foundamental of marketing

User Generated

fvyylcuvyyl

Business Finance

foundamental of marketingm

America public university

Description

Final Project: Covers chapters 1 through chapters 16 In this course on the Fundamentals of Marketing, we learned about a variety of elements/components of business and marketing that contribute to the marketing and promotion of products. The underlying purpose of these activities is to achieve a return on investment or sales, which should result in profit for companies and businesses. Your final assignment has two parts. Part 1 Discuss what a marketing plan is and describe the different components of the marketing plan in your own words (see figure 16.2 in the text). Also explain how the marketing plan is helpful to the organization. You do not have to put together a marketing plan for this assignment Part 2 Please take the elements/components you have learned in this course (such as the SWOT, goals/objectives, etc.) and translate/apply them into how they would be carried out into the execution of a marketing strategy. For instance (note that these examples may not be used in your assignment): In a SWOT analysis you determined that one of the strengths of a company was that weekly team meetings were held where ideas are exchanged and commendations are awarded to team members who have met or exceeded goals or expectations for the week. How can we translate or incorporate that Strength into a marketing strategy? Since the ideas being exchanged in the weekly meeting are to foster growth and innovation, camaraderie, excitement, and motivation, they can also be used to generate new ideas for promotion. This weekly team meeting can be leveraged to spur perhaps a name of a new product that company X has been trying to launch for considerable amount of time but just haven't thought of the right one. A real world example, Lays Potato Chips reached out to the general public using their social media strength to ask them to come up with a new flavor of potato chip. This combined the strengths the company had with the need to execute a new marketing strategy. Through this process, a consumer won $1mm for coming up with a new potato chip flavor, and Lay's of course won tons of new customers and multiple millions in sales of new product. The Final Project needs to be in a Word document and in APA format. Page requirement is at least 4 pages in length. This does not include the cover and reference pages. Make sure to provide at least four outside sources to support your work

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

Attached.

Running Head: MARKETING PLAN AND STRATEGY

Marketing Plan and Strategy
Name
University
Date

1

MARKETING PLAN AND STRATEGY

2

Marketing Plan and Strategy
A marketing plan is a document outlining marketing tactics and strategies of a company.
A marketing plan is prepared for one year, the plan includes organizational goals, costs and steps
to be taken in handling business. The document unlike a business plan is not permanent it keeps
changing as the business grows, evolves and as marketing trends change. Business owners
develop a marketing plan as part of the business plan, however it is not supposed to be set aside,
and it needs revisit often to check progress towards organization goal achievement. Business
owners develop the marketing plan as a section of the overall business plan. It is recommended
to have a separate marketing plan because it is crucial and comprehensive in driving the business
towards success and achieving set goals.
A marketing plan has several components, the components are a step by step process on
how the marketing plan is formulated. Market research component includes collecting
information, organizing it and recording information on the target market. As the market
research component is being developed controllable and uncontrollable variables that affect the
market are considered. Customers are important in this research, after identifying potential
customers, identify which customers have most needs. There are partners who can help you to
get to customers to gather information on their expectations on certain cu...


Anonymous
Great study resource, helped me a lot.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags