Tactics In This Task You Will Complete The Tactics Portion

Tactics in This Task You Will Complete The Tactics Portion Of Your Mark

This task requires you to complete the Tactics portion of your Marketing Plan. The tactics should encompass the following key areas: Products and Services, Pricing and Price Communication, Promotion, Social Media and Channel, and Financials.

Begin by thoroughly analyzing your new venture, leveraging all relevant learning resources. First, review the LinkedIn Learning section: Section 4 - Developing the Tactical Phase from the course "Marketing Foundations" with Drew Boyd, which includes six videos. Ensure to download all exercise files, as they are available in the Important Documents Folder. Next, consult the corresponding chapters in "How to Write a Marketing Plan, Revised Third Edition" for additional guidance. Additionally, read related chapters in "Malcolm McDonald on Marketing Planning: Understanding Marketing Plans and Strategy" to deepen your understanding of marketing planning and strategy development.

In your submission, address the following areas clearly and comprehensively:

1. Products and Services: Describe your product or service offering thoroughly.
2. Pricing and Price Communication: Explain your pricing strategy and how you will communicate the pricing to your target market.
3. Promotion: Outline your promotional strategies for generating awareness and sales.
4. Social Media and Channel: Specify which social media platforms and marketing channels you will use to reach your audience.
5. Financials: Identify the financial resources needed to support your marketing efforts and describe how you will secure or raise these funds.

Your completed tactics plan should fully cover all five areas as specified, demonstrating a strategic approach to marketing your new venture effectively. Ensure your analysis is detailed and backed by insights from your research and resource materials.

Paper For Above instruction

Introduction

Developing a comprehensive marketing tactics plan is vital for the successful launch and growth of a new venture. This plan outlines the strategic approach across product development, pricing strategies, promotional activities, utilization of social media channels, and financial planning necessary to establish a solid market presence.

Products and Services

The product offered is a high-quality, eco-friendly reusable water bottle targeting environmentally conscious consumers. The service includes personalized branding options for corporate clients looking to promote sustainability. The product features durable, BPA-free material, innovative insulation technology for temperature retention, and a stylish design aimed at young professionals and eco-aware consumers. The service component involves custom logo printing and bulk order discounts, ensuring a personalized experience that encourages brand loyalty.

Pricing and Price Communication

The pricing strategy will be premium yet competitive, reflecting the high-quality materials and sustainability benefits. Retail price points will range from $25 to $35 per unit, with discounts offered for bulk corporate orders. Price communication will be emphasized through transparent messaging highlighting the eco-friendly attributes, durability, and value proposition. Marketing materials will clearly depict the cost savings over time due to the product's durability and insulation features, reinforcing the cost-benefit advantage.

Promotion

Promotional efforts will include digital advertising campaigns, influencer partnerships, and content marketing emphasizing sustainability and lifestyle integration. Launch events, giveaways, and limited-time offers will generate initial buzz. Participation in eco-friendly trade shows and local community events will also strengthen brand visibility. A referral program will incentivize satisfied customers to recommend the product, leveraging word-of-mouth marketing for cost-efficient promotion.

Social Media and Channel

Social media will be a core component of the marketing channels, focusing on platforms like Instagram, Facebook, and LinkedIn to target varied demographics. Instagram will showcase lifestyle images and user-generated content, Facebook will facilitate community engagement and advertisements, while LinkedIn will target corporate clients. Additional channels include the company's website, Etsy, and eco-conscious online marketplaces. Content will be tailored to each platform, emphasizing storytelling, user testimonials, and product benefits to enhance engagement and sales conversion.

Financials

The initial financial requirements include product manufacturing costs, marketing and advertising expenses, web development, and promotional event costs, totalling approximately $50,000. Funding will be secured through a combination of angel investors, small business loans, and crowdfunding campaigns. An ongoing budget will allocate resources for digital advertising, social media management, and product development, with the goal of reaching break-even within 12 months of launch. Careful financial planning ensures sustainable investment in marketing activities while maintaining cash flow balance.

Conclusion

Successful execution of this comprehensive marketing tactics plan will position the venture for growth by effectively reaching target markets through innovative product strategies, compelling communication, optimized social media use, and strategic financial management. Integrating these components will drive awareness, engagement, and sales, leading to long-term success.

References

• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Malcolm McDonald. (2010). Malcolm McDonald on Marketing Planning: Understanding Marketing Plans and Strategy. Kogan Page.
• Drew Boyd. (2019). Marketing Foundations with Drew Boyd [Video course]. LinkedIn Learning.
• American Marketing Association. (2017). Definition of Marketing. AMA.
• Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing (7th ed.). Pearson.
• Ries, A., & Trout, J. (2001). Positioning: The Battle for Your Mind. McGraw-Hill.
• Hollensen, S. (2015). Marketing Management: A Relationship Approach. Pearson.
• Porter, M. E. (1985). Competitive Advantage. Free Press.
• Armstrong, G., & Kotler, P. (2017). Marketing: An Introduction (13th ed.). Pearson.
• Smith, P. R., & Zook, Z. (2011). Marketing Communications: integrating offline and online with social media. Kogan Page.