Now that you have defined your goals and conducted your situation analysis, it’s time to create a strategy to help you to achieve your goals. Next, you will complete your Marketing Strategy. In the Marketing Strategy, the marketing manager defines the company’s strategies for increasing sales and gaining a competitive advantage.
Complete Marketing Strategy by providing 1-2 paragraphs about each of the following items:
- Positioning Strategy: Discuss your strategy for positioning and differentiating your product. What market segments will you target? What is your value proposition? Discuss how you will differentiate your product from similar competing brands.
- Product Strategy: Discuss your product and strategy for building a strong brand.
- Pricing Strategy: Determine how you will price your product or service. Talk about how you expect to remain competitive with your pricing and still earn a return on your investment. How will your product price compare to the competition? Don’t forget to take all of your variable and fixed costs into account when defining your pricing strategy.
- Distribution Strategy: How do you intend to get your product into the hands of the consumer? Incorporate the use of the Internet and other technologies in your Distribution Strategy. Also, discuss a traditional method for distribution such as, mail, retail, sales representatives, etc. Finally, specify the exact distribution channel that you will be using. Distribution channels include: direct distribution channel (product goes directly from manufacturer to consumer), or indirect distribution channel where intermediaries are used. An example of an indirect distribution channel would be the product going from the manufacturer to the wholesaler to the retailer to the customer or from manufacturer to retailer to consumer.
- Marketing Communications Strategy: Your communications strategy must incorporate traditional methods, as well as methods utilizing the Internet and Social Media. Discuss the elements of the promotion mix that you will use to promote your product.
- Marketing Research: Describe your plans for market research. What will be your approach and which tools will be utilized? How will you conduct your studies and what will you be measuring?
Save your assignment as a Microsoft Word document.
NOTES FROM THE PROFESSOR:
1. Looking for 3-4 pages of substance excluding your title and reference pages.
2. While there are some key section headers involved, some major sections also have sub sections that you should be aware of and include in your outline.
3. Positioning Strategy-You can incorporate a perceptual map if you want to show positioning relative to the competition. Be sure you clearly indicate your two perceptual variables.
4. Product strategy-I expect detailed tactics covering branding, warranty, service level and packing (if applicable). In addtion, comments on the product life cycle aspects to include market stage.
5. Pricing strategy-Include pricing objectives and specific tactics. Be aware there are two sub requirements here concerning the competition.
6. Distribution Strategy- Overall tactics including discussion on direct/indirect distribution, as well as pertinent “place” tactics that might impact location, shelf location , ambiance or logistics. Be aware there are two sub requirements here concerning Internet distribution and you exact choice of distribution channel.
7. Marketing Communications Strategy (Promotion): Choice of specific media is expected and reasons why. Be aware there are two sub requirements here including Internet marketing including social media as well as all elements of the promotion mix that will be used to include the major categories of advertising, personal sales, public relations/publicity and sales promotions.
8. Marketing Research-Looking for reference to specific primary and secondary data solutions to include reference to quantitative and qualitative data. Be aware there is one sub requirement to review the process for conducting your studies and the variable that will be measured.