MBA 5012 CU Digital Marketing Strategy for Royal Bites a New Pet Food Product Essay
ANSWER
1. Situational Analysis:
- Customer Analysis: Identify your target audience, their demographics, psychographics, and online behavior. Understand their needs and preferences related to pet food products.
- Intermediaries: Analyze the distribution channels and partners involved in selling pet food products online.
- Competencies: Assess the company’s digital marketing capabilities, including the team’s skill set and available resources.
- Competitive Analysis: Examine competitors’ digital presence, social media strategies, website quality, and engagement levels. Identify gaps and opportunities.
2. Objectives:
- Develop specific, measurable, achievable, relevant, and time-bound (SMART) objectives for your digital marketing strategy. Example objectives might include:
- Increase website traffic by 30% within the first year.
- Achieve a 15% growth in social media followers over the next three years.
- Generate $1 million in online sales within the first year.
3. Strategy:
- Define short-term, medium-term, and long-term digital marketing strategies:
- Short-term: Focus on building brand awareness and online presence through content marketing and social media.
- Medium-term: Implement customer acquisition strategies such as paid advertising and SEO optimization.
- Long-term: Establish customer loyalty and retention programs, expand product lines, and enter new markets.
4. Tactics:
- Outline specific tactics for each strategy:
- Website: Enhance user experience, optimize for mobile, and regularly update content.
- Social Media: Create a content calendar, engage with followers, run targeted ads, and leverage influencers.
- Advertising: Invest in pay-per-click (PPC) campaigns on Google and social media platforms.
- Events: Host online events like webinars or virtual pet shows.
- Press Releases: Share product launches and important company news.
- Sponsorships: Partner with pet-related events or influencers for brand exposure.
5. Actions:
- Develop a project plan for executing each tactic. Include timelines, responsible parties, and key milestones. For example:
- Website Optimization (Short-term):
- Timeline: Month 1-2
- Responsible: Web Development Team
- Milestone: Improve page load speed by 20%.
- Website Optimization (Short-term):
6. Controls:
- Define specific metrics to monitor the success of your tactics:
- Website Traffic: Monitor daily, weekly, and monthly visits using Google Analytics.
- Social Media Engagement: Track likes, comments, shares, and follower growth.
- Advertising ROI: Calculate the return on investment for each advertising campaign.
- Event Attendance: Count registrations and attendee feedback.
- Press Release Impact: Measure media mentions and website traffic.
- Sponsorship ROI: Evaluate the reach and engagement generated by sponsorships.
Regularly review these metrics and adjust your tactics as needed to ensure that your digital marketing plan is on track to meet its objectives.
Remember to align all elements of your digital marketing plan with the overarching brand strategy and maintain flexibility to adapt to changing market conditions and consumer behaviors.
QUESTION
Description
Digital Marketing Plan
INTRODUCTION
This portfolio work project, a digital marketing plan with a social media strategy, will help you demonstrate competency in digital marketing planning and measurement.
SCENARIO
The Vice President of Marketing at MSH Brands (or at your employer or future employer company) was impressed with your marketing plan and brand presentation submitted in Units 4 and 7. They have now asked you to develop a Digital Marketing Strategy based on this work.
YOUR ROLE
You are a Brand Manager at MSH Brands (or at your employer or future employer company). You are being asked to develop a digital marketing strategy for a new pet food product (or new product or line extension at your employer or future employer.)
REQUIREMENTS
Building on your prior work this term, develop a digital marketing plan using the SOSTAC© model. Your plan must address each of the SOSTAC© elements, including:
1. Situational Analysis
- Analyze the current situation in terms of customers, intermediaries, and competencies.
- Conduct a thorough competitive analysis and identify what your competitors are doing in terms of Web presence and social media presence.
2. Objectives
- Develop specific measurable objectives for a digital marketing strategy. Where do you want your company to be?
3. Strategy
- Articulate short- (< 1 year), medium- (1 to 3 years), and long-term (> 3 years) digital marketing strategies. How do you achieve your objectives within these terms?
4. Tactics
- Differentiate various techniques (for example, website, social media, advertising, pay-per-click, events, press releases, sponsorships) to use for implementing strategies. How will you build your sales funnel?
5. Actions
- Develop a project plan for executing each tactic. The plan is to briefly capture your execution of the tactics.
6. Controls
- Develop specific metrics to monitor tactics. How do you know things are going as planned? How often will you monitor the metri
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