Marketing Plan Paper on Facebook, marketing homework help

User Generated

fpubfxvaf

Business Finance

Description

Can I enlist in your help one more time

Topic: Facebook

Purpose of Assignment

The purpose of this assignment is to help students think through the importance of all apsects of the marketing process including social, legal, and ethical issues that may arise with their product or service and the implications of decisions made within those frameworks. It is designed to help the learners understand all issues related to marketing practices. This knowledge helps to prevent such issues when developing the marketing strategies in their marketing plan. The executive overview of the marketing plan is not a summary and conclusion, but an overview of what the plan entails and what it does not address.

Assignment Requirements

Include the following:

An executive summary including at a minimum the following elements:

  • Required executive summary elements:
    • Strategic Objectives
    • Products or Services
  • Optional executive summary elements:
    • Resources Needed
    • Projected Outcomes

Integrate the previous weeks' sections, and incorporate corrections and suggestions from the instructor's weekly feedback. The marketing plan should be a word document and include the following:

  • Incorporate Understanding Target Markets (Week 2)
  • Incorporate Promotion and the Product Life Cycle (Week 3)
  • Incorporate Price and Channel Strategy (Week 4)
  • Incorporate Marketing Communication and Brand Strategy (Week 5)
  • Incorporate Executive Summary, and any Legal, Social and Ethical Considerations (Week 6)

Cite a minimum of three peer-reviewed references.

Include all peer-reviewed references from the previous weeks' individual assignments in your marketing plan.

Format your assignment consistent with APA guidelines.

