Marketing Strategy

Anonymous

Question Description

Consider if your strategic plan is a market entry plan (entrepreneurial), a market expansion plan for an existing organization, or a mergers and acquisitions plan. Deciding who the target market is and determining their demographics, behaviors, motivation, needs, and goals is essential because the target market drives the marketing plan. This is typically done through studying research and data related to how potential customers are willing to invest their time and energy. Additionally, by deciding who potential customers are, deciphering their needs, and likes and dislikes, learning about their lifestyle, and observing how the target market behaves, creating a brand that appeals to these customers is possible.

Create a 13-20 slide PowerPoint with speaker notes that explains your marketing strategy. Refer to the Marketing section of “Operations Chart” that was due in Topic 4. Based on your research and experience, your ideas may have changed and can be modified at any time during this plan.

Address the following:

  • What is your target market?
  • What is the size of your target market?
  • What resources do you believe would be required to implement your plan?
  • How will you reach your plan?
  • How does your marketing strategy seek to achieve your vision? How will you measure if the marketing strategy is achieving your vision? What are the indicators to identify this?
  • What type of leadership and innovative qualities do you plan to implement in order to execute your marketing strategy?

Provide three to five sources in your presentation.

Make it visually appealing with charts and tables or diagrams where needed

Unformatted Attachment Preview

Course Code MGT-660 Class Code MGT-660-O501 Criteria Content Percentage 100.0% Target Market 20.0% Plan and Resources 20.0% Vison 15.0% Leadership and Innovation 15.0% Argument Logic and Construction 5.0% Mechanics of Writing (includes spelling, punctuation, grammar, language use) 5.0% Presentation of Content 5.0% Layout 5.0% Language Use and Audience Awareness (includes sentence construction, word choice, etc.) 5.0% Documentation of Sources (citations, footnotes, references, bibliography, etc., as appropriate to assignment and style) 5.0% Total Weightage 100% Strategic Plan Part 4: Marketing Unsatisfactory (0.00%) A description of your target market including the size is not included. A description of how you will utilize marketing to implement and reach your strategic plan with the resources required is identified not included, nor, does the aspects of the marketing plan show any relevancy to other elements of the strategic plan. A description of your marketing strategy seeks to achieve your vision is not included. A description of how you will measure if the marketing strategy is achieving your vision is not included. A description of the type of leadership and innovation characteristics and qualities you plan to implement in order to execute your marketing strategy is not included. Statement of purpose is not justified by the conclusion. The conclusion does not support the claim made. Argument is incoherent and uses noncredible sources. Surface errors are pervasive enough that they impede communication of meaning. Inappropriate word choice or sentence construction is used. The content lacks a clear point of view and logical sequence of information. Includes little persuasive information. Sequencing of ideas is unclear. The layout is cluttered, confusing, and does not use spacing, headings, and subheadings to enhance the readability. The text is extremely difficult to read with long blocks of text, small point size for fonts, and inappropriate contrasting colors. Poor use of headings, subheadings, indentations, or bold formatting is evident. Inappropriate word choice and lack of variety in language use are evident. Writer appears to be unaware of audience. Use of primer prose indicates writer either does not apply figures of speech or uses them inappropriately. Sources are not documented. 80.0 Less than Satisfactory (74.00%) A description of your target market including the size is not included. Subject knowledge is unclear or inconsistent. A description of how you will utilize marketing to implement and achieve your strategic plan with the resources required identified are included, yet contains gaps. Subject knowledge is unclear or inconsistent. A description of how the marketing strategy seeks to achieve your vision is included, but is vague. A description of how you will measure if the marketing strategy is achieving your vision is not included. A description of the type of leadership and innovation characteristics and qualities you plan to implement in order to execute your marketing strategy is included, but lacks sufficient detail to convey understanding for the reader. Sufficient justification of claims is lacking. Argument lacks consistent unity. There are obvious flaws in the logic. Some sources have questionable credibility. Frequent and repetitive mechanical errors distract the reader. Inconsistencies in language choice (register) or word choice are present. The content is vague in conveying a point of view and does not create a strong sense of purpose. Includes some persuasive information. The layout shows some structure, but appears cluttered and busy or distracting with large gaps of white space or a distracting background. Overall readability is difficult due to lengthy paragraphs, too many different fonts, dark or busy background, overuse of bold, or lack of appropriate indentations of text. Some distracting