Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company’s advertising strategy.
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.
- Develop the company’s branding, pricing, and distribution strategy.
- Provide the following marketing strategy information:
- Classify the company’s major competitors as inter- or intra-competitors. Categorize the competitors’ major strengths and weaknesses.
- Develop the differentiation strategy in relation to the closest competitor.
- Establish whether the company’s intention is to be a leader or follower within the industry.
- Assess the level of impact that the salient macro-environmental issues (e.g., legal, technological, social, and economic, etc.) and trends with which the company must contend could potentially have on the company’s marketing strategy.
- Discuss the marketing research tools that you used in your marketing strategy.
- Construct an implementation strategy for your hypothetical company in which you specify the essential activities and responsibilities. Include a timetable for completion of each component of your strategy.
- Develop a five (5) year expansion plan that includes future profitability and market share growth. Include necessary graphs to explain your plan.
- Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools.
- Choose two (2) performance standards, two (2) monitory methods, and two (2) financial controls that you would implement that differ from the standards that you had provided in Assignment 1. Justify your choices.
- Assess the potential for your company’s overall performance in relation to the marketing plan objectives.
- Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company’s advertising strategy.
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.