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Assignment 3: Part C: Your Marketing Plan;Due Week 8 and worth 280 points;From the start of this course, you have accessed the Interactive Marketing Plan tool and used the step-by-step guide to complete Part C of your marketing plan. You are required to submit a marketing plan for a hypothetical product-based company. Your plan must include the company's social media strategy, and information collected from Steps 6-7 of the Interactive Marketing Plan, located in the course shell. Note: Some elements may not be covered in the Interactive Marketing Plan and will require additional research.;Note: You may create and / or make all necessary assumptions needed for the completion of this assignment.;Write a six to seven (6-7) page paper in which you;1.Develop the company's branding, pricing, and distribution strategy.;2.Provide the following marketing strategy information;a.Classify the company's major competitors as inter- or intra-competitors. Categorize the competitors' major strengths and weaknesses.;b.Develop the differentiation strategy in relation to the closest competitor.;c.Establish whether the company's intention is to be a leader or follower within the industry.;d.Assess the level of impact that the salient macro-environmental issues (e.g., legal, technological, social, and economic, etc.) and trends with which the company must contend could potentially have on the company's marketing strategy.;e.Discuss the marketing research tools that you used in your marketing strategy.;3.Construct an implementation strategy for your hypothetical company in which you specify the essential activities and responsibilities. Include a timetable for completion of each component of your strategy.;4.Develop a five (5) year expansion plan that includes future profitability and market share growth. Include necessary graphs to explain your plan.;5.Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools.;6.Choose two (2) performance standards, two (2) monitory methods, and two (2) financial controls that you would implement that differ from the standards that you had provided in Assignment 1. Justify your choices.;7.Assess the potential for your company's overall performance in relation to the marketing plan objectives.;8.Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company's advertising strategy.;9.Use at least five (5) academic resources that address sustainability and monitoring of effective marketing plans and determine the applicability for your hypothetical company. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.;Your assignment must follow these formatting requirements;?Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides, citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.;?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 assignment page length.;The specific course learning outcomes associated with this assignment are;?Develop strategies to assess performance and achieve marketing goals.;?Develop pricing strategies and distribution channels for products.;?Analyze integrated marketing communications and its relationship to advertising strategy.;?Design customer satisfaction evaluation processes and quality assurance measurements.;?Evaluate marketing research tools involved in the marketing process.;?Use technology and information resources to research issues in marketing management.;?Write clearly and concisely about marketing management using proper writing mechanics.;Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric found here.;Note: The attached files are the assignment part A and part B, this part C is the continuation of both.;Attachments Preview;Marketing Management Assignment 1.docx Download Attachment;A Marketing Plan;Running Head: A Marketing Plan;Students Name: Oludare Abiodun;Institution: Strayer University;Professors name: Adina Scruggs;Subject: A Marketing Plan;Date: 10 / 30 / 2014;1;A Marketing Plan;2;Executive Summary;The marketing plan of an organization is an extensive strategy in order to fulfill the;desired goals and objectives such as increasing business growth in the form of profitability and;increasing market share on the regular basis. In this concern, the company that is select for the;marketing plan is Bissell Inc. that is also know as Bissell Homecare (Luther, 2011). It is US;based, privately owned corporation that manufacture vacuum cleaner and floor care product. The;Bissell Inc. is a leading corporation in North America in the floor care products in terms of sales;that contain 20% market share.;The company has almost 2500 employees in the USA with the total revenue more than;$800 million. Further, the company is a market leader in the United States, but it is facing very;tough challenges from other competitors such as Whirlpool Corporation, AB Electrolux, and Rug;Doctor, Inc. at the global level (Boyd, 2009). The company sales its products worldwide under;the name Bissell that is a strong point to be a competitive leader in the market.;On the other side, the strong commitment of the company towards customer with the;highest quality products and service gives it more profits than the competitors in Homecare.;Further, it has the most competitive prices to maintain the company efficiency and profitability;of the shareholders as the returns. Moreover, the more stable financial foundation of the;company helps the investors to get good returns including its employees.;Company Background;The Headquarter of the Bissell Inc. is in Michigan from where it operates its worldwide;business effectively and efficiently with the help of more than 2500 regular employees. The main;manufacturing of BISSELL Homecare products is a full