Assignment 3: Part C: Your Marketing Plan, marketing homework help

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Assignment 3: Part C: Your Marketing Plan

Due Week 8 and worth 280 points

To conclude your marketing plan, in Assignment 3, you will describe the company’s, marketing strategy, implementation strategy, expansion plan, social media strategy, monitoring methods, and integrated marketing communication strategy.

Note: You may create and / or make all necessary assumptions needed for the completion of this assignment.

Write a six to seven (6-7) page paper in which you:

  1. Develop the company’s branding, pricing, and distribution strategy.
  2. Classify the company's major competitors as inter- or intra-competitors. Categorize the competitors' major strengths and weaknesses.
  3. Develop the differentiation strategy in relation to the closest competitor.
  4. Establish whether the company's intention is to be a leader or follower within the industry.
  5. Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools.
  6. Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company's advertising strategy.
  7. Use at least five (5) academic resources that address sustainability and monitoring of effective marketing plans and determine the applicability for your hypothetical company. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Develop strategies to assess performance and achieve marketing goals.
  • Develop pricing strategies and distribution channels for products.
  • Analyze integrated marketing communications and its relationship to advertising strategy.
  • Evaluate marketing research tools involved in the marketing process.
  • Use technology and information resources to research issues in marketing management.
  • Write clearly and concisely about marketing management using proper writing mechanics.

I am attaching what was submitted for part 1 and 2. Also must be original text!

