Marketing Question

Description

Into

Completion of this portfolio work project will help you understand the key components of a marketing plan.

Scenario

The Vice President of Marketing at MSH Brands (or at your employer or future employer company) has asked you to participate as a member of a marketing management team for the pet food group (or for their product line) for the company. MSH Brands is one of five companies competing in the pet food market. Your membership on the team will require you to make decisions regarding promotion, pricing, distribution, advertising, and product mix.

Your role

You are a Brand Manager at MSH Brands. You are being asked to develop a marketing plan for a new pet food product (or new product or line extension at your employer or future employer.)

Requirements

You are to develop a marketing plan including the following elements based on your research into the8Ps of marketing. Include the following in your marketing plan (And feel free to use this list as your paper outline):

Cover Page. Provide a cover page with basic information such as your name, date, company name, product name, and “Marketing Strategy.”
Introduction. Briefly introduce the plan and tell the reader what will be included.
Business context. Describe the new product to be featured. What are the features and benefits? What is the company reason for bringing this to market? What are the corporate objectives for it?
Situation analysis. How will this new product complement the existing product portfolio or product line in your organization? Who is the target market (be specific)? Who are the competitors (be specific)?
Marketing strategy. What is the overall marketing strategy to support the achievement of the corporate objectives? What is the product positioning statement?
Marketing mix. Discuss, in detail, how at least 4 of the 8Ps apply to your product. Refer to Marketing Basics: The 8Ps, Positioning Statements, and SMART Objectives [PDF]. For example:
What is the promotional strategy to support the achievement of the corporate objectives?
What is the pricing strategy to support the achievement of the corporate objectives?
What is the distribution strategy to support the achievement of the corporate objectives?
What is the advertising strategy to support the achievement of the corporate objectives? (Be brief here. Save any specifics about digital marketing for Week 10’s assignment).
Effectiveness. How will you measure the effectiveness of this marketing plan?
Summary. End with a conclusion that summarizes the document and mentions any known next steps or concerns

Deliverable format:

Marketing plan is 7 pages (in addition to the title, reference, and appendix pages). Use the Marketing Plan Template [DOC] as a resource.
The marketing plan is a professional document and should therefore follow the corresponding MBA Academic and Professional Document Guidelines (located in MBA Program Resources), including single-spaced paragraphs.
In addition, include the following in your marketing plan:
Title page.
References page. Use at least three scholarly resources.
APA-formatted references. Use Academic Writer for guidance in citing sources in proper APA style. See the Writing Center for more APA resources specific to your degree level.
Evaluation
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
Competency 1: Apply marketing theories and models to develop marketing strategies.
Articulate the context of the business.
Competency 2: Evaluate the effectiveness of marketing strategies and methods.
Evaluate the effectiveness of marketing strategies.
Competency 3: Use data to support evidence-based marketing decisions.
Evaluate the situation including the product portfolio, target market, and competitive environment of the business.
Evaluate the marketing mix for a product.
Competency 4: Analyze the role of technology and social media in effective marketing strategies.
Analyze the expected effectiveness of the marketing plan.
Competency 5: Communicate marketing needs, opportunities, and strategies with multiple stakeholders.
Write coherently to support a central idea with correct grammar, usage, and mechanics as expected of a business professional.

