Describe the recommended marketing strategies to be utilized in the marketing plan.

A‌‍‍‍‌‍‍‌‌‌‍‌‍‍‍‍‌‍‌‌bout the Assignment Select a client – a toy, video game, beverage, food product or consumer electronics company in the United States. You work for a marketing agency and you’ve been asked to develop a comprehensive marketing plan including financial projections and video presentation with appropriate visual aids for your client. Your marketing plan will focus on introduction of a new or existing product for a new target market over a 1-year time frame. Your plan must be based on accurate marketing research and market analysis information and must clearly present marketing strategies and implementation that show budget details. You have a $300,000 budget for promotional activities. It is important the client understand the rationale for your business recommendations and believe the proposed marketing strategies and implementation will be successful. Final Project Requirements The combined final project grade for the marketing plan and video presentation equals 100 points in total. The marketing plan is worth 80 points and the video presentation is valued at 20 points. Make sure to complete the marketing plan before starting the video presentation. Both parts of the project are required; both should be submitted at the same time. Marketing Plan The comprehensive marketing plan with financial projections should be written as described in the course section on Developing & Evaluating a Marketing Plan. The project should be formatted as a PDF document in standard, 12-size business font with page numbers and appropriate charts and graphs including section headers as noted below. Use at least 10 outside and credible sources in APA format. List these on a Works Cited page at the end of the marketing plan. A marketing plan is composed of front matter, 10 major sections, and a Works Cited page. The 2500-word marketing plan should include the following sections: Front Matter Title Page – Include writer name, type of report, company and submission date Table of Contents – Page with major section headers and associated page numbers Major Sections 1. Executive Summary – Is a 1 to summary explaining the client project, business goals, marketing plan highlights, and key recommendations 2. Introduction – This includes 4 sections: a) Business overview, current situation, and state of business, b) Mission statement that should be approximately five to six sentences stating the goals, function, values, and objectives of the business, c) Detailed explanation of products and services sold, and any concerns or issues the company currently faces, and 4) promotional strategies used by the firm 3. Current Audience – Describe the group or individuals that use the client’s products and include average age, the percentage of females and males, and demographics of consumers, and motivation for purchase 4. Market Research and Analysis – This should include an industry overview (size of market, rate of growth, trends in the industry, potential opportunities) and competitive analysis including marketing review of the client company and their top 3 competitors, including a SWOT analysis, and cultural and legal regulations. Use environmental scanning tools to evaluate the external environment. 5. Product/Target Market Opportunity – Based on the market research and analysis, identify a new or existing product opportunity for a new target market. Describe in detail the product, target market selected, and why this is a fit. Explain how this fills a customer need and has potential to significantly increase revenue. Make sure to provide external resource information that supports your claims. 6. Financial Projections – Discuss the amount of money the company is currently spending and profits. Project the amount of profit that the company anticipates in generating over the next year by implementing this marketing plan. Include a best case, break-even, and worst-case scenario. 7. Marketing Strategy – Describe the recommended marketing strategies to be utilized in the marketing plan. Consider the product opportunity, new target market, and 4 p’s in this section (price, product, placement and promotion). 8. Marketing Implementation – Define the company’s short term promotional goals and objectives and state how the company will accomplish them. Consider different IMC strategies – traditional media, advertising, social media, electronic, video and mobile in the plan. 9. IMC Campaign – Describe the company’s IMC campaign message, creative brief, and promotional budget uses. Show ad examples for the media channels to be included. 10. Evaluation – Determine which marketing metrics will be used to measure market plan performance and improve company success during the marketing implementation phase of the project. Be specific. Works Cited – Page to include all research information used from articles, books, websites, and other sources in APA style Your marketing plan will be graded based on the following rubric: Category Unacceptable (0-2) Needs Improvement (3-6) Good (7-8) Excellent (9-10) Total Possible Points Research and Market Analysis (x2) Some market analysis is provided but there are at significant gaps. Rationale is absent or flawed, no reasoning is provided for some items, and/or sources used to support analysis are irrelevant or missing. Market analysis is provided but is weak or surface level. There are some missing points, reasoning for each item is not always thoroughly provided, a‌‍‍‍‌‍‍‌‌‌‍‌‍‍‍‍‌‍‌‌nd/or few or weak sources are given to support the content. Market analysis is provided and based on quality research with no gaps. Reasoning for all items is provided and logical, 10 or more relevant sources are given to support all points. Rationale is appropriate and supports main ideas. A thorough market analysis is provided, based on quality research. Reasoning for all items is provided and logical. 