I am asked to create a basic marketing strategy and design a marketing mix for Action-Cal. Explain to me how you would come up with a strategy and mix and how this will help launch the product. I need lots of information and any source you can give me. I'm giving a good bit of credits to get help with this.
Please see response attached (also presented below), as well as supporting documents. There is a lot of information. so go through it and keep what fits for Action-Cal. I hope this helps and take care.
How to Write a Marketing Plan and Sample Marketing Plans
Below is an article about developing a marketing strategy. I have interjected questions (in red print) related to your company (i.e., Action - Cal) and comments to consider when developing your marketing strategy and strategy mix. I do not know what your product is as I entered Action-Cal on various search engines and received 0 hits. The article below is a generic marketing strategy for starters, but has many good examples for you to follow when formulating your own marketing strategy for Action-Cal. It is very basic and the samples attached offer more of a structure to follow:
As a starter, I would suggest answering the questions following the examples in the article as you go along, using the examples provided as an exemplar. These will provide information for the final copy which you can formulate using the samples provided. There are also other links to consider for information.
[Please see illustrative example in attached response)
II. The following example is another format for a marketing strategy and some of the information above will apply to these sections.
3. Marketing Strategy (excerpt)
3.0 Marketing Strategy
Our marketing strategies are based on meeting the needs of existing and future clients. We will do this through leveraging internal and external business strengths and understanding the competitive environment. All marketing strategies work toward supporting our mission statement and realizing our stated goals.
Our marketing strategies fall into these three categories:
1. Revenue diversification including service and industry specialization.
2. Fixed fee structure focus.
3.Marketing awareness training.
Franklin & Moore is to be a profitable firm that continues to meet the financial objectives of the shareholders and provides a successful environment for its employees. Our firm will maintain strong growth as a provider of high quality professional services to our clients. We will strive to consistently be perceived as a firm that is professional, trustworthy, accurate, and timely. Franklin & Moore will offer the innovative approach clients need to reach their business and personal financial goals. Wealth is good.
3.2 Marketing Objectives
1. To realize an annual growth rate of 8.25% greater than the previous year.
2. To diversify our revenue stream through increased business consulting (non-tax related) activities to account for 26% or more of total revenues.
3. To create a visible profile through establishing reciprocal referral sources with the following:
o (3) major banks
o (1) credit union
o (2) major law firms
o (2) brokerage firms
4. Train the entire staff to understand, appreciate, and reinforce their role in marketing the firm.
3.3 Financial Objectives
1. Revenues of $1.6 million by year-end to realize a growth rate of 8.25% compared to the previous year.
2. Non-tax preparation revenues greater than 25% of total billing.
3. Payroll expenses to increase no more than 8% compared to the previous year.
3.4 Target Marketing
Our primary target markets include these three areas:
This solution explains through an illustrative example a basic marketing strategy and a marketing mix for Action-Cal. Supplemented with two highly relevant articles.