Fluent Essays

There are only two parts of the assignment that need to be revised and the following will be posted along with the paper that needs to be revised.  Part B: Your Marketing Plan Overview Using the same hypothetical company from Part A: Your Marketing Plan, for this assignment, you will focus on the companys branding strategy, primary and secondary target markets, positioning statement, and consumer behavior. Note: You should make all assumptions needed for the completion of this assignment. Instructions Create the second part of your marketing plan in 8–12 pages: Describe or list the feedback you received on Part A of your marketing plan. Explain how you will use the feedback to improve your plan. Develop a branding strategy for your product or service that covers the brand name, logo, slogan, and at least one brand extension. Thoroughly analyze the primary and secondary markets that you want to target. Thoroughly include the demographic profile (age, gender, ethnicity, and so on), psychographic profile, professional profile, geographic profile, and any other segment you deem necessary. Prepare a positioning statement. Include a perceptual map that shows your companys position against its competitors. From this map, create a statement that depicts your position. Examine the relevant consumer behavior for your target market. Explain the main reasons why the brand name, logo, slogan, brand extension, and positioning statement are right for the identified target market. Use at least three academic resources as quantitative marketing research to determine the feasibility of your product or service. These resources should be industry specific and relate to your chosen product or service. Use the Part B Marketing Plan Template [DOCX] to complete the assignment. comments from previous paper from feedback:   Part A: Your Marketing Plan Introduction: You provided a well thought out description of your hypothetical business. The product/service that you will focus on in this course is clear, the physical location is defined and you successfully introduced the elements of your marketing plan. Great job! Mission Statement: The mission statement is succinct and straight forward with a solid rationale. Your mission statement will help you move forward and focus your hypothetical company in the direction to best serve your consumer while utilizing all your resources in a cohesive manner. All five questions in your mission statement were successfully answered. Goals: Your stated short term and long term goals of either revenue, profit, market share, brand awareness or customer acquisition are SMART goals: S. – Specific; M. – Measurable; A. – Assignable; R. – Realistic; T. – Time based. Knowing what you plan to accomplish is a solid first step in building your marketing plan. There were, however, no measurements provided for your goals. These measurements are important to help you monitor your progress and adjust as needed. Environmental Analysis: All the elements of the environmental analysis were addressed and explained. You gathered factual information covering each of the six categories in the environmental analysis. This was thorough and exhibited an understanding of the environmental factors. Remember that environmental factors are outside of your direct control, but each of these factors has influence over your business. SWOT Analysis: The SWOT and Needs Analyses are on target and show how your company will fare in the market. Your strengths and weaknesses are clearly internal as you can control them. Your opportunities and threats are clearly derived from the environmental analysis and, while you cannot control them, they can have a direct impact on your hypothetical business. References and Citations: You provided more than the required number of academic peer reviewed references (four or more), and showed a clear understanding of an academic, peer reviewed reference. All APA or SWS formatting is correct. Mechanics: Your paper provided most of the points of your plan, but it was not as well organized as it could have been. Please refer to the templates as provided in the assignment instructions. The templates are APA or SWS formatted, have all the elements needed that match the rubric, and have tips so you gain the most points. As a final note, there were a few minor grammatical issues with this paper. Please make sure to proofread your paper before submitting it. One of the best ways to do this is to read it aloud. Hearing what youve written is a great way to catch grammatical issues.  this is a template to use and all I need added is a perceptual map. Running head: Part B marketing plan 1 Part B marketing plan 7 Part B marketing plan Institution: Student’s name: Date: Introduction Effective marketing strategy will play a significant role in the development and in securing market share in the industry for Kings Kid, Inc. It requires analyzing the environment and collection of data in form of feedback which forms the basic foundation to improvement. One of the ways in which the organization can create an effective marketing strategy or plan is by developing an appropriate branding strategy. The branding strategy will outline the long-term plan used in achieving long-term goals which are important in enhancing identification and preference of the brand to the consumers whom in this case are parents and guardians to the kids attending the school. Another element in the marketing strategy is the target population and the positioning statement. The statement has to outline the potential contribution of the brand to the target population analyzed. Finally, the consumer behavior of the target population has to be evaluated and assessed in determining the most appropriate approach to use in enhancing effectiveness of marketing plan used. Feedback There are various aspects collected from the feedback obtained in the first phase of the marketing plan. One of the feedbacks from the target market is the need to understand how the product offered