Expert answer:Marketing help needed on MKT 100 Marketing Week 6
Answer & Explanation:Journal 2: Marketing Plan Part C: Unique Selling Proposition**Don’t forget to use the Marketing Plan Template to display the journal entries.MKT100_Marketing_Plan_Template _Updated 2015.docx MKT 100 Marketing Week 4_Journal 1.docDue Week 6 and worth 100 pointsYou will now complete your secondary market research and consider what distinguishes your company from your competitors, their products, and / or the price of their products and services.The key word in Unique Selling Proposition (USP) is “unique.” There are very few products or services that are truly one of a kind. In order to target the demographic for your company, you need to pinpoint what makes your business standout among the competitors (e.g., Charles Revson, founder of Revlon, always used to say he sold hope, not makeup. Neiman Marcus sells luxury and customer service. Wal-Mart sells bargains. Amazon is earth’s biggest bookstore.)Use the Internet to research two (2) of your favorite companies and two (2) companies that are similar to your company. Identify the USPs of these companies, and consider what the USPs mean to you. Next, prepare to create a USP for your company.Tips on creating a USP for your company:Put yourself in your customers’ shoes. Consider what your customers really want. Consider what could make them your repeat customers and instead of your competition‘s.Research what motivates your customers’ behaviors and buying decisions. You need to know what drives and motivates customers.Uncover the real reasons why customers buy your product instead of a competitor’s. As owner of a start up, ask people why they buy your future competitors’ product. This will help you uncover why they might buy yours. Ask yourself the following questions:What does our product or service do better than anyone else?How is our business model different from that of our competition? How could our product or service be different?What market category or niche is not being served by our industry?Write a four to six (4-6) paragraph journal entry in which you:Identify the target market and your secondary market for your company. Note: Be as specific as possible (e.g., women 30-45, with a high school education and some college; people working full time and living in the Midwest, etc.).Describe your unique selling proposition (USP). Explain the key factors that make your company different than competitors within your industry. Describe the primary way in which the USP for your company targets the two (2) markets you identified in Question 1.Example of a USP: My product is t-shirts and coffee mugs with fun and empowering logos for women.My target market is women ages 35-55, college educated, working full time. My secondary market trends a little younger at 25-35, women passionate about their professional life and their personal pursuits.My USP is “Be Authentic, no Apologies.”My reasoning is I want women to buy my sassy slogans, because they want to show their authentic voice on a shirt or mug.Note: Insert the information from the completed Journal 3 entry into “Section 3: Unique Selling Proposition” in the provided Marketing Plan Template (located in Week 4).
mkt100_marketing_plan_template__updated_2015.docx
mkt_100_marketing_week_4_journal_1.doc
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MARKETING PLAN
COMPANY NAME
PRESENTED BY: STUDENT
COURSE
DATE
REMEMBER TO USE APA
MKT100
MARKETING PLAN
The marketing plan is a tool used to develop and present a company’s marketing strategy. At minimum,
the plan should contain descriptive information on the company, its products or services, target
customer, marketing research, advertisement, promotions, and a list of actions items that is supported
with a strategy plan for execution.
Directions: Create a fictional start-up company that serves the U.S. market with a product or service.
COMPANY OVERVIEW
Owner(s):
Company Name:
Product Name:
Location:
History (yrs.):
PART A/SECTION 1: EXECUTIVE SUMMARY
Provide a detailed description of your company. The description should include, at a minimum, the
company’s name, its history, founders, business purpose, and mission. This could be written using
multiple sentences, but no longer than a single paragraph.
PRODUCT DESCRIPTION
Describe, in detail, the product or service the company produces or services. Include trademark, color,
shape, packaging, labeling, and any characteristics that you deem relevant.
You can also include a picture of the product in this section for visual aid.
{This section does not require any references or citations}
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PART B/ SECTION 2: TARGETING CUSTOMERS
Consider who your customers are and identify your market segment. Analyze the business customers /
clients you wish to target. Your analysis should include, but not be limited to, their demographic profile
(e.g., age, gender, ethnicity, etc.), psychographic profile (e.g., interests, routine, habits, etc.), profession
(e.g., income, occupation, education), geographic location (e.g., country, region, city, rural, urban,
climate) and their precise wants and needs as they relate to the products and / or services you offer.
DEMOGRAPHIC PROFILE
[Describe your demographic profile.]
PSYCHOGRAPHIC PROFILE
[Describe your psychographic profile.]
