Marketing Plan for a Company and Product/Service. Marketing Essay
Your final project is a marketing plan for the company and product or service of your choice. If you are choosing a large global company, you MUST create a new product. However, this new product may be an upgrade of an existing product.
You need to select a company that you have not used for your other assignments in the class. Your plan information should address all areas covered in this course for a marketing plan. The "Company-Business Profiles" link found in the Library under the How to Find section, is a great place to look for company information for this assignment.
Below is the outline to be followed for this assignment:
Executive Summary. This provides a busy executive everything he or she needs to know to invest (or not) in your proposal. It captures your key proposal and recommendations/decision factors and projected outcomes of the plan's recommendations.
Note: This is not an introduction to the marketing plan. Typically, the executive summary is written after the plan has been completed. 1 Slide
Company Overview. A brief description of the company, including its mission statement, background, and competitive advantages. 1 Slide
Situational Analysis. SWOT analysis—Strengths, Weaknesses, Opportunities, Threats facing the company. Also include any other external factors that may influence future sales, such as legal or social activities. 2-3 Slides
Objectives/Goals. Briefly describe your proposal--what's new and why. What is the opportunity to be addressed or the problem to be solved? 1 Slide
Segmentation and Targeting Analysis. Define and explain why segmentation is needed. Explain the approach taken (e.g., the use of demographics) taken, and name market segments. Define and explain why targeting is needed, and roughly size your target market. 2-3 Slides
Marketing Strategy. Explain and support your marketing mix component decisions, using the 4 P's, academic concepts, and academic reference sources. Create one perceptual map (See Section 5.4 of the textbook for an example.) 2-3 Slides
Branding Strategy. How will the brand be developed and supported? What will be the "implied promise" of the brand? 1 Slide
Ethical Considerations. Explain how the proposed plan aligns with the company's statement of ethics and corporate social responsibility. 1 Slide
Financial Projections. Present a summary spreadsheet. For example: years 1, 2 and 3 units sold, sales volumes. Estimate marketing expenses for promotions/advertising. What is the projected timeline of the product life cycle's introduction and also growth stage? 2-3 Slides
Conclusion 1 Slide
Suggested slide setup and number of slides (25 slides):
Title
Executive Summary
Company Overview
Strengths
Weaknesses
Opportunities (trends)
Threats
Marketing Plan Objectives
Segmentation
Target Market
Positioning Map
Product (features and benefits versus the competition)
Price (compared with competition)
Price Strategy
Promotional Strategy
Place Strategy
Branding Strategy
CSR Strategy
Ethics and Corporate Social Responsibility
Financial Projections
Conclusion
References
Requirements:
15-20 PowerPoint slides in the body of the presentation.
Application of marketing models, theory, terminology, and concepts throughout the plan
A minimum of six references, in addition to the textbook and assigned readings. Include at least two peer-reviewed articles. The CSU-Global Library is a good place to search for credible, scholarly sources.
Meet all requirements defined in the Portfolio Project Rubric
Formatted according to CSU-Global Guide to Writing and APA (Links to an external site.)Links to an external site..
Note: As you can see the maximum length for your paper should be nine and a half pages. No paper will be accepted if it is over eleven pages. Stay with the length requirements as noted above!
Marketing Plan for a Company and Product/Service
Name
Institution
Marketing Plan for a Company and Product/Service
Executive Summary
The market for a smartphone is booming at an alarming rate. However, despite a large number of competitors in the market, there is still an opportunity for potential new entrants. The idea has been considered by Google, which intends to enter the phone market. Luckily, Google has the best opportunity to enter the market compared to other companies because of its Android OS phone which is considered the most popular phone currently. The plan is to make quality products which are durable, have a long lasting battery, and portable to gain instant fame in the market. The features that it intends to put are the most common needs which are preferred by consumers, and it plans to cover them all. Moreover, the competition depends on how a company differentiates its products to make them more unique from those of other rival firms.
Company Overview
Google Company was launched in the year 1998, and since then it has grown to become the biggest firm globally. Currently, it employs almost 12,000 people in all its offices that are spread across the world. The company offers several products which have made it famous globally. The presence of its offices in every nation gives the firm a competitive advantage as every person who is ‘’techno-savvy’’ likely knows Google.