line of vacuum cleaners, steam cleaners;and sweepers, as well as deep cleaners, including cleaning chemicals for home use. The founder;A Marketing Plan;3;of the Bissell Company was Melville Bissell that established it the year 1876 starting with;manufacturing carpet sweeping machine (Boyd, 2009). Presently, it is a successful company;from last 60 years as the worlds number one in manufacturing and distribution of Home care;products.;Environmental Analysis;The environmental analysis of the Bissell Inc. in the marketing planning is more;important to analyze its competitive capability and business scenarios in the market. It would be;very helpful to know its strategies for success in the market (Bissell, 2014). Therefore, the;environmental analysis can include the following aspects to increase better understanding about;the company.;Competitive Forces: The main competitors of the company are Whirlpool Corporation;AB Electrolux, and Rug Doctor, Inc. At the global, level that also manufactures and distributes;Home care products. The brand name and value of the product quality, including various ranges;of the Home care products make a strong foundation to tackle the competitive environment;effectively. Presently, it has the largest market share that is more than 20% as the global level.;Economic Forces: The economic conditions of the company are very strong with annual;revenue $88 million worldwide. The demand of the Home care products by the consumers and;other industries to clean the rooms and offices increases the sales of the products. This demand is;base on the global level, so that consumers can purchase through companys retail stores and;online (Bissell, 2014). In this concern, the profitability and market growth have improved every;year of the company.;Political Forces: Politically, there is full support of the federal government to increase the;manufacturing of home care products and business across the border. Further, the trade policy of;A Marketing Plan;4;the government is also supportive and has some rebate on custom services on such type of;products to increase business and employment in the USA.;Legal Forces: The Home care products of the Bissell Inc. are safe, according to the US;law and regulation because of the quality tests before distribution in the market to sell. Therefore;the extra regulations and other legal constraints are not available in the country to restrict;business operations in the market.;Technological Forces: Technologically, the market are very challenging for the company;because of the innovative products of the competitors that attract most of the customers. The;competitor such as Whirlpool has involved in regular research and development process to;develop innovative Home care products to increase its market share (Bissell, 2014). However;the various categories of the Home care products of Bissell reduce the effectiveness of the efforts;of competitors in the market.;Socio-Cultural Forces: The environment of the socio-cultural factors such as need, wants;and perceptions of the people are positive because of the part of life of the Home care products;that keep their home clean. The Financial conditions of the people are also good that motivate;them to purchase Home care products according to the requirement.;Target Markets;The Bissell Inc. is an international corporation that manufactures vacuum cleaners, steam;cleaners, and sweepers, as well as deep cleaners in the consideration of home and office care. In;this concern, the primary target market of the company is rich families that have a well-furnished;house and want to clean easily and effectively whenever they need. The other primary target;`market of the customers is the professional people that want to save time and efforts to keep the;home clean (Kotler & Keller, 2011). The other primary target market is corporate offices that pay;A Marketing Plan;5;more attention over neat and clean offices. On the other side, the secondary target market is;concerned with those clients that take help from market to clean their carpets such as private;homes and residential homes.;4Ps: The 4Ps is the concept of marketing in the plan that assures the effectiveness of the;business success in the market. Therefore, product, place, price, and promotion are collectively;known as 4Ps. In this concern, the products of the Bissell Inc. are genuine that attract customers;attention and motivate to purchase for their daily use (Bissell, 2014). The unique features of the;Home care products fulfill the needs and expectation of the customers. Further, the main place;that the company chose to sell its product is metro cities in the USA and other countries. It sales;its products through companys own retail stores and online shopping.;Moreover, the price of the products is very challenging that inhibits the effects of the;competitors pricing strategy. It adopts price differentiation strategy because of the quality and;unique features of the products. At last, the promotional strategy of the company is also very;effective because it advertise its products through television, and newspapers as well as on the;Internet to reach towards maximum customers at the global level.;5Cs: The 5Cs are relate to customer, company, competition, collaborators, and context in;the marketing strategy of a company. Therefore, the Bissell Company in the context of customers;makes essential home care products to satisfy the customers needs and wants with an effective;price. The company has established its market because of the valuable products that required in;every home to clean the carpet and floors (Kotler & Keller, 2011). The company reputation and;branding are the strong points that