Assignment Objectives Analyze Marketing Decision Support Systems And Their Impact Upon Marketing Management Systems Analyze

Assignment Objectives Analyze marketing decision support systems and their impact upon marketing management systems Analyze the appropriate marketing strategies to apply at each stage of the product life cycle Assess the key factors, such as demographic, economic, natural, technological, political, and cultural developments, that affect marketing strategies Assess the major influences in current consumer and organizational buying decisions Construct a strategic marketing plan Assignment Details Assignment Description Strategic Marketing Plan Introduction This assignment entails the development of a comprehensive strategic marketing plan for a new product or service that is ready to go to market
A project template that allows you to organize your work in increments and see how the sections come together to produce a comprehensive plan is provided
Product or Service This assignment requires the application of concepts learned to build a strategic marketing plan for a new product or service that is ready to go to market
You will not be allowed to mimic plans or ideas from larger or already in-place campaigns
You must develop the business concept in its entirety
Describe the new product or service
Discuss the qualities that make this product or service new to the marketplace and the rationale for your decision to pursue the concept
Be sure to pick a product or service that is ready to go to market
If you are developing a new product, assume that the development phase is over and that you are ready to launch the product into the marketplace
Objectives and Mission Statement Create a mission statement
State your short-term (1 year) marketing objectives
Assume that the product or service is ready to launch at the beginning of the year (planning and testing have been completed)
Marketing objectives include goals for sales, profits, and market share (as examples)
Objectives need to be quantifiable
Use SMARTsimple, measurable, achievable, relevant, and time-specificin formulating your objectives
An objective with a 100% goal is not acceptable
Target Market Identify your target market
Provide a specific demographic profile and rationale for this decision
Another source that may help you is the U
S
Census Bureau’s American Fact Finder
Consider the size of the market and its purchasing power
Research is required to back up your selection and to provide statistics to show that it is a viable market
Competition Analyze your competition
Who are they? Who are the biggest players? How large is the market? What are the trends or forecasts in the industry? How does your product or service fit in? Business Source Complete in the Library is a good tool for this section; it may be accessed under ‘Find Articles & eBooks
‘ Product or Service Features Provide a brief overview of the product or service
State the features of your product or service
Show how it is innovative and different
It may be unique because of the area in which you plan to market it
Discuss legal and ethical implications that could affect the marketing process
This will require research
Core Strategy Discuss your core strategy, and make sure to connect it to your mission and objectives
Include a discussion on product or service positioning
Marketing Mix: Communications and Promotion The marketing mix is the set of decisions about communications and promotion, price, channels of distribution, and customer relationship management (CRM)
An integrated marketing communications (IMC) approach delivers a clear and consistent message to your consumers and is connected to your core strategy
Discuss the aspects of the IMC
(The elements of the communication mix include advertising, direct marketing, sales promotion, publicity or public relations, and personal selling
) Define each, and discuss the pros and cons of the individual elements
Provide a detailed description of your IMC approach
Explain your rationale for choosing or rejecting the specific elements (include applications to the earlier research section)
What changes do you expect to make as the product or service matures? Describe the message that you wish to communicate based on your core strategy
Explain your rationale for the message
Formulate how you will communicate with your target market
Be specific
How will the Internet be used in your IMC approach? Select and explain the most suitable method for measuring advertising effectiveness
Your decision must include research to back up the selected method
Be sure to explain why this is the most effective method to measure the effectiveness of your marketing campaign
Marketing Mix: Price Discuss what pricing objectives you would consider for your product or service
The objectives should be based on the various theories presented in marketing literature and take into account competitor pricing
Including background on value proposition, positioning, and target market is necessary
All of these components provide rationale for the chosen pricing scheme
Marketing Mix: Channels of Distribution Specify the type of distribution channel that you will use, and include your rationale
Marketing Mix: Customer Relationship Management Detail how you will incorporate CRM into your plan
Be sure to include a discussion on the role of technology that will be used to support your CRM
Conclusion References This assignment requires the use of articles from the library’s full-text databases
Articles are found in periodicals
These are not to be confused with e-books or reference books
The most popular databases in marketing are the following: ABI/INFORM Collection Academic Search Complete Business Source Complete Your report must include a reference list
All research should be cited in the body of the paper
In-text citations and corresponding references should be included in your paper
For more information on APA, please visit the APA Lab
The paper should be written in third person; this means that words like I, we, and you are not appropriate
The use of direct quotes is discouraged, but they may be used sparingly in appropriate situations
Grading will be based on content, application, research, mechanics (e
g
, APA format, spelling, grammar, and punctuation), and style (e
g
, organization, readability, and using your own words)