Mkt574 V1strategic Marketing Planmkt574 V1page 3 Of 3assignment 3 ✓ Solved

MKT/574 v1 Strategic Marketing Plan MKT/574 v1 Assignment 3 - Market Strategy, Marketing Channels, Implementation and Monitoring 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 Determi ne 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 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 References (Remember in-text citations) The purpose of this assignment is to give future managers / leaders (you) a chance to learn how predictably irrational we (humans) are, and how taking that into effect can help us with decision-making. Step 1: Please watch the following TED Talk by Dr. Dan Ariely titled “Are we in control of our own decisions?†URL: Step 2: (First part) Please summarize the TED Talk Step 3: (Second part) Imagine that you are a marketing manager at a major corporation, such as Amazon, Apple, Boeing, Microsoft, Starbucks, etc.

What are some of the takeaways from this TED Talk that you think you will be able to incorporate in your business strategy? Note 1: Please ensure that your work is no more than two pages long. That said, please also do not give me just two or three sentences i.e., please make sure your assignment is “reasonable†in length. Note 2: Dr. Dan Ariely has several TED Talks, so please ensure that you are summarizing the assigned TED Talk i.e., “Are we in control of our own decisions?†and NOT others like “Our buggy moral code†or “What makes us feel good about our work?†(Although, I do recommend watching them at your convenience.) Assignment 2 - Continued from Assignment 1 - MARKETING DATA ANALYSIS Internal Data Evaluate internal sources of information available to you inside the organization and what information you Source What it Measures Data Potential Usage Example: Sales Data Monthly Sales by Specific Product Average sales that month in US dollars for each of 10 products.

Data can be segmented by business and consumer markets. Can be used for trend analysis, projections, and to measure effectiveness of promotions. will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed. Secondary Data Evaluate secondary data sources and the specific information you need from each source.

Insert or remove rows as needed. Source What it Measures Data Potential Usage Example: retail store analytics Dollar value of sales by quarter by major product categories Total sales of major players Market Share Analysis Seasonal patterns Primary Data Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed. Source What it Measures Data Potential Usage Example: Focus group Product usage, motives, identify group level satisfaction, decision process, etc. Qualitative Identify different reactions of market segments to product.

Identify marketing opportunities, product/service flaws and opportunities Customer Relationship Management Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed. CRM Touchpoint Purpose & CRM Objective Data Potential Data Usage Example: Customer profile information on website Starts the account for visitors: name, geography, email address (Customer acquisition) Presale: geographic location; customer id, source of reference Email address Post sales: address, product purchased, quantity, price. Track new and returning customer counts, total period purchases by customer ID, geographic sales data. Can be used for loyalty rewards, retention, and targeted marketing.

References (Remember in-text citations) Assignment 1- No Plagiarism Please Environmental analysis and SWOT Analysis Environmental Analysis Company Description – USE AMAZON Describe the company you are designing the plan for. Include: · Mission Statement · Vision Statement · Product line description · Company information, such as the size of the company Environmental Analysis Analyze the forces that affect the company and marketing efforts. Competitive Forces Analyze the company’s key competitors. You may choose to use a BCG Matrix or attribute checklist to compare your company against its competitors. Describe any strategic moves the competition has recently made.

Estimate your market share. Identify key competitive advantages against your competitors. Economic Forces Analyze the economic environment in the areas affecting your business. Consider differences within your industry and the economic impact on suppliers. Political Forces Analyze relevant political forces.

Examples may include an election year or a law to drastically reduce or eliminate plastic waste in your county. Legal, Regulatory, and Ethical Issues Analyze the legal, regulatory, and ethical issues that may affect your business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail. Technological Forces Analyze whether your company will be affected by emerging technologies or trends in hardware and software industries Social Forces Analyze social trends and how they may affect your business. Considerations may include if your business will be affected by demographic trends, a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values.

