Marketing Plan – Assignment 2

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Assignment 2: Marketing Plan

Due Week 5 and worth 100 points

This assignment consists of two sections: a marketing plan (Word document) and Marketing Budget (Excel document) Note: You must submit both sections as separate files for the completion of this assignment.

For
the first 6 months your company is in business—to give you time to
perfect your product and to learn from actual customers—you will start
marketing and selling in your own community, a radius of 25 miles from
where you live.

For most non-alcoholic beverages, marketing (as opposed to the actual product itself) is key to success. Cola drinks, for example, are fairly undifferentiated, as are many energy drinks, juices, bottled water, and the like.
Companies producing these types of beverages differentiate themselves
and attract market share through marketing and brand awareness—both of
which are critical to success.

Section 1: Marketing Plan and Sales Strategy (MS Word or equivalent)

Write the 6-page marketing plan and sales strategy section of your business plan in which you do the following:

  1. Define your company’s target market.
    1. Analyze
      the types of consumers who will be drinking your beverage in
      demographic terms (i.e., age, education level, income, gender, ethnic
      group, etc.). Outline the demographic information for your company
      specified on the worksheet in the course text (p. 107 | Demographic Description).
    2. Support your analysis with actual data on the size of the demographic groups in your local community (nearby zip codes).
      • Hints: At American FactFinder (http://factfinder.census.gov), you will find demographic information on potential consumers in your area. If
        you are selling through other businesses (such as grocery stores),
        indicate the number of those businesses in your local area. You will
        find information about such businesses in your local area at County Business Patterns (http://www.census.gov/econ/cbp/). Check Chapter 2 of Successful Business Plan for more research sources.
  2. Assess your company’s market competition.
    1. Use the factors listed in the course text graphic (p. 123 | Assess the Competition) to assess your company’s market competition.
    2. Defend
      your plan to differentiate yourself from the competition using the
      information detailed on the worksheet in the text (p. 131 | Market Share Distribution).
  • Hints: Every business faces competition, and the non-alcoholic beverage market is an especially crowded market.
  • Hints:
    For example, in the soft drink market, it is intimidating to try to
    compete against Coke and Pepsi. Newcomers in mature markets typically
    must pursue niche markets or even create new market categories, as Red
    Bull did with energy drinks.
  1. Clarify your company’s message using the information provided on the worksheet in the text (p. 160 | The Five F’s). Create a marketing slogan/tagline for your product.
      • Hints: Before you choose your marketing vehicles, you must determine the message you want to convey through those vehicles.
  2. Identify
    the marketing vehicles you plan to use to build your company’s brand.
    Justify the key reasons why they will be effective.

    • Hints: If you plan to use online marketing tactics, refer to the worksheet in the text (p. 171 | Online Marketing Tactics) to aid your response. Remember that even
      if you’re selling through grocery stores, you need to build your brand
      and social media is a major part of that in regard to beverages. Some
      of the marketing tactics that beverage companies use include sampling
      in grocery stores, building a following on social media, sponsoring
      events, and exhibiting at trade shows attended by retailers. You will
      use a combination of these tactics. For example, if you decide to give
      out samples in grocery stores, promote your sampling on your social
      media networks and those of the grocery store.
    • Hints:
      If you are planning to distribute through resellers, describe how you
      plan to reach them, for example, through industry trade shows or by
      establishing your own sales force. For information on trade shows, visit the Trade Show News Network (http://www.tsnn.com). You can exhibit or network at these shows.
  3. Format your assignment according to these formatting requirements:
    1. Cite the resources you have used to complete the exercise. Note: There is no minimum requirement for the number of resources used in the exercise.
    2. The
      paper must be typed, double-spaced, using Times New Roman font (size
      12), with 1-inch margins on all sides; references must follow APA
      format. Check with your professor for any additional instructions.
    3. Include
      a cover page containing the title of the assignment, the student’s
      name, the professor’s name, the course title, and the date. The cover
      page and the reference page are not included in the required page
      length.

    Section 2: Marketing Budget (MS Excel worksheets template)

    Section
    2 uses the “Business Plan Financials” MS Excel template (see: Required
    Course Files in Week 1). Use the Business Plan Financials Guide (see:
    Required Course Files in Week 1) to support your development of the
    marketing budget.

    1. Complete the “Marketing Budget” worksheet for your company.

    Note:
    Complete the Setup tab first based on the instructions located in the
    Business Plan Financials Guide (document you also downloaded from
    PlanningShop). Only the setup tab and marketing tab should be completed
    for this assignment.

        • Hints:
          The goal of the marketing budget is to help you determine how much it
          will cost you to reach your market and achieve your sales goals.
        • Hints: When filling out the “Marketing Budget” worksheet in the Excel spreadsheet, do the following:
          • Begin
            in the current year and complete a marketing budget for the first year
            of your business. The information you enter in the marketing budget
            spreadsheet will flow through to your “Income Statement” in the
            “Business Plan Financials.”
          • Leave the number at zero (0) for any marketing vehicles you do not intend to use.
          • Remember
            that all marketing activities involve costs. If social media represents
            a significant portion of your marketing, assume you will incur costs of
            advertising and these should be reflected on your budget. Even if a
            social media site charges nothing to use it, you will need to use
            company resources to manage the site, pay someone to execute your social
            media marketing campaigns, and most likely pay for ads on that site.
          • Do not leave the “Marketing Budget” blank assuming you will not have any marketing costs.
          • Do
            not complete all the rows; only fill in the costs for the marketing
            vehicles you will actually use. These must match the content you
            describe in Question 4 Word portion of this assignment.