Unformatted Attachment Preview

Marketing Basics: The 8Ps, Positioning Statements, and
SMART Objectives
Capella University, MBA-FPX5012, October, 2023
Marketing is a fundamental aspect of business strategy that involves creating, delivering, and communicating
value to customers. Traditionally, marketers focused on the “4 Ps” of marketing: Product, Price, Place, and
Promotion. However, as the business landscape evolved, additional Ps were introduced to provide a more
comprehensive framework for marketing strategy. Other important concepts to understand are the value of
effective and concise positioning statements, and the importance of thorough, SMART objectives to guide a
marketing effort.
Traditional 4Ps
The 4Ps of marketing (Product, Price, Place, Promotion) are not outdated, but they have evolved and
expanded to accommodate the changing dynamics of the business landscape. While the 4Ps provide a
foundational framework for marketing, they may be considered somewhat simplistic in today’s complex and
digital-driven marketplace. Here’s why:
•
Emergence of Additional Ps: Over time, marketing scholars and practitioners have
•
recognized the need to include additional Ps to address various aspects of marketing comprehensively.
Such updates often include: People, Process, Physical Evidence, and Partnerships.
•
Service-Centric Approach: The original 4Ps were primarily designed for tangible products. However, many
businesses today, especially in the service industry, require a more nuanced approach. The extended Ps,
such as People and Process, are particularly relevant in the context of service marketing.
•
Digital Transformation: The advent of the internet and digital technologies has transformed how businesses
reach and engage with customers. Concepts like online presence, e-commerce, and social media
marketing have become critical components of marketing strategy, which may not be fully addressed by
the traditional 4Ps.
•
Customer-Centricity: Modern marketing increasingly focuses on understanding and meeting customer
needs. Concepts such as Customer Relationship Management (CRM) and Customer Experience (CX)
management have gained prominence, going beyond the original 4Ps’ scope.
•
Globalization: As businesses expand globally, factors such as cultural differences, market entry strategies,
and international pricing strategies become essential considerations, expanding the scope of marketing
beyond the traditional 4Ps.
•
Sustainability and Ethics: Today’s consumers are more concerned about sustainability and ethical
practices. Concepts like Corporate Social Responsibility (CSR) and ethical marketing strategies are crucial
aspects of modern marketing that may not fit neatly within the original 4Ps.
Introducing the 8Ps
While the 4Ps remain a useful starting point for marketing strategy, they are often considered a simplified
model that needs to be adapted and expanded upon to meet the diverse and complex challenges of
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contemporary marketing. Many businesses now use a combination of the 4Ps and additional Ps to create a
more comprehensive and customer-centric marketing strategy that aligns with their specific industry and
objectives.
In this handout, we will explore what we’ll now call the “8 Ps of Marketing.” We will summarize the concept,
describing each P, and illustrating each with an example of marketing a high-impact waterproof cell phone
case.
1. Product: This is the core of a product offering. It encompasses the physical product, its features,
quality, design, and packaging. In addition, services and intangible benefits associated with the product
are crucial. Organizational leadership should know how to analyze how product attributes align with
customer needs and preferences.
•
Example: Our high-impact waterproof cell phone case is designed to fit various smartphone
models, offering superior protection against water damage, shocks, and scratches. It includes
features such as a secure locking mechanism, clear touch-sensitive screen cover, and durable,
recyled materials.
2. Price: Setting the right price is vital. Consider factors like cost, competition, customer willingness to
pay, and perceived value. It is important to understand various pricing strategies and their implications
on profitability and market positioning.
•
Example: The pricing strategy for our cell phone case involves a premium pricing approach.
Priced at $39.99, it reflects the product’s high-quality materials, advanced technology, and
superior protection compared to competitors. It also factors in the brand name, as we intend to
position our entire brand as high-end and having intrinsic value.
3. Place: This refers to distribution channels and the locations where customers can access a product or
service. It is important to analyze the best distribution channels to reach the target market efficiently. It
is important to explore the role of intermediaries and the impact of channel management on sales and
customer experience.
•
Example: Our cell phone cases are available both online through our e-commerce website and
in select online and brick-and-mortar retail stores in urban areas, providing customers with
convenient access to our product.
4. Promotion: Promotion involves the communication of your product’s value to customers. It includes
advertising, public relations, sales promotions, and other promotional activities. Business leaders, even
those who are not necessarily marketing professionals, should understand how to develop effective
communication strategies and campaigns.
•
Example: Our promotional efforts include social media advertising showcasing the case’s
durability through videos of it being submerged in water or dropped from heights. We also
collaborate with tech influencers to review and recommend our product.
5. People: The people within an organization play a crucial role in delivering a positive customer
experience. This includes employees, customer service representatives, and any other individuals who
interact with customers. Leaders should understand the importance of employee training, motivation,
and customer-centric culture in promoting their products.
•
Example: Our customer service representatives are trained to assist customers with inquiries
and provide guidance on selecting the right case for their specific phone model, ensuring a
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positive and informed purchasing experience. In addition, our website has a chat feature that,
during business hours, links to a live, knowledgeable and friendly customer service team.
6. Process: The processes and systems that govern organizational operations can impact efficiency and
customer satisfaction. A leader must continually analyze and optimize processes to streamline
operations and enhance the customer experience. As leaders, we must consider how process
improvements can lead to a competitive advantage.
•
Example: We’ve streamlined our order processing and shipping procedures to ensure that
customers receive their cases quickly and without damage. In addition, our products are
available through Amazon Prime, allow for quick shipping to millions of Amazon users. These
efficient processes enhance customer satisfaction.
7. Physical Evidence: For physical products, this might include branding, materials, and packaging. For
service-based businesses, physical evidence refers to the tangible elements that customers encounter
during service delivery, such as facilities, equipment, or branding. Effective leaders explore how
physical evidence influences customer perceptions and trust, and make necessary changes.
•
Example: The physical evidence of our brand includes our logo, packaging, and the quality of
materials used in the cell phone case itself. This physical evidence communicates trust and
reliability to customers.
8. Partnerships: Collaborations and strategic alliances with other organizations can expand a product’s
reach and capabilities. It is important to identify potential partners and evaluate the benefits of
partnerships in achieving marketing objectives.
•
Example: We’ve partnered with a renowned smartphone manufacturer to offer our cases as
official accessories for their latest phone models. This partnership enhances our credibility and
extends our reach to their customer base.
Product Positioning
Let’s go a bit further now and talk about product positioning statements. A product positioning statement is a
concise statement that communicates the unique value and positioning of a product or service within the
marketplace. This statement defines the product’s target audience, highlights its differentiating features, and
clarifies how it meets customer needs in a way that sets it apart from competitors. A well-crafted product
positioning statement guides marketing and communication efforts to create a consistent and compelling brand
image.
Example Product Positioning Statement:
For a company that creates extreme, waterproof, impact-resistant cell phone cases, a product positioning
statement might look like this:
For outdoor enthusiasts and adventurers seeking unrivaled protection for their smartphones, our extreme cell
phone cases stand as the ultimate choice. With cutting-edge technology, these cases offer waterproof, impactresistant, and rugged durability, ensuring your device survives the harshest environments. Unlike competitors,
our cases combine military-grade protection with sleek design, guaranteeing both performance and style on
your adventures.
In this example:
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•
Target Audience: Outdoor enthusiasts and adventurers
•
Unique Selling Proposition (USP): Extreme protection (waterproof and impact-resistant)
•
Competitive Differentiation: Combining rugged durability with a sleek design
•
Customer Benefit: Assurance that the smartphone will survive harsh environments
•
Overall Positioning: The ultimate choice for those seeking both performance and style in extreme
conditions
