MGMT Marketing Plan: Overview and Outline

Throughout the course, you will work on creating a basic Marketing Plan for a hypothetical market offering of your choice. This Marketing Plan should be based on a fictional company or a company that you personally own. Please do not use nationally or internationally known companies. Also, your final Marketing Plan MUST be written using APA format. You are also required to use at least two sources for references, one of which I highly suggest be your course textbook.

Choose a fictional company/product for the first part on your Marketing Plan. I have done the outline for you (see attachment). All you have to do is fill in the information. Whatever you do PLEASE DO NOT PLAGIARIZE! I have had students in past courses take an existing marketing plan that they found on the internet and just change a few things. THAT IS NOT OKAY! You cannot turn in someone else’s work and pass it off as your own. Please do NOT do that. The first section that you will work on is the Objectives and Issues. This is the part that outlines the goals you have for your product/service/company (the objectives) and what might get in the way of you reaching these goals (the issues). EVERY OBJECTIVE HAS AN ISSUE. See below for examples.

Don't use plagiarized sources. Get Your Custom Essay on
MGMT Marketing Plan: Overview and Outline
Just from $13/Page
Order Essay

 

Examples of Marketing Objectives and Issues:

Promote New Products or Services

If your upcoming plans include launching new offerings, your marketing objectives should include promoting those new products and services. The issue may be that you do not know which areas to focus on more: store promotion, coupons, internet, etc.

 

Grow Digital Presence

If your brand doesn’t have a large presence online, your marketing plans may be to grow your visibility in search engine rankings as well as social media platforms. So you might want to start search engine optimization. The issue may be that you are not savvy with the internet and search engines so you need to hire someone who is.

 

Lead Generation

If your pipeline isn’t full, you may want to focus on lead generation tactics that grow your email list and fill your client relationship management (CRM) system with qualified prospects. The issue may be that you don’t know how to develop databases and keep client information up to date so you need a person or person(s) dedicated to doing this.

 

Target New Customers

You may choose this goal if you already have a loyal client base but would like to expand out and reach new audiences, customers, and clients. The issue may be that you need to do more research dedicated to finding out where these new customers may be or what they do differently than your current customers.

 

Retain Existing Customers

Rather than focus on new customer acquisition, you may want to focus on keeping the existing customers you already have. The issue may be that you don’t have a system in place that collects information about disgruntled customers or customer complaints so you really have no idea why they leave.

 

Build Brand Awareness

If your brand is new or only known to a small audience, one of the marketing objectives to focus on could be expanding your reach and getting more people to learn about your brand.The issue may be that you have to get more revenues and capital together to fund this added expense.

 

Develop Brand Loyalty

If audiences already know your brand, you may want to focus on building not just awareness, but a deeper brand affinity and loyalty. The issue may be that you already have an overworked sales force so getting to the root of what customers require to be loyal to your brand may pose more work for them and cause decreases in motivation.

 

Increase Sales and/or Revenue

If you are selling products or services, you may want to focus on selling more of those offerings. This is one of the marketing objectives that will increase revenue and the amount of money coming into your business. Again, the issue here may be an already overworked sales force.

 

Increase Profit

This marketing objective is different from increasing sales and revenue, because you may increase your profit through means other than selling more. This objective may include cutting expenses and overhead, selling more items that have higher margins, or other changes that increase profit (which may not necessarily increase revenue). The issue here is that you may have to make cuts in employees or take away some of the fringe benefits that employees are used to like free coffee/water/refreshments in the office, have them contribute more to their health insurance plans, or maybe even taking away bonuses.

 

Expand Into a New Market

If your brand is already well-known or successful in a specific industry or geographic area, you may want to expand out into a new target market or location. The issue may be that you have to find new ways to convince the market that you are just as good as or better than their current choice in that market. It may be tempting to look at this list and want to choose five, 10, or even all of the choices but this section should actually be relatively short. Focus only on one to three things here so that it gets your complete attention and dedication. Focusing on too many things at once could be detrimental to the product or company.

 

How to Define Clear Marketing Objectives

Once you know which marketing objectives you want to focus on, it’s time to drill down into the details of those goals. You must check to see if your objectives are SMART.

SMART marketing objectives are:

  • Specific: The goals are clearly defined and outlined so the whole team understands the objective and why it’s important.
  • Measurable: The goals have key performance indicators (KPI) and benchmarks that allow you to measure your success.
  • Achievable: The goals are within the ability of your company and team. While you want to set a high bar, you also need to remember to set goals within your means, so you don’t set your team up for failure.
  • Relevant: The goals are relevant to your brand mission and direction of your business. You should have good reasons for each of your marketing objectives.
  • Time-Bound: The goals need to have a timeline that indicates when the objectives begin and end.

The types of marketing objectives that work best are SMART.  So use this method to check each of your goals to make sure they are worth pursuing.

ORDER NOW »»

and taste our undisputed quality.