Marketing Strategy: Jet-Puffed Marshmallows

This marketing plan lays the foundations on which to build a solid and successful entry and entail a marketing campaign promoting core brand attributes and aligning them with our target market. To keep the plan on track specific objectives have been created to guide all strategic decisions. The objectives are divided into marketing and financial objectives

Question: Outline the marketing process and explain the importance of each element of the marketing plan.

When introducing a new product, it is imperative to have a marketing plan. The Southern Rice Company has well establish a recognizable brand and built a strong brand equity. “Good advertising can make a consumer want to try a product, but a repeat sale is typically influenced by the consumer’s product experiences.” (Arens, page 263) Customers are paying extra for the satisfying quality that Southern Rice provides in their products. Recently a new style of cooking rice, instant rice, has become a threat and opportunity for the company. Using our substantial advertising budget, our overall goal is to

I. Executive Summary II. Situation Analysis o Market Summary  Target Market Demographics  Geographic  Demographics  Behavior Factors Market Needs Market Trends Market Growth o SWOT Analysis  Strengths  Weaknesses  Opportunities  Threats o Competition o Product Offering o Keys to Success o Critical Issues III. Marketing Strategy o Mission o Marketing Objectives o Financial Objectives o Target Markets o Positioning o Strategies o Marketing Mix o Marketing Research o Action Plan IV. Financials o o o V. Controls o o o VI. Summary Implementation Marketing Organization Contingency Planning Breakeven Analysis Sales Forecast Expense Forecast

Perreault, William D., Joseph P. Cannon, and E. Jerome McCarthy. Basic Marketing: A Marketing Strategy Planning Approach. 19th ed. N.p.: McGraw Hill, n.d. Print.

Reaching the break-even point, the point where there is no loss or gains in terms of profit, proves that Tesla is setting their business up for success as they will begin to see revenue after hitting this mark (Kimmel, Weygandt, & Kieso, 2009). The only problem Tesla faces is the huge demand for their product with more than 5,000 advanced orders pending fulfillment (Morris, 2012). If Tesla is cannot meet this demand while keeping expenses down yet filling these orders in a timely manner, revenue will be lost as well as credibility and reliability of Telsa to deliver to their customers’ needs.

The marketing plan should have objectives that meet the SMART criteria, which are specific, measurable, achievable, realistic and time specific. The first objective of the marketing plan is to raise awareness for the product, which is measurable because we can take studies of consumer awareness. We want to have this product known by 5% of total consumers and 50% of the target market within one year. The second objective is with respect to media coverage. We want to have stories about this product appear in 100 print and online publications (via syndication, most likely) within six months. Also we want the number of media inquiries at our office to be at least 20 in the first month and 50 in the first two months. Also, in the first year, sales should be 2000 units, or $2 million in revenue.

Develop an action plan of strategies and tactics to be implemented. Finalize the marketing plan.

The third table is to outline some of the activities we might find at each stage of the marketing process; this is brief summary of the importance of the different stages.

Brand building, consumer health and wellness, and advertising and promotions were all critical to success in the industry. Kraft’s ability to compete with lower priced snacks showed its ability to differentiate itself from other lower priced competitors.

Whereas the mission defines the scope of a business or business unit and the goals define its strategic performance dimensions, its business unit competencies determine the means for achieving success.

the object or situation for which we made this marketing plan is first to meet an academic requirement and the effect of developing expertise in formulating marketing plans, and as a result of this marketing plan will inevitably improve our

In business, it is important to use various and innovative promotional strategies to expand the demand of your product and to earn more consumers. It is one of the main things a business or a company must do to keep on working. There are 3 different ways to promote a product: to show information to

Westwood, J., 2002, The Marketing Plan: A step-by-step Guide. 3rd ed., London, Kogan Page Limited, p

Consequently Marketing Communications Plan is the marketing plan which promotional plan incorporates two or more integrated marketing communications mediums aiming to reiterate the same goals and objectives. Marketing Communications Plans are considered by many professionals as an excellent way to effectively communicate with target audience. The development of a cohesive and integrated marketing communications plan demands the adoption of a systematic process to ensure that all dimensions of the plan are carefully and considered (Yeshin, 1998, p. 70). the