This positioning statement succinctly conveys what makes the product unique and why it appeals to a specific
target market. It serves as a foundation for marketing strategies and helps the company maintain a consistent
and compelling brand identity in the marketplace.
SMART Marketing Objectives
Setting clear and well-defined marketing objectives is a crucial step in developing effective marketing
strategies. SMART marketing objectives provide a framework that helps businesses articulate specific goals,
measure progress, and ultimately achieve success. SMART goals are:
•
Specific: Goals should be clear and precise, defining exactly what needs to be achieved. They avoid
ambiguity and answer the questions of “what,” “why,” and “how.”
•
Measurable: Goals should include quantifiable criteria for success. They provide a way to track progress
and determine when the goal has been achieved.
•
Achievable: Goals should be realistic and attainable. They should challenge individuals or organizations
but still be within reach, given available resources and capabilities.
•
Relevant: Goals should align with broader objectives and be meaningful. They should contribute to the
overall mission and purpose, ensuring that efforts are focused on what truly matters.
•
Time-bound: Goals should have a defined timeframe or deadline. They create a sense of urgency and
help individuals or teams stay accountable by setting a specific date for completion.
SMART objectives offer the following benefits:
•
Clarity and Focus: SMART objectives are Specific, Measurable, Achievable, Relevant, and Time-bound.
By adhering to these criteria, businesses can clearly define what they want to achieve and ensure that
everyone involved understands the objectives. This clarity and focus prevent ambiguity and misalignment
within the organization.
•
Measurement and Evaluation: SMART objectives include measurable components, which allow for
tracking progress and assessing the success of marketing efforts. They provide a basis for evaluating
whether the marketing strategies are delivering the desired outcomes and, if not, enable adjustments to be
made in real-time.
•
Motivation and Accountability: Specific and challenging objectives motivate teams to strive for
excellence. When marketing objectives are SMART, employees are more likely to take ownership of their
roles and responsibilities, knowing that their efforts are contributing to a clear and meaningful goal.
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•
Resource Allocation: SMART objectives help businesses allocate resources effectively. When objectives
are achievable and relevant, organizations can allocate budget, time, and manpower to the right initiatives,
optimizing their chances of success.
Example of SMART Marketing Objectives for a Cell Phone Case
Company
Let’s look at three example SMART goals that our company might create to market that new rugged cell phone
case:
Company: Alpha Omega Phone Accessories
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•
•
Objective 1:
o
Specific: Increase market share in the rugged, waterproof cell phone case segment.
o
Measurable: Achieve a 15% market share within the first 12 months of product launch.
o
Achievable: This objective is attainable based on market research and the quality of our products.
o
Relevant: It aligns with our goal to expand in the high-end protective case market.
o
Time-bound: To be accomplished within the first 12 months of launching the new product line.
Objective 2:
o
Specific: Establish brand recognition as a leader in rugged and waterproof phone cases.
o
Measurable: Attain a 20% increase in brand recognition, as measured by customer surveys.
o
Achievable: Our innovative product design and marketing campaigns support this goal.
o
Relevant: It supports the objective of market leadership in the rugged case segment.
o
Time- bound: To be achieved within the first 18 months of product launch.
Objective 3:
o
Specific: Drive online sales for the new product line.
o
Measurable: Achieve a 30% increase in online sales revenue compared to the previous year.
o
Achievable: Given our existing e-commerce infrastructure and the demand for such products, this
is a realistic objective.
o
Relevant: Online sales are a strategic focus for our company’s growth.
o
Time-bound: To be realized within the first 24 months of product launch.
Summary
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In today’s dynamic and competitive business environment, marketing plays a pivotal role in the success of any
organization. It is important for business leaders to understand the significance of various aspects of
marketing, including the transition from the traditional 4Ps to the more comprehensive 8Ps framework, the
importance of crafting effective product positioning statements, and the necessity of setting SMART marketing
objectives.
The evolution of marketing from the classic 4Ps to the 8Ps acknowledges the need to adapt to changing
consumer behaviors, technological advancements, and a globalized marketplace.
