Part 1Discuss what a marketing plan is and describe the different
components of the marketing plan in your own words (see figure 16.2 in the
text). Also explain how the marketing plan is helpful to the organization. You
do not have to put together a marketing plan for this assignment
Part 2
Please take the elements/components you have learned in this course (such
as the SWOT, goals/objectives, etc.) and translate/apply them into how they
would be carried out into the execution of a marketing strategy.
For instance (note that these examples may not be used in your
assignment):
In a SWOT analysis you determined that one of the strengths of a company
was that weekly team meetings were held where ideas are exchanged and
commendations are awarded to team members who have met or exceeded
goals or expectations for the week. How can we translate or incorporate that
Strength into a marketing strategy?
Since the ideas being exchanged in the weekly meeting are to foster growth
and innovation, camaraderie, excitement, and motivation, they can also be
used to generate new ideas for promotion. This weekly team meeting can be
leveraged to spur perhaps a name of a new product that company X has
been trying to launch for considerable amount of time but just haven’t
thought of the right one.
A real world example, Lays Potato Chips reached out to the general public
using their social media strength to ask them to come up with a new flavor of
potato chip. This combined the strengths the company had with the need to
execute a new marketing strategy. Through this process, a consumer won
$1mm for coming up with a new potato chip flavor, and Lay’s of course won
tons of new customers and multiple millions in sales of new product.
The Final Project needs to be in a Word document and in APA format. Page
requirement is at least 4 pages in length. This does not include the cover and
reference pages. Make sure to provide at least four outside sources to
support your work