Unformatted Attachment Preview

1 Understanding Target Markets Name MKT/571 05/11/2017 Professor 2 Understanding Facebooks Target Market Facebook was started by Mark Zuckerberg, and it has changed the communication industry. Facebook is an online platform that has millions of followers. The users only need to have a Smartphone or devices such as tablets and laptops that access the internet to fully access Facebook. It is also a viable option for the companies as they can develop a company page in which they can post new product reviews and news about the company (Hoffman, and Gold, 2016). A market plan research is therefore very crucial for the success of the Facebook Corporation. A market plan will help Facebook to identify the market it serves and how best it can offer services that satisfy the customers’ needs. The company can conduct its primary and secondary research to understand the sector. The company can use primary research tool such as interviews and questionnaires in the Facebook application (Jones, and Gratton, 2016). The clients can answer the questions when the company is evaluating some features and the overall performance of the platform. The company can organize virtual interviews through Skype and video conferencing. That way the company can understand the consumers’ needs and preferences and how the company can improve its services to satisfy them. Secondary research involves the review of the information that is available on social media platforms. The company can appoint a team to go through other research for example from Twitter. The company will have an overview of how to penetrate the market. The customer analysis involves the company identifying the characteristics of the target market. Facebook is gaining wide usage by people who are around 40 years. Only a small percentage of Facebook users are young. Therefore, Facebook should try to balance between entertainment and serious business. The platform is used in different countries so it can be 3 differentiated to cater for the social and cultural diversity. The platform is also used by businesses and companies to advertise their products (Brettel, Reich, Gavilanes, and Flatten, 2015). The corporation can use its database to identify these characteristics and classify them. A consumer profile is easy to create when a company has customer analysis. The customer profile includes the findings of customers that are likely to use the product. A customer analysis and profile enable a company to increase its customer base and identify market segments. In Facebook Corporation, the environment scan will show how it is influenced and how it influences the external environment. Facebook has been used by the political elites as a campaign strategy. The platform is also used to criticize the governments (Wells, and Thorson, 2015). Additionally, Facebook influences the economy globally as it provides an advertising avenue for companies and it creates employment. Globalization of the world economy will create opportunities for Facebook as the world progresses to a global market. What people post on Facebook is regulated by laws in different countries, and people can be prosecuted for posting defamatory statements (Gilmore, 2015). The technology advancements in portable devices will increase Facebook usage. A SWOT analysis is important in a market plan as it helps the company evaluate its strengthen, weaknesses, opportunities, and threats. Facebook’s strengthen is that it enjoys a growing following because of the innovations in the technology sector. Additionally, the platform is very efficient for companies advertising their products. Facebook weaknesses are affected by factors that disadvantage its growth. First, it relies wholly on advertisements to make profits and many companies aren't paying much. The company is also unable to effectively plan on its revenue, and the company relies on a few employees. 4 Facebook opportunities include the acquisition platforms such as Instagram and WhatsApp. It also seeks to provide a credible platform for companies to post their information. Besides, it seeks to venture into e-commerce and to expand its services to China. The company’s threats include its systems being breached, along with the possibility of losing clients after the probe into user privacy by the European Union. The development of ad-blocking software can also affect Facebook's revenues negatively. Target market demographics Facebook has been widely used by adults and appeals to much of the younger generation meaning those below the age of 25. It’s been found that women contribute to more users than the men. Income doesn’t vary access of Facebook. Most of the users are educated and therefore can use the platform. Facebook is widely used by families to keep in touch when in different geographical locations. Often Facebook is used for birthdays and other family related events as reminders are set to help remind individuals or companies who their friends or family members are. Target market psychographic Facebook is a platform that allows people undertaking various activities to participate, from students to professionals, to business individuals. Because of the different sections of information available, people with different interests use the platform. Therefore, people interested in science, sports, fashion, business and education use the platform. I have learned that Facebook is widely used by adults contrary to the notion that youths are the most users. Facebook is gaining wide usage by people who are around 40 years, this is because adults in the business world are seeking to use it to help establish and promote their business in the social world of advertising. Also, I have gained insight and understanding about 5 how Facebook was and is developed for advertising. I have never really pictured the platform of Facebook as an advertising platform, but as I have paid more attention lately to when I've logged into Facebook, I've learned that Facebook has catered the advertisement I see according to my likes and preference on my Facebook profile. 