Please take this paper and put it into your own words as well as add to it.
Executive Summary: This goes in the very front of your Milestone Ten Marketing Plan.Keep this at no more than two pages.It is a synopsis of key information that is found in the subsequent Milestone sections that follow, in accordance with the Marketing Plan Evaluation Criteria.Does your Executive Summary tell the reader what your PLAN measurably is intended to accomplish?
Product Description: When I read this, I want to be able to tell what the product or service that you are bringing to market. Were someone to ask me, “What does the company want to bring to market?” I need to be able to describe it in significant detail: what, where, etc.
SWOT:Does this clearly look at your internal STRENGTHS and WEAKNESSES, as a company, and your ability or concerns relative to bringing this product or service to market?Does it look EXTERNAL to your company and point to the OPPORTUNITIES to grow your revenue and business, both short- and long-term?Does it reflect the macroenvironmental THREAT realities that might affect your product/service launch? Is your SWOT focused on what you want to bring to market or is it focused on the company… but not the product/service?It should focus on the product/service!
Target Market: Have you clearly indicated the PROBLEM that your product or service solves for your target market… as seen by the target market (and not just you)?If you don’t, your product or service may be a “me, too!” solution, one in which you will wrestle for market share.Marketing exists because consumers and businesses have PROBLEMS.What Problem are you solving, one to which your target market (not you) would say, “Yes, this is a problem, and no one is addressing it… or addressing it satisfactorily”?Does your Target Market description have measurable demographic, geographic, or other segmentation variables that clearly identify it?
Competitive Strategies: Does this section outline two competitors and provide your in-depth analysis of each competitor, including how they market to their target market?How they approach the market in which you have decided to enter?Have you indicated your plan to enter the market to gain entry? Have you indicated your projection as to what the competition will likely do upon your foray into the market?Does your section include how you will respond to what you perceive as their likely response once you enter the market?
Pricing: How does your pricing reflect your consideration of your costs?What are your projected Year One revenues and profits?What is your pricing strategy per Kotler and on what basis is your pricing strategy created?
Integrated Marketing Communications: Were you to hand me your Promotional Plan and tell me to “make it happen,” would it provide me sufficient direction that I would know what to do? Did you use THIS format requested by SNHU (below) that clearly and distinctly communicates the “what, where, when, and cost of your advertising? Examples might look like this:
- Advertise on WLS Radio three times each day during drive time hours morning and afternoon for the first six months, beginning 1 June and ending 30 November 2018. Cost: $130,000.
- Advertise in Chicago magazine: full-page glossy four-color printing each month for five months, beginning 1 June and ending October 31, 2018. Cost: $55K.
- Advertise in the Morton Grove Champion weekly newspaper: 4” x two column inch ad for three months and then each month, thereafter, beginning 1 July 2018 and ending 30 June 2019. Cost: $11,300.
Similar format would be used for direct marketing, social media, public relations, sales promotion, or other expenditures.
As far as Public Relations is concerned, do you have a strategy as to HOW you will approach gaining “free press”…? Do you have a web site? Cost to do this? What about Sales Promotion? Trade Shows? Personal Selling? Social Media? Direct marketing? Does your Marketing Plan clearly communicate an appropriate use of the promotional tools? Does your Marketing Plan say that your focus is on an Integrated Marketing Communications approach (a fast way to lose points if you don’t)? Has your IMC “one, clear, concise” message (this can be a slogan) been stated? What is your MESSAGE (put it in “quotes”)? Do you have your one clearly-stated and measurable advertising communications objective, including percentages, your target market description, your MESSAGE, and a date?
IMC BUDGET: This was well covered in your “MKT500 Milestone EIGHT.” You want to ensure you have covered all promotion expenses — the breakout of what you will spend and in what media should be in this section. You have RESEARCHED different media to understand the REAL cost of promoting with them. No guessing.
Implementation, Compliance, Evaluation and Control: Per the RUBRIC provided, have you discussed these factors as you complete your Marketing Plan?