Additionally, the various products that it offers give it a greater economy of scale which improves its sales and profitability (Tran & Phan, 2016, January). Moreover, the company employs the most innovative employees who are capable of thinking ‘’out-of-the-box’’.
Further, the firm offers quality products and has a powerful infrastructure which is almost impossible to replace. The firm primarily operates in the internet software, computer hardware industry. The mission of the firm is: “to organize the world’s information and make it universally accessible and useful.” Additionally, their vision of the company is: “to provide access to the world’s information in one click.” Finally, the firm believes that focusing on satisfying users’ needs is the best road to success as every person will be attracted by the best services and products that it offers.
Situational analysis
The market for a smartphone is continuously growing with daily innovations. Even though Google is yet to enter the market, the Android OS is one of the famous products of the company that has enabled it to gain large amounts of revenue. Currently, the smartphone market is dominated by Apple Company with its. However, Wiko, Samsung, Nokia, Huawei, and Techno are just beginning to reenter the market after their recent turmoil. Luckily, most of the phone firms use Android OS except Apple which means that even without manufacturing phones, Google Company still has a presence in the market for smartphones.
Strengths
The company receives revenue from several sources which gives it enough funds to invest in research and development (R&D). The investment in R&D enables the company to innovate and invent new products ahead of other firms. Also, the firm has a well-recognized brand which makes its products, unique from those of other competitors (Dai & Daim, 2018). The product differentiation and renowned product enable the firm to improve its market share as more people will be attracted to its goods. Finally, the company is the owner of Android OS, which is used by several firms that manufacture phones. Unbelievably, Android OS has surpassed iOS which was previously used by several mobile phone manufacturing companies.
Weaknesses
The first weakness of the company is that it does not have much experience with hardware devices. The firm majorly focuses on software devices and leaves the opportunity of earning revenue from manufacturing and selling hardware devices to other firms. Also, the great profile failures in designing their services lead to highly doubt as to whether it will still deliver quality smartphones shortly.
Opportunities (trends)
The failures of some recent mobile phones that are manufactured by other companies open an opportunity for Google to take advantage of such changes. Further, the Android OS that is manufactured by Google has become famous which gives them an opportunity to compete with Apple and Samsung which are well established in the market. Therefore, the gaps that are present in the market have enabled Google to have an opportunity to enter the mobile manufacturing market.
Threats
The firm faces high competition from well-established companies such as Samsung and Apple. The two firms have earned a great reputation over the years and overtaking them in the market will require great effort to be applied to new entrants such as Google (Cecere, Corrocher & Battaglia, 2015). Moreover, the security flaws in several smartphones do not give a promise in the future expansion of the market. There is a likelihood that the market will not earn great revenue in the future leading to the fall in the value of the stocks of several firms within the industry.
Marketing Plan Objectives
1 The first marketing goal is to create leads because this is the first attempt by the firm to penetrate the market. The objective acts as an indicator that shows where the company is heading to regarding its marketing efforts. The objective determines whether the firm is performing as expected or not.
2 Another objective is to create a better and strong consumer base. Ideally, the success of any good in the market will depend on the size of people who uses the commodity. Therefore, the firm needs to find a group of loyal consumers to use its smartphones.
3 Additionally, the company has an objective to differentiate its commodities to make them more unique from those produced by its competitors. Product differentiation makes consumers less sensitive to price because they will believe in the quality of the goods produced by the firm. Therefore, the company has a target of proving to consumers that its products are different from those produced by other businesses.
4 Also, the company has an objective to promote smartphones in emerging markets. The idea is to exploit emerging new markets for smartphones in other nations and continents such as Africa and Asia. The objective will help it to gain fame in such regions ahead of other companies giving it an opportunity to dominate such areas.
5 The final objective is to use its strong brand name to have an instant impact on the market. Google is a well-known company which people believe in whatever they produce. Therefore, it has an advantage of entering the market since it still possesses a great reputation. The idea is to pass the smartphones into the market and render it as having an equal chance to succeed just like other Google commodities.
Segmentation
Generally, the smartphone market is large as it is composed of several players within the industry. Ostensibly, some people prefer the most expensive phones while others are sensitive to price and only need cheaper phones. Therefore, the market segment that prefers luxury will buy expensive phones because they want to be differentiated by class. Contrarily, those who prefer cheaper phones believe that they need to spend reasona...