Marketing Plan: Part IV
In this unit, you will continue to build upon your marketing plan for an existing(Munchy Snacks, a fictitious snack company) company and a product or service of your choice. For Part IV, make certain to include the sections listed below in your marketing plan.
What is the branding strategy for your organization? What is the purpose of your brand? How will you differentiate yourself from domestic and/or international competitors?
Technology and Social Media
Identify any tools that you will use in your promotions, marketing, or advertising. List any tools that you will use for customer relationship management, and identify specific social media tools that will be used.
Identify tactics and strategies that you will use to implement your marketing plan. Tactics are short-term, and strategies are long-term. Identify specific dates that you will achieve certain action items. Include a chart or graph that disseminates this information in a linear fashion.
Evaluation and Control
How will you evaluate the effectiveness of your marketing plan? How will you follow-up with customers? Will you use surveys to track satisfaction, and will you take future actions that are based on customer recommendations?
Include any final thoughts or recommendations that might be pertinent to your marketing plan.
This section of your marketing plan will capture your key proposal, recommendations, and projected outcomes of the plan. Summarize the key components of your marketing plan in this section.
Your essay must be three pages in length, not counting the title and reference pages. All sources used must be referenced; paraphrased and quoted material must have accompanying citations. You must use at least three references. Adhere to APA Style when constructing this assignment, including in-text citations and references for all sources that are used. Please note that no abstract is needed.
Munchy Snacks will be a brand targeting young college students attending a local university. The shop will sell the brand from a premise adjacent to the university to busy students with limited time to prepare their meals. According to Cesareo and colleagues, the brand will work among this customer segment since most students prefer eating out instead of making their meals (3). The branding strategy will include packaged and takeaway snacks aimed at making life easier for college students. The main differentiating aspect of the snack shop is the cost of its snacks and beverages, which will be affordable for the target consumers.
Technology and Social Media
Promotion will be an important factor for the product. Customers should know about the product to meet current needs or create new ones through using relevant channels (Evans et al., 76). Marketing and promotion for Munchy Snacks will use social media, such as Facebook, Instagram, and Pinterest. The tools are appropriate for college students who spend a considerable amount of their time on social media. The tools will also help in customer relationship management since customers will be free to post reviews and queries to respond to and answer.
The partners will engage in various action plans to implement the marketing plan. Some of the tactics include conducting market research, developing a brand strategy, and social media marketing. The strategies to implement the plan will include additional capital sourcing and market expansion to other similar locations.
|Action plan/Time||Oct 2021||Nov 2021||Nov 2021||Oct 2022||Nov 2022|
|Social media marketing|
Evaluation and Control
Evaluation involves collecting data to determine the goals that have been achieved and take steps towards achieving more in the future. The partners will collect continuous data to determine whether the short- and long-term goals are being achieved. One of the most important sources of data for the evaluation are customers (Huang & Sudhir 317). For example, customer surveys will show satisfaction and implement relevant changes to improve the outcome. The company will conduct regular customer data to determine its advances in achieving objectives. Besides, data on sales revenue and profitability will provide an overview of organizational success. Regular data collection will also inform control over business processes to ensure that the business is moving in the right direction and make necessary changes.
Munchy Snacks will be a successful venture due to the target market, college students who are always too busy to prepare their meals. The plan includes proper branding and marketing to appeal to the audience. Besides, the management will continue to collect data from the market to inform future decisions and improvements.
Munchy Snacks is a snacks shop located adjacent to a university, targeting busy university students who do not have enough time to prepare their meals. The two partners engage in preparing and serving snacks with the help of two employees. The shop serves snacks and nonalcoholic beverages, including donuts, cookies, hamburgers, hot dogs, frozen yogurt, ice cream, smoothies, and juices. The shop will offer self-service options for customers, but the actual differentiation strategy is affordability. Since it targets university students, the pricing is low as long as the partners earn returns on investment and pay for operational costs. The firm anticipates increasing its revenue and profitability by 50% during the second year of operation.
Cesareo, Massimo, et al. “The effectiveness of nudging interventions to promote healthy eating choices: A systematic review and an intervention among Italian university students.” Appetite, 2021, 105662.
Evans, Dave, Susan Bratton, and Jake McKee. Social media marketing. AG Printing & Publishing, 2021.
Huang, Guofang, and K. Sudhir. “The causal effect of service satisfaction on customer loyalty.” Management Science vol/ 67, no.1, 2021, pp. 317-341.