by the entity is different from others. Education as one of the industries with huge competition in the number of market players offering services, require the participants to have a detailed differentiation plan. Customers compare different producers of the services to establish the best market player to base their preferences on. This is important for the parents to understand why Kings Kid, Inc. is the best school to have their children enrolled at. This is thus an important element to be integrated in the awareness program. In response to the feedback, the plan will develop a differentiation strategy in all the segments in the market plan. The aim of the organization is developing strategies such as the branding strategy and market analysis that is different from other organizations to ensure it creates customer experience at a more personalized level. This involves using competitive branding strategy that aligns with the target customer preferences. Making appropriate disclosures on the company is important in enhancing the understanding of the product offer for the organization. Another way of ensuring the marketing plan is more effective is by developing a positioning statement that is more strategic in creating an impression of the company as an effective and modern company. This involves evaluating the customer needs and determining ways in which the company can satisfy the needs accordingly. Also, it involves identifying the market niche to be addressed by different marketing activities. This is important in ensuring the marketing channels and language used corresponds to the target audience (Flikkema et al, 2019). The second feedback collected in the early stages of marketing plan is the need to focus on value and quality of the product or service. Parents are very cautious of the education facility and service offered by schools on their children. Early childhood development is considered a significant input towards the academic success of a child. With such emphasis and expectations from the target market, Kings Kid, Inc. must ensure the marketing plan has all variables necessary in creating sufficient awareness on the nature of the education services provided in the learning facility. This will be attained by ensuring the branding strategy responds to the most crucial questions in relation to the services offered. For instance, the branding strategy has to respond to the way in which Kings Kid, Inc. plans to engage potential customers by identifying the tone of voice and personality used. Also, the branding strategy will seek to create an ideal customer by identifying and responding to what the target market would like to feel in response to the services offered by the company. This will be achieved through collecting data from the target market and doing a thorough analysis to understand the basic requirements a parent looks in an education facility before deciding to enroll the child to the education facility. Among the factors to be evaluated at length include the curriculum used in developing the children academically within the school. Also, the safety of the children in the facility is to be assessed at length in ensuring the marketing plan address all the necessary safety issues that might be considered by the target population (Byrd, 2018). The third feedback from the preliminary stages of the marketing plan development is the need to establish the intended marketing channels and developing a marketing plan that allows such channels to be used in the organization. There is a need to determine a comprehensive plan of tracing processes and steps back to the initial stages. In ensuring the company does not incur contingent costs in adjusting the marketing plan to suit the marketing channels decided on in the later stage of marketing strategy development, there is a need to enhance flexibility of the plan. Flexibility of the plan is attained by ensuring there are alternatives in attaining each of the elements. For instance, in developing the branding strategy, there has to be a variety of brand values which can be promoted through more than one marketing channel. This creates a room for alternative marketing channels that may be necessary in future stages of the marketing activities. Flexibility of the marketing plan will also be improved by ensuring there is extensive analysis of consumer behavior. By integrating multiple variables in the determination of the consumer behavior, it becomes easier to incorporate varieties of marketing channels which aligns with the consumer behavior of the target population. The positioning statement will also be used in enhancing flexibility of the plan in relation to potential marketing channels. This is attained by ensuring the statement is not rigid in expressing how the brand fills the needs of the consumers. By expanding the market niche, it expands the scope of variables that can be used in selecting the most appropriate marketing channel to fit the consumers and create sufficient awareness on the education services offered at Kings Kid, Inc. (Flikkema et al, 2019). Branding strategy Brand name Kings Kid, Inc. aims at attaining market leadership in Michigan and other areas and at the same time create value in the society by laying a strong foundation for better future and quality lives of children. In attaining this, the company has clearly defined purpose and values which form the core foundation to association with the target market. As the brand name suggests, Kings Kid, Inc. focus on offering high-end quality services to children similarly to what children of a king would receive. The company is built on the need to create value on the consumers by making them feel the worth of their money. It is driven by the need to impact the society in a positive way other than just making profits from the organization. This forms the basis for the purpose of the brand where the company focus on ensuring the mission and the vision of the brand are met. The mission of Kings Kid, Inc. based