Competency 318.1.5: Marketing Plans - The graduate can create a marketing plan.
318.1.5-06: Apply Porter’s Five Forces model to an analysis of the competitive environment for a given business situation.
318.1.5-07: Define the target market as part of a marketing plan for a given situation. Cost conscious, working,20-65,busy,
Must provide value, convenience, cheap, overall good value, low maintenance
318.1.5-08: Classify a specified consumer product using the three-way consumer products classification system.
Shopping goods are products that consumers do not buy as frequently as convenience goods. They usually cost more than convenience goods and consumers expect to have them for longer, so they will do some research prior to purchase. The research will include comparing product features and price. Examples of shopping goods include white goods (such as fridge/freezers and washing machines), clothing and furniture.
318.1.5-09: Develop an appropriate set of marketing objectives that support a given mission statement. Quality and values will secure our success. We will live by our values, have fun, and take pride in what we do. Our values are to maintain a work environment where people enjoy coming to work, to serve our guests and exceed their expectations, and to be profitable and result oriented.
Read more: http://www.referenceforbusiness.com/management/Mar-No/Mission-and-Vision-Statements.html#ixzz2PtNB9Lyy
318.1.5-10: Develop a SWOT analysis for a given business situation. Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals or objectives to be set for the organization. * Strengths: characteristics of the business, or project team that give it an advantage over others * Weaknesses (or Limitations): are characteristics that place the team at a disadvantage relative to others * Opportunities: external chances to improve performance (e.g. make greater profits) in the environment * Threats: external elements in the environment that could cause trouble for the business or project
Read more: http://www.referenceforbusiness.com/knowledge/SWOT_analysis.html#ixzz2PtNhHOsC
318.1.5-11: Select an appropriate distribution channel for a given marketing situation. 318.1.5-12: Select an appropriate pricing strategy for a given marketing situation. 318.1.5-13: Select an appropriate promotion strategy for a given marketing situation. 318.1.5-14: Develop a tactical marketing plan that supports specified elements of a strategic marketing plan. 318.1.5-15: Identify monitoring and control activities appropriate for a specified tactical marketing plan.
Company G is a well-established firm that is highly regarded in the electronics market. Its mission statement is as follows:
“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronic solutions.”
Company G’s engineers and designers have developed a line of small appliances that the company feels can be very successful in the small-appliance market. The company feels that the current marketing plan for its products does not put them in a position to reach the profit potential for the small appliances.
Success with the new line will depend upon an accurate assessment of the market and a well-crafted, effectively implemented marketing plan that will fit the current market.
As the marketing manager, you are charged with the responsibility of developing a new marketing plan that will enable the company to reach the full profit potential of one small appliance from the new product line.
The president has suggested that you use the “clean sheet of paper” concept as you develop the plan; therefore, during the time you are creating the new plan, all details of the company’s existing electronics marketing plan are to be considered irrelevant. The intent is that...