This week, you will finalize your marketing plan for your selected product or service. In preparing for Part II, you may have to consider some of the suggestions made by the instructor in Part I feedback. You will use the same scenario for this weeks work as you selected for the week 3 work.
Complete the following for your marketing plan:
Justify the pricing strategy you will employ. Perform a breakeven analysis to determine how many customers you will need to make your business financially viable.
Defend your distribution strategy. Determine if there are additional channels you should pursue and why.
Justify your integrated marketing communications plan. Discuss the key themes of your campaign and link them to how your business, service, or product will satisfy your target market needs. Describe each element of the promotional mix in detail and explain how you will integrate the different elements of your promotional mix toward the target market using the key themes. This includes the following elements:
Advertising
Public relations
Sales promotion
Personal selling
Direct marketing
Interactive marketing
Defend an implementation schedule for your marketing plan. Outline the time frame for the different media campaigns and specify milestones. You should outline who will be responsible for each action item and how you will track the deadlines to ensure the plan stays on schedule.
Justify an evaluation process for the effectiveness of the marketing plan, including use of a marketing dashboard that includes a sample dashboard.
In table format, synthesized estimates for the marketing budget.
Additionally, you have been asked to prepare a budget. The budget should include estimates of forecasted sales, direct cost of sales, and your marketing expense budget. (Create an Excel sheet with the budget estimates and then copy/paste into your Word document.)