Current Target Markets Define the company’s current target markets. Describe the demographic, geographic, psychographic, and product usage of these targets. Review Current Marketing Review the company’s current marketing tactics. Consider how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your company is a start-up, describe your competitors’ current marketing.

SWOT Analysis Assess your company’s strengths, weaknesses, threats, opportunities, and then evaluate how to address these in your marketing plan. Strengths Assess your company’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers. Weaknesses Assess what limits the company may have in its current marketing strategy. Consider if there is a company weakness that needs to be addressed through Public Relations or Marketing.

Opportunities Assess the opportunities you see based on trends or environmental conditions. Threats Assess the threats or limitations that may interfere with the company’s ability to meet its objectives or interfere with marketing plans. Strengths to Opportunities & Converting Weaknesses and Threats Convert weaknesses and threats to strengths, then strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets. Marketing Objectives Establish marketing objectives based on the results from the SWOT analysis.

Marketing objectives must align with corporate objectives, modified by the company’s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured. For example: The company will expand its marketing efforts to include a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2020 that will address the specific psychographic and technological needs of this age group. This strategy is expected to attain a 20% growth in overall sales by January 2020.

Customer loyalty (willingness to recommend the product) will increase by 30%. References (Remember in-text citations) Grading is based on the Rubric details for Assignment 2 – 1. Company Description 2. Environmental Analysis 3. Current Target Markets 4.

Review Current Marketing 5. SWOT Analysis 6. Marketing Objectives 7. Communication · References (Remember in-text citations) Continuation next assignment 2

Paper for above instructions

Introduction

Amazon, founded by Jeff Bezos in 1994, has grown to become a global leader in e-commerce and cloud computing. The mission of Amazon is "to be Earth's most customer-centric company, where customers can find and discover anything they might want to buy online" (Amazon, 2021). Meanwhile, its vision includes seeking to innovate and offer better customer experiences while being a long-term-focused company (Amazon, 2021). The following strategic marketing plan focuses on Amazon's initiatives for new target markets, employing effective marketing mixes, outlining the implementation process, and establishing monitoring and communication channels.

New Target Markets and Value Delivery

Target Market Identification

Amazon intends to explore the following new target markets:
1. Seniors (Age 65 and above)
2. Small Business Owners
3. International Markets (specifically Southeast Asia)

Value Provision

- Seniors: Value can be provided through user-friendly product offerings and services tailored to meet the specific needs of seniors, such as easy-to-use interfaces and enhanced customer service support (Hoffman, 2020).
- Small Business Owners: Amazon can offer a dedicated section for small businesses, enabling them to list products and providing account management, competitive pricing, and marketing tools to assist in their growth (Pratt, 2020).
- International Markets: By adapting Amazon's existing services to cater to cultural preferences and shopping behavior in Southeast Asia, the company can create localized experiences, thus providing value by ensuring products are relevant to consumer needs (Fung, 2021).

Marketing Mix Adaptations

Products

- Seniors: Include products designed for accessibility, such as larger print books and ergonomically friendly gadgets. Localized content should also be provided (Crawford & Kutz, 2018).
- Small Business Owners: Offer bundled services that include logistics, cloud storage, and online marketing tools tailored specifically for small businesses (Dudovskiy, 2021).
- International Markets: Develop localized versions of products or services, including local languages and different payment methods (Porter, 2020).

Price

- Seniors: Implement senior discounts and special pricing offers for health and wellness products (Smith, 2020).
- Small Business Owners: Competitive pricing strategies that offer bulk discounts and loyalty rewards aimed at frequent sellers (Lee, 2020).
- International Markets: Price adjustments based on local economic conditions and disposable income levels (Holt & Drennan, 2018).

