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Design a marketing plan to specifically target one new consumer segment for one product offered by the firm you chose in Assignment 1.3. You are to develop a separate campaign plan that can be added to the main plan already in use at the firm (i.e., not a totally new marketing plan).
The firm’s marketing plan defines how they connect with their customers. For this assignment, think of this marketing plan as an addendum to the firm’s on-going marketing efforts. The addendum should be designed to specifically target one new consumer segment for one product offered by the firm. You are to develop a separate campaign plan that can be added to the main plan already in use at the firm.
Your marketing plan (about 1,000 words) should contain the sections listed below. This week you are submitting a long essay describing:
Introduction: give enough information about the company so that a reader unfamiliar with the firm will be able to understand what follows. At a minimum, describe the current customer base or markets within which the product is currently being marketed.
Description of the market (to include economic system) that will be targeted in this new plan.
Analysis of firm’s and/or product’s competitive position in that new market.
Narrative describing marketing tactics.
Narrative describing differentiation from the competition.
Marketing Program Assessment: How will the firm determine if the plan is working (i.e., achieving the marketing goals and earning a return on investment)? How does the firm decide whether the funds should be redirected elsewhere?