6 References Brettel, M., Reich, J. C., Gavilanes, J. M., & Flatten, T. C. (2015). What Drives Advertising Success on Facebook? An Advertising-Effectiveness Model. Journal of Advertising Research, 55(2), 162-175. Gilmore, G. (2015). Social media law for business: A practical guide for using Facebook, Twitter, Google+, and blogs without stepping on legal landmines. Hoffman, A., & Gold, N. (2016). Facebook Inc.: Is its 100% Advertising Revenue Model Sustainable given the Rise of Mobile Ad-Blockers?. Jones, I., & Gratton, C. (2016). Research methods for sports studies. Wells, C., & Thorson, K. (2015). Combining big data and survey techniques to model effects of political content flow in Facebook. Social Science Computer Review, 0894439315609528. Individual Assignment: Understanding Target Markets Purpose of Assignment To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. This week’s assignment is the first part of the development of a marketing plan. It provides the foundation of the marketing plan and introduces the student to a variety of diagrammatic tools for understanding a business. Grading Guide Content Met Partially Met Not Met Comments: 7 Content Met Student creates the research section of his/her marketing plan and includes at least 3 elements of the research list of topics provided here: • Any diagram(s) provided (not required) are in APA format and includes discussion providing insight and clarity. The paper—including tables and graphs, headings, title page, and reference page— is consistent with APA formatting guidelines and meets course-level requirements. Comments: Instead of describing what these measurements are you were to actually utilize the theory and apply it to your company—i.e. so do a SWOT on facebook, not just describe its usefulness! X X X Well done X x Student explains the insights he/she has gained from his/her inspection and analysis of the demographic and psychographic information he/she has found. Writing Guidelines Not Met X X X X X X X X X X X X X X X Research List of Topics o Primary Research o Secondary Research o Consumer Analysis o Customer Profile o Continuous Consumer Monitoring & Research o Environmental Scanning o Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces o Current Opportunities o Potential Future Opportunities o Current Threats o Potential Future Threat Student develops the first two parts of the Target Market section, which includes an overview of the demographics (age, income, family members, and birthdays) and psychographics (activities, interests, and opinions) analysis. Partially Met A bit more analysis of what you learned from your research would be nice. x Met Partially Met Not Met Comments: Well written and clear X 8 Writing Guidelines Met Intellectual property is recognized with intext citations and a reference page. X Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. X Sentences are complete, clear, and concise. X Rules of grammar and usage are followed including spelling and punctuation. X Assignment Total # Additional comments: 4/5 Partially Met Not Met 5 #/5 Comments: Promotion and Product Life Cycle Name Professor MKT/571 5/18/2017 Facebook Product Strategy The marketing strategy of any company has to go hand in hand with the position of the company’s products and services on the product life cycle (Stark, 2015). Facebook is no exception. As earlier outlined, the major products offered by Facebook are targeted social advertising and in-game social assets. A successful product strategy has to be market and customer driven. A strategy ensures that the right information is communicated to the members of the organization as well as the customers (Restuccia et al., 2016). A product strategy plays the role of giving direction to the product manager so as to give appropriate guidance to the product team and result to the business being managed effectively over a longer planning period. The product strategy, in this case, will form the foundation or basis of the product life cycle and will also give the plan of execution for growth purposes. It is no secret that Facebook corporation is making great revenues from the services and products it is offering. It is, therefore, imperative that the company focuses on the growth of their brands, maturity and decline phases. The decline phase has to be adjusted in a manner that will instead extend the product life of the company’s products and services if the company is to continue generating revenues. Figure 1 gives a visual display of this product strategy’s role which is to extend the life cycle of Facebook products and services. To achieve this, the product strategy, in this case, will comprise of the product vision, goals and initiatives that are to be put in place to achieve the vision and goals. The product vision could be ‘to tailor our products and services in a manner that will best meet the needs of our business customers as well as those that are using our services for entertainment by partnering with more organizations that aim to meet these needs.’ The goals will include the following: • To increase our revenue in the coming year by 10% • To acquire at least one social media platform which is Pinterest to meet our young generation's needs. • To increase our presence and awareness by vigorous advertising. The initiatives through which we hope to achieve the goals are as follows: • Acquire Pinterest. • Increase promotions by opening offices in more countries all over the world. • Promote performance improvements. This product strategy is meant to extend our product life cycle so that the products and services offered at Facebook remained relevant and sought after by the consumers. The marketing activities success will be measured by the value of revenues after strategy implementation and the extent to which the goals will have been achieved. The promotions will focus on creating awareness to the company's target market which comprises the people that are above 40 years of age and would love to use Facebook to promote their businesses and other ventures that are meant to develop them. The acquisition of Pinterest is meant to retain the young generation that is fascinated by sharing photos they take in their daily undertakings. Performance improvements are aimed at retaining the already existing Facebook users and the company’s corporate clients. The elements to be considered for promotional purposes include Push and pull factors, public relations, media and advertising strategies. Each of these is elaborated in detail. For promotional purposes to achieve the goal of extending the product life cycle, the media methods to be used include online advertising