Wk 4 – apply: signature assignment: part b: strategic marketing plan
Wk 4 – apply: signature assignment: part b: strategic marketing plan.
(Due in Wk 4)
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.
What it Measures
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.
Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed.
What it Measures
Example: retail store analytics
Dollar value of sales by quarter by major product categories
Total sales of major players
Market Share Analysis
Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed.
What it Measures
Example: Focus group
Product usage, motives, identify group level satisfaction, decision process, etc.
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.
Purpose & CRM Objective
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
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.
· Traditional Promotion
· Online Promotion
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.
Example: Direct mail
Middle class residential
Can include coupons
Expense and low return rate for given product
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.
Date for Completion
Example: Design flyer for direct mail campaign
J. Smith, graphic designer
Approval by senior marketing team and legal
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.
Example: Direct mail flyer
1100 new inquiries
Western regional manager
500 new inquiries first month of campaign