When we talk about marketing, most of us think about slogans and slogans alone. And, yes, slogans can often be enough to capture the essence of your product in a memorable way that will make people want to buy it. But to actually sell your product, you also need a marketing plan.
This plan helps you think through every aspect of your marketing strategy, from product development to pricing to where you’ll advertise and even how you’ll promote the product. Our professors know this for sure, and that’s how marketing plan assignments are born. And if you need assistance with this type of paper (or corporate law assignments to protect your intellectual property like a marketing plan) – look no further as AssignU is exactly what you’ve been looking for.
How to complete a marketing plan assignment in 6 steps
Step 1: Analyze the situation
The part that you ask human resource department to find a person who could do in the situation analysis is you just easily write down what company you are writing your business plan for, how you understood a little bit of background information is good to start with. Simply put, you need to have an MBA specialist.
- Just a little bit of the history.
- How did the company start?
- How did it get successful after you wrote that down?
You start with also describing more concrete steps.
- the mission statement
- the vision statement
- the targets of the company
- but also things like the organization structure
- the organization culture and the current strategies.
After the situation analysis, you end up with the ABL matrix or the ABL model you define in what business they are in as it’s an important part of the management. That’s really important to end this part in the situation analysis.
Because this will be your bridge to the external analysis. Yes, indeed, you kind of need a reason to make a business plan, so a problem statement and your advice question or your market research question also are great to put in your situation, El-Aziz, or even they should be in your situation analysis.
So these parts also are in your first paragraph.
But if you are writing a business plan or a strategic marketing plan, you not necessarily need to have a problem definition or an advice question, or a research question. To keep track of all your ideas, it’s important to know how to use Microsoft Excel application.
You can easily make a business plan because the company needs a business plan or because they don’t have one yet. And in this case, it’s good to start the situation analysis, just as I described. Why do you want to explain the history of the company for a certain company? Because it makes it really easy for the reader. There are a lot of stakeholders who also want to read this plan, and they should know how you as a researcher understood the company.
So this is just a starting point of your plan. Now, the business definition you defined the business that they are in. The interesting part is since you have your customer analysis, customer segmentation on your axis and you have the needs of the customers and you have your technology access with your own products, but also those of the competition, you can feel that the customer analysis and competition analysis or competitive analysis are already touched. You already mentioned the kind of in your situation analysis.
So this is why the easy bridge to your external analysis is made from Situation Analysis, Chapter one to Chapter two, the external analysis.
Step 2: External analysis
So start with your macro analysis, and these are the step factors. So demographic, economic, social, technological, economical, and politics.
- First of all, the distribution analysis.
- Then you get the branch analysis
- Your competitive analysis and your barrier analysis
- Customer analysis, which could be B2B or B2C, doesn’t matter.
So these four are found in your external analysis now and your analysis with the five forces model. Often it’s not necessary that you use the five force model operator, but it’s a good option if you want to know if your market is attractive enough or not.
If this is a solid question for you or for your topic or for your business analysis, you use the five forces model and you do it on the end of your Macel analysis.
Because a lot of factors in those in the five forces model are already analyzed in the part of the MASAYO. So it’s a good way to end up and to make a decision if this market is attractive or not.
Let’s go to step three.
Step 3: McKinsey analysis
The internal analysis, obviously, is about the company itself. You analyze the company there. We’ll see you in the external analysis. You never mention your own company. Please remember that it’s about the external factors, only the competition, the bias. We don’t really buy your product yet or are only interested in your product. You just see the external factors. Now you’re analyzing the company and you do could mention the company if you want. Now, the model of McKinsey is a really helpful model to do so. So there are seven different factors that you can analyze.
But not only that, but the value chain of Porter is also a really interesting model to investigate. In your internal analysis, your external analysis, you’ve already mentioned the distribution and analysis. You could use some value chain there as well for your suppliers, for instance. But in the internal analysis, you could use the value chain, other models which you can use, for instance, our portfolio analysis.
But that’s complex because the portfolio analysis is also a strategic model. But you could have a small research if it is interesting to invest in certain. Markets or product market combinations, if you want. So that’s the internal analysis.
Step 4: Financial analysis
Don’t forget the financial analysis, because that’s also really important in your internal analysis. Now, what you found in your external analysis are opportunities and threats. And in your internal analysis, you found the strengths and weaknesses of your company.
Does combined go to your SWOT analysis?.
So the SWOT analysis, the lung sum up of everything that you found, then you go to your confrontation matrix and then you have key issues and those key issues go to your central problem or your main problem, which needs to be solved. You’ve got the cost and an effect. And the effect is that it’s not good for your company to continue this way, which is option zero. And if you don’t want to continue like this, you have to invent a strategy.
This strategy often is also based on portfolio analysis, if you want, not necessary. So if you found a certain product-market combination or a strategic business unit or a certain country, for instance, which you want to invest in or which is wise to invest in, you can add the strategy for that specific business unit.
But let’s forget the portfolio. Pack that and remember that you have to pick a strategy which is in step five picking your strategy. You’re right down.
Step 5: Pick an optimal strategy
Three different strategies:
- Option zero is to continue this way.
- Option one, two, or three, you can pick from quarter Tracy versus Blue Ocean.
Unself maybe cooperation, an acquisition or work together with a company, for instance. A sustainable competitive advantage needs to be found to solve this problem. You do so by the S f a matrix. It gives you an answer which is the best option to pick from.
If you pick that option, you’re going to do the first step, which is segmenting, targeting and positioning. So you’ll have found certain buyer groups, which are really interesting for you.
So you set up segmented them in your Macel analysis, pick one or two. It doesn’t matter. And you’re going to focus on those segments. Within those segments, you have target groups.
You can, for instance, do niche marketing if you found a focused strategy or you can maybe differentiate your marketing strategies for certain types of groups. Although you may have different strategies, it’s important to make the most out of your time management assignments to save time on your plan. And if you have those target groups, then you’re going to do the positioning, make a positioning matrix. And those that positioning has to distinguish yourself from the competition.
Step 6: Implementation plan
So pick a really strong positioning after that in step six is to implement an implementation plan. This is where you work out the for peace price, product, place and promotion. Make no mistake, place is where your products can be found. So this is also your website strategy or your online strategy. So not only physical shops or physical distribution points, also your online strategy contains the place matrix. And within that you have several PS for online strategy if you if you want, but basically you have those for peace and of course, your marketing communication mix. You have to have a marketing communication plan.