influence more and more customers at the global level. The;technology of the company is very advanced that also establish a strong foundation to satisfy the;needs of the customers.;A Marketing Plan;6;On the other side, Whirlpool, AB Electrolux, and Rug Doctor, Inc. are the main;competitors that can meet the customers needs because of their active nature, and that can be;considered as potential threats in the market. At the same time, the organized supply;management system with the help of suppliers and distributors are the main collaborators that;help the company to expand the business at the global level (Bissell, 2014). At last, the context of;the company is favorable and there are not any limitations from the political, economical;demographical, and technological point of view.;STP: A three step approach of the company such as segmenting, targeting and positioning;are very effective in the international market that help to increase sales and profits more than the;competitors profit. The segmentation of the Bissell Inc. is based on various segments of the;Home care products according to the needs of the customers. Further, the target customers of the;company are multiple such as rich family, professional people and clients that want to take;products and services such as big organizations. Moreover, the positioning of the company is;based on the use of latest technology to target the customers effectively in the competitive;market.;Performance Analysis;The performance analysis of the Bissell Company is based on increasing market share;new product adoption rate, margin, and customer engagement in the market. Therefore, these can;be discussed as follows;Increasing Market Share: The increasing market share of the company on the setting;benchmark of 50% to 75% per annualized plan is up to the mark. In 2011, the companys market;share growth was 55% that happened with the efforts of making relationships with the customers;as the corporate social responsibility (Kotler & Keller, 2011). Further, the company started to;A Marketing Plan;7;provide home care products with some special features such as increasing the power of the;machines and reduction of weight of the cleaning machine and other in the year 2012. This;strategy gave almost 60% growth rate in market share in the year 2012 according to the annual;plan. During the next year, the increasing growth rate of market share was 64% because of the;introduction of innovative products such as Deep Cleaners and Hard Floor Cleaners Formulas.;New Product Adoption Rate: The Company is number one in terms of sales and earnings;in the USA and in other countries. This became possible due to brand value and quality of the;products. In this concern, the new product adoption rate in 2011 was almost 60% and in 2012, it;was 66% because of the pricing strategy. In 2013, the new product adoption rate by the;customers was 68% due to expansion of the business in new places.;Margin: The profit margin of the company in 2011 annualized plan was 52.6% because of;the more expenses in opening new retail stores. However, it was increased in 2012 by 61%;because of the already established retail stores in the market. In 2013, the profit margin increased;to 72% because of the introduction of new innovative home care products.;Customer Engagement: The customer engagement in purchasing and inquiring the home;care products of Bissell Inc. was also very impressive. In 2011, it was more than 65% that;increased in 2012 to 70%. Further, the customer engagement in 2013 was increased to 74%;because of the promotional activity of the innovative home care products that motivate most of;the new customers to come in the stores and online to purchase it.;Quantitative Marketing Objectives;To increase the efficiency of the products in order to increase needs of the customers to;purchase our products and take part in the increment of the market share of 25% till 2016.;A Marketing Plan;To develop new and advanced home care product than the competitors to provide more;benefits to the customers in order to increase new product adoption rate in the market;than the competitors.;To improve the customer retention and satisfaction through the desired product;development to increase sales and profits more than the competitors every year.;To increase the activity of the company towards making friendly relationship with the;customers through social media in order to create interest in customers to know about;home care products of the company.;Qualitative Marketing Objectives;To improve the image of the home care products in terms of quality, and competitive;price to maintain increasing market share for a long-time.;To increase the position of the company through implementation of Research and;Development in order to create ne specific product and increase its adoption rate by the;customers.;To aware more and more customers about the products and its importance in the life of;the customers to increase sales and profit margins.;To change the attitude of the customers to give the value of the home care products and;increase the customer engagement in purchasing the companys products.;SWOT Analysis;The SWOT analysis of the product can be discussed as follows.;Strengths;Quality and durability of the homecare products;Brand values and largest market share.;8;A Marketing Plan;Largest customer base than the competitors.;9;Innovative technology in manufacturing of the homecare products.;Weaknesses;Less retail stores in other countries.;Depends on online selling in other countries apart from the USA market.;Maximum target customers are only rich people for the products.;Higher price than the competitors of some valuable product.;Opportunities;Opportunities