on the mission statement is providing world-class services necessary in developing a balanced and firm foundation for a bright future of kids. With the purpose clearly focused, the focus of the company is making the right impression that aligns with the mission. This involves determining ways in which the services offered at the company and which are to be communicated in the plan aligns with the mission. Another important aspect in ensuring the brand purpose is communicated appropriately is through brand values. Kings Kid is based on the values of discipline, integrity, responsibility and royalty. The values are developed to enhance the purpose of the company. For instance, in building a balanced future, kids have to develop self-discipline. Integrity from both the stakeholders such as teachers or management and from the kids is necessary in the lives of the children. Responsibility is important in developing great citizens thus the need to integrate it within the brand of the company (Byrd, 2018). Brand logo The second element in branding the company accordingly is the use of a brand logo. The logo was developed based on the need to make a respective impression of what the name of the brand suggests to the target market. The logo is kept simple in ensuring that the target customers can easily identify the brand with the services offered. The main focus of using the brand is ensuring there is a great correlation between the expected services and the logo or the symbol representing the brand. In attaining the focus, a variety of factors were considered most of which relates to the target audience and the purpose of the brand. One of the factors is the readability of the logo where Kings Kid, Inc. focus on ensuring the target audience can read the contents of the logo in ease. This was used as the basis in selecting the colors to brand the company. Another factor considered in developing the logo is royalty as suggested in the name. The logo had to represent the status of the king as suggested in the name. The image shows the brand used in presenting the brand. The main reason for the name ‘king’s kid’ on the logo is to provide an association of the logo to the name of the company (Dong & Gleim, 2018). As suggested by the crown on the logo, there is royalty as one of the brand values which also links the logo to the name Kings Kid, Inc. Brand slogan The slogan of the brand, ‘Treating your child in the royal way in developing them to become kings and queens. Brand extension In diversifying the portfolio of the company, there will be extension of services offered by the company through introduction of learning products. This will include stationary and school uniform products. The products will be branded with the logo of the company to enhance alignment with the brand and ensure that consumers can link the products with the company. The main focus of the extension is to expand the returns on the company but on the same time ensure all associated or secondary needs of the customers are met (Addepalli et al, 2018). Primary and secondary market analysis The company’s target market include parents whose children are in the early childhood development stages. This forms the basic basis in developing a primary efficient market analysis. Based on the primary market analysis, majority of the target market needs to feel their children are accessing the best services in school. There is a need for a conviction that the services offered at the learning facility will impact positively on the children in response to building a successful and brighter future. This involves ensuring all early childhood development needs of the child are addressed accordingly. Among the needs include nurturing talents of the child in both academic and non-academic areas. In response to the basis, the company has a skilled workforce that is trained in ensuring the children or students enrolled in the school system gain most in the sessions developed within the school. This is an aspect that has to be integrated in the marketing plan by ensuring the target audience is made aware through marketing activities of the company. Giving appropriate advertising tools that give a detailed curriculum of what is taught and developed in the school is important. The company can create such awareness through brochures. The second factor considered by the primary market is safety in that majority of the parents and guardians are concerned of the safety of their children while at school. Some of the parents prefer contacting the school to enquire on the status of their children. This is a need that has to be filled by ensuring the marketing plan address the safety issue. One of the ways in which this has been addressed in Kings, Kid is through the use of virtual streaming where the parent is given access to view the children at school through the computerized surveillance system integrated on the company’s site. The target market is also analyzed based on demographic factors of income and age. The two factors are used in determining and classifying secondary market. In enhancing market development, there is a need to specify the market niche by narrowing the differentiation strategies used. The company focuses on the middle-class group and the young families. The selection was based on the statistics that majority of the young families either with both parents present or single parents are either in the upper or lower middle class group. The source of income on such households is from sources such as employment or relatively growing business thus limited returns. The company has to ensure the pricing strategy used aligns with the social class and the income status of the target market. A young couples and families, the target population is more concerned of the welfare of their children thus the need of being comprehensive and thorough in describing the services offered in the facility. Positioning statement “Every parent wants the best for their children which are why setting the best foