Key Components of a Marketing Plan Essay

Key Components of a Marketing Plan

Executive Summary

Introduction of Product/Service

Missions and Goals

Environmental Analysis & SWOT

Target Market

Positioning Statement and Branding Strategy

Pricing Strategy

Distribution Strategy

Promotional Strategy

Conclusions

References

Executive Summary

Key points of the entire report

(Normally written last)

Introduction of Product/Service

Write an introduction to your company.

Describe your company, its location, and the product it makes or the service it provides

Introduce the contents of your marketing plan.

Missions and Goals

Develop your company’s.

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 five 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 /service adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement.

Environmental Analysis & SWOT

Assess/evaluate environmental factors (competitive, economic, political, legal, technological, and sociocultural) on your business

Develop a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis

Target Market

Analyze the primary and secondary markets that you

want to target.

Include the demographic profile (e.g., age, gender, ethnicity, etc.), psychographic profile, professional profile, geographic profile, and any other segmentation variable you deem necessary.

Examine the relevant consumer behavior of the target market.

Positioning Statement & Branding Strategy

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.

Develop a branding strategy for your product

brand name, slogan, logo (optional) and brand extension.

Pricing Strategy

Develop your company’s pricing strategy.

Describe type of pricing strategy

Identify factors influencing your pricing strategy

Distribution Strategy

Develop your company’s distribution strategy.

Describe channels of your distribution strategy

Identify factors influencing your distribution strategy

Promotional Strategy

Develop the integrated communications plan most relevant for your product / service and audience.

Message strategy

Media strategy

Your public relations, sales promotion, and personal selling plan

Your online and direct marketing plan

Your social responsibility/cause related marketing plan

Conclusions and References

Final remarks/wrap up

At least 10 references

at least half (5) must be academic references

APA Format

Peer Review

Each member is required to complete a/evaluation using the peer review rubric.

You do not rate yourself.

Deduction scale based on peer review: If you receive an average of 90% or higher from peer evaluations, no grade adjustment for the group project will be made. If you receive an average peer evaluation of 70-89%, 15% reduction will be made. If you receive an average peer evaluation below 70%, 25% reduction will be made.