MKT 607 GCU Actions Taken to Implement the Marketing Plan Essay
ANSWER
Question #3: Explain actions taken in regard to the marketing plan.
To address question #3 in your final report to the executive board, you will need to provide a comprehensive explanation of the actions taken in regard to the marketing plan during the second year of your business operations. Here is a structured approach to answering this question:
- Introduction to the Marketing Plan: Begin by briefly introducing the marketing plan that was originally presented to the venture capitalists. Mention its key components, including the brand strategy, pricing strategy, advertising strategy, and sales channel, as outlined in the business plan.
- Execution of the Marketing Plan: Discuss how the marketing plan was executed during the second year. Provide details on the specific strategies and tactics that were implemented to promote your products or services. Highlight the following points:
- Brand Strategy: Describe how your brand strategy was implemented. Did you make any adjustments to your brand positioning or messaging? Did you successfully build brand awareness and equity in the market?
- Pricing Strategy: Explain how your pricing strategy was put into action. Were there any changes in pricing during the year, and if so, why? Did your pricing strategy help you remain competitive and profitable?
- Advertising Strategy: Detail the advertising campaigns and channels used to reach your target audience. Discuss the effectiveness of these campaigns and whether they aligned with the initial plan.
- Sales Channel: Explain how your chosen sales channels were utilized. Were there any changes in your distribution strategy, and if so, what were the reasons behind those changes?
- Marketing Plan Performance: Assess the performance of the marketing plan. Provide data and key performance indicators (KPIs) to evaluate the success of your marketing efforts. This may include metrics such as sales growth, customer acquisition, customer retention, and market share.
- Challenges Faced: Discuss any challenges or obstacles encountered while implementing the marketing plan. Did you face any unexpected issues that required adjustments to the plan? How were these challenges addressed?
- Resource Allocation: Explain how resources, such as budget and personnel, were allocated to support the marketing plan. Were there any shifts in resource allocation based on the plan’s performance or changing market conditions?
- Alignment with Business Strategy: Highlight how the marketing plan aligned with the overall business strategy and goals. Did the marketing efforts contribute to achieving the company’s objectives?
- Lessons Learned: Reflect on the lessons learned from executing the marketing plan. What worked well, and what could have been done differently? Identify any insights that can be applied to future marketing strategies.
- Recommendations: Based on your assessment of the marketing plan’s performance, provide recommendations for future marketing initiatives. What adjustments or improvements should be considered for the upcoming year? How can the marketing strategy better support the company’s growth and success?
By addressing these points, you can provide a thorough explanation of the actions taken in regard to the marketing plan during the second year and offer valuable insights to the executive board regarding the company’s marketing performance.
QUESTION
Description
ASSESSMENT DESCRIPTION
This is a Collaborative Learning Community (CLC) assignment.
Your team will create the final report to the board, which will be a written summary of performance. The report to the executive board should include the following components:
Review your financial and market performance during the second year. Highlight the key features of the business plan presented to the venture capitalists: brand strategy, pricing strategy, advertising strategy, and sales channel.
Assess your business strategy and performance during the second year.
Explain actions taken in regard to the marketing plan.
Discuss departures from the marketing plan, justification, and outcome.
Review significant events that affected the company or market.
Assess your current situation in the market, considering your firm’s strengths and weaknesses.
Summarize how you have prepared your firm to overcome obstacles and compete in the future. How would incorporating services marketing help overcome any of these identified obstacles?
What were the lessons learned and recommendation?
I am only responsible for question # 3 for this assignment.
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