inconsistencies in language choice (register) or word choice are present. The writer exhibits some lack of control in using figures of speech appropriately. Documentation of sources is inconsistent or incorrect, as appropriate to assignment and style, with numerous formatting errors. Satisfactory (79.00%) A description of your target market including the size is not included with adequate detail. Some subject knowledge is evident. A description of how you will implement and achieve your strategic plan by utilizing marketing and the resources required are included. Some marginal subject knowledge is evident. A description of how the marketing strategy seeks to achieve your vision is included. A marginal description of how you will measure if the marketing strategy is achieving your vision is included with indictors identified. Some subject knowledge is evident. A description of the type of leadership and innovation characteristics and qualities you plan to implement in order to execute your marketing strategy is included. Some subject knowledge is evident. Argument is orderly, but may have a few inconsistencies. The argument presents minimal justification of claims. Argument logically, but not thoroughly, supports the purpose. Sources used are credible. Introduction and conclusion bracket the thesis. Some mechanical errors or typos are present, but they are not overly distracting to the reader. Correct and varied sentence structure and audience-appropriate language are employed. The presentation slides are generally competent, but ideas may show some inconsistency in organization or in their relationships to each other. The layout uses horizontal and vertical white space appropriately. Sometimes the fonts are easy to read, but in a few places the use of fonts, italics, bold, long paragraphs, color, or busy background detracts and does not enhance readability. Language is appropriate to the targeted audience for the most part. Sources are documented, as appropriate to assignment and style, although some formatting errors may be present. Good (87.00%) A description of your target market including the size is included with detail and subject knowledge is competent. A description of how you will implement and achieve your plan by utilizing marketing and resources required identified is included. Subject knowledge is competent. A description of how the marketing strategy seeks to achieve your vision is included. A description of how you will measure if the marketing strategy is achieving your vision is included with indictors identified. Subject knowledge is competent. A description of the type of leadership and innovation characteristics and qualities you plan to implement in order to execute your marketing strategy is included. Subject knowledge is competent. Argument shows logical progressions. Techniques of argumentation are evident. There is a smooth progression of claims from introduction to conclusion. Most sources are authoritative. Prose is largely free of mechanical errors, although a few may be present. The writer uses a variety of effective sentence structures and figures of speech. The content is written with a logical progression of ideas and supporting information exhibiting a unity, coherence, and cohesiveness. Includes persuasive information from reliable sources. The layout background and text complement each other and enable the content to be easily read. The fonts are easy to read and point size varies appropriately for headings and text. The writer is clearly aware of audience, uses a variety of appropriate vocabulary for the targeted audience, and uses figures of speech to communicate clearly. Sources are documented, as appropriate to assignment and style, and format is mostly correct. Excellent (100.00%) A description of your target market including the size is included with detail. Target market description includes relevant examples and applicable insight. Target market description demonstrates comprehensive subject knowledge and understanding. A description of how you will implement and achieve your strategic plan by utilizing marketing and the resources required identified is included. The description includes relevant examples and applicable insights that demonstrate a comprehensive subject knowledge and understanding. A description of how marketing strategy seeks to achieve your vision is included. A description of how you will measure if the marketing strategy is achieving your vision is included with indictors identified. The description of your marketing strategy includes relevant examples and applicable insights that demonstrate a comprehensive subject knowledge and A description of the type of leadership and innovation characteristics and qualities you plan to implement in order to execute your marketing strategy is included. The description of your leadership and innovation aspects in your strategic plan includes relevant examples and applicable insights that demonstrate a comprehensive subject Clear and convincing argument that presents a persuasive claim in a distinctive and compelling manner. All sources are authoritative. Writer is clearly in command of standard, written, academic English. Comments The content is written clearly and concisely. Ideas universally progress and relate to each other. The project includes motivating questions and advanced organizers. The project gives the audience a clear sense of the main idea. The layout is visually pleasing and contributes to the overall message with appropriate use of headings, subheadings, and white space. Text is appropriate in length for the target