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Running head: MAGENTA AUTO MARKETING PLAN Magenta Auto Marketing Plan MKT 500 Dr. Ananiewicz Strayer University Olin Frye Date: 8/3/17 MAGENTA AUTO MARKETING PLAN Magenta Auto marketing plan Organizational overview and product offering Magenta Auto is car manufacturer and seller in based in the United States. The company has been in operation for close to ten years. Being among the most innovative companies in the lucrative automobile industry, the company has experienced immense growth and particularly in its One line of motor vehicles. Unlike the first few years when the company’s sales were restricted to the US due to the lack of elaborate marketing framework, the company’s products have experienced increased popularity all over the world. Presently, overseas sales contribute close to half of the company’s revenues. One of the innovations that have been steering the company is the eco-friendly engines powering its vehicles as well as the recent inclusion of the hybrid cars. In this case, all Magenta One H series automobiles are all fitted with a combination of economical fossil fuel and electric transmission lines to ensure that they are not only economical to operate but also efficient, more reliable, and sustainable. Coincidentally, this comes in the wake of widespread ecological awareness and at a time when automobiles are striving to develop more environmental-friendly products. Environmental analysis PESTLE analysis Political The automobile is based in the US. At the same time, its major operations, which include manufacturing and the core of the supply chain, are located in the US. However, the recent growth in the company’s economic status and market share is partly due to the favorable political situation in the US as well as Europe, which forms its second largest market. However, the situation is not favorable in parts of the larger Asia and the Middle East and particularly with the ongoing diplomatic wrangles in the region (Latiff & Hassan 2017). MAGENTA AUTO MARKETING PLAN Environmental Other than the political situation in the leading markets, the economy has been performing well. Unlike a decade ago when the company faced economic turmoil that threatened its operations due to the Great Recession, the US and most other parts of the world are currently performing well (Lederman, Lederman & Porto, 2016). Despite a rising inflation rate in some markets such as the US, Lederman et al. (2016) expect that the market would continue to be sustainable especially since the company constantly derives cost-saving manufacturing methods over time. Sociocultural There are a number of sociocultural factors that favor the company’s operations. Notably, the popularity of hybrid cars has been rising. At the same time, more people are currently interested in electric. Although the company has not yet developed fully-electric cars, this is an indication that there is a potential market. Technological There is a rising trend in the application of technology in the automobile industry through computerization of the vehicles. Unfortunately, this is accompanied by a similar wave in cyber crime and that creates a threat to the industry. Other technological advancements such as e-commerce are also on the increase, which creates an even more efficient mode of marketing and ordering of the products. Legal/Environmental There is a decline in the global fossil fuel reserves. Although this is a threat to some of the manufacturers, it turns out to be an opportunity to Magenta Auto due to anticipated rise in market share. This is further accelerated by increased emphasis on business sustainability and MAGENTA AUTO MARKETING PLAN an outcry on climate change which might see a reduction in fossil fuel-propelled vehicles (Samuels, 2007). Market analysis The automobile industry has been in existence since the late 19th century. In this case, some of the industry pioneers such as Mercedes are still in the market and, with their many years of business, the companies have managed to amass vast resources that facilitate their operations and vigorous investment. In fact, this is a threat to startups due to their lack of popularity and also challenges in the sustainability of operations due to the limitation of resources. Unfortunately, the market has been declining in the US. Only a models from some of the leading companies, and primarily the innovative ones, have been recorded an increase for the past few years. The US industry has for long been dominated by General Motors followed closely by Ford, Chrysler, Toyota, and Honda in that order (The Wall Street Journal, 2017). Although Magenta is not in the leading end, it is likely that the company may join the leading five particularly due to the increase in the demand for both electric and hybrid cars. Fig 1: Trend in US Auto industry Source: http://online.wsj.com/mdc/public/page/2_3022-autosales.html MAGENTA AUTO MARKETING PLAN Competition is stiff in the hybrid auto market. In this case, some of the industry giants such as Ford, Nissan, and Chevrolet, among others have been performing well in the recent past. At the same time, other companies such as Tesla, which is known for its robustness in terms of innovation have been leading in both the hybrid and electric cars arena (Girard & Polaris Institute, 2011). This means that, although the market is heavily potential, the road for Magenta Auto will not be smooth, and the company will need to face the long-time giants for a chance to dominate the market. SWOT analysis Strengths Magenta Auto has a few strengths like a recent continuous rise in the growth rate even when other companies have been experiencing a decline. At the same time, the company has developed a state of the art facility particularly since it was just conceived recently. Other companies continue to operate in old facilities that have been in use for decades and that might not be cost effective. Weaknesses Magenta faces a number of weaknesses such as lacking economic might necessary to face off some of the largest market leaders. As such, it might take time before the company’s dream is achieved. At the same time, it faces stiff competition from the likes of Tesla. The company is still in the process of developing fully-electric cars when other manufacturers already have the products in the market. Opportunities MAGENTA AUTO MARKETING PLAN There are a number of opportunities that the company can capitalize into so as to raise its performance. One of these is new markets such as Asia and Africa. At the same time, ecommerce is a good opportunity for the company to augment its global distribution. Threats Unfortunately, there are a number of threats such as declining market in the US. At the same time, rising competition and new entrants, as well as more innovative companies such as Tesla are a threat to Magenta’s operations. Organizational goals Since Magenta is still new in the market, the primary focus is to expand its US market share. In this case, the short-term goals involve fostering continuity of operations and sustainability as well as advancing eco-friendly innovation through development of more advanced hybrid vehicles. The company also seeks to raise the market share by at least 0.75% in the next 2 years and the profitability by 25% at the same period. In the long-run, the goals will shift from local to the international market. In this case, the primary goal will be to emerge among the leading global automakers and with operations in every continent. Additionally, the company seeks to emerge as the leading manufacturer and seller of both hybrid and electric cars in the US and other parts of the world. MAGENTA AUTO MARKETING PLAN References Girard, R., & Polaris Institute. (2011). Electric car report: What are the prospects for an electric car industry in Canada and is this a real or false solution for climate