WE currently have 27 % of total coffee consumers available in the market who buy coffee from our brand. The mission of this product in next one year is to move the 5% of customers out of 27% to use this product by making them realize this is health benefactory. Also the mission of the project is to get a new customer share of about 5-7 % of the total coffee and health supplement market.

TARGET MARKET:

People who are involved in daily exercises at home, or go to gym are the primary target audience. The higher concentration of caffeine would act as pre workout and will give extra energy to perform the routine, while at the same time herbs will also act on the body fat naturally, giving double impact to the workout.

COMPETITION:

This is a unique product which no one else is serving in the market. The only competitors in the market are coffee brands who produce coffees with high concentration of caffeine, or companies that provide pre workout and other gymming supplements which can also have side effects. Thus, there is no one in the market right now in the form of competition who gives a complete natural solution that can work on the body and at the same time be an enjoyable drink.

PRODUCT FEATURES:

* Coffee like flavour, but has capabilities of working like a pre workout due to higher concentration of caffeine.

* Cheaper than other gymming supplements available in the market.

* Provides a fat cutting solution with all the natural herbs, so there are no side effects to it.

* The ingredients are all in specifications and limitations as per FOOD GUIDELINES provided by the Government.

CORE STRATEGY:

The Strategy would revolve around providing a health related product, which can be used as a normal day drink, and give the option to be a work out drink at the same time too, at much cheaper prices than any workout supplements available in the market. And that too with all the natural herbs as its ingredients so that people can stay fit without worrying about the side effects.

MARKETING MIX COMMUNICATION AND PROMOTION:

The product information will be published across all the social media, which will also be the primary promotion platform, as most of the people looking for gymming or fat reducing solutions do their research on social media. Moreover the promotion would be done by athletes and sports persons so that people can easily relate to the effects that can be resulted from this product. Moreover social media would help us from WORD OF MOUTH publicity too, so that we end up spending less on our total marketing budget.

MARKETING MIX PRICE:

The price is marginally up from our other products available in the market. However, it is much lower than any other product available in the market which could provide similar benefits.

MARKETING MIX CHANNELS OF DISTRIBUTION:

The product will be available both in physical outlets that we have and the online stores that we have. We will have the sole distributorship of the product, and no other physical store or website will be allowed to sell or resale the product.