Assignment 2: Part B: Your Marketing Plan Due Week 6 and worth 240 points
From the start of this course, you have accessed the Interactive Marketing Plan tool and used the step-by-step guide to complete Part B of your marketing plan. You are required to submit a marketing plan for a hypothetical product-based company. Your plan must include the company’s mission, introduction and branding, and information collected from Step 5 of the Interactive Marketing Plan, located in the course shell. Note: Some elements may not be covered in the Interactive Marketing Plan and will require additional research.
Note: You may create and /or make all necessary assumptions needed for the completion of this assignment.
Write a four to five (4-5) page paper in which you: 2. Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension. 3. Develop a marketing strategy for your product and determine an appropriate time table for execution of the plan (e.g., phase 1, phase 2, etc.). Provide a rationale for your response. 4. Develop a positioning statement which should include, at a minimum, a benefit, user, competitive, or innovative statement about your product. Provide a rationale for your time frame for execution of your positioning statement. 5. Examine the relevant marketing science of customer behavior for your product. 6. Develop your company’s mission statement and company introduction. 7. Use at least three (3) academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Executive Summary Placeholder
Regardless of what the Grading Rubric for Assignments 1 and 2 ask for, one cannot write an Executive Summary until the plan is complete. That being the case, just use the first page of Assignments 1 and 2 as a placeholder for the Executive Summary. Assignment 3 is where you will come back, after you have completed it, and write the Executive Summary. If this placeholder is in your Assignments 1 and 2 , you will receive the points for it. If there is no placeholder, you will receive no points.
If you have the placeholder in Assignments 1 and 2, then on Assignment 3, because there is no Executive Summary required, if you put it in then, I will “give back” no more than 54 points on the other sections in Assignment 3 that you might have been “weak” on.
Endure Heavy Duty Aluminum Doors and Frames is a manufacturer of aluminum doors and frames. These items are supplied for water and wastewater treatment plants, schools, and other locations where corrosion from water or other chemicals is a threat; and where a strong, pre-finished opening is desired.
Endure Heavy Duty Aluminum Doors and Frames has been in the marketplace since the mid 1950’s. The logo is the word ENDURE with a little bit of a slant to the right, and all block capital letters. The letters are in a Reflex Blue, and the logo is set on a white background. Because the logo is so old, and has been in use so long, it is well recognized in the architectural, engineering, and construction industries. Because the firm has been in business so long, and has developed a reputation for being able to “solve” any opening (i.e., door) opportunity, many architects, engineers, and contractors will routinely send in pictures and requests for help, which allows a large portion of the business to be obtained direct, versus having to go through an Invitation to Bid bidding procedure. The brand slogan used with these customers is “Our standard is custom”, meaning that while we offer standard sizes, we also do a lot of custom size products that no other door manufacturer will take on. A brand extension Endure Heavy Duty Aluminum Doors and Frames will take on is including the specified door hardware as part of our quotation to customers. This would make the company a “one-stop shop” for the aluminum doors and frames, as well as all of the specified door hardware for the project.
The marketing strategy for 2015 will be to attend five trade shows; hire seven manufacturer representatives; have Google ad words; put on six webinars regarding all of the products currently being sold. The trade shows are national and include architects, engineers, water and wastewater treatment, schools, and representatives. Each show will have members of our market segment attending, except for the last one, where we hope to meet additional representatives. Manufacturer representatives have 4-6 products that they market to architects and engineers. By hiring these commission-only representatives, the hope is to complement the existing representatives, and have full coverage in the continental U.S. and Hawaii. The Google ad words will be used to end up on the first page of any search being done for the words chosen. The webinars will be content full, and introduce the architects and engineers to the full scope of the firm’s capability.
January, 2015 – Interview reps and choose
February, 2015 – Trade Show; Interview reps and choose; Start Google ad words; Webinar
March, 2015 – Interview reps and choose; Evaluate ad words
April, 2015 – Interview reps and choose; Evaluate ad words; Webinar
May, 2015 – Trade Show; Interview reps and choose; Evaluate ad words
June, 2015 – Trade Show; Interview reps and choose; Evaluate ad words; Webinar
July, 2015 – Evaluate ad words
August, 2015 – Trade Show; Evaluate ad words; Webinar
September, 2015 – Trade Show; Evaluate ad words
October, 2015 – Evaluate ad words; Webinar
November, 2015 – Evaluate ad words
December, 2015 – Evaluate ad words; Webinar
For general contractors, glazing contractors, and hardware suppliers, Endure Heavy Duty Aluminum Doors and Frames will have superior customer service; ship freight pre-paid to destination; and handle all types of custom door jobs. Endure Heavy Duty Aluminum Doors and Frames is the main supplier of aluminum doors and frames to the overwhelming majority of water and wastewater treatment plants. Our custom aluminum door promises to have a lifetime guarantee.
