Wk 4 – Apply: Signature Assignment: Part B: Strategic Marketing Plan
(Due in Wk 4)Internal DataEvaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed.SourceWhat it MeasuresDataPotential UsageExample: Sales dataMonthly sales by specific productAverage 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.Secondary DataEvaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed.SourceWhat it MeasuresDataPotential UsageExample: retail store analyticsDollar value of sales by quarter by major product categoriesTotal sales of major playersMarket Share AnalysisSeasonal patternsPrimary DataEvaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed.SourceWhat it MeasuresDataPotential UsageExample: Focus groupProduct usage, motives, identify group level satisfaction, decision process, etc.QualitativeIdentify different reactions of market segments to product. Identify marketing opportunities, product/service flaws and opportunitiesCustomer Relationship ManagementEstablish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed.CRM TouchpointPurpose & CRM ObjectiveDataPotential Data UsageExample: Customer profile information on websiteStarts the account for visitors: name, geography, email address (Customer acquisition)Presale: geographic location; customer id, source of referenceEmail addressPost 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.Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring(Due in Wk 6)New Target MarketsDetermine any new markets for your strategy and describe how you will provide value to each target market.Marketing Mix for New Target MarketsDetermine adaptions for each new target market.· Products· Price· Distribution· Traditional Promotion· Online PromotionMarketing ImplementationCreate 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 ChannelsEvaluate 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.ChannelTarget MarketAdvantagesDisadvantagesExample: Direct mailMiddle class residentialCan include couponsExpense and low return rate for given productStrategic ActionsDevelop 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.ActionDate for CompletionPerson/Role ResponsibleStandard/MetricExample: Design flyer for direct mail campaign1/1/2021J. Smith, graphic designerApproval by senior marketing team and legalMonitoringDevelop 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.ActionTargetPerson ResponsibleInter-measurementExample: Direct mail flyer1100 new inquiriesWestern regional manager500 new inquiries first month of campaign