Businesses must consider not only the product itself but also the broader aspects such as customer
experience, partnerships, and ethical considerations. By embracing this expanded framework, companies can
better position themselves for success.
Additionally, the creation of a compelling product positioning statement allows organizations to communicate
their unique value proposition clearly and resonate with their target audience.
This statement serves as a foundation for marketing strategies and helps establish a consistent brand image.
Furthermore, the implementation of SMART marketing objectives is essential for any marketing effort. These
objectives provide clarity, measurement, motivation, accountability, and resource allocation. They ensure that
marketing strategies are well-defined, attainable, and aligned with the organization’s goals.
As businesses navigate the ever-evolving landscape of marketing, understanding these fundamental concepts
is crucial. By embracing the 8Ps, crafting effective product positioning statements, and setting SMART
marketing objectives, companies can position themselves for success and effectively communicate their value
to customers in today’s competitive market.
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How to Use this Marketing Plan Template
There are many different ways to write a marketing plan and lots and lots of online resources to
help you do so. As such, there is not one single “right way” to write the plan.
This marketing plan template is intended to provide a framework for you as you prepare your
marketing plan in MBA5012. As mentioned above, there are many ways to write the plan.
However, the elements of this template align with the scoring guide, so it is recommended that
you use this template.
To use the template, read the information that is in [brackets]. This information tells you what
you need to address within each section of the marketing plan. After you have completed the
required information, delete the [brackets], delete this page, and submit your completed
marketing plan.
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Marketing Plan
[Team Name]
[Team Members]
[Date Prepared]
(title page)
Executive Summary
[The Executive Summary is a condensed and concise summary of your entire marketing plan.
The Executive Summary is the first section of your marketing plan and should provide the key
points of each section of the marketing plan. The Executive Summary is generally the last
section you write, because until the rest of the plan is finalized, you really do not know what the
contents of this section will be. Another way to think about the Executive Summary is that this
might be the only section of the plan that is actually read by your intended audience—so it
needs to be strong and compelling. Here’s a resource that might help form your thinking about
the Executive Summary:
•
Leonard, K. (n.d.). How to write an executive summary on a marketing plan. Retrieved
from http://smallbusiness.chron.com/write-executive-summary-marketing-plan43199.html]
(a paragraph on a separate page)
Business Context
Describe the new product to be featured. What are the features and benefits? What is the
company reason for bringing this to market? What are the corporate objectives for it?
( ¾ of a page)
Situation Analysis
How will this new product complement the existing product portfolio or product line? Who is the
target market? Who are the competitors?
[The Situation Analysis describes the current state of affairs in terms of the environment of your
marketing activities. The Situation Analysis should address your products, sales, competitors,
the marketplace for your products, et cetera. You will generally include a SWOT analysis,
PESTLE analysis, and other analyses, as appropriate, to frame the current context of your
market. Here are some resources that might help you develop your Situation Analysis:
2
•
English, D. (n.d.). Key elements of a marketing plan situation analysis. Retrieved from
http://smallbusiness.chron.com/key-elements-marketing-plan-situation-analysis65457.html
•
Lorette, K. (n.d.). A situational analysis of a strategic marketing plan. Retrieved from
http://smallbusiness.chron.com/situational-analysis-strategic-marketing-plan-1474.html
•
Schieltz, M. (n.d.). How will a situational analysis help create the SWOT analysis?
Retrieved from http://smallbusiness.chron.com/situational-analysis-create-swot-analysis13204.html]
(2 pages)
Marketing Strategy
What is the overall marketing strategy to support the achievement of the corporate objectives?
What is the product positioning statement?
[In this section of your marketing plan, you should describe the overall marketing strategy for
your product. This discussion should include a description of your competitive positioning and
other factors relevant to your overall marketing approach. Among the factors you should
consider in this section are your overall strategy (for example, cost leadership, differentiation)
