Marketing plays an important role in the growth of an organization and its ability to Create and sustain a competitive advantage. Unfortunately, some organizations undertake marketing initiatives without a clear idea of what they want to achieve, how their offerings stack up to those of their competitors, and how they will measure success.
For this assignment, you will assume the role of a leader of a business unit or product group.
You believe there is significant untapped market potential for the products or services you manage and you want to approach a “senior decision maker” for support. This could be the Chief Marketing Officer of the Organization or it could be a venture capital firm or bank from which you are seeing funding.
Knowing that your audience is busy, and is regularly being approach by other leaders and managers seeking support for their ideas, you recognize you will need a strong and compelling pitch.
You decide to draft a brief Executive Memo outlining your ideas for marketing. Your memo will need to strike the right balance of being short and focused, but also providing enough detail to demonstrate that you know what you’re talking about.
You recognize that simply saying you “want to increase sales by 15% next quarter” isn’t what this is about.
Your objective in this initial outreach is to identify general Marketing goals the company should be focusing on and to get the support you need. Leveraging what you have been learning in the first three weeks of your Marketing Course (including the first four chapters of the textbook, course lecture notes and external resources including, but not limited to, the company website), you decide to organize your memo into three parts:
1.The focus of your Executive Memo is the company – organization and product or service you chose at the beginning of the course, and which we be used for your Marketing Plan Project. This could be the company you currently work for, a start-up, a Fortune 500 company, or a non-profit organization.
2. Organize your memo as follows:
Identify 3 to 5 Marketing Goals you want to focus on. As areminder, these goals could include:
o Build awareness of the company o /brand o Increase market share o Capture a new target market o Increase sales, revenues, profits o Increase new accounts or relationshipso Increased share of customer’s businesso Increased return on investment (ROI) o Converting sales leads into customers
Explain why you have identified these particular goals as being most important
Provide a clear reference to the time frame for each of these goals since some may be near-term (i.e., this year or even this quarter) and some may be longer-term (multi-year) goals
3. Leveraging Kotler & Keller’s 6 – step marketing research process from Chapter 4 of Marketing Management, present your rationale for the type of Market Research needed to support your initiative. Specifically, address which of the following are the most critical things you need to uncover.
This could include:
a. Determine the feasibility of a new business or product or service. Market research is an essential component of a business plan for startup businesses – if market research does not indicate a demand for the product or service the proposed business will not likely be viable.
b. Test interest in new products or services to respond to customer needs.
c. Find and develop new markets.
d. Monitor industry and economic trends and develop strategies to adapt the business to the changing environment.
e. Determine optimal product placement– when, where, and how should a product or service be distributed.
f. Improve aspects of their businesses, such as customer service. Develop competitive strategies – for example, setting competitive pricing for products or services or determining how your products/services and customer service compare to the competition.
4.Explain how the success of your proposed marketing initiative will be measured. In other words, which Marketing Metrics are most important to track? Use Kotler & Keller’s Marketing (shown below) to guide you. Remember, the marketing metrics should exactly match your marketing goals.
Professional Formatting Requirements
• Typed, double- spaced, professional font (size
10 – 12), include headings and subheadings, with one-inch margins on all sides.
• References must be included and provide appropriate information that enables the reader to locate the original source. Application and analysis of course materials and resources are expected, and additional research is welcome.
• Include a cover page containing the title of the assignment, your name, your professor’s name, the course title, and the date.
• Your memo should be no more than four (4) pages in length, excluding your cover page and reference list
slides of chapters 1,2,3 and 4
sample of the memo assignment ( DO NOT COPY)
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