WGU VZT1

Topics: Marketing, Strategic management, Management Pages: 9 (2005 words) Published: May 14, 2015
Company G
1-Year Marketing Plan
Student Name: Laurie Marks
Student ID: ____
Date: 5/14/2015
Student Mentor Name: Lindsay White

Table of Contents

Introduction3
Product Description and Classification3
Product Support of Mission Statement……………………………………………………………………………………………….….3 Consumer Product Classification3
Target Market3
Competitive Situation Analysis3
Analysis of Competition using Porter’s Five Forces Model3 SWOT Analysis4
Strengths and Core Competencies5
Weaknesses5
Opportunities5
Threats5
Market Objectives6
Product Objective6
Price Objective6
Place Objective6
Promotion Objective6
Marketing Strategies and Implementation7
Product Strategies7
Price Strategies7
Place Strategies7
Promotion Strategies7
Explanation of Strategies………………………..……………………………………………………………………………………………….7 Implementation Plan7
Product Tactics8
Price Tactics 8
Place Tactics8
Promotion Tactics8
Monitoring Procedures8

Introduction
While this section is not expressly requested in the task instructions, it is usually helpful to write a paragraph that introduces Company G and the product that you are writing this marketing plan about. Product Description and Classification

Product Description and Support of the Mission
Company G Mission Statement
“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.” The task instruction is to describe your product and explain how it supports the mission statement, provided above. This should be a 1−2 paragraph section that includes a detailed description of your product. Then discuss how the features of your product support the given Company G mission statement. Consumer Product Classification

The task instruction is to classify the proposed Company G’s product using the three-way consumer products classification system. Classify your product as either a convenience, shopping, or specialty product, providing at least three factors supporting that classification. To learn more about consumer product classification, see chapter 6 of the assigned text, or utilize the “Course Search” function with the keywords “consumer product classification.” Target Market

The task instruction is to describe the target market for the company’s product, including at least two variables related to demographic, psychographic, and/or geographic information. The target market needs to be a specific group of customers with a set of shared characteristics and a common interest in your chosen product. To learn more about identifying your target market, utilize the “Course Search” function with the keywords “target market.” Competitive Situation Analysis

Analysis of Competition using Porter’s Five Forces Model
The task instruction is to analyze Company G’s competitive environment addressing each of the components of Porter’s Five Forces Model. This section will include a discussion of the following aspects of the model, with an analysis of the threat level for each, along with supporting information. Competitive Rivalry: As you study the model, you will see that rivalry is the central component around which all the forces revolve. This includes all direct competitors in this product category. Please describe this for Company G and your chosen product category. Potential New Entrants: Discuss the possible threat from new companies entering the market. Bargaining Power of Buyers: Discuss the power of buyers, which may or may not be the same as consumers – depending on your distribution system. Is it possible for them to band together and demand volume discounts? Bargaining Power of Suppliers: Discuss the power of suppliers of raw material or component parts. Are there few or many suppliers? How does that impact Company G’s ability to continue delivering product at a reasonable price? Substitutes: Discuss the possible threat from substitute products. Before your product came out, how did consumers...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay on WGU VZT1
  • WGU VZT1 Marketing Plan Essay
  • Essay on WGU MKT1 Marketing Plan
  • WGU IWT1 Essay
  • WGU GLT1 Essay
  • WGU Deathcap Essay
  • otherness wgu task 2 Essay
  • WGU JET Task 2 Essay

Become a StudyMode Member

Sign Up - It's Free