Mkt574 V1strategic Marketing Planmkt574 V1page 2 Of 2part C Market ✓ Solved
MKT/574 v1 Strategic Marketing Plan MKT/574 v1 Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring (Due in Wk 6) New Target Markets Determine any new markets for your strategy and describe how you will provide value to each target market. Marketing Mix for New Target Markets Determine adaptions for each new target market. · Products · Price · Distribution · Traditional Promotion · Online Promotion Marketing Implementation Create the implementation for your marketing plan. Describe how you will organize and implement the plan, such as whether it will be organized by market, geography, and who is responsible for marketing decisions. Marketing Communication Channels Evaluate the marketing communication channels you will use to reach selected audiences.
Include Internet and traditional communication channels to convey key messages. Describe the advantages and disadvantages of each channel you select. Insert or remove rows as needed. Channel Target Market Advantages Disadvantages Example: Direct mail Middle class residential Can include coupons Expense and low return rate for given product Strategic Actions Develop specific activities required to implement the marketing plan. Identify the person or role who will be responsible for each action, when it will be complete, and what standard or metric indicate that the activity is complete.
Insert or remove rows as needed. Action Date for Completion Person/Role Responsible Standard/Metric Example: Design flyer for direct mail campaign 1/1/2021 J. Smith, graphic designer Approval by senior marketing team and legal Monitoring Develop the measurement to identify how you know you have been successful for each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts.
Insert or remove rows as needed. Action Target Person Responsible Inter-measurement Example: Direct mail flyer 1100 new inquiries Western regional manager 500 new inquiries first month of campaign
Paper for above instructions
New Target Markets
In this section, we will identify and evaluate new target markets that our organization can strategically penetrate to enhance our business growth while outlining how value will be provided to each target market.
1. Millennial Consumers (Aged 24-39 years)
Millennials are characterized by their tech-savviness, value for experiences over possessions, and preference for brands that align with their values. We will provide value to this segment through sustainability-oriented products, like eco-friendly packaging and organic materials in our product offerings. Additionally, we will integrate experiential marketing strategies, such as pop-up events or interactive social media campaigns highlighting shared experiences (Smith, 2018).
2. Urban Professionals (Aged 30-45 years)
Urban professionals, especially in metropolitan areas, seek convenience and quality in their purchases. We will introduce premium product lines emphasizing quality, sleek design, and functionality. Services such as same-day delivery and custom product options will also add significant value (Johnston, 2019). The focus on efficiency will attract busy professionals looking for reliable solutions.
3. Health-Conscious Consumers (All Ages)
With a growing trend toward health and wellness, promoting products emphasizing health benefits is paramount. We will adapt our offerings to include organic ingredients, non-GMO certifications, and nutritional transparency. In a market where customers demand healthier options, meeting these needs is critical to gaining market share (Miller, 2020).
Marketing Mix for New Target Markets
1. Product Adaptation
- Millennials: Introduce a product line that showcases sustainability features, such as biodegradable components or refillable packaging.
- Urban Professionals: Launch premium products that are not only functional but also aesthetically pleasing, appealing to their professional lifestyle.
- Health-Conscious Consumers: Develop a range of health-oriented products that are low-calorie, organic, and enriched with superfoods.
2. Pricing Strategy
- Millennials: Price points should be moderate, ensuring affordability while promoting sustainable practices, potentially offering discounts or member rewards for sustainability purchases.
- Urban Professionals: Premium pricing can be justified for luxury items, positioning the product as an investment in quality and convenience.
- Health-Conscious Consumers: Competitive pricing can attract budget-conscious health enthusiasts, with promotions highlighting value in health benefits.
3. Distribution Channels
- Millennials: Online sales via e-commerce platforms and social media; partnerships with eco-friendly retail stores to amplify reach.
- Urban Professionals: Distribute through urban-centric retail chains and online platforms with options for home delivery.
- Health-Conscious Consumers: Utilize health-focused retailers and online health food marketplaces to target this demographic effectively.
4. Traditional Promotion
- Millennials: Utilize experiential marketing events like community clean-up days combined with product promotions to reinforce brand values.
- Urban Professionals: Leverage print ads in professional magazines and participate in local business expos and seminars.
- Health-Conscious Consumers: Engage health-oriented seminars and workshops where product samples can be distributed to encourage trial.
5. Online Promotion
- Millennials: Highly engaged social media campaigns, including Instagram and TikTok influencers to resonate with the lifestyle of this group.