PROFESSION
[Describe your profession.]
GEOGRAPHIC LOCATION
[Describe your geographic location.]
WANTS AND NEEDS
[Describe precise wants and needs as they relate to the products and / or services you offer.]
Use at least two (2) quality references cited in APA format to support this section. Consider how
you came up with this demographic and why this target population would be interested in
purchasing your product.
Example of citing research to support your customer: According to a report conducted by the
SBA (2014), 90% of millennials prefer technology products that are compatible with social
media.
PART C-SECTION 3: UNIQUE SELLING PROPO SITION
Consider what distinguishes your company from competitors, their products and / or the price of their
products and services.
UNIQUE SELLING PROPOSITION (USP)
Describe your unique selling proposition (USP). Next, explain the key aspects of your business, products,
or services that make them unique when compared to your competition. (e.g., Southwest Airlines’ USP
is providing customers with low airfare without compromising service and comfort.)
MARKETING OBJECTIVES
Describe the marketing objectives of your company. Your marketing objectives should, at a minimum,
address potential customer profile and market segmentation. Explain the manner in which you
conducted your secondary market research.
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Use at least two (2) quality references cited in APA format to support this section. Use your
references to define your understanding of USP and depict the importance of describing your
marketing objectives.
PART D/ SECTION 4: PRICING AND DISTRIBU TION STRATEGY
You will now consider your company’s strengths and weakness, along with your product or service
price.
STRENGTHS, WEAKNESSES, OPPORTUNTIES AND THREATS (SWOT)
Determine the key strengths and weaknesses of your company, as well as the opportunities and threats
it faces within its industry.
The SWOT Analysis is a very useful technique for in business. Go to Mind Tools’ Website and read
“SWOT Analysis” for a better understanding of the topic, located at
http://www.mindtools.com/pages/article/newTMC_05.htm .
SUPPLY-CHAIN AND OPERATIONAL SYSTEM
Discuss your critical steps within your supply-chain and operational system. Explain the key aspects of
your strategies for producing and distributing your products and services to both your stores and
customers. Determine whether you will use an outside vendor or do everything in-house.
PRICING STRATEGY
Analyze the company’s pricing strategy relative to its pricing objective. Examine major internal and
major external factors that could potentially affect the pricing of the company’s products or services.
Use at least two (2) quality references cited in APA format to support this section. Use your
references to define your understanding of SWOT and depict the importance of describing your
supply-chain and pricing strategy.
PART E- SECTION 5: DISTRIBUT ION PLAN AND PROMOTI ONS STRATEGY
You will consider mechanisms by which your customers will purchase your products and / or services
(e.g., online, storefront, direct sells) and the primary manner in which you intend to reach new
customers (e.g., TV, radio, social media, special events).
Consider the marketing materials that you intend to use. According to the textbook, marketing
materials are collateral used to promote your business or products. Promotional strategy may include
free trial offers, money-back guarantees, and buy two (2) for the price of one (1) type of deals.
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DISTRIBUTION STRATEGY
Determine the distribution strategy in terms of your target market, location, and selection of
distribution channels. Indicate whether or not you will leverage the following strategies: use stores
located in different regions, sell online, and / or hire a sales team to sell directly to suppliers and door
to door. Recommend three (3) strategy options to get your product or services out to your customer
base.
1. Insert strategy option to get your product or services out to your customer base
2. Insert strategy option to get your product or services out to your customer base
3. Insert strategy option to get your product or services out to your customer base
MARKETING GOALS
Outline your main marketing goals for promotions, offers, and giveaways. Discuss the key types of
marketing materials that you intend to develop and share.
Use at least two (2) quality references and cited in APA format to support this section. Also
consider including charts, graphs, tables, and pictures to support your marketing goals as it
relates to promotions, offers, and giveaways.
ACTION STEPS (CONCLU SION)
Propose at least three (3) action steps that you can use to move your plan forward. Consider how,
when, and who will be involved in the execution of this plan. Formally wrap up your marketing plan.
A conclusion is not traditionally included in a marketing plan, but a list of action steps are often
included within the plan. The conclusion provides you with an opportunity to reflect on your
plan and support academic level writing.
