Assignment: Your Marketing Plan
You have accessed the Interactive Marketing Plan tool and used the step-by-step guide to complete Part C of your marketing plan. You are required to submit a marketing plan for a hypothetical product-based company. Your plan must include the company's social media strategy, and information collected from Steps 6-7 of the Interactive Marketing Plan, located in the course shell. Note: Some elements may not be covered in the Interactive Marketing Plan and will require additional research.
My business: Family Salon
Family Oriented is a hair salon located in Baltimore, MD that allows the entire family to have their hair needs satisfied in one convenient location. Family Oriented serves men, women, and children. Appointments as well as walk-ins are welcomed. We also sell retail hair care products. Family Oriented is able to service the entire family in one quick, convenient visit.
Write a six to seven (6-7) page paper in which you:
1. Develop the company's branding, pricing, and distribution strategy.
2. Provide the following marketing strategy information:
a. Classify the company's major competitors as inter- or intra-competitors. Categorize the competitors' major strengths and weaknesses.
b. Develop the differentiation strategy in relation to the closest competitor.
c. Establish whether the company's intention is to be a leader or follower within the industry.
d. Assess the level of impact that the salient macro-environmental issues (e.g., legal, technological, social, and economic, etc.) and trends with which the company must contend could potentially have on the company's marketing strategy.
e. Discuss the marketing research tools that you used in your marketing strategy.
3. Construct an implementation strategy for your hypothetical company in which you specify the essential activities and responsibilities. Include a timetable for completion of each component of your strategy.
4. Develop a five (5) year expansion plan that includes future profitability and market share growth. Include necessary graphs to explain your plan.
5. Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools.
6. Choose two (2) performance standards, two (2) monitory methods, and two (2) financial controls that you would implement that differ from the standards that you had provided in Assignment. Justify your choices.
7. Assess the potential for your company's overall performance in relation to the marketing plan objectives.
8. Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company's advertising strategy.
9. Use at least five (5) academic resources that address sustainability and monitoring of effective marketing plans and determine the applicability for your hypothetical company. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.