and periodical advertising. Online advertising will be implemented by occasionally sending advertisement prompts to online Facebook users so that they are made aware of the available opportunities Facebook has to offer. The prompts will be aimed at directing the users on how best to use the various Facebook services and products available. They will also play an informative role because there exist some products that are not yet recognized by most Facebook users (Kim & Jeong, 2014). Periodical Advertising, on the other hand, will involve using newspapers or magazines that are in most cases printed periodically to post Facebook services adverts. This a print media advertising form. The essence of periodicals is that they tend to be permanent thus they are not easily forgettable by the readers (Kim & Jeong, 2014). If Facebook is to occupy the center spread of a popular magazine or a newspaper’s back cover, it is easier for most people across the country to read it and get the message. Most customers are acquired in this way, especially for those that may not have access to the online adverts. The key to note is that pull and push factors, in this case, are valuable as they ensure that the product and services get to be accessed by the members of the target market (Kim & Jeong, 2014). One pull factor will be exploited by advertising Facebook products and services through the print media to target the potential clients that do not have a Facebook account. The adverts are meant to pull them into a subscription. This will, therefore, capture the Facebook non-users and consequently win them over to subscribe to Facebook. Pull factors can also be enhanced through customer relationship management which promotes frequent communication with the customers into using the Facebook services and products (Kim & Jeong, 2014). We also have to use public relations in the sense that a brand ambassador can be selected to advocate for the company's products and services on behalf of the company for both the customers and non-customers to associate themselves through the ambassador with the brand. Testimonials may also be developed with the aim of giving the general public a feel of what it is like to utilize the Facebook products and services. References Kim, E., & Jeong, I. (2014). Product Strategy and Export Performance: The Moderating Role of Product Innovation Capability. 25(1), 89-116. Restuccia, M., Brentani, U., Legoux, R., & Ouellet, J. F. (2016). Product Life‐Cycle Management and Distributor Contribution to New Product Development. Journal of Product Innovation Management, 33(1), 69-89. Stark, J. (2015). Product lifecycle management. In Product Lifecycle Management (pp. 1-29). Springer International Publishing. Grading Guide Week 3 PLC Content Student’s product strategy addresses at least three areas of the product life cycle (NPI-new product introduction, growth, maturity and decline). Student’s product strategy addresses how he/she will measure (what metrics will be used to determine success or failure) the marketing activities. Student’s product strategy includes the creation of at least two different types of media methods for the products. One media method must be a print method and one must be non-print. A media method is a media strategy which highlights his/her product. Student has 2-3 sentences about each media method (i.e. one paragraph of Met Partially Met Not Met Comments: Well done, very thorough! Good application of theory! I liked that you were intending to extend the PLC! x No metrics really employed x x Media methods were innovative, but a bit unclear. Just a bit of rambling—use sub-titles to help you stay focused. Content Met Partially Met Not Met Comments: what he/she would do, not how to do it). Student does not use the Facebook example provided here: • Product and Promotion: o Integrated Marketing Communication o Advertising Strategy/Objectives o Push and Pull o Media Strategy o Advertising Execution o Direct Marketing o Public Relations/Strategies o Positioning X You covered all the areas! X Student’s product strategy addresses three elements of the Product and Promotion List provided in the assignment. X Total Available Total Earned 5 4 Good paper, good analysis and good research, work on being clear and concise in your writing! Also, Pull is not capitalized pull and push strategy 1 Price and Channel Strategy Name MKT/571 May 25, 2017 Professor 2 Price and Channel Strategy The distribution of services and products is important as it helps the organization to reach the final consumer. There is the analysis of the issues that the consumers continue to face and the improvement of the services and the products to increase competitiveness in the environment. The decisions that regard the pricing of the services that Facebook offers is focused on the building of relationships and ensuring that there is a constant improvement in the services that the consumers receive. The consideration of the models used in distribution makes sure that there is focus on the pricing strategies of the company as it is through this that there is an improvement in the performance of the company. Facebook pays attention to the changes taking place in the environment and this assists in the differentiation of the services offered from those of the competitors. Positioning Within Channels The strategy that the company uses in positioning is important as it helps in making sure that there is recognition of the needs of the consumers in the market. The company develops their services and products depending on the target group. It is important that there is the section of the different mix of marketing that the company uses as it is through this that there is the determination of the preferences of the consumers. The use of multi-segmentation by Facebook ensures that there is a target of different consumers in the market. It means that the use of events, newsfeed ad, and pages target the various needs of the consumers. There is the use of positioning that is adaptive and where there is the focus on the changes that take place in every segment, and this ensures that there is an increase in the satisfaction levels of the consumers. The analysis of the lifecycle of the products offered and the changes in preferences of the consumers help in making sure that there is the branding of the products according to the