Conduct additional outside research on the marketing plan development process.
Based on your research and analysis, course content, and the information you developed in Assignment 6.1, create a marketing strategy/plan for a new store opening. Be sure to examine the accuracy, relevance, logic, and objectivity of any information that is used to develop your strategy, including the possible biases of information providers.
Address each of the following components when developing your strategy:
Understanding the Market – Situation Analysis
* Internal Environment
* Customer Environment
Who are your customers?
Who are your competitors?
* External Environment
Competition and trends?
Identifying Opportunities – SWOT
* SWOT Analysis
* Competitive Advantages
*Setting Goals & Objectives
* Target Markets
* Product Strategy
* Pricing Strategy
* Distribution/Supply Chain Strategy
* Integrated Marketing Communication Strategy
Action Plan – Tactical Implementation
* Who is responsible?
* What actions are we taking?
* When are we taking these actions?
* How much will these actions cost?
* What is the schedule and timeline?
Managing the Marketing Plan – Evaluation and Control
* Which activities should be measured?
* Which results should be measured?
* What are the indicators of success for activities and results?
* When will activities and results be assessed? (first review date, second review date, etc.)
If results are not achieved, what actions will be taken to correct?
Develop your marketing plan in a minimum of six pages. The minimum length does not include the marketing plan title page, reference page, or any additional pages containing charts, appendices, etc. A minimum of three outside research sources are required for this assignment, in addition to any internal sources you may use from your organization.
Format Instructions: Your marketing plan must be double-spaced, 12 point Times New Roman font, with 1” margins on all sides. It must consist of a title page, the body of the marketing plan, and a reference page. Page numbers must be included per APA style guidelines. All relevant headings used in the marketing plan worksheet should be included in the body of your marketing plan. An appendix (or appendices) must be included after the reference page. The appendix/appendices should contain materials to support the elements included in your marketing plan. Since this is a marketing plan and not a typical research paper, in-text citations are not required.