MKT 574 University of Phoenix Week 6 Strategic Marketing Plan Paper

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MKT 574

University of Phoenix

MKT

Description

Complete Part C of The Strategic Marketing Plan (Parts A&B are attached)

Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring

(Due in Wk 6)

New Target Markets

Determine any new markets for your strategy and describe how you will provide value to each target market.

Marketing Mix for New Target Markets

Determine adaptions for each new target market.

  • Products
  • Price
  • Distribution
  • Traditional Promotion
  • Online Promotion

Marketing Implementation

Create the implementation for your marketing plan. Describe how you will organize and implement the plan, such as whether it will be organized by market, geography, and who is responsible for marketing decisions.

Marketing Communication Channels

Evaluate the marketing communication channels you will use to reach selected audiences. Include Internet and traditional communication channels to convey key messages. Describe the advantages and disadvantages of each channel you select. Insert or remove rows as needed.

Channel

Target Market

Advantages

Disadvantages

Example: Direct mail

Middle class residential

Can include coupons

Expense and low return rate for given product

Strategic Actions

Develop specific activities required to implement the marketing plan. Identify the person or role who will be responsible for each action, when it will be complete, and what standard or metric indicate that the activity is complete. Insert or remove rows as needed.

Action

Date for Completion

Person/Role Responsible

Standard/Metric

Example: Design flyer for direct mail campaign

1/1/2021

J. Smith, graphic designer

Approval by senior marketing team and legal

Monitoring

Develop the measurement to identify how you know you have been successful for each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts. Insert or remove rows as needed.