specification of the 3 consumers. The strategy that the company uses is through the constant research of the changes in the preferences and ensuring that there is a roadmap towards the satisfaction of the consumers (Scott & Hand, 2016). It means that Facebook is focused on the goals of the organization and this increases the chances that the company has of improving the positioning of the brand in the market. Strategic planning in Facebook is important as this means that there is an analysis of the challenges that the company faces in the market. The identification of the opportunities that the company gets in the market ensures that there is focus on the consumer needs. The positioning of Facebook to the online space especially for the students changed where there was the increase in demand for the services and this meant that there was the provision of a strategy focused on expansion in the different markets. Segmentation assisted the company to grow into different markets and this contributed to the increase of profitability of the company as the needs of the consumers in the market was met. The linking of strategies used in positioning with the resources of the company ensures that there is the analysis of the operations of the company. Distribution Strategies The distribution tactics that the company uses is the building of relationships and this assists in the determination of the various ways to meet the objectives of the company. The creation of awareness of Facebook on the online platform assists in making sure that there is an improvement of contacts with the consumers. The analysis of the relevance of the services and the products of the company ensures that there is the creation of the interesting facts in the improvement of the interaction between the consumers and the company. The customers in the use of the products in the online platforms mean that there is the focus on the products offered and this means that they can choose whether to use news feed or pages to reach to the final 4 consumer (Menzies, Petrie & Zarb, 2017). Distribution entails adapting to the different technological changes in the market, and this means that there is the use of the strategies that meet the demands of the consumers in the shortest time possible. The efficiency of the distribution channels is in ensuring that the end users of the products are satisfied with a channel that they use. It helps in increasing the prospects of the organization in increasing the demand if the services and the products and that the consumers increase their interactivity with the products. The focus on the content availed to the consumers makes sure that there is understanding on the dynamism that exists in the market and it is through this that there is a categorization of the distribution channels to be used. There is focus on the competitiveness in the market as it helps in the creation of goals focused on the achievement of the objectives of the company. The creation of excitement towards the products is enhanced through the promotion of products and the driving of the engagement of business. The focus of promotion is to ensure that they are reaching a broad target consumer market and this helps in reaching an increased number of audiences. There is the ability of the users to promote posts, and this ensures that there is the increase in the number of responses that the company gets. Channels Tactics The tactics of the channels are focused on the pricing of the products, and this is where there is the analysis of the consumption patterns and the favorable prices for the services and the products. The pricing strategy used helps in increasing competition in the market and ensuring that there is the focus on the dynamism that exists in the market. The criticality of the situations enhances the pricing strategy, and this means that the costs of the company have to be a minimum to help in the improvement of the satisfaction levels of the consumers. There is focus on the demand and the supply forces and this assists in the increase of the satisfaction levels of 5 both the company and the consumers. The constant analysis of the products and the improvement that needs to be made ensures that there is focus on the dynamism that exists in the market (Hanell, 2017). The analysis of the strategies used in pricing helps in ensuring that there is an offering of the various products that maximize the value of the products in the market and continuous research on the needs of the consumers. It is through this that there is focus on the segmenting of the markets as it helps in ensuring that the ability of the consumers in paying for the products is assessed. The use of the penetration strategy of pricing Facebook ensures that there is the analysis of the response of the consumers towards the various products and it is through this that there is an improvement in the profitability of the company. There is focus on the changes taking place in the market and the competitive strategies offered by the competitors as this helps in the determination of the preferences of the consumers and the changes that continue to take place in the market (Ziani, Euvreshi & Alrashid, 2017). There is the advancement of the operations that the company offers and this helps in the shaping of the consumption patterns of the consumers. There is focus on the perception of the consumers towards the products that the company offers as through there is an increase in the consumption levels of the products offered to the consumers that meet their expectations. The use of the pricing strategies is important for Facebook as it helps in increasing its competitiveness and this improves the need to ensure product development throughout the lifecycle of the products. There is the analysis of the tactics that the company uses in the distribution process as it helps in increasing the productivity of the enterprise and in the enhancement of the strategies of the company. It is important as it helps in making sure that the firm is focused towards the achievement of their goals. The recognition of the importance of 6 positioning in the market helps in the attainment of the goals of the enterprise and through this that there is fighting off the competition that exists in the market. 