STRATEGIC MARKETING PLAN

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.

Sample Solution

Phase 2 Discussion Board

Within” rel=”nofollow”>in the Discussion Board area, write 600–800 words that respond to the followin” rel=”nofollow”>ing questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to rein” rel=”nofollow”>inforce your ideas.

As you close your weekly meetin” rel=”nofollow”>ing with Deborah, she says, “There are some very good ideas here. I would like to see you contin” rel=”nofollow”>inue with a global marketin” rel=”nofollow”>ing plan. We need more concrete analysis and data for the presentation. Get your team to work.”

After your meetin” rel=”nofollow”>ing with Deborah, you briefly meet with your team to discuss movin” rel=”nofollow”>ing toward a more formal analysis.

“Tiffany and Mike, we need to provide a more detailed analysis,” you explain” rel=”nofollow”>in. “You’ve done a great job so far lookin” rel=”nofollow”>ing at what resources we need and potential countries, but we need to really dig deeper on this.”

Tiffany nods her head in” rel=”nofollow”>in agreement. “Defin” rel=”nofollow”>initely,” she says. “We need to look at some in” rel=”nofollow”>internal variables as well as political, environmental, sociocultural, and technological environments of the countries that we are considerin” rel=”nofollow”>ing.”

Mike in” rel=”nofollow”>interjects, “Well, that’s somethin” rel=”nofollow”>ing we should consider, but it’s not the only way to analyze this type of project. This is such a big decision, and we need to give as much in” rel=”nofollow”>information as we can.”

You reply, “Great poin” rel=”nofollow”>int, Mike. We should look at this from a couple of different angles.”

You go back to your office to update the project schedule with Deborah’s in” rel=”nofollow”>instructions. You review the activities and note the project remain” rel=”nofollow”>ins on schedule.

The next task in” rel=”nofollow”>in your strategic marketin” rel=”nofollow”>ing plan is to determin” rel=”nofollow”>ine the tools that are needed to conduct an analysis of the in” rel=”nofollow”>industry and competitors. Complete the followin” rel=”nofollow”>ing:

What are the best tools to use in” rel=”nofollow”>in this situation?

Provide a brief summary of at least 2 of these tools.

Why do you thin” rel=”nofollow”>ink these are the best ways to analyze the market?
How will you use these tools in” rel=”nofollow”>in your plan?

The materials found in” rel=”nofollow”>in the M.U.S.E. may help you with this assignment, such as the audio file Implementin” rel=”nofollow”>ing a Global Strategy. This file provides real-world experience that may help you with this assignment.

Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100-word reply about their Primary Task Response regardin” rel=”nofollow”>ing items you found to be compellin” rel=”nofollow”>ing and enlightenin” rel=”nofollow”>ing. To help you with your discussion, please consider the followin” rel=”nofollow”>ing questions:

What did you learn from your classmate’s postin” rel=”nofollow”>ing?
What additional questions do you have after readin” rel=”nofollow”>ing the postin” rel=”nofollow”>ing?
What clarification do you need regardin” rel=”nofollow”>ing the postin” rel=”nofollow”>ing?
What differences or similarities do you see between your postin” rel=”nofollow”>ing and other classmates’ postin” rel=”nofollow”>ings?

For assistance with your assignment, please use your text, Web resources, and all course materials.