This question is for skundu Hello skundu this is the feedback from last draft its in the first attachment please incorporate the change in the final draft The second attachment is the next draft needed but im posting here as well Your THIRD DRAFT continues to focus on the “Marketing Strategy” sections on your plan (including the overview, and the four supporting sub-sections: 3.5 through 3.8 Therefore, your THIRD DRAFT will include only these sections: Title Page Table of Contents 3.0 Marketing Strategy Overview 3.5 Positioning 3.6 Pricing Strategies 3.7 Marketing Attack Strategy 3.8 Marketing Research References Let's look at what information to include, and how to write the sub-sections of your Marketing Plan's THIRD DRAFT: THIRD Draft Writing Guide Format POSSIBLE POINTS: 5 Every draft of your Marketing Plan must be formatted per APA guidelines and include: · Correct content – In each draft of your plan, submit only the content asked for in the assignment ... no additional sections, no additional content. · Title Page – This is to be set-up and formatted per APA guidelines; add page header and running head, include the name of your product or service, your marketing plan draft number, your company’s name, your name, and submission date. · Page header & running head, and page numbers on every page; · Table of contents (with page numbers); Create an organized outline to identify each of the plan’s numbered Headings, and its page number. · Double-spaced text using Times New Roman 12-point type; · Numbered Headings using Times New Roman 16-point, Bold Face, flush left; · Sub-Headings using Times New Roman 12-point, Bold Face, flush left; · Graphics & charts – must be easily readable and imbedded into the document at the appropriate locations. They cannot be attached as separate documents. · Reference Page (presented in APA style & updated with each draft). 3.0 – Marketing Strategy (Overview) POSSIBLE POINTS: 10 Here, you present a brief overview & introduction to sections 3.5 – 3.8. Begin with a short overview paragraph, then briefly introduce each of the sections using sub-headings. Discuss any aspect of the sections which deserves special reader attention. the macro environment that need to be considered, your company’s capabilities in these areas, etc. Suggested length: ½ page 3.5 – Positioning POSSIBLE POINTS: 5 Here, identify the psychographic and socio-economic position of your intended customers. Are they upper-income professionals, are they middle-income hourly workers, are they students? Why have you selected this market audience? What sociological uniquenesses do they have, and how can you target those uniquenesses. Also, what is the position or “gap” that your product or service fills in the overall “utility, price, & quality spectrum” within this category of products in the marketplace? In other words, what consumers are you targeting and what specific needs does “your” product or service fill? Is there a specific application that your product fits very well? Can you base the position on the uniqueness of the product, the product quality, or the pricing strategies? Is it possible to position your product based upon opportunities you found after research? Suggested length: 1-2 paragraphs 3.6 – Pricing Strategies POSSIBLE POINTS: 10 Here, you offer a two-part explanation. 1 First … propose a “standard pricing strategy” for the product/service and support your choice. Actually ‘identify’ the pricing strategy (from our text) that you have elected to pursue, and give your reasoning for selecting that pricing strategy? Be sure to indicate your standard pricing structure, and show examples. 2 Second … and most importantly, propose your “promotional pricing structure”. Here, explain special offers, discounts, and pricing reductions … and “when” you propose to implement them. Briefly discuss how your proposed standard price and promotional prices fit into the target market and compares to the competition. In this sub-section, also show a year-long illustrative graph or chart of price fluctuations. Suggested length: 1 page 3.7 – Marketing Attack Strategy POSSIBLE POINTS: 25 This is the “Heart” of your plan … here you reveal details of your “Attack Strategy”. Here, you demonstrate your ability to create a "Clear, consistent strategy and message" that your IMC approach is intended to communicate. This section of your plan is a complete description of your proposed marketing communications plan. It is the most important element of the plan as this will outline your strategies for how you will promote your product or service to your target customers. Clearly describe each strategy. Answer key questions - With whom do you want to communicate and how can you do that successfully at the most reasonable cost? Consider how your communication strategy fits with other sections of your plan; check to see that your promotional plans are consistent with the description of your target market and overall strategy. Consider how your plan stacks up to competitors’ promotional activities. Be creative, but stay grounded in reality. Show a strong overall Integrated Marketing Communications strategy by creating a coordinated effort with advertising, public relations, internet, & sales promotion. In this section of your plan, it is recommended that you create a sub-heading for each of these strategic marketing efforts; then provide a clear and succinct description of all efforts. Show that you know how to use each of these marketing tools in a coordinated effort. Your advertising, which is usually the most powerful and most expensive of your marketing tools, should incorporate many advertising venues which are mutually supportive. In addition to what you are proposing, fully consider such things as: · Newspaper, · Television, · Radio, · Magazines, · Billboards & other Outdoor display venues, · An ongoing fully-developed Direct Mail program, · A complete Internet marketing strategy (with search engines, pop-ups & banners), · Advertising Agency fees, · … other. Suggested length: 3-4 pages 3.8 – Marketing Research POSSIBLE POINTS: 15 This section is the logical extension of your “2.1 Market Summary section”, and your “3.4 Target Markets” sections … but here you simply summarize the key content from those two sections, then show the research data that lead to your findings. This section requires real research. Search for and find real data (including U.S. Census Bureau data) on your consumer audience’s demographics, psychographic, gender, age, occupation, education, life style, attitudes, purchasing characteristics, etc. In this section, you show and explain basic research findings, and support that explanation by cutting & pasting important data, charts & graphs … BUT don’t confuse the reader by including superfluous data). Suggested length: 1 page References Each draft of your plan must conclude with 'References' for content within that draft. All references must be presented in "APA" format. It is suggested that you emulate the reference page format of known academic papers of excellence. Suggested length: 1-4 new references for each draft.
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