For the final project Part 2, your goal is to complete a marketing plan based on the company you used in Part 1 of the Final Project. The goal of your marketing plan is to create a strategic plan providing direction for what you believe the company should do in 2021 regarding the growth strategy you identified in Part 1. Use the information you provided in your Final Project Part 1 along with additional research regarding the company to complete the following:
- Targeting & Positioning Strategy (20 points)
- What is the targeting strategy employed by the company, what is/are the current segments targeted by the company, and should the company change its target market strategy or the segments pursued? Support your answers.
- What is the current positioning in each targeted segment and what is your recommendation for next year?
- Marketing Mix Strategy – use all the elements from Final Project Part 1 and your answers in above to complete the following: (80 points)
(i) Product
- Assess the current product portfolio strategy (single product, line, multiple lines) and make a recommendation for next year.
- Assess the current brand strategy and alignment with positioning. How should the brand continue to develop brand equity and loyalty?
(ii) Price
- Does demand seem to be elastic or inelastic and why? What is the current pricing strategy in each targeted segment and should pricing be changed?
- What competitors have similar strategies and what other possible threats should the company consider?
- What impact to you believe your pricing decision will have on profitability and sales?
(iii) Place
- What is the current distribution network strategy and what would you recommend for next year? What competitors have similar strategies and what other possible threats should the company consider?
(iv) Promotion
- How is promotions used throughout the various stages of the purchase decision process? What recommendations do you have to improve efforts?
- How is promotions used to suggest similarities and/or differences between brand and competitors? How do competitors promote?
- What would you suggest be an appropriate measure of promotion effectiveness?
- What percentage of the annual budget is used for IMC and what would your recommendation be for next year?