change?. Ottawa, Ont: Polaris Institute. Latiff, R. & Hassan, S. (2017). Muslim Asia caught in the middle as diplomatic row rocks Middle East. Reuters. Available from http://www.reuters.com/article/us-gulf-qatarasia-idUSKBN18X153 Lederman, D., Lederman, D., & Porto, G. (2016). The Price is Not Always Right: On the Impacts of Commodity Prices on Households (and Countries). Washington, D.C: The World Bank. Samuels, R. (2007). The proposed Canadian Automobile Transport and Arctic Climatic Protection Act: Toward an environmentally-sensitized and truly made-in-Canada car inspired by the Avro Arrow. Kanata, Ont: Agora Cosmopolitan. The Wall Street Journal (2017). Market Data Center: Auto Sales. WSJ. Available from http://online.wsj.com/mdc/public/page/2_3022-autosales.html Running head: MARKETING PLAN 1 Marketing Plan Name Institution Affiliation MARKETING PLAN 2 Marketing Plan Magenta auto Car Corporation remains to be one of the most renowned manufacturers and at the same time, seller of cars in the United States of America. Due to the increased innovation of the company, it has been in the position of ensuring increased growth, especially in the motor vehicles. Additionally, due to improved marketing strategies, the company has been able to sell its products across the globe leading to increased sales and profits. During the analysis, there will be the elaboration of the branding strategy capitalized by the company. Additionally, there will be assembling of the marketing strategy of the product; its positioning statement where there will be the involvement of the perceptual maps. Besides, it will be worth to ensure that there is examining the relevant consumer behavior of the target market and be able to develop the mission statement of the company. Through this, the company will be able to analyze its goals and objective and remain competitive in the global marketplaces (Jain & Haley, 2009). Branding Strategy Branding strategy is the long-term plan, which is developed to ensure that there is a successful brand for the achievements of specific goals in the organization. In most of the times, the branding strategies affect all the functioning of the organization and it is mostly connected with the needs of the consumers, emotions and at the same time, competitive environment of the competitive analysis. Magenta auto Car Corporation should ensure that there is the involvement of effective brand strategy to ensure that they are competitive in the global marketplaces Arthur (Rooney, 2005). MARKETING PLAN 3 It is the role of the management to ensure that there is coming up with effective branding strategy of the products produced to appeal to the consumers. During the process of branding the company’s products, it is important to analyze the target markets since they are most important individuals for the success of the company. The brand name is to ensure that the company remains competitive in the global market. This will be realized if there is the involvement of effective slogan that will be determined by production of quality products, which can satisfy the needs and demands of the customers. Marketing strategy Marketing strategy remains to be an effective goal that can be utilized by the Magenta Corporation in ensuring that there are increased sales and be in a position of achieving a sustainable competitive advantage. During the marketing strategy, it is important to involve short-term and long-term activities to formulate, evaluate and at the same time, selection of marketing-oriented strategies. During the process of coming up with the marketing strategy of Magenta Corporation, it is important to address the targets markets for the process to remain successful. Therefore, it is important for the management and leaders, to have a clear decision on their key targets markets. This is because; it is through the targets markets that the marketing strategy can be analyzed effectively. The timetable through which the strategy will be implanted will be dependence on the basement of the gender, sexes, and ages of the target markets (Cavusgil & Zou, 2004). Positioning statement A positioning statement remains to be an expression of how a given product or brand fills a particular consumer need, which is different from competitors. As a socially responsible MARKETING PLAN 4 enterprise, Magenta Auto Car Corporation is in a position of manufacturing high-quality cars that can be able to satisfy the needs of the customers. Additionally, the products of the company are safe from the pollution of the environment, which is affordable to all customers. The positioning statement can be executed in more than ten years ago since it is based on developing its products in diverse marketplaces. The perceptual map of Magenta Corporation is that “the product of the company will be of quality to satisfy the needs of the customers.” Consumer behavior Consumer behavior remains to be the study of individuals, groups and at the same time, organizations and the processes that are capitalized in selecting, securing and using the product. The consumer decision- making the process of the consumers is important since it ensures that there are the recognition and awareness of the problem and evaluation of alternatives. Before, the process of the consumers buys a product; they make sure that they have a clear knowledge of its functional characteristics and its quality (Peter, Olson & Grunert, 2009). Additionally, the customers can be interested in comprehending the information related to the manufacturer of the product, its reputation, and materials capitalized in the process of manufacturing. Therefore, it is the role of the management to ensure that they produce quality products, which can address all the needs of the customers. The brand name, logo, slogan, brand extension and positioning and marketing strategy of the company are important for the target market since they will determine how the customers will be motivated in doing business with the company. MARKETING PLAN 5 Mission statement The mission statement remains to be a short statement of the organization purpose, through the identification of the scope of its operations, the kind of products produced and its primary customers. Magenta Auto Car Corporation mission statement is to make sure that there is the production of experience to every customer in a friendly, professional and efficient manner, thus ensuring that there is the creation of the true consumer value. Additionally, the mission statement of the company will be motivated through treating the customers as the family to meet their transportation needs. The mission statement is much important for the success of the company since all the stakeholders will be working towards the achievement of its mission to the shareholders and customers. Conclusion The success of the company remains to be paramount that there is the need for involvement of multiple elements for this to be achieved. Therefore, it is the role of the management of the corporation to ensure that there are effective marketing and branding strategy of the company. This is because, if there are effective marketing and branding strategy, the needs of the customers will be realized. Through this, there will be increased sales and profitability of the corporation in the competitive global marketplaces. MARKETING PLAN 6 References Arthur Rooney, J. (2005). Branding a trend for today and tomorrow. Journal of product & brand management, 4(4), 48-55. Cavusgil, S. T., & Zou, S. (2004). Marketing strategy-performance relationship: an investigation of the empirical link in export market ventures. The Journal of Marketing, 1-21. Jain, S. C., & Haley, G. T. (2009). Marketing planning and strategy. Cincinnati South-Western Publishing Company 1985.. Peter, J. P., Olson, J. C., & Grunert, K. G. (2009). Consumer behavior and marketing strategy.
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