(Note that the above was generated from the ecornell marketing positioning generator at http://blog.ecornell.com/how-to-write-market-positioning-statements/and recommended for you to use as well!).
Relevant Marketing Science
Ariberg, Arora, and Bodur (2002) suggest that a member’s influence in a group’s decision could be decomposed into two distinct elements of preference revision and concession. The degree of preference revision and concession varies across product attributes, individuals, and product categories. To look at it from the buyer’s perspective, two possible strategies to maximize satisfaction with a joint purchase (involving, for example, a piece of furniture, an appliance, or an automobile): preference revision and concession reciprocity. Preference revision as a strategy refers to an active effort by a buyer to update own preferences in light of what others in the group like or dislike. Such a strategy advocates the need for careful comprehension of others’ preferences and, in response, a flexibility to adjust own preference. By adopting preference revision as a strategy, a member decreases the need to concede, thus increasing the odds of “buying into” the joint decision. Concession reciprocity, in contrast, suggests the need to sacrifice own preference in response to a sacrifice made by others. This strategy encourages both members to be fair in their give-and-take, because such fairness is likely to result in higher post-decision satisfaction.
Bearden and Etzel (1982) found that when respondents were faced with a single decision type (e.g., product versus brand), the decision factor was only significant for informational group influence. However, the absolute values were consistently greater for brand choices as opposed to product choice decisions. This suggests a greater role for appeals based on reference groups in stimulating selective demand. Variations in the sets of products selected affected perceptions of value-expressive and utilitarian reference group influence. The absence of significant informational reference group effects suggests consistent information seeking by individuals across similar types of products.
Boulding and Kirmani (1993) research whether consumers perceived warranties as signals of quality. Signaling theory emerged from the study of information economics under conditions in which buyers and sellers possess asymmetric information when facing a market interaction. For example, whereas sellers know their true product quality prior to the sale, buyers may not if these products contain experience properties. Experience properties, such as the durability of a shoe or the reliability of a personal computer, can only be assessed during consumption. They found consistent evidence that consumer responses to better warranties are compatible with the existence of a separating equilibrium under conditions of high bond credibility. The results indicate that firms could offer either a long or short warranty, but a longer warranty would not be a signal of quality. There is also strong evidence that the high warranty is beneficial only to the high-credibility firm and not to the low-credibility firm.
Gerstner (1985) found results that suggest that for many products the relation between quality and price is weak; hence, for many products, higher prices appear to be poor signals of higher quality. The findings also indicate that quality-price relations are product-specific, with frequently purchased items displaying weaker relations than non-frequently purchased items. Two explanations for these findings are suggested. First, the weaker relationship for frequently purchased products could be attributed to the fact that non-frequently purchased items usually are more expensive and big-ticket markets are more likely to behave because the financial commitment of customers is substantial. It has been shown that products with higher ticket prices display stronger price-quality relationship than do frequently purchased items. Second, the weaker price-quality relationship could be caused by size variations across brands, which make price- quantity and price-quality comparisons more difficult. It has been shown that higher unit prices may signal non-economical packages rather than higher quality.
Mission Statement and Company Introduction
Endure Heavy Duty Aluminum Doors and Frames is in business to secure a long-term future for the owner and his family. For our customers, we want to be the aluminum door and frame manufacturer who they can rely on for a quality product, delivered on time and freight pre-paid, and with excellent customer service when they need it. For our suppliers, we want to be a valued customer, and we want them to be valued stakeholders in our company.
Endure Heavy Duty Aluminum Doors and Frames is a manufacturer of aluminum doors and frames. These items are supplied for water and wastewater treatment plants, schools, and other locations where corrosion from water or other chemicals is a threat; and where a strong, pre-finished opening is desired. (Note that this is simply a repeat from the beginning of Assignments 1 and 2).
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