Action

Target

Person Responsible

Inter-measurement

Example: Direct mail flyer

1100 new inquiries

Western regional manager

500 new inquiries first month of campaign

Unformatted Attachment Preview

MKT/574 v1 Part B: Marketing Data Analysis : Otisha Baugh Internal Data Source What it Measures Data Potential Usage Financial data Financial data measures the total costs incurred by the firm in marketing and impacts of marketing on total revenue generated from sales of products. The financial reports, which includes cash flow reports, a budget and production reports (Kumar & Stewart, 2021). The financial report helps the management monitor flow of cash in and out of company. It also enables the company to manage prices and keep high profit margins through its marketing strategies (Kumar & Stewart, 2021, 2021). Customer’s data The customer experiences regarding the company’s products in the market. Consumer’s feedback and survey’s report The information gained from consumer feedback can be used to evaluate brand value and help develop marketing ideas (De et al., 2018). Human resource data Human resource collects data that help in analyzing company’s workforce. The data entails employee’s survey’s, vacation days, and demographics (De et al., 2018). HR data can be used to promote company’s brand using workers data for transparency and value addition (De et al., 2018). Secondary Data Source Public sources, e.g., U.S Bureau of Economic Analysis What it Measures Data Potential Usage Public sources published data about consumers, customers, and demographic distribution. The U.S Bureau of Economic Analysis post data regarding economic indicators for The data helps the company predicts changes in the economy, which might influence its sales and marketing Copyright 2020 by University of Phoenix. All rights reserved. Strategic Marketing Plan MKT/574 v1 Page 2 of 4 Source What it Measures Data Potential Usage the economy and specific industries strategies (Dekimpe & Deleersnyder, 2021). Government statistics The measures include the wealth distribution of the country as well as population, and international trade metric (Omar, 2017). population distribution, production statistics, family expenditure, and import/export data. The data sets collected from government database helps in planning production capacity, identifying target market, and developing strategies for international market penetration (Omar, 2017). Commercial Sites, e.g. media houses, Ipsos (Omar, 2017). The marketing research constitutes of consumer’s information collected from wide range content Data includes market research reports, consumer spending habits, and income levels. Data from marketing research is very useful for the company as it helps in developing marketing strategies as well as manage marketing resources. Primary Data Source What it Measures Data Potential Usage Surveys Geographical responses regarding companies’ products. Qualitative The survey can be used to measure product acceptability in the market. Interviews Purchasing decisions, consumer preferences, and new product ideas (The Hartford, 2021). Qualitative Used to identify consumer needs in the market. The data can also help in new product development (The Hartford, 2021). Direct mail Questionnaires Consumer’s feedback regarding their Qualitative The data helps the company grow measure its brand Copyright 2020 by University of Phoenix. All rights reserved. Strategic Marketing Plan MKT/574 v1 Page 3 of 4 Source What it Measures Data satisfaction with company’s products Potential Usage equity through customer feedback (The Hartford, 2021). Customer Relationship Management . CRM Touchpoint Purpose & CRM Objective Data Potential Data Usage Referral’s data The purpose of having a referral database is to have a better understanding of customer and to attract more customers Track conversion and referral share rates The information can be used in social media marketing, and personalized interactions with brand ambassadors. Quantitative data The company keep quantitative data such as previous customer purchases, to determine customer interaction with products and services (Park et al., 2021). Consumer interactions with company’s website, consumer purchase history, and number of products viewed The information gathered can be used in target marketing by the company. Also, the organization can use the consumer behavior to create an accurate customer’s journey maps used in marketing strategies (Park et al.,2021). Qualitative data The data captures consumer sentiments regarding company products. The primary objective is to identify brand perception, attitude, and knowledge among consumers (Park et al., 2021). Social media sentiment data Qualitative data is crucial in determining brand perception in the market, which help in development of marketing strategies (Park et al., 2021). Feedback from social media polls and monitoring tools Copyright 2020 by University of Phoenix. All rights reserved. Strategic Marketing Plan MKT/574 v1 Page 4 of 4 References De, P. P., Tilburg, S. V., & Holthof, C. (2018). Digital marketing strategies, online reviews and hotel performance. International Journal of Hospitality Management, 47-55. https://www.tarjomefa.com/wp-content/uploads/2018/10/F1131-TarjomeFa-English.pdf Dekimpe, M. G., & Deleersnyder, B. (2018). Business cycle research in marketing: a review and research agenda. Journal of the Academy of Marketing Science, 46(1), 31-58. https://link.springer.com/article/10.1007/s11747-017-0542-9 Kumar, V., & Stewart, D. W. (2021). An integrative framework for marketing accountability of marketing and nonmarketing outcomes. In Marketing Accountability for Marketing and Non-marketing Outcomes. Emerald Publishing Limited. https://www.emerald.com/insight/content/doi/10.1108/S1548-643520210000018001/full/html Park, E., Kwon, J., Chae, B., & Kim., S.-B. (2021). What are the salient and memorable green-restaurant attributes? Capturing customer perceptions from user-generated content. SAGE Open, 11(3), 21582440211031546. https://journals.sagepub.com/doi/pdf/10.1177/21582440211031546 Omar, A. A. (2017). Extensive knowledge in marketing management. Economic and Social Development: Book of Proceedings, 314-321. https://www.researchgate.net/profile/Tatjana-DragicevicRadicevic/publication/342926893_ECONOMIC_GROWTH_AND_DEVELOPMENT4_WHEEL_MODEL_WITH_SPECIAL_EMPHASIS_ON_INVESTMENT_IN_HUMAN_CAPITAL_A ND_TECHNOLOGICAL_INNOVATION/links/5f0e11b0299bf1e548b49ad7/ECONOMICGROWTH-AND-DEVELOPMENT-4-WHEEL-MODEL-WITH-SPECIAL-EMPHASIS-ONINVESTMENT-IN-HUMAN-CAPITAL-AND-TECHNOLOGICAL-INNOVATION.pdf#page=324 The Hartford. (2021, October 12). Business owners playbook. https://www.thehartford.com/businessinsurance/strategy/market-research/primary-second-research Copyright 2020 by University of Phoenix. All rights reserved. 