7 References Hanell, F. (2017). Teacher trainees’ information sharing activities and identity positioning on Facebook. Journal Of Documentation, 73(2), 244-262. doi:10.1108/JD-06-2016-0085 Menzies, R., Petrie, K., & Zarb, M. (2017). A case study of Facebook use: Outlining a multilayer strategy for higher education. Education And Information Technologies, (1), 39. doi:10.1007/s10639-015-9436-y Scott, G. G., & Hand, C. J. (2016). Full-length article: Motivation determines Facebook viewing strategy: An eye movement analysis. Computers In Human Behavior, 56267-280. doi:10.1016/j.chb.2015.11.029 Ziani, A., Euvreshi, M., & Alrashid, M. (2017). Social Impact of Digital Media: Growth Pattern of Facebook in the Arab World. Media Watch, 8(2), 177-191. doi:10.15655/mw/2017/v8i2/49011 Grading To be honest I struggled to make sense of your paper, You seemed to ramble on about various related topics, but never really hit the main point or required analysis. I worked hard to find meaning, but I realized it comes down to the fact that your research doesn't really relate to the topic of distribution or pricing. You did hit the PLC and discussed some points of pricing and distribution but overall it was not clear. BTW, you start a lot of sentence with There is... and this is where,,,, I highly recommend writepoint/grammerly, Sorry for the tough review, I can see you tried so I have allotted as many points as I could determine. 1 Facebook’s Marketing Communication and Brand Strategy Name MKT/571 June 1, 2017 Professor 2 Marketing Communication and Brand Strategy Marketing communication is part of the marketing mix, more specifically addressing the promotion aspect of the marketing mix (Pickton & Broderick, 2001). It has a lot to do with the message being conveyed to the target market, and therefore it should be clear and to the point. The media through which the message is to be conveyed should be chosen wisely so that the message gets decoded as intended (Pickton & Broderick, 2001). Brand strategy, on the other hand, is an action plan for ensuring that the brand is successful and that the set specific goals are achieved in time (Vallaster & Lindgreen, 2011). A brand strategy should be well directed to meeting the customer needs regarding its connection to their emotions, culture, and environment at large (Vallaster & Lindgreen, 2011). Facebook offers targeted social advertising services and in-game social assets. Facebook has a page option that allows businesses and individuals to market themselves by creating pages at no extra cost. This is advantageous especially to businesses that operate on a fixed budget. With that in mind, Facebook has to create a marketing communication and brand strategy that is effective in ensuring that the services offered by Facebook are up to date and that they reach the target market as intended. A comprehensive situational analysis is therefore needed if Facebook is to improve its marketing communication and brand strategy for better and more profitable business deals. The product, place/distribution, promotion, and price strategy aspects that will be described in this section include the advertising strategy, branding concerns and maintaining a brand image. Situational analysis, on the other hand, will look at competitor strengths/weaknesses and the market segments. Advertising strategy The Advertising Strategy relates to the manner in which information concerning Facebook products and services is relayed to the clients (Vallaster & Lindgreen, 2011). Some of 3 the methods used and that can be used once again in the future is sponsoring events and through corporate social responsibility. This is where the Facebook brand will be made known to more people through such events. Creating awareness is key to ensuring that the company acquires more clients and retains the already existing ones. Branding Concerns One of the Facebook services that received much appreciation from the users concerning the brand is Facebook Messenger. The reason was that this service makes communication easier and enjoyable and therefore it was well received and accepted in the market. This has enabled businesses to build long-lasting relationships with their customers, a factor that has made it get used by an increasing number of people on a daily basis. If the same branding strategy is used to improve the other products and services offered by Facebook, the company would be able to better meet customer needs and expectations. Maintaining a Brand Image A company’s brand should be consistent for it to be successful in the market (Vallaster & Lindgreen, 2011). Facebook must be vigilant enough to track any comments and opinions concerning its products and services so that any negativity is countered and disputed to maintain a good image. Any complaints brought forth by users and customers are to be addressed immediately to help retain and attract more users so that the business continuity is guaranteed. Competitor Strengths and Weaknesses The major Facebook competitors include LinkedIn, Instagram and Snapchat. Facebook currently owns Instagram, and so it is not competing with it regarding revenues but rather regarding users. Instagram seems to have attracted a substantial number of teens and adults as well because it is more visual. Snapchat, on the other hand, has the strength of allowing the users 4 only to be able to contact people that have been selected by themselves. LinkedIn, on the other hand, is a professional website that enables recruiters to use it while analyzing user profiles for potential hires. These three competitors have their strengths that Facebook cannot match. Facebook can, however, use the strength it has which is to connect related people according to their location and profession among other aspects to continue attracting more users (Porter, 2008). Another strength that the company can use to its benefit is the low-cost strategy. It is noteworthy that Facebook has also been able to counter this by introducing Facebook Live where individuals can interact with their followers by letting them into what is happening in their lives. Market Segments Market Segmentation involves trying to reach consumers who are interested in the company’s product. For Facebook’s case, people who are around 40 years are the major target because they are the ones interested in advertising their businesses online. Facebook could, therefore, make it easier to satisfy this segment by coming up with new methods