Assignment 1 Lasa 2 Marketing Plan Saturday May 25, 2013

Assignment 1 Lasa 2marketing Planduesaturday May 25, 2013

Throughout this class you have examined the product or service of a company and addressed market segmentation, pricing strategies, the micro and macro-environments, and the important role customers play in the success or failure of a given product. Thinking about the company and product or service you have explored during this class, imagine that you are now a competitor of that company. You are responsible for promoting a product that is in direct competition with the product or service you have been exploring. Develop a marketing plan for your new company's product or service.

The plan should be indicative of how your company's market share will increase and include the following: Create a mission statement that best defines your company's goals and objectives and recognizes the company's responsibilities to its customers, its employees, and the environment. Describe the company's target market for the product or service and how it differs from the company you have been exploring. Include any secondary markets that you see as a potential target market. Describe at least three micro-environment factors and at least three macro-environment factors that may have an impact on the company's marketing of this product. What pricing strategy will you use for your product or service? How will you implement that strategy? Describe three promotional efforts you could use to promote this product or service to your intended consumer. Describe at least one additional product or service the company might add to the product mix that would complement the current product or service. A summation of why you believe your plan will succeed and put your product in the lead. Be sure to cite examples from the company and product or service you explored throughout the modules and compare them to your plan for your new company and product or service.

Paper For Above instruction

In designing a competitive marketing plan, the primary step involves establishing a clear mission statement that reflects the company's core goals and responsibilities. For this new venture, the mission statement focuses on delivering innovative, high-quality products that meet customer needs while emphasizing sustainability and corporate responsibility. This statement guides strategic decisions, aligns internal teams, and communicates the company's purpose to external stakeholders (Kotler & Keller, 2016).

The target market for this new product differs significantly from the original company examined in the course. While the original product targeted middle-aged urban professionals with moderate income levels, this new product aims at younger, tech-savvy consumers aged 18-30 who prioritize sustainability and advanced technological features. The secondary markets include environmentally conscious college students and young professionals seeking affordable luxury, broadening the potential customer base (Armstrong & Cunningham, 2018).

Analyzing the micro-environment factors reveals several impactful elements. First, competitors within the same niche directly influence market positioning and pricing strategies. Second, suppliers' reliability affects product quality and cost management. Third, distribution channels determine product availability and customer reach. On the macro-environment level, economic conditions such as consumer spending power significantly impact sales growth. Social trends favoring sustainability influence product design and marketing messaging. Regulatory policies around environmental standards shape compliance costs and innovation pathways (Hollensen, 2015).

Regarding the pricing strategy, a value-based approach will be adopted, emphasizing perceived customer benefits over cost. This strategy involves setting a premium price aligned with the product's innovative features and environmental benefits, supported by market research indicating consumers are willing to pay more for sustainable solutions (Nagle & Müller, 2017). Price implementation will include introductory discounts, subscription-based models, and bundling options to attract early adopters and foster customer loyalty.

Promotional efforts to introduce this product will involve digital marketing campaigns targeted at social media platforms popular among the target demographic, including Instagram and TikTok, to generate buzz and engagement. Influencer collaborations will amplify reach and credibility. Additionally, experiential marketing through pop-up events in urban areas will allow consumers to experience the product firsthand. Content marketing emphasizing environmental benefits and customer testimonials will foster emotional connections and trust (Kotler et al., 2017).

To complement the primary product, the company might introduce a related accessory line, such as eco-friendly cases or complementary digital services like a mobile app for product management and updates. These additions enhance the overall value proposition and encourage cross-selling, further positioning the company as an innovator in sustainable technology (Lamb et al., 2019).

My confidence in this plan's success stems from aligning product innovation with current consumer preferences for sustainability and technological advancement. By leveraging targeted digital marketing, strategic pricing, and product complementarity, the new company can carve out a competitive niche, outperform established rivals, and attain market leadership. The integration of customer feedback into continuous improvement ensures adaptability in a dynamic market environment (Porter, 1985).

References

• Armstrong, G., & Cunningham, M. H. (2018). Principles of Marketing. Pearson.
• Hollensen, S. (2015). Marketing Management: A Relationship Approach. Pearson.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Kotler, P., Kartajaya, H., & Setiawan, I. (2017). Marketing 4.0: Moving from Traditional to Digital. Wiley.
• Lamb, C. W., Hair, J. F., & McDaniel, C. (2019). MKTG. Cengage Learning.
• Nagle, T. T., & Müller, G. (2017). The Strategy and Tactics of Price Management. Routledge.
• Porter, M. E. (1985). Competitive Advantage. Free Press.