to expand the business in fewer developing countries to capture the market.;Huge customer bases at the global level to sell the products.;Increasing demand of the home care products every year (Griffin, 2011).;Open market to expand the business through establishing manufacturing plant.;Threats;Potential Competitors such as Whirlpool and others.;Needs and preferences change of the customers.;Huge investment in marketing by the competitors to attract the customers.;Increasing export taxes in most of the countries.;Need Analysis;Strengths;Satisfaction of the customers and increasing demand of the homecare products.;Inquire about the products on the internet.;Participation in marketing survey.;Design of the products.;A Marketing Plan;Weaknesses;Premium prices of the products.;Changing attitude of the customers concerned with the products.;Believes in traditional style of home care of most of the customers (Griffin, 2011).;Believes in hard work rather than machine by the customers.;Opportunities;Believes in product development.;Believes in technology by the customers o save time.;Visiting to the retail stores for inquiry.;Need of life of the home care products;Threats;Switching off the customers for other companies products.;Increasing electricity bill due to regular use.;Doubt on product quality.;Misuses by children;10;A Marketing Plan;11;References;Bissell (2014). WORLD'S NUMBER 1 BRAND IN VACUUM & DEEP CLEANING;APPLIANCES. Retrieved from: http://www.bissell.co.za/;Bissell, S. (2014). Biography. Retrieved from;http://www.ucdenver.edu/academics/colleges/SPA/Research/EAWG/aboutus/About/Pages;/StevenBissell.aspx;Boyd, A. (2009). MELVILLE AND ANNA BISSELL. Retrieved from;http://www.uh.edu/engines/epi2572.htm;Griffin, R. (2011). Fundamentals of Management. USA: Cengage Learning.;Kotler, P. & Keller, K. (2011). Marketing Management 14th Edition. USA: Prentice Hall.;Luther, W.M. (2011). The Marketing Plan: How to Prepare and Implement it. USA: AMACOM;Div American Mgmt Assn.;View Full Attachment;marketing management assignment 2.docx Download Attachment;Running Head: Marketing Plan;Students Name: Oludare Abiodun;Institution: Strayer University;Professors name: Adina Scruggs;Subject: A Marketing Plan;Date: 11 / 18 / 2014;Running Head: Marketing Plan;Brand Strategy;A brand is a name, image, symbol, and design that give an identity to a product or a;company. An effective brand can be created through a plan or strategy. A brand strategy is a;planning process that defines companys position in the market. It includes many activities done;by business such as defining the brand idea, brand design, and brand personality (Graham, 2007).;Brand strategy can be defined as the process of creating a brand identity in the industry.;Brand equity, brand loyalty, brand awareness are the basic component of a brand strategy.;Brand equity is significantly relate with the brand strategy, as it is a process of evaluating;the market situation for the brand. That supports the marketer to create brand identity effectively;by analyzing all the aspects of an environment. This involves brand perception, financial;performance, satisfaction and overall value etc. (Knapp, 2000). Brand equity also compares the;other brands that are offered in the same market that helps to implement the brand strategy;effectively.;Bissell Inc. Uses following branding strategies to increase the brand awareness and;identity for its product and services;Family Branding: Through this strategy, Bissell Inc. Introduces new product in an;existing brand. This process would help the organization to improve the brand value of its home;care products. Through this, the organization could acquire good position in the market and;customers would also give a good response to its products (Kotler, Pfoertsch & Michi, 2006).;This strategy would also address the brand name, its logo, and slogan.;Running Head: Marketing Plan;Product Branding: This brand strategy helps the organization to give the unique image to;each home care brand. It would also help the organization in such situation, when any product;could not get effective growth and respective success in marketing (Kotler, Pfoertsch & Michi;2006). This strategy would help the organization during the extension of the product brand.;Manufacturers Branding: This strategy is apply by the manufacturers to brand its;products in its target market. This strategy would help the organizations to improve its financial;position to reduce the possible risk.;Marketing Strategy;The marketing strategy of the organization is based on the analysis of competitors.;Marketing strategy plays a significant role in the growth and establishment of a new product as a;successful brand (Davis, 2009). The marketing strategy based on competitors facilitates the;organization to get success in marketing. Hence, the marketing strategy for the home care;products would include the two types of strategies that are the customer-oriented approach and;marketing oriented approach.;Marketing Orientation Strategy: It includes following benefits;Product benefits;Bissell Inc. provides quality product to customers and satisfies the luxury needs of;customers under below market price. Hence, this strategy would increase the selling of Bissells;home care products that also brings the financial profits to the organization.;Relation Benefits;Bissell Inc. regularly implements the relationship program in that the organization;maintains its relations with the suppliers. Hence, it would allow the organization to retain its;suppliers with the products of organization.;Running Head: Marketing Plan;Service Benefits;As the performance of Bissell organization in the last financial year, the suppliers