1 Strategic Market Plan Part A: Johnson and Johnson Otisha Baugh Marketing: Social, Mobile, & Analytics Dr. Tina White Potter October 4, 2021 2 Company Description a) Mission Statement Our mission originates from a belief that the community, employees, and consumers are equally important. b) Vision Statement To help people see better, connect better, and live better. c) Product Line Description The Johnson and Johnson company (J&J) has categorized its product into three groups. According to Johnson and Johnson (n.d), the consumer health products such as self-care offer various non-medicated and medicated solutions across major categories such as antacids, antidiarrheal, pain relief, nasal decongestants, and smoking cessation. Other consumer health products are skincare, including cleansers, moisturizers, sunscreens, personalized skin health evaluation, and essential health products. The second category includes medical devices. The company collaborates with other companies and uses its expertise in interventional solutions, vision, orthopedic, and surgery to develop patient and physician-centered solutions and products. The last group of pharmaceutical products are where the Janssen Pharmaceutical Companies from Johnson and Johnson developed medicine to tackle the most complex and devastating illnesses of our time. d) Company Information Edward Wood Johnson, Robert Wood Johnson, and James Wood Johnson formed Johnson and Johnson in 1886 to keep people well at every stage and age of life. The company aims to 3 keep communities healthy and increase affordability and accessibility of health care. The company has over two hundred and fifty subsidiaries operating in sixty countries and sells its products in over a hundred and seventy-five countries. Additionally, it has over one hundred and thirty thousand employees worldwide, and by 2020, its assets were valued at 170.69 billion dollars and growing, while its revenue was 82.584 billion dollars (Tanha, 2021). Environmental Analysis Competitive Forces Carr (2020) reports that J&J has various competitors in their three product categories: medical devices, consumer segments, and pharmaceuticals. The company competes with Bristol Myer Squibb, Merck, and Pfizer in the biotech industry for pharmaceutical medications associated with neuroscience, infectious diseases, and immunology. J&J has the highest market value and pharmaceutical revenues and the lowest research and development to sales ratio. The company also competes with Abbot and Medtronic in the medical devices category. Here, Medtronic is the largest medical device distributor with a revenue of 28.28 billion dollars in 2019 compared to 25.9 billion dollars of J&J. Abbot generated 12.2 billion dollars that year (Carr, 2020). Lastly, J&J directly competes with Unilever and Proctor and Gamble (PG) in the consumer segment. According to Carr (2020), the companies overlap in personal care and beauty products. He further adds that Unilever is the largest market player with a market share of fortyfive percent, followed by PG with a market share of thirty-one percent, and J&J with twenty-four percent. According to Carr (2020), the key competitive advantage that J&J has over its competitors in the pharmaceutical segment is its diversification. Its research and development to 4 sales ratio is low because it has other revenue categories, hence funding its projects. Despite being the second-largest player in the medical devices segment, their atrial fibrillation devices have helped it grow. Its competitive advantage in the consumer segment is that it focuses on natural shampoos and is attempting to hit a market that appreciates sustainability and natural ingredients, which many people prefer nowadays (Carr, 2020). Economic Forces Some of the economic factors that have affected J&J include interest rates, inflation, and unemployment. Carr (2020) explains that as the COVID 19 pandemic hit the country, the rate of unemployed increased, affecting the consumer category as many customers having financial constraints will shift to cheaper brands that achieve the same result. Moreover, interest rates have been low during the pandemic, and increasing interest rates will not affect J&J significantly because it has a small debt compared to its free cash flows. However, the high interest rates will affect institutional investors shifting to fixed income markets from equity markets, affecting total investments (Carr, 2020). Political Forces Political status and government stability in any market affect the development of a company. Also, government intervention is a crucial factor in the prediction of profit and growth of any sector. J&J operates in many countries. The political state includes the risk of military invasion, trade tariffs and regulation, taxation, favored trading partners, wage legislation, and corruption levels. For instance, Johnson and Johnson has an anti-corruption policy and expects that entrusted powers adhere to responsible business practices, governance, and integrity (Johnson & Johnson, n.d). 5 Legal, Regulatory and Ethical Issues Some of the legal factors include antitrust laws in drug manufacturers, consumer protection laws, health and safety laws, patent and copyright laws. In J&J’s case, the company has had an exemplary reputation concerning its ethical behavior, especially after the 1982 Tylenol cyanide poisoning in Chicago that left seven people dead. Years later, some legal and ethical issues have arisen. They include ineffective and slow responses to several issues about insufficient quality control in some manufacturing plants and inefficient, reluctant and slow responses to the increasing Food and Drug Administration (FDA) and customer complaints (Stewart & Paine, 2012). Johnson and Johnson failed to protect its stakeholders and customers from questionable marketing and defective products, and as a result, it lost its trust with consumers and damaged its reputation. Technological Forces Technology disrupts all industries very fast, mainly