[Solution]Assignment: Marketing Plan

This assignment consists of two sections: a marketing plan (Word document) and Marketing Budget (Excel document) Note: You must submit both sections as separate files…

This
assignment consists of two sections: a marketing plan (Word document) and
Marketing Budget (Excel document) Note: You must submit both sections as
separate files for the completion of this assignment.

For
the first 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 25 miles from where you live.

For
most non-alcoholic 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 and Sales Strategy (MS Word or equivalent)

Write
the 3–5-page marketing plan and sales strategy section of your business plan in
which you do the following:

Define your company’s target
market.Analyze
the types of consumers who will be drinking your beverage in demographic terms
(i.e., age, education level, income, gender, ethnic group, etc.). Outline the
demographic information for your company specified on the worksheet in the
course text (p. 107 | Demographic Description). Support
your analysis with actual data on the size of the demographic groups in your
local community (nearby zip codes). Hints: At American FactFinder (http://factfinder.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. Assess your company’s market
competition.Use
the factors listed in the course text graphic (p. 123 | Assess the Competition)
to assess your company’s market competition.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 non-alcoholic
beverage market is an especially crowded market. 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. Clarify your company’s message
using the information provided on the worksheet in the text (p. 160 | The
Five F’s). Create a marketing slogan/tagline for your product.  Hints:
Before you choose your marketing
vehicles, you must determine the message you want to convey through those
vehicles.Identify the marketing vehicles
you plan to use to build your company’s brand. Justify the key reasons why
they will be effective. 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, and exhibiting at trade shows attended by retailers. 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. Format your assignment
according to these formatting requirements:

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.The paper must be typed, double-spaced, using Times
New Roman font (size 12), with 1-inch margins on all sides; references
must follow APA format. Check with your professor for any additional
instructions.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: Required Course
Files in Week 1). Use the Business Plan Financials Guide (see: Required Course
Files in Week 1) to support your development of the marketing budget.

Complete the “Marketing Budget”
worksheet for your company.

Note: Complete the Setup tab first based on the instructions
located in the Business Plan Financials Guide (document you also downloaded
from PlanningShop). Only the setup tab and marketing tab should be completed
for this assignment.

  

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, do the following: 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 incur costs of advertising
and these 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 most likely pay for ads on that site.Do not leave the “Marketing
Budget” blank assuming you will not have any marketing costs. Do not complete all the
rows; only fill in the costs for the marketing vehicles you will
actually use. These must match the content you describe in Question 4
Word portion of this assignment.

 The
specific course learning outcome associated with this assignment is:

Create a marketing plan that
identifies a target market, market competition, a company message, and
marketing vehicles for a company.
The post Assignment: Marketing Plan

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