Distribution

- Seniors: Leverage efficient logistical solutions to ensure timely deliveries especially for healthcare-related products. Offer in-home delivery options when applicable (Hernandez, 2022).
- Small Business Owners: Utilize Amazon's existing distribution network to provide fast and efficient order fulfillment to small businesses and their customers (Baker, 2021).
- International Markets: Establish localized warehouses to expedite shipping in Southeast Asia, reducing delivery times and costs (Barnes, 2021).

Traditional Promotion

- Seniors: Content in health-related magazines and TV spots focusing on convenience and accessibility.
- Small Business Owners: Attend trade shows and local business expos to connect directly with potential small business clients (Jones & Roberts, 2021).
- International Markets: Collaborate with local influencers and targeting nation-specific newspapers to secure brand visibility (Nguyen, 2021).

Online Promotion

- Seniors: Utilize social media platforms popular among older demographics, like Facebook, to provide educational content and product showcases (Li, 2021).
- Small Business Owners: Implement email marketing campaigns highlighting Amazon services designed specifically for small businesses (Kumar, 2020).
- International Markets: Enhance SEO strategies tailored to regional languages to improve visibility in search engines (Wu, 2020).

Marketing Implementation

Organizational Structure

The marketing implementation will be organized by market segmentation. A dedicated team within Amazon's marketing department will be responsible for each targeted market, ensuring each team is equipped with the required information, resources, and local insights.
1. Senior Market Team: Lead by the Director of Senior Marketing Services.
2. Small Business Team: Headed by the Small Business Marketing Director.
3. International Markets Team: Guided by a Country Manager for Southeast Asia associated with Amazon’s International Marketing strategy (Edwards, 2021).

Strategic Actions

- Design health-oriented products for seniors: Completion Date: 12/2023, Responsible: Product Development Team, Metric: Completion of product line ready for launch.
- Launch a marketing campaign aimed at small businesses: Completion Date: 07/2024, Responsible: Small Business Team, Metric: Number of sign-ups from small businesses.
- Establish localized websites for Southeast Asian countries: Completion Date: 06/2024, Responsible: Web Development Team, Metric: Website traffic metrics post-launch.

Monitoring and Performance Measures

Key Performance Indicators

- Seniors: Track customer feedback scores and return rates for newly launched senior products.
- Small Business Owners: Evaluate the number of new businesses registered on Amazon compared to the previous quarter (Simon, 2022).
- International Markets: Monitor sales growth rates in Southeast Asia, assessing month-over-month improvements in revenues (Davis, 2021).

Conclusion

Amazon's strategic marketing plan aims at expanding its reach into new markets: seniors, small business owners, and Southeast Asia. Each target market has outlined adaptations in the marketing mix tailored to ensure value delivery. A structured implementation plan alongside defined KPIs for monitoring will lead to improved market penetration and customer satisfaction while reinforcing Amazon's market leadership in the retail space.

References

1. Amazon. (2021). About Amazon. Retrieved from https://www.aboutamazon.com/
2. Baker, M. J. (2021). Marketing Strategy and Management. Macmillan International Higher Education.
3. Barnes, L. (2021). Localization Strategies for Global E-commerce. International Journal of Market Research.
4. Crawford, M. & Kutz, C. (2018). Aging Demographics and Market Opportunities. Journal of Consumer Research.
5. Davis, R. (2021). Digital Marketing Metrics: Measuring Business Success in Emerging Markets. Business Horizons.
6. Dudovskiy, J. (2021). Business Strategies for Growth in International Markets. ResearchGate.
7. Edwards, J. (2021). The Role of Market Segmentation in Marketing Strategies. The Journal of Business Strategy.
8. Fung, A. (2021). E-commerce Trends in Southeast Asia. Asia Pacific Business Review.
9. Hernandez, R. (2022). Logistics Solutions for Healthcare Products. Journal of Supply Chain Management.
10. Kumar, A. (2020). Email Marketing Strategies: Best Practices. Marketing Perspectives.
This strategic marketing plan outlines a comprehensive approach that Amazon can implement to capitalize on new market opportunities and improve brand equity.