BUS 599 WEEK 4 PROJECT DELIVERABLE 2 STR LATEST
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BUS 599 WEEK 4 PROJECT DELIVERABLE 2 STR
LATEST
Due Week 4 and worth 100 points
This assignment consists of two (2) sections:
a marketing plan and sales strategy, and a marketing budget. Note: You must
submit both sections as separate files for the completion of this assignment.
For the first six (6) months your company is
in business—to give you time to perfect your product and to learn from actual
customers—you will start marketing and selling in your own community, a radius
of twentyfive (25) miles from where you live.
For most nonalcoholic beverages, marketing
(as opposed to the actual product itself) is key to success. Cola drinks, for
example, are fairly undifferentiated, as are many energy drinks, juices,
bottled water, and the like. Companies producing these types of beverages
differentiate themselves and attract market share through marketing and brand
awareness—both of which are critical to success.
Section 1: Marketing Plan & Sales Strategy
(MS Word or equivalent)
Write the three to five (35) page Marketing
Plan & Sales Strategy section of your business plan, in which you:
1. Define your company’s target market.
1.
Analyze the types of
consumers who will be drinking your beverage in demographic terms ?(i.e., age,
education level, income, gender, ethnic group, etc.). Support your analysis
with actual data on the size of the demographic groups in your local community
(nearby zip codes).
2.
Outline the
demographic information for your company specified on the worksheet in the
course text (p. 107 | Demographic Description). ?Hints: At American FactFinder
(http://census.gov), you will find demographic information on potential
consumers in your area. If you are selling through other businesses (such as
grocery stores), indicate the number of those businesses in your local area.
You will find information about such businesses in your local area at County
Business Patterns (http://www.census.gov/econ/cbp/). Check Chapter 2 of
Successful Business Plan for more research sources.
2. Assess your company’s market competition.
1.
Use the factors listed
in the course text graphic (p. 123 | Assess the Competition) to assess ?your
company’s market competition.
2.
Defend your strategy
to successfully compete against market leaders in your segment. ?Hints: For
example, in the soft drink market, it is intimidating to try to compete against
Coke and Pepsi. Newcomers in mature markets typically must pursue niche markets
or even create new market categories, as Red Bull did with energy drinks.
3.
Defend your plan to
differentiate yourself from the competition using the information detailed on
the worksheet in the text (p. 131 | Market Share Distribution). ?Hints: Every
business faces competition and the nonalcoholic beverage market is an
especially crowded market.
3. Clarify your company’s message using the
information provided on the worksheet in the text (p. 160 | The Five F’s).
?Hints: Before you choose your marketing vehicles, you must determine the
message ?you want to convey through those vehicles.
4. Identify the marketing vehicles you plan to
use to build your company’s brand. Justify the key
reasons why they will be effective. Provide
examples of other nonalcoholic beverage companies that use these tactics
effectively.
Hints: If you plan to use online marketing
tactics, refer to the worksheet in the text (p.171 | Online Marketing Tactics)
to aid your response. Remember that even if you’re selling through grocery
stores you need to build your brand and social media is a major part of that in
regard to beverages. Some of the marketing tactics that beverage companies use
include: sampling in grocery stores, building a following on social media,
sponsoring events, exhibiting at trade shows attended by retailers, and so on.
You will use a combination of these tactics. For example, if you decide to give
out samples in grocery stores, promote your sampling on your social media networks
and those of the grocery store.?Hints: If you are planning to distribute
through resellers, describe how you plan to reach them, for example, through
industry trade shows or by establishing your own sales force. For information
on trade shows, visit the Trade Show News Network (http://www.tsnn.com). You
can exhibit or network at these shows.
5. Format your assignment according to these
formatting requirements:
5. Cite the resources you have used to
complete the exercise. Note: There is no minimum requirement for the number of
resources used in the exercise.
6. Be typed, double spaced, using Times New
Roman font (size 12), with oneinch margins on all sides; references must
follow APA or schoolspecific format. Check with your professor for any additional
instructions.
7. Include a cover page containing the title
of the assignment, the student’s name, the professor’s name, the course title,
and the date. The cover page and the reference page are not included in the
required page length.
Section 2: Marketing Budget (MS Excel
worksheets template)
Section 2 uses the “Business Plan Financials”
MS Excel template (see: Course Required Files in Week 1). Use the “Business
Plan Financials Guide” (see: Course Required Files in Week 1) to support your
development of the Marketing Budget.
6. Complete the Marketing Budget worksheet for
your company.?Hints: The goal of the marketing budget is to help you determine
how much it will cost you to reach your market and achieve your sales
goals.?Hints: When filling out the “Marketing Budget” worksheet in the Excel
spreadsheet:
Begin in the current year and complete a
marketing budget for the first year of your business. The information you enter
in the marketing budget spreadsheet will flow through to your “Income
Statement” in the Business Plan Financials. Leave the number at zero (0) for
any marketing vehicles you do not intend to use.
Remember that all marketing activities involve
costs. If social media represents a significant portion of your marketing,
assume you will have cost of advertising and that should be reflected on your
budget. Even if a social media site charges nothing to use it, you will need to
use company resources to manage the site, pay someone to execute your social
media marketing campaigns, and will most likely pay for ads on that site.?Do
NOT leave the “Marketing Budget” blank, assuming you will not have any
marketing costs.
The specific course learning outcomes
associated with this assignment are:
Recommend effective business strategies based
on an analysis of domestic and global operating environments, market dynamics,
and internal capabilities.?Analyze competitive positions including foreign
market entry and the resulting impact on business strategy.
Use technology and information resources to
research issues in strategic management. Write clearly and concisely about
strategic management using proper writing mechanics.
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