Marketing Strategy or Your Next Chess Move
In this unit you will complete Parts 4–6 and submit Parts 1–6 as one document now in Unit 2.
The following Course Outcome is assessed in this Assignment:
MT219-1: Summarize the basic components of a marketing strategy.
Read the scenario and respond to the checklist items based on the Reading and Learning Activities.
Scenario: Lee is the owner of Lee’s [business type selected by your instructor], which is located in the city closest to where you live. Lee has now hired you to design the basic components of a marketing strategy for her business.
Instructions: Summarize a marketing strategy for Lee’s addressing each part. You can view Parts 1–3 you completed in Unit 1 concerning the mission, situation analysis, and marketing objectives. This week you will complete Parts 4–6 below to submit your final Assignment to the Unit 2 Dropbox.
Part 4: Marketing Strategy
Describe the target market strategy for Lee’s business. Paint a very clear picture of who Lee will be targeting for her product. For example: Appealing to an entire market, concentrating on one particular segment, or multiple market segments.
Explain the four strategies for growth: market penetration, market development, product development, and diversification. How can Lee use market penetration to increase her sales? Explain.
Briefly describe your marketing mix strategy: product (size, colors, packaging, use, etc.), place or distribution method, pricing, and promotion.
Part 5: Implementation
Using the concepts from the text, explain how you will turn your plan into a reality. For example: Detailed job assignments and activity descriptions.
Part 6: Evaluation
Using the concepts from the text, describe how will you evaluate your marketing strategy.
Access the Unit 2 Assignment rubric.
Respond in a minimum of 3 pages: 1½ pages (350 words) for Parts 1–3 and 1½ pages (350 words) for Parts 4–6 in a Microsoft® Word® document with additional title and reference pages using the current APA format and citation style. Your paper should include headings, an introduction, and a conclusion.