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Assignment 2: Marketing Plan

Due Week 6 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 twenty-five (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 & Sales Strategy (MS Word or
equivalent)

Write the three to five (3-5) page Marketing Plan & Sales Strategy
section of your business plan, in which you:

  1. 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.). Support your analysis with actual data on the size of the demographic
      groups in your local community (nearby zip codes).
    • Outline the demographic information for your company specified on the
      worksheet in the course text (p. 107 | Demographic Description). Click here for help accessing a specific page number in your
      eBook.

      • 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.
    • Use the factors listed in the course text graphic (p. 123 | Assess the
      Competition
      ) to assess your company’s market competition.
    • 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.
    • 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.
  1. 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.
  2. 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 non-alcoholic 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.
  1. Format your assignment according to these formatting requirements:
  1. 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.
  2. Be typed, double spaced, using Times New Roman font (size 12), with one-inch
    margins on all sides; references must follow APA or school-specific format.
    Check with your professor for any additional instructions.
  3. 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.

  1. 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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