like to;work with the organization in its target market. Hence, it would help the organization to improve;its image among its competitors that increases the loyalty of modern consumers over its;products.;Image Benefits;Through this strategy, the organization could be able to target the market substantially;and its existing brand value would help to increase the consumption rate of its products along;with sustainability of the organization.;Customer Orientation Strategy;This strategy would help the organization to satisfy the needs of customers. This strategy;would also assist the organization to produce the production the basis of consumers demand that;would improve the product acceptance.;Time Table for Execution of Plan;Phase 1: The first phase is related to marketing strategy. Hence, it would take few month that are;given below;Planning of Marketing policies;Meeting with marketing department and first line personals;Meeting between marketing department, marketing team and;marketing intermediaries;Implementation of marketing strategy in particular part of market;Review of marketing strategy;Further implementation of final strategy in entire target market;15 days to 30 days;15 days only;15 days;1-2 month;1 month;1-2 month;Phase 2: The phase second includes the customer orientation strategy. Hence, followings are;timetable for customer-oriented strategy;Feedback collection from customers;Review of customers problems and formation of solution strategy;1 month;15 days;Running Head: Marketing Plan;Implementation of customer satisfaction strategy;Monitoring of customers experience;15 days;1 month;Development of a Positioning Statement;Followings are the positioning statement for the organization;Bissell group believes that the group is on earth for making great home care products and;it cannot be changed. The group is constantly focus on innovating activities to provide simple but;efficient home care products. Top management believes that we take problems of customer as a;priority and produce their solutions in the form of new products. The shareholders of company;focus on meaningful products and innovation strategy of the company fulfill this dream of;shareholders. The company does not settle error with excellence.;The above statement provides the information about the willingness of Bissell Inc. that;requires 6 months because of the focus over innovation and customers demand. The first month;would be for identification of products and required innovation. The next one month would be;for the gathering of related technology and resource allocation. Further, three moths would be for;development of new product and its testing. After this, the last one month would be the demo to;customers to improve awareness of the market and increase its sales. This period would also help;the organization to support its positioning statement.;Analysis of Marketing Science of Customer Behavior for Product;For the products of Bissell, it could be stated that the marketing science of customer;behavior could be analyzed with the help of different theories such as perception theory;exposure theory, social status theory and theory of collective consciousness (Davis, 2009). In the;context of home care product, it could be stated that it is directly related to social status, while;the collective consciousness has also exposed the needs of home care products in every home.;Running Head: Marketing Plan;This is because that it facilitates to keep dust and other harmful particles away from the house.;On the other hand, the changes in social status have also increased the needs of home care;products, while the collective consciousness has also spread this information among the societies;that the health could be secured only by the home care products. It also changes the perception of;individual customers that forces the customers to use home care products and change living style;and social life. Finally, it could be stated that the customers would accept the products in every;market circumstances without saying anything.;Companys Mission Statement and Company Introduction;The mission statement of the company would be we serve daily needs of people, so they;experience and live better. This mission statement would also help the organization to improve;the customer's awareness towards the offering brands of its home care products. It would also;help the organization to describe to customers its concerns towards the customer's benefits and;experience.;The introduction of company could be related to its offering brands and its business;strategy, and the plan. Following is the introduction of the company;Bissell Inc. is a Michigan based multinational organization that produces a different range;of homecare products to customers. The company has more than 2500 regular employees, who;implement their experience to provide quality products to customers for satisfying their basic;needs related to home care. The company has a long history that justifies its products;effectiveness and competitive success. The company has 60 years of histories as a leader of;manufacturing and distribution of households products.;Running Head: Marketing Plan;Running Head: Marketing Plan;References;Davis, J. A. (2009). Competitive Success, How Branding Adds Value. USA: John Wiley and;Sons.;Graham, T. (2007). CIMA Exam Practice Kit Management Accounting Business Strategy (third;Ed.). Holland: Butterworth-Heinemann.;Knapp, D.E. (2000). The Brandmindset. New York: McGraw-Hill Professional.;Kotler, P., Pfoertsch, W., & Michi, I. (2006). B2B brand management. Germany: Springer.;View Full Attachment

 

Paper#19302 | Written in 18-Jul-2015

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