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Comprehensive Strategic Management Plan

STRATEGIC MARKETING PLAN

INTRODUCTION
This assignment entails development of a comprehensive strategic marketing plan for a new product or service that is ready to "go to market".

PRODUCT/SERVICE
requires application of concepts learned to build a strategic marketing plan for a new product or service that is ready to "go to market". You must develop the business concept in its entirety.
• 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.

COMPETITION
Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? Hoover's Pro in the Library is a good tool for this section; it may be accessed under Find Web Resources.

PRODUCT/SERVICE FEATURES
Provide a brief overview of the product or service.
• State the features of your product/service. Show how it's innovative and different. It may be unique because of the area in which you plan to market it.
• Discuss legal and ethical implications that could affect the marketing process.

CORE STRATEGY
Discuss your Core Strategy and make sure to connect it to your Mission & Objectives. Include a discussion on Product/Service Positioning.

MARKETING MIX: COMMUNICATIONS & PROMOTION
The Marketing Mix is the set of decisions about communications and promotion, price, channels of distribution, and customer relationship management. An integrated marketing communications (IMC) approach delivers a clear and consistent message to your consumers and is connected to your Core Strategy.
1. Discuss the aspects of the IMC. (The elements of the communication mix include: advertising, direct marketing, sales promotion, publicity/public relations and personal selling.) Define each and discuss the pros and cons of the individual elements.
2. Provide a detailed description of your IMC approach. Explain your rationale for choosing or rejecting the specific elements (include applications to the earlier research section). What changes do you expect to make as the product/service matures?
3. Describe the message you wish to communicate based on your core strategy. Explain your rationale for the message. Formulate how you will communicate with your target market? Be specific. How will the internet be used in your IMC approach?
4. Select and explain the most suitable method for measuring advertising effectiveness. Your decision must include research to back up the selected method. Be sure to explain why this is the most effective method to measure the effectiveness of your marketing campaign.

MARKETING MIX: PRICE
Discuss what pricing objectives you would consider for your product/service. The Objectives should be based on the various theories presented in marketing literature and take in to account competitor pricing. Including background on value proposition, positioning, and target market is necessary. All of these components provide rationale for the chosen pricing scheme.

MARKETING MIX: CHANNELS OF DISTRIBUTION
Channels of Distribution: Specify the type of distribution channel you will use and include rationale.

MARKETING MIX; CUSTOMER RELATIONSHIP MANAGEMENT
Customer Relationship Management -Detail how you will incorporate CRM into your plan. Be sure to include a discussion on the role of technology that will be used to support your CRM.

Solution Preview

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--PRODUCT/SERVICE -requires application of concepts learned to build a strategic marketing plan for a new product or service that is ready to "go to market". You must develop the business concept in its entirety. • 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.

Consider the product and service as the cornerstone in creating an item that consumer demand within a geographical area, such as, the global countries in search of rice or corn. The type of product and service outlines the ability to go to market with a successful and strategic plan. The business concept is in the entirety to establishing a network of resources that foster a long-term commitment to networking with the partners (vendors, suppliers, etc.). Try and decide what type of product or service the company will manufacturer or utilizing a third party vendor for some or every element of production phase. The new product is essential to going to market due to uniqueness than competitors, such as, the new mobile device also alerts of intruders entering the home or starting up the car in bad weather conditions.

--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

Try and think of the mission statement as the blueprint goal for operating the business to delivering the product service more effectively on time and within cost assessments. The mission statement is in reference to the company's core vision for producing highly valued products or ...

Solution Summary

The review into a strategic management plan for succeeding in product development and product release within targeted demographic audience.

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