Wk 4 – apply: signature assignment: part b: strategic marketing plan

(Due in Wk 4)

Internal Data

Evaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed.

Source

What    it Measures

Data

Potential    Usage

Example: Sales data

Monthly sales by specific product

Average sales that month in US   dollars for each of 10 products. Data can be segmented by business and   consumer markets.

Can be used for trend analysis,   projections, and to measure effectiveness of promotions.

Secondary Data

Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed. 

Source

What    it Measures

Data

Potential    Usage

Example: retail store analytics

Dollar value of sales by quarter by   major product categories

Total sales of major players

Market Share Analysis

Seasonal patterns

Primary Data

Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed. 

Source

What    it Measures

Data

Potential    Usage

Example: Focus group

Product usage, motives, identify   group level satisfaction, decision process, etc.

Qualitative

Identify different reactions of   market segments to product. Identify marketing opportunities, product/service   flaws and opportunities

Customer Relationship Management

Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed.

CRM    Touchpoint

Purpose    & CRM Objective

Data

Potential    Data Usage

Example: Customer profile   information on website

Starts the account for visitors:   name, geography, email address (Customer acquisition)

Presale: geographic location;   customer id, source of reference

Email address

Post sales: address, product   purchased, quantity, price.

Track new and returning customer   counts, total period purchases by customer ID, geographic sales data. Can be   used for loyalty rewards, retention, and targeted marketing.

Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring

(Due in Wk 6)

New Target Markets

Determine any new markets for your strategy and describe how you will provide value to each target market.

Marketing Mix for New Target Markets

Determine adaptions for each new target market.

· Products

· Price

· Distribution

· Traditional Promotion

· Online Promotion

Marketing Implementation

Create the implementation for your marketing plan. Describe how you will organize and implement the plan, such as whether it will be organized by market, geography, and who is responsible for marketing decisions. 

Marketing Communication Channels 

Evaluate the marketing communication channels you will use to reach selected audiences. Include Internet and traditional communication channels to convey key messages. Describe the advantages and disadvantages of each channel you select. Insert or remove rows as needed.

Channel

Target   Market

Advantages

Disadvantages

Example: Direct mail

Middle class residential 

Can include coupons

Expense and low return rate for   given product

Strategic Actions

Develop specific activities required to implement the marketing plan. Identify the person or role who will be responsible for each action, when it will be complete, and what standard or metric indicate that the activity is complete. Insert or remove rows as needed.

Action

Date    for Completion

Person/Role    Responsible

Standard/Metric

Example: Design flyer for direct   mail campaign

1/1/2021

J. Smith, graphic designer

Approval by senior marketing team   and legal

Monitoring

Develop the measurement to identify how you know you have been successful for each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts. Insert or remove rows as needed.

Action

Target

Person    Responsible

Inter-measurement

Example: Direct mail flyer

1100 new inquiries

Western regional manager

500 new inquiries first month of   campaign