of making business adverts more visible to a large number of people online. Also, features that can be used by business people to select the people they intend to reach out to with their adverts could be made available to all users to increase the reliability of this platform. Customer Loyalty and Retention Retention is usually a measure of customer loyalty. To measure customer loyalty, Facebook can conduct online surveys for a sample of the online users at any given time. Some of the areas that may be addressed are the advocacy levels and the probability of reusing the services offered. If a user is most likely to reuse a given service or advocate for it for all the nonusers to try it, then the conclusion is that the customer loyalty levels are high. If the levels are 5 determined to be low, the company should implement the recommendations given to grow the market share while meeting customer satisfaction to guarantee retention. Conclusion In conclusion for Facebook to counter competition, increase the market share, customer satisfaction, loyalty, and retention, the discussed aspects must be seriously considered. The company should come up with a viable advertising strategy, address all the branding concerns for all the company brands, maintain a positive brand image, consider and counter competitor strengths and weaknesses, and finally focus on the most profitable market segments. 6 References Pickton, D., & Broderick, A. (2001). Integrated marketing communications. Harlow: Prentice Hall. Porter, M. E. (2008). Competitive strategy: Techniques for analyzing industries and competitors. Simon and Schuster. Vallaster, C., & Lindgreen, A. (2011). Corporate brand strategy formation: Brand actors and the situational context for a business-to-business brand. Industrial Marketing Management, 40(7), 1133-1143. Grading Guide Week 5 Content Met Partially Met Not Met Comments: Choose 5 elements from the lists below: • • Situational Analysis: o Vision , Mission, Strategic objectives, Values o Strengths/Weaknesses o Competitor’s Strengths/Weaknesses o Market Segments Product, Place/Distribution, Promotion, and Price Strategies: o Creating a Brand Image o Maintaining Brand Image o Branding Concerns o Promotion/Integrated Marketing Communication o Advertising Strategy/Objectives o Push and Pull o Media Strategy o Advertising Execution o Public Relations/Strategies X X X X X Customer loyalty and retention in your strategy document. x Very good, surveys and feedback are crucial 7 Writing Guidelines Met The paper—including tables and graphs, headings, title page, and reference page— is consistent with APA formatting guidelines and meets course-level requirements. Partially Met x Intellectual property is recognized with intext citations and a reference page. x Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. x Sentences are complete, clear, and concise. x Rules of grammar and usage are followed including spelling and punctuation. x Assignment Total # Not Met Comments: Add more graphs and charts Put SWOTT in Chart form too Excellent writing 9.5/10 Additional comments: Your writing is more clear, work on being concise, shorten paragraphs and don’t spend as much time explain principle as you do applying the principles and performing analysis of your company. For example, don’t say Facebook needs to perform and situational analysis—do the analysis and explain it. apply the principles to Facebook and explain their position and product strategies. I like that you addressed the branding of their company. I think your advertising strategy needs to be more detailed, yes they need to create awareness and events are good, but detail the events. Great sub-titles for each category of your plan! Good research too! Hint for final paper, developing a relationship with the customer is the MOST important aspect of your plan! Individual Assignment: Social, Ethical and Legal Implications Purpose of Assignment The purpose of this assignment is to help students think through the importance of social, legal and ethical issues that may arise with their product or service and the implications of decisions made within those frameworks. It is designed to help the learners understand ethical and legal issues related to marketing practices. This knowledge helps to prevent such issues when developing the marketing strategies in their marketing plan. The executive overview of the marketing plan is not a summary and conclusion, but an overview of what the plan entails and what it does not address. Grading Guide Content Student assesses the ethical, legal, and social issues affecting your product or service in two markets: The United States and one international market. Student develops a process to monitor and control marketing performance. This process could be a flowchart but a flowchart is not required (which would not count towards his/her word count requirement.) The ethical, legal, and social issues assessment is a maximum of 700 words in length. Student formulates an executive summary of no more than 350 words that includes at minimum the following required elements: • Strategic Objectives (required) • Products or Services (required) • Resources Needed (optional) • Projected Outcomes (optional) Student integrates the previous weeks’ sections of his/her marketing plan, and incorporates corrections and suggestions from the instructor’s weekly feedback. The student’s marketing plan should include the following: • Incorporate Understanding Target Markets (Week 2) • Incorporate Promotion and the Product Life Cycle (Week 3) • Incorporate Price and Channel Strategy (Week 4) • Incorporate Marketing Communication and Brand Strategy (Week 5) Met Partially Met Not Met Comments: Social, Ethical and Legal Implications Grading Guide MKT/571 Version 9 Content • Met Partially Met Not Met Total Available Total Earned 10.5 #/10.5 Comments: Incorporate Executive Summary, Legal, Social and Ethical Considerations (Week 6) The marketing plan is a minimum of 3,850 words in length. Writing Guidelines Met Partially Met Not Met Total Available Total Earned 4.5 #/4.5 15 #/15 The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 2
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Hi,Find attached the completed work.Kindly do not hesitate to ask for any clarification or editing if need be.Looking forward to working with you in the future.Thank you.