10 or more quality sources are provided to support main points. Rationale is clear and enhances main ideas. 20 Business Objectives & Marketing Goals (x2) Goals and objectives are missing or those that are identified are not quantified or are inappropriate. Linkage of objectives and goals to company’s mission is not clearly stated and/or some of the objectives and goals are unclear and/or not appropriately quantified. The objectives and goals are related to the company’s mission. Objectives and goals are clearly stated and appropriately quantified. The objectives and goals are clearly aligned to the company’s mission. Objectives and goals are clearly stated and appropriately quantified. 20 Marketing Strategy (x1) The proposed marketing strategy is missing or poorly described. The marketing strategy is presented but lacks detail and is difficult to understand. The marketing strategy is clearly stated and discussed in detail; logical actionable steps are included in some detail. The marketing strategy is presented in a compelling manner with excellent detail and support. 10 Marketing Implementation & Financial Projections (x2) Very little detail on specific tactics is provided. Tactics are unclear and hard to understand. Marketing implementation details are provided but has gaps and lacks specificity. Overall financial projections are not defined. Most of the tactics are thoroughly and clearly identified, but there are minor gaps. Specificity of some of the marketing implementation details could be improved. Overall financial projections are identified, but they lack thoroughness. Tactics are described with sufficient detail, making it easy to understand marketing implementation details in scope and intent. The timing, cost, measurement of effectiveness, and other relevant information for each tactic is provided. Overall financial projections for the plan are identified. Tactics are thoroughly and clearly described fully conveying marketing implementation details in scope and intent. The timing, cost, measurement of effectiveness, and other relevant information for each tactic is provided in a clear, concise manner. Overall financial projections for the plan are identified. 20 Mechanics (x1) Incorrect spelling, punctuation, capitalization, and use of standard English grammar hinders understanding. The marketing plan does not include all the required elements. Several instances of incorrect spelling, punctuation, capitalization, and usage of standard English grammar. The marketing plan does not include all the required elements. Few instances of incorrect spelling, punctuation, capitalization, and usage of standard English grammar. The marketing plan includes all the required elements. No or very few instances of incorrect spelling, punctuation, capitalization, and usage of standard English grammar. The marketing plan includes all the required elements. 10 Total Points 80 Video Presentation The 5-minute video presentation should be professionally presented and include marketing plan details and recommendations that will convince the client the plan will be successful. It may be helpful to refer to the last section of the course entitled Effective Presentations for this section. Imagine the audience includes important executives from the company you selected. You may wish to use PowerPoint with video capability or Zoom to record your video presentation. Make sure to include appropriate visual aids with 7-10 slides of relevant information and major sources are referenced appropriately. Your video presentation will be graded based on the following rubric: Category Unacceptable (0-1) Needs Improvement (2-3) Good (4) Excellent (5) Total Possible Points Video Presentation (x3) The recommendations and marketing plan are confusing, illogical and/or video presentation is not professionally prepared. The recommendations and marketing plan are somewhat confusing and/or text and visuals are presented in a somewhat unprofessional manner. The video presentation covers all elements of the proposed marketing plan. The presentation is appealing, clear, and easily understood. Text and visuals are presented in a professional manner. The video presentation is complete and recommendations are compelling. Text and visuals are presented in a professional and creative manner that enhances delivery of the content. 15 Mechanics (x1) Incorrect spelling, punctuation, capitalization, and use of standard English grammar hinders understanding. Presentation slides do not include all of the required elements. Several instances of incorrect spelling, punctuation, capitalization, and usage of standard English grammar. Presentation slides do not include all of the required elements. Few instances of incorrect spelling, punctuation, capitalization, and usage of standard English grammar. Presentation slides include all of the required elements. No or very few instances of incorrect spelling, punctuation, capitalization, and usage of standard English grammar. Presentation slides includes all of the required elements. 5 Total Points 2‌‍‍‍‌‍‍‌‌‌‍‌‍‍‍‍‌‍‌‌0