- Urban Professionals: Targeted LinkedIn ads focusing on product efficiency and premium offerings.
- Health-Conscious Consumers: SEO-focused content marketing through health blogs and YouTube channels related to fitness and wellbeing.
Marketing Implementation
To effectively implement the marketing plan, the organization will employ a matrix structure based on both market segmentation and geographic regions. Each market segment will have a dedicated marketing team responsible for executing tailored marketing strategies that meet the unique requirements of their target audience.
- Responsibilities: Each team will be led by a Marketing Manager responsible for assessing market needs, developing strategy execution timelines, and ensuring alignment with overall corporate objectives.
Marketing Communication Channels
Evaluating the channels for reaching selected audiences is crucial for effective communication. Below are the chosen channels with their respective advantages and disadvantages:
| Channel | Target Market | Advantages | Disadvantages |
|---------------------------|-----------------------------|------------------------------------------------------------------|------------------------------------------------|
| Social Media (Instagram, TikTok) | Millennials | High engagement; visual platform ideal for product showcasing | Can require continuous content creation |
| LinkedIn | Urban Professionals | Professional networking; credibility in business-focused content| Limited visual appeal |
| Email Marketing | All Segments | Direct connection with customers; customizable messaging | High competition for open rates |
| Health Blogs & Podcasts | Health-Conscious Consumers | Establishes authority and engagement within niche communities | Requires time to build audience |
| Print Media | Urban Professionals | Tangible; often viewed as more credible | Higher costs and decreasing readership |
Strategic Actions
To ensure successful implementation of our marketing plan, we will designate specific activities and assign responsibilities, along with completion dates and metrics for success.
| Action | Date for Completion | Person/Role Responsible | Standard/Metric |
|----------------------------------|---------------------|--------------------------|-----------------------------------------------------------------|
| Develop digital marketing campaign| 03/01/2024 | J. Doe, Digital Marketer | Increased web traffic by 30% over the campaign period |
| Organize a product launch event | 04/01/2024 | A. Smith, Events Manager | At least 300 attendees at the event, with 100 on-site purchases |
| Collaborate with influencers | 03/15/2024 | B. Lee, Social Media MG | Engagement rate of 5%+ on posts shared by influencers |
| Update website for new offerings | 02/28/2024 | C. Johnson, Web Developer | Website ready for launch by the specified date |
Monitoring
Finally, continuously monitoring our strategic actions is vital for gauging success. Metrics for performance tracking will include online analytics from various platforms such as Google Analytics, social media insights, and sales data from digital campaigns. Regular performance reports assessing progress against the overall strategic objectives will be produced bi-weekly for review by senior management.
| Action | Target | Person Responsible | Inter-measurement |
|---------------------------------|----------------------|--------------------------|---------------------------------------------|
| Social media tracking | 10,000 new followers | M. Brown, Social Media | Monthly reporting of follower growth |
| Sales performance analysis | 25% increase | J. Green, Sales Analyst | Quarterly sales review meeting |
| Event feedback collection | 80% satisfaction | L. Richards, Event Coordinator | Post-event survey results |
The proactive monitoring and adjustments based on insights gained will ensure that the marketing strategy remains effective and is continually aligned with market demands.
References
1. Johnston, A. (2019). Urban Professionals: Understanding Their Market Habits. Journal of Marketing Trends, 15(3), 55-67.
2. Miller, R. (2020). Consumer Health Trends: How to Target Health-Conscious Consumers Effectively. Health Marketing Quarterly, 37(4), 323-336.
3. Smith, J (2018). Marketing to Millennials: Bridging the Experience Gap. Young Marketers, 12(2), 24-29.
4. Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson Education.
5. Armstrong, G., & Cunningham, M. H. (2018). Principles of Marketing (8th ed.). Pearson Education.
6. Solomon, M. R. (2017). Consumer Behavior: Buying, Having, and Being (12th ed.). Pearson Education.
7. Jain, S. C., & Singh, S. (2020). Market Segmentation: A Review of the Literature. Journal of Marketing Research, 60(1), 1-32.
8. Zahay, D., & Peltier, J. (2017). Digital Marketing: Finding Customers in a Competitive Market. Business Horizons, 60(6), 797-807.
9. Ritchie, J., & Lewis, J. (2019). Qualitative Research Practice: A Guide for Social Science Students and Researchers. Sage.
10. Chaffey, D. (2019). Digital Marketing: Strategy, Implementation and Practice (7th ed.). Pearson Education.