Running head: MARKETING PLAN

Marketing Plan - Facebook
Student’s Name
Professor’s Name
Course Title
Date

MARKETING PLAN

2
Executive Summary

Facebook, being one of the most recognized and largest social media platform has been
in successful operation since it was started but the industry is not the same way it was way back
in 2004 during its launch. So many competitors have joined the social media industry some of
which include WhatsApp, Instagram, twitter among others. All these platforms have features that
tend to improve on what fakebook offers which makes it more difficult for Facebook to keep
surviving in the industry. The company has however not despaired. One of the measures taken
towards countering competition is the acquisition of Instagram, which has been beneficial in
retaining Facebook’s image in the social media Industry. The products and services offered by
Facebook include advertising and communications platforms, audience insights and page
managers, rooms, slingshots among others. This report is a marketing plan that delves into the
Facebook world in a bid to understand the company’s target market, its promotion strategies and
the product life cycle, the price and channel strategy used by the company, the marketing
communication and brand strategy, and finally the social, ethical and legal implications. The
current state of affairs regarding marketing as Facebook is analyzed and recommendations given
on how best to improve the platform so that more revenue is generated. All these have been
analyzed with the strategic objectives to increase the company’s revenue in the coming year by
10%, to acquire at least one social media platform which is Pinterest to meet the young
generation's needs and to increase our presence and awareness by vigorous advertising. Some of
the outcomes expected from this plan are increased promotions by opening offices in more
countries all over the world and general improved performance.

MARKETING PLAN

3
Understanding Target Markets

To better understand its target market, Facebook has to find a way of getting this
information from the users. This raises the need to conduct both primary and secondary research.
Primary research is meant to obtain data from the users directly while secondary will rely on
previously collected data. For successful primary research on Facebook, interviews and
questionnaires for all the online users are an invaluable tool (Jones, and Gratton, 2016). The
interviews may be virtual because a wider range of customers need to give their views and not
just those that are available physically. That way, the company can understand the consumers’
needs and preferences and how it can improve its services to satisfy them. Secondary research
involves the review of the information that is available on social media platforms. The company
can appoint a team to go through other research for example from Twitter. By so doing,
Facebook is better placed to penetrate the market.
Facebook’s strength is that it enjoys a growing following because of the innovations in
the technology sector. Additionally, the platform is very efficient for companies advertising their
products. Facebook weaknesses are affected by factors that disadvantage its growth. First, it
relies wholly on advertisements to make profits and many companies aren't paying much. The
company is also unable to effectively plan on its revenue, and the company relies on a few
employees. Facebook opportunities include the acquisition platforms such as Instagram and
WhatsApp. It also seeks to provide a credible platform for companies to post their information.
Besides, it seeks to venture into e-commerce and to expand its services to China. The company’s
threats include its systems being breached, along with the possibility of losing clients after the
probe into user privacy by the European Union. The development of ad-blocking software can
also affect Facebook's revenues negatively.

MARKETING PLAN

4

Strengths

Weaknesses

Growing Customer Base

Reliance on advertising alone to generate

Efficient Advertising

revenue
Inability to plan effectively on its revenue
Low number of employees

Opportunities

Threats

Availability of acquisition platforms

System breaching

Growth in ecommerce

Internet insecurity

For customer analysis, the company must effectively identify the target market
characteristics which include an increased usage by people who are around 40 years. Only a
small percentage of Facebook users are young. Therefore, Facebook has to balance between
entertainment and serious business. The platform is used in different countries so it can be
differentiated to cater for the social and cultural diversity. The platform is also used by
businesses and companies to advertise their products (Brettel, Reich, Gavilanes, and Flatten,
2015). The corporation can use its database to identify these characteristics and classify them. A
consumer profile is easy to create when a company has customer analysis. The customer profile
includes the findings of customers that are likely to use the product. A customer analysis and
profile enable a company to increase its customer base and identify market segments.
The environment scan shows that Facebook has been used by the political elites as a
campaign strategy. The platform is also used to criticize various governments (Wells, and
Thorson, 2015). Additionally, Facebook influences the economy globally as it provides an

MARKETING PLAN

5

advertising avenue for companies and it creates employment. Globalization of the world
economy will create opportunities for Facebook as the...


Anonymous
I was having a hard time with this subject, and this was a great help.

Studypool
4.7
Indeed
4.5
Sitejabber
4.4

Similar Content

Related Tags