because it transforms quickly without the players having the opportunity to adapt to the changes. According to Fern Fort University (n.d), a company should conduct its technical analysis and how fast they disrupt the industry. Technological factors affecting J&J include the technological diffusion rate, technology's effect on the product, the technology's impact on drug manufacturers' cost structure, and the health sector's value chain structure. Recent developments in technology by competitors will also affect J&J since they will be more productive. Social Forces Society's culture affects the organizational culture. People's shared attitudes and beliefs play a significant part in how J&J’s marketers understand consumers of a particular market and 6 their advertisement design. According to Fern Fort University (n.d), social factors that may affect J&J include education standards, population’s skill levels, power, class structure, and culture. Current Target Markets Bhasin (2019) explains that J&J has considered behavioral, geographic, and demographic factors to seek its customers. The company targets young parents through Johnson’s baby care products by presenting itself as a gentle, warm, and safe creation for children. Through Johnson’s clean and strong brand, it also targets teen girls, promoting that attractiveness originates from one’s contentment of their skin. J&J also targets adults by offering several beauty products that are perfect for all skin types. Bhasin (2019) also explains that J&J has the Neutrogena brand under the psychographic segmentation, which markets itself as dermatologists recommended it for customers seeking expert advice about skincare. Review Current Marketing J&J’s market share in the baby care market worldwide was approximately 21.3 percent in 2017. Its sales decreased by 7.2 percent in 2016 to two billion dollars and a 2.7 percent operational decline in the U.S market (Bhasin, 2019). Stiff competition is hindering the evolution of Johnson baby products. Bhasin (2019) reports that Aveeno baby products have reported strong sales since parents prefer baby products with natural ingredients. On the other hand, Unilever has launched baby products with the Dove brand. Also, the Neutrogena brand’s good performance caused an increase in sales in 2016 by 7.9 percent to 3.9 billion dollars (Bhasin, 2019). 7 SWOT Analysis Strengths According to Bhasin (2019), J&J has several strengths, including strategic mergers and acquisitions. The company has developed a pool of operational and technological advancement by merging and acquiring pharmaceutical firms such as Scios, thus company growth. Additionally, J&J has a comprehensive brand portfolio which is advantageous. It has a strong existence within its product segments, and in those product segments, it has a large number of brands and assortment, which customers can choose from. As a result, the company has high market visibility. Other strengths include a robust and extensive distribution chain, trusted brand, largest health care providers, and brand equity. Weaknesses Bhasin (2019) lists litigation as one of J&J’s weaknesses. Throughout 2010, the company faced a lawsuit because it used the Red Cross symbol. Such cases ruin the brand image. Conflict with partner companies is also another weakness. Many partner companies and extensive product portfolios can negatively affect the operations (Bhasin, 2019). Other drawbacks include dependence on small-molecule drugs and reliance on the success of its product launch. Opportunities J&J is in a place where it can strategically develop many cross-selling opportunities. It can increase its profits by maximizing the balance between its product categories (Bhasin, 2019). Additionally, the company can exploit the biologics market to its portfolio when small molecule patents expire, thus creating growth. Since there have been increased concerns over medical and 8 health issues due to changing lifestyles, J&J will benefit from a consequent increase in demand for medical products. Threats Customers have found harmful ingredients in J&J’s products many times, and the United States and other countries have banned such ingredients. Bhasin (2019) reports that the continuous fights have damaged J&J’s image. Product recalls of over forty medicines have also affected the company’s integrity, competence, and reputation. According to Bhasin (2019), other threats include stiff competition due to the solid global competing firms and small players manufacturing generic products, thus affecting the company. It is also important to note that government regulatory norms from various countries over imports and export tariffs and contents may affect the company’s success. Marketing Objectives According to Bhasin (2019), J&J aims to diversify and include its business methods by promoting the culture of belonging where minds combine to release potential from a mix of people. The company also aims to use its unique backgrounds and experiences to create solutions for a healthier population. 9 References Bhasin, H. (2019, April 15). SWOT analysis of Johnson and Johnson - J & J SWOT. Marketing91. Retrieved October 2, 2021, from https://www.marketing91.com/swotanalysis-of-johnson-and-johnson/ Bhasin, H. (2019, May 29). Marketing strategy of Johnson and Johnson. Marketing91. Retrieved October 2, 2021, from https://www.marketing91.com/marketing-strategy-ofjohnson-and-johnson/#Segmentation-targeting-positioning-in-the-Marketing-strategy-ofJohnson-and-Johnson Carr, M. (2020, November 7). Johnson & Johnson. The University of Iowa. https://www.biz.uiowa.edu/henry/download/f20_JNJ.pdf Fern Fort University. (n.d.). Johnson & Johnson PESTEL / PEST & environment Analysis[Strategy]. Retrieved October 2, 2021, from https://fernfortuniversity.com/termpapers/pestel/nyse4/1838-johnson---johnson.php Johnson and Johnson. (n.d.). Products. Content Lab U.S. Retrieved October 2, 2021, from https://www.jnj.com/healthcare-products. Stewart, K. L., & Paine, W. S. (2012). Johnson & Johnson: An ethical analysis of broken trust. Journal of Academic and Business Ethics, 5(7), 1-10. Tanha, B. (2021, March 13). Johnson & Johnson slogan, mission, and vision statements: An extensive review. Visionary BusinessPerson. Retrieved October 2, 2021, from https://visionarybusinessperson.com/johnson-and-johnson-mission-statement/
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Explanation & Answer

