Instructions: This Course Has Major Project Assignments Due

Instructions this course has major project assignments due in week 3 and week 5

This course has major project assignments due in Week 3 and Week 5. You will select one of the following scenarios to develop your final marketing plan for both weeks:

  • Scenario 1: You are the marketing manager responsible for developing, implementing, and evaluating a strategic marketing plan with full P&L responsibility for your product or service line.
  • Scenario 2: You are the owner of a small to mid-sized business developing the marketing plan for the upcoming year, including both tactical and strategic elements.

In your paper, you will:

  1. Summarize your selected scenario and provide details about the firm or product line.
  2. Assess which of Michael Porter’s basic strategies you will use to market this product and justify why.
  3. Using the dimensions of market segmentation, determine and defend the target markets for your marketing plan, including a detailed description of your target market.
  4. Justify the stages in the consumer decision-making process for your product or service, including how consumers evaluate alternatives and the mediums they use during the information search stage.
  5. Conduct research to identify areas for improvement in your product or service line, such as a product extension, service enhancement, new packaging, or website improvements.
  6. Discuss the estimated costs associated with developing and launching these enhancements and justify these improvements based on competitive analysis, customer feedback, or environmental review.

Your paper should be 6 to 9 pages in length, excluding the title page and references, formatted in APA style. Submit your document named SU_MKT3010_W3_LastName_FirstInitial.doc to the Submissions Area by the designated deadline.

Paper For Above instruction

The development of a comprehensive marketing plan is critical for the success of any business, whether a manager overseeing a product line or a business owner planning for the upcoming year. This paper will focus on constructing a strategic and tactical marketing plan based on one of two scenarios: acting as a marketing manager for a firm or as a small business owner. The chosen scenario informs the specifics of the firm or product line, which underpin all subsequent marketing strategies and decisions. An essential initial step in this process is identifying the company’s core strategy, for which Michael Porter’s fundamental approaches—cost leadership, differentiation, and focus—provide useful frameworks. Deciding which of these strategies to adopt helps shape the positioning and competitive approach for the product or service.

Market segmentation is a foundational element in reaching the right customers effectively. Utilizing the dimensions of segmentation—geographic, demographic, psychographic, and behavioral—allows for a precise targeting strategy. Target markets are selected based on these dimensions, with detailed justifications for consumer needs, preferences, and how the segmentation aligns with the overall marketing objectives. Understanding the consumer decision-making process is equally important. From awareness and information search to evaluation and purchase, recognizing how consumers choose among alternatives and the channels they use—such as online research, social media, or word-of-mouth—enables tailored communication strategies.

Continuous improvement is vital to maintaining competitive advantage. Conducting research—through customer feedback, competitive analysis, or environmental reviews—illuminates opportunities for product or service enhancements. These can include modifications like product line extensions, new packaging, website improvements, or additional services, each with associated costs and expected benefits. Justifying these investments relies on a clear understanding of the target market’s demands and competitive pressures. An effective marketing plan synthesizes these elements into a cohesive strategy that guides implementation and evaluation, ensuring alignment with business goals and market realities.

References

  • Armstrong, G., & Kotler, P. (2017). Marketing: An Introduction (13th ed.). Pearson.
  • Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press.
  • Kotler, P., Keller, K. L., Ancarani, F., & Costabile, M. (2019). Marketing Management (15th ed.). Pearson.
  • Terpstra, V. & Sarathy, R. (2014). International Marketing (12th ed.). Nelson Education.
  • Neilsen. (2021). The Rise of Digital Media and Consumer Behavior. Nielsen Reports.
  • European Commission. (2020). Consumer Decision-Making and Market Trends. EU Publications.
  • Yoon, S., & Uysal, M. (2005). An Examination of The Effects of Motivation and Satisfaction on Destination Loyalty. Tourism Management, 26(1), 45-56.
  • Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing (7th ed.). Pearson.
  • Oliver, R. L. (1997). Satisfaction: A Behavioral Perspective on the Consumer. McGraw-Hill.
  • Martin, D. M., & Hill, R. P. (2018). Strategic Marketing Management. Routledge.

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