and other higher-level considerations about how you plan to be successful in the marketplace.]
( ¾ of a page)
Marketing Tactics
What is the promotional strategy to support the achievement of the corporate objectives?
What is the pricing strategy to support the achievement of the corporate objectives?
What is the distribution strategy to support the achievement of the corporate objectives?
What is the advertising strategy to support the achievement of the corporate objectives?
[Marketing tactics are the specific approaches you will take to implement your marketing
strategy. Consider, for example, pricing, channels, communications, and specific things you will
do to make your product successful in the marketplace.]
( 1.5 pages)
Effectiveness
How will you measure the effectiveness of this marketing plan?
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[No marketing plan is complete without identified controls to determine the effectiveness of the
marketing tactics. This section will generally include metrics such as the following:
•
Increase sales by 15% by Period 6.
•
Increase salesforce by 10% by Period 4.
The general approach to marketing controls is that the controls need to be specific and
measurable. As you move from your draft marketing plan to your final marketing plan, you will
develop a much better grasp of the controls that are important for measuring the effectiveness
of your marketing plan. Remember, your final marketing plan will be developed as you hand off
your brand to the new brand management team. As such, you need to be as specific as
possible in providing appropriate metrics—that have worked for you—to guide future
management of the brand.]
( 1 page)
Summary
[The summary should include a 3–4 paragraph summary of the plan that highlights the key point
of the plan. While a summary is general backward-looking, you should also include some
forward-looking statements that are compelling and supportive of the future success of the
product.]
( ¾ of a page)
There should be at least 7 full pages of content, plus the title page, Table of Content,
references, and appendices.
References (subheading not bolded)
Include at least 3 references, formatting per APA
(on a separate page)
If you follow these APA key examples you will be in good shape.
Published Book
Knowles, M. (1975). Self-directed learning: A guide for learners and teachers. New York, NY:
Association Press.
Szostek, L., Szostek, J., & Graves, L. (2011). Essentials of finance (5th ed.). Sudbury, MA:
Jones & Bartlett Learning.
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Chapter in an Edited Book
Nakata, C., & Antalis, E. P. (2018). In L. C. Leonidou, C. S. Katsikeas, S. Samiee, & B. Aykol
(Eds.), Advances in global marketing: A research antholology (pp. 147–168). Cham,
Switzerland: Spring International Publishing.
Chapter in an e-book:
Author, A. (date). Title of chapter. In E. Editor (Ed.), Title of book (pp. xx–xx). Retrieved
from http://xxxxxxxxx
Author, A. (date). Title of chapter. In E. Editor (Ed.), Title of book (pp. xx–xx).
doi:xxxxxxxxxx
Journal Article
Kotter, J. P. (2007). Leading change: Why transformation efforts fail. Harvard Business Review,
85(1), 96–103.
85(1) is volume 85 issue 1
Szostek, L. (2012). Applying performance methodology to reducing medication errors in
healthcare settings. Journal of Six Sigma, 23(2), 215-267. doi:10.23456.abcd/x
Szostek, L. (2012). Applying performance methodology to reducing medication errors in
healthcare settings. Journal of Six Sigma, 23(2), 215-267. Retrieved from http://jss.html
There are two DOI formats, as per the APA 6th edition manual and additional supplement.
These are: doi:10.1999/12345 and http://dx.doi.org/10.1999/12345
Newspaper Article
Elder, K. (2017, December 19). At least we still agree on one thing: Bacon makes everything
better. The Washington Post, p. A12.
Online Magazine or Newspaper Article, including articles on websites
Grossman, L. (2009, June 17). Iran protests: Twitter, the medium of the movement. Time.
Retrieved from http://www.time.com/time/world/article/0,8599,1905125,00.html
Online Government Report
U.S. Department of Commerce, U.S. Department of Education, NetDay. (2005, August). Visions
2020.2: Student views on transforming education and training through advanced technologies.
Retrieved from http://www.technology.gov/reports/2005/Visions2020-2.pdf
Government or Corporate Websites
American Hospital Association. (2013). American Hospital Association guide to the health care
field. Retrieved from http://AHA.org/hcfield1234.html
•
•
If there is no author, the article title comes first.
If there is no date, use the abbreviation n.d.
Websites
Author, A. (date). Title of document [Format description]. Retrieved from http://xxxxxxxxx
Format description example: Blog post.
Video
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Author, A. A. [Screen name]. (year, month day). Title of video [Video file]. Retrieved from
http://xxxxxxxxx
Video file example: YouTube.
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