One of the main goals or functions of marketing is to increase the “top line” for the firm. Marketers can use consumer behavior profiles in order to determine viable modifications to their existing marketing plan to increase demand for the product/service within a target market segment. For this assignment, you will need to refer back to CB Profile you developed for one target segment of an existing product/service brand. For this Marketing Plan Assignment, you will need to revisit concepts covered in Principles of Marketing and address how the company could use the CB Profile information to increase demand for its corresponding target market segment.
Your submission must be at least 15-20 pages of narrative content and include the following:
(a) A title page, abstract/excutive summary, and reference page that comply with APA formatting requirements and an introduction and conclusion (these items do not count toward the page count requirement)
(b) A minimum of 10 scholarly journal article references utilized for support
(c) Detailed marketing plan including:
ü Description of size, location, brief history
ü Mission (why the company exists/who the company serves)
ü Vision (what do they want to achieve: i.e. industry leader, largest marketshare, environmental leader)
ü Company Goals
ü Core Competencies and Sustainable Competitive Advantage
ii. 5 P’s:
ü Product (description and specifications)
ü Price (How much consumers pay)
ü Promotion (How is the product/service advertised?)
ü Place (Where is the product/service bought and sold?)
ü People (employees/staff)
iii. Situation/Environment Analysis
For this section, you need to utilize the business databases (Wall Street Journal, Standard & Poor’s Net Advantage, Mergent, etc.) to provide a well-researched response to each item.
SWOT Analysis (chart and narrative)
Note: For each item listed in the SWOT, you must parenthetically cite the source where you retrieved the information. Additionally, keepin in mind that each O/T should be approached in terms of what is shifting demand for the product/firm/industry.
ü Industry Analysis (current state)
ü Key Competitors (Who else sells this product or potential substitutes?)
ü Company Analysis (How do the competitors compare?)
ü Customer Analysis (include CB profile highlights)
Now that you have provided the current state of the company’s approach in the above items, you will provide detailed recommendations for how the company can use the CB Profile to increase demand. Important note: Keep in mind that any recommendation that you provide must also align/not conflict with the company mission and vision.
iv. Positioning Strategy
v. Marketing Mix
ü Product Strategy
ü Pricing Strategy
ü Promotion Strategy
ü Distribution (channels) Strategy
vi. CB Implications
ü Why is it important to consider the CB profile for this marketing plan?
ü How does understanding CB lead to better marketing?
ü How does utilizing this information bring glory to God?