audience and to the point. The background and colors enhance the readability of the text. The writer uses a variety of sentence constructions, figures of speech, and word choice in distinctive and creative ways that are appropriate to purpose, discipline, and scope. Sources are completely and correctly documented, as appropriate to assignment and style, and format is free of error. Points Earned Running head: OPERATIONS CHART 1 Operations Chart Phiona Nalubega MGT-660-O501 05 March 2019 OPERATIONS CHART 2 Operations Chart Directions: Complete the Operations Chart, based upon the strategic plan you have established for your organization. Write your strategic initiative in the space provided and write three to five primary goals. Next, select one goal/objective from the primary goals/objectives you listed. As you complete each row in the Year 1 column, consider the key organization functions and skills listed in each box, and articulate your strategies related to each. Repeat the identified goal/objective for Year 2 and Year 3. Please note the goals/objectives can be different from year to year. Strategic Plan (Vision): To attain 95% customer satisfaction levels by the end of year 3 Primary Goals/Objectives: 1. To generate increasing company sales of 10% every year 2. To improve our one-year customer-retention by 20% 3. To respond to customer’s questions and resolve any issues within 24 hours of receipt Year 1 Year 2 Year 3 Goal/Objective (How will you reach your Goal/Objective (How will you reach your Goal/Objectives (How will you reach strategic initiative?) strategic initiative?) your strategic initiative?) • by providing learning opportunities to every employee • By executing a customer listening campaign over social media • By responding to customer concerns within 24 hours of receipt • By providing free delivery services to our loyal customers • By training new employees on interpersonal skills • By improving the response time to customer concerns from 20 hours of receipt to 15 hours of receipt • By making customer service the number one priority for the business OPERATIONS CHART 3 • By improving the response time to customer concerns from 24 hours of receipt to 20 hours of receipt • By creating a system of accountability Operational Issues (Consider problems that might arise and the importance of contingency planning) Operational Issues (Consider problems that might arise and the importance of contingency planning) Operational Issues (Consider problems that might arise and the importance of contingency planning) • Merchandise quality issues. This issue will be dealt with by obtaining merchandise from suppliers with a good reputation (Nordmeyer, 2017). • Employees not performing according to expectations. This issue will be addressed by monitoring employee performance and agreeing upon ways to improve performance. • Delays from suppliers. This issue will be addressed through inventory management • Difficulties in incorporating new • Excessive overheads in the form of technology into business operations. this utility charges and admin expenses. This issue will be addressed by hiring an IT will be addressed by scaling down expert services that are unnecessary for employees • Difficulties in ensuring compliance to new regulations in the business’s day to • Low employee satisfaction levels. day operations. a legal expert to be hired Employees to be provided opportunities for growth • Cyber risk that may halt business • Unreliable feedback system. this issue operations. This issue will be addressed by integrating cyber protection into will be dealt with by utilizing at least every single business operation. three ways of obtaining feedback. Human Resources (How will you address staffing needs and organizational growth?) Human Resources Issues (How will you address staffing needs and organizational growth?) Human Resources Issues (How will you address staffing needs and organizational growth?) • Setting a selection panel for hiring competent employees • Training new employees • Improving employee loyalty so as to reduce employee turnover rates by • Providing opportunities for employees to grow through a system of promotions • By rewarding top performing employees to encourage competition among employees • By using changes in customer need as the basis for determining the level of expertise required from new employees • By developing and implementing a staffing plan OPERATIONS CHART 4 • By using future demand as a basis for determining the number of employees to be hired. • By forecasting the supply of talent that will be available in future to determine when to hire employees Supply Chain (How and where will you acquire resources?) Supply Chain (How and where will you acquire resources?) Supply Chain (How and where will you acquire resources?) • Merchandise will be acquired from local suppliers • Highly experienced employees to be hired from competitors • Financial resources will be acquired from a loan application to the bank • Merchandise to be acquired from both local and international suppliers • New employees to be hired from a local university • Financial resources to be provided by a private investor • Financial resources to be obtained from investors • Management positions to be filled through a system of internal promotions • Merchandise to be acquired from both local and international suppliers Marketing (Consider 4 P’s and I’s, target market, pricing, brand value, and CSR) Marketing (Consider 4 P’s and I’s, target market, pricing, brand value, and CSR) Marketing (Consider 4 P’s and I’s, target market, pricing, brand value, and