Please view explanation and answer below.

1

Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring

Student

Professor

Course

Date

2
New Target Markets
Johnson and Johnson targets households for healthcare products, home care products, and
personal care products for hygiene-curious individuals. The company's baby care products
primarily target young parents while its strong and clean brand targets, teen girls, by promoting
that a girl’s contentment of her skin promotes her attractiveness. The company also targets adults
through its beauty products that can be used by people of all skin types. Perhaps, a new market
that Johnson & Johnson can tap into is that of physicians. The company’s pharmaceutical business
can sell or promote its pharmaceutical drugs to clinicians and pharmacy managers. Furthermore,
another target market that the company could market to is health plans. Health insurers can drive
the company’s growth by boosting the sale of prescription drugs to consumers. The company
should also target seniors aged 65 and above since these individuals have common elderly health
issues. Johnson & Johnson should also target cardiovascular patients since its drugs focus on five
therapeutic areas: Neuroscience; Cardiovascular and Metabolism; Immunology; Oncology and
Infectious Diseases/Vaccines (Brunswick, 2011). The adaptations for each of the new target
markets are shown below:
Products
Johnson & Johnson products always evolve to meet consumer needs. Currently, the
company produces healthcare products, home care products, personal care products, and baby care
products. The company also manufactures vaccines and drugs to treat neurological disorders,
cardiovascular diseases, metabolism disorders, immunological disorders, and oncology disorders
(Brunswick, 2011). This broad range of pharmaceutical products is appropriate for targeting
clinicians and pharmacy managers, health insurers, seniors aged 65, and cardiovascular patients.
However, the company should invest in meaningful innovation and apply the best science to create

3
pharmaceutical products that improve the health and wellness of its consumers. The company
should also maintain superior quality standards to create customer value and avoid lawsuits.
Johnson & Johnson should also provide pharmaceutical products in differ...


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