    The specific course learning outcome associated with this assignment is:

    • Create
      a marketing plan that identifies a target market, market competition, a
      company message, and marketing vehicles for a company.

    Pages from textbook will be scanned and forwarded as needed.

    Name: BUS599 Week 5 Assignment 2: Marketing Plan

    Description: BUS599 Week 5 Assignment 2: Marketing Plan

    Unacceptable 0 – 69% F Fair 70 – 79% C Proficient 80 – 89% B Exemplary 90 – 100% A
    1. Define your company’s target market. Weight: 20%

    Points Range:
    0 (0.00%) – 13.8 (13.80%)

    Did not submit or incompletely defined your company’s target market.

    Points Range:
    14 (14.00%) – 15.8 (15.80%)

    Partially defined your company’s target market.

    Points Range:
    16 (16.00%) – 17.8 (17.80%)

    Satisfactorily defined your company’s target market.

    Points Range:
    18 (18.00%) – 20 (20.00%)

    Thoroughly defined your company’s target market.

    2. Assess your company’s market competition.
    Weight: 20%

    Points Range:
    0 (0.00%) – 13.8 (13.80%)

    Did not submit or incompletely assessed your company’s market competition.

    Points Range:
    14 (14.00%) – 15.8 (15.80%)

    Partially assessed your company’s market competition.

    Points Range:
    16 (16.00%) – 17.8 (17.80%)

    Satisfactorily assessed your company’s market competition.

    Points Range:
    18 (18.00%) – 20 (20.00%)

    Thoroughly assessed your company’s market competition.

    3. Clarify your company’s message using the information provided on the worksheet in the text (p. 160 | The Five F’s).

    Weight: 15%

    Points Range:
    0 (0.00%) – 10.35 (10.35%)

    Did not submit or incompletely
    clarified your company’s message using the information provided on the
    worksheet in the text (p. 160 | The Five F’s).

    Points Range:
    10.5 (10.50%) – 11.85 (11.85%)

    Partially clarified your company’s message using the information provided on the worksheet in the text (p. 160 | The Five F’s).

    Points Range:
    12 (12.00%) – 13.35 (13.35%)

    Satisfactorily clarified your
    company’s message using the information provided on the worksheet in the
    text (p. 160 | The Five F’s).

    Points Range:
    13.5 (13.50%) – 15 (15.00%)

    Thoroughly clarified your company’s message using the information provided on the worksheet in the text (p. 160 | The Five F’s).

    4. Identify the marketing vehicles you plan to use to build your
    company’s brand. Justify the key reasons why they will be effective.
    Provide examples of other non-alcoholic beverage companies that use
    these tactics effectively.

    Points Range:
    0 (0.00%) – 10.35 (10.35%)

    Did not submit or incompletely
    identified the marketing vehicles you plan to use to build your
    company’s brand. Did not submit or incompletely justified the key
    reasons why they will be effective. Did not submit or incompletely
    provided examples of other non-alcoholic beverage companies that use
    these tactics effectively.

    Points Range:
    10.5 (10.50%) – 11.85 (11.85%)

    Partially identified the marketing
    vehicles you plan to use to build your company’s brand. Partially
    justified the key reasons why they will be effective. Partially provided
    examples of other non-alcoholic beverage companies that use these
    tactics effectively.

    Points Range:
    12 (12.00%) – 13.35 (13.35%)

    Satisfactorily identified the
    marketing vehicles you plan to use to build your company’s brand.
    Satisfactorily justified the key reasons why they will be effective.
    Satisfactorily provided examples of other non-alcoholic beverage
    companies that use these tactics effectively.

    Points Range:
    13.5 (13.50%) – 15 (15.00%)

    Thoroughly identified the marketing
    vehicles you plan to use to build your company’s brand. Thoroughly
    justified the key reasons why they will be effective. Thoroughly
    provided examples of other non-alcoholic beverage companies that use
    these tactics effectively.

    5. Submit the Marketing Budget Excel Worksheet.

    Points Range:
    0 (0.00%) – 13.8 (13.80%)

    Did not submit or incompletely submitted the Marketing Budget Excel Worksheet.

    Points Range:
    14 (14.00%) – 15.8 (15.80%)

    Partially submitted the Marketing Budget Excel Worksheet.

    Points Range:
    16 (16.00%) – 17.8 (17.80%)

    Satisfactorily submitted the Marketing Budget Excel Worksheet.

    Points Range:
    18 (18.00%) – 20 (20.00%)

    Thoroughly submitted the Marketing Budget Excel Worksheet.

    BUS599-A2-8
    6. Clarity, writing mechanics, and formatting requirements

    Points Range:
    0 (0.00%) – 6.9 (6.90%)

    More than 6 errors present

    Points Range:
    7 (7.00%) – 7.9 (7.90%)

    5-6 errors present

    Points Range:
    8 (8.00%) – 8.9 (8.90%)

    3-4 errors present

    Points Range:
    9 (9.00%) – 10 (10.00%)

    0-2 errors present

    Name:BUS599 Week 5 Assignment 2: Marketing Plan

    Description:BUS599 Week 5 Assignment 2: Marketing Plan

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