CSR) • Different merchandise options to choose from • The prices of our products will be slightly lower than those of competitors • Social media to be used for advertising company products (Russell, 2010). • Intensive and direct distribution strategies will be used to sell company products • Promotion of the company’s products will be through advertising, direct marketing as well as through sales promotions • Customers to be wowed with innovative products • Product prices to much competitor’s prices • Two branches to be opened up in areas with high traffic of the target customers • Product differentiation to improve the value of our brand (Russell, 2010). Value Chain (How does your firm add value to primary and support activities in the value chain?) Value Chain (How does your firm add value to primary and support activities in the value chain?) Value Chain (How does your firm add value to primary and support activities in the value chain?) offering adequate compensation for services rendered • Training of employees to set a work culture that motivates employees OPERATIONS CHART • Merchandise to be acquired directly from supplies with a good reputation so as to guarantee quality. • Need-based marketing activities to be used in the form of sampling around the store • By hiring highly talented sales persons who will provide customers with a unique Genius store experience 5 • Create a sense of belonging among employees by seeking out their input in key decisions • Use of technology not only to promote company products but also to connect with customers such as a platform for customers to share their experiences • Offering free delivery services to the most loyal customers living within a 50 mile radius from the store • Provision of free wife within the store for customers to use • Aggressive marketing on the business’s brand so as to create a unique identity. Leadership (Leadership methodology and Leadership (Leadership methodology and Leadership (Leadership methodology any bias you may have.) any bias you may have.) and any basis you may have.) • Pacesetter leadership methodology will be used to push for quick results from employees (entrepreneurship, 2016). Bias with regard to this methodology will be failure to admit when end results are not working • Management decision will be arrived at based on customer needs. The only bias associated with this is that even when customers do not find something necessary such as a shiny package, the decision will be implemented • Analysis of Internal and external environment will be used by management to arrive at decisions. bias associated with this leadership methodology is that the focus will be more on what competitors are doing • A shift from pacesetter methodology to an innovative leadership methodology which will seek to do things that standout (entrepreneurship, 2016). • Strategies that resulted in past success will act as the basis for management decisions. The only bias with this methodology will be failure to take into consideration the ever-changing customer needs • Employee input will be sought out when making key decisions • Innovative leadership methodology will be used to enable the company to standout. • Management decision will be arrived at based on customer needs. The only bias associated with this is that even when customers do not find something necessary such as a shiny package, the decision will be implemented • Employee input will be sought out when making key decisions OPERATIONS CHART 6 better in rather than what the customers want Ethics & Sustainability (What are the ethical considerations related to your identified goal/objective) Ethics & Sustainability (What are the ethical considerations related to your identified goal/objective) Ethics & Sustainability (What are the ethical considerations related to your identified goal/objective) • Responding to customer concerns in an honest manner so as to build trust • Training employees in the right manner so as to have a competent workforce that adheres to the company’s Christian values • Acting in fairness when hiring employees to ensure that the company will end up employing the right employees • Responding to customer concerns in an honest manner so as to build trust • Adherence to rules and regulations in all company operations to avoid legal repercussions • Ensure employees are accountable for their actions when dealing with customers so as to build a good reputation • Provision of a platform that will enable cus ...
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Tutor Answer

Chucks574
School: Rice University

Thank so much

Marketing strategy:
Name:
Institution affiliation:
Date:

Target market
• Genius store’s target market are local residents.
• The company will seek to attract customers aged between 20 to 60 years old.
• The company will also seek to target customers within the following income bracket
➢Low income
➢Middle income

Size of the target market
• Houston TX where Genius store will be located has a population size of
2.3 million people (Houstontx.gov, 2019).

• Individuals aged between 20-60 years make up 70% of the total
population.

• Therefore, the size of the target market is 1.6 million (70%*2,300,000)

Resources required to implement the plan
• Resources required to be able to implement the business’s market entry plan include
➢Financial resources
➢Human resources i.e. employees
➢Physical resources i.e. equipment

Strategic plan
• The strategic plan will be achieved through the use of available resources as well as the company’s
mark...

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