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REFERENCE LIST (APA FORMAT)
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MKT 100 MARKETING WEEK 4 JOURNAL 1
Journal 1 Assignment: Marketing Plan Parts A and B Video
Kenyetta Keys
Professor Yolanda Humphries
MKT 100 Marketing
October 21, 2015
Strayer University
1
MKT 100 MARKETING WEEK 4 JOURNAL 1
2
MKT 100 Marketing Week 4 Journal 1
Part A: Executive Summary
Oatwater is a company that began ten years ago in 2005. The company began as a
college idea of several friends who had come together to raise different business suggestions. I
was among a group of students in the college dorms brainstorming about business ideas. We had
written papers containing all the ideas they had and we all pinned to the wall. This was to create
a dynamic working environment that was based on teamwork. This is where the idea of starting a
business emanated supported by the concept. The Company was launched five years later on the
5th June 2008, with two product development labs that termed the project impossible. Later, the
company found a third laboratory that helped in the production of their first paint product. They
have managed to reach ten thousand customers both internationally and locally. In addition, the
company launched its second-generation water based product and new ten color lines. John, Jeff,
and I are the founders of Oatwater Company. The organization aims at producing and
distributing clean water in bottles in all corners of the United States. The mission of the firm
declares the objective set as well as its function as the standard by which individuals base their
decisions and actions. The mission is to ensure that the entire local regions become fresher as
well as inspired through the actions and brand. Also, the mission is to develop values and
differences in each and every segment of the U.S. Oatwater is committed to providing clean
water to meet the needs for healthy life styles in the U.S. Oatwater targets ten thousand
customers within the U.S. The organization’s trademark is crafted in a unique way. All letters of
the company’s name are joined together, which is matchless. The customers cannot confuse
Oatwater logo with any other in the United States. Oatwater distributes its products in plastic
bottles that have a cone shape. In addition, the bottles have a pink label wrapped round the lower
MKT 100 MARKETING WEEK 4 JOURNAL 1
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part. The wrap carries the ingredient that makes up the water. The content is well enhanced with
minerals for pure and fresh taste.
Every bottle is sealed with fastened cork, which is then wrapped in polythene material so
that it reaches the customers while still safe to drink. The way the bottles are packaged plays an
important role in the business through meeting the needs of the customers. It offers great
portability, protection, preservation, and convenience throughout the supply chain. Packaging
shows innovation that makes a big difference. All a customer has to do is to remove the
polythene on the cap. The next thing is to twist the cap to open; this is so easy that even children
can do it. Many people do not realize the risk that plastic containers have on the environment;
Oatwater is conscious about this. The organization strives to make sure that the material used for
packaging cause minimal harm to the surrounding. As such, it will assist the company to
maintain the constant position in the market in the case of new entrants.
Part B: Targeting Customers
The following is the analysis of the customers the company wishes to target. The
organization demographic profile targets people between the age of 15 and 50 years old. In terms
of gender, Oatwater targets both males and females in the business segments. In the same way, it
aims to reach people with different levels of income. For example, the bottles of water are of
different volumes ranging from 25ml to 1 liter. Therefore, it aims at targeting both low and high
level income customers. Moreover, a lot of individuals make their decisions depending on the
ethics of the company (Civi & Persinger, 2011). Oatwater strives to gain trust of the customers
through contribution to the environment in different ways. With respect to psychographic
profiles it is well known that people have the tendency to ignore brands that are less known.
MKT 100 MARKETING WEEK 4 JOURNAL 1
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Oatwater focuses on reaching individuals that are less conscious about what it offers in the
market. The customers’ education is another factor that organization pays attention to (Civi &
Persinger, 2011). The company uses advertisements to demonstrate its message. Since the
organization is not well known, it will be imperative to target the local customers where the
company is situated. With regard to geographic segmentation, the company targets people with
variety of ethics, sexes, age groups, and lifestyle. Oatwater wishes to make it products available
in tasty flavors. The products provided are life conscious and therefore will target every
individual. It also targets the parents who want their children to take more healthy drinks.
Climate is another thing that is of concern. Consumption in summer is high than in winter.
Therefore, the organization production and distribution will be reduced during winter and
increased in summer. Additionally, it important to target teenagers that do not want calories in
what they eat and drink. It is crucial to take into account the precise needs and wants of the target
market (Westwood, 2013). This is because peoples’ lifestyles are changing, and as such the
company will offer water that does not contain too much sugar components.
MKT 100 MARKETING WEEK 4 JOURNAL 1
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References
Civi, E., & Persinger, E. S. (2011). Marketing Plan Competition For Experiential Learning.
American Journal of Business Education (AJBE), 4(12), 51-60.
Westwood, J. (2013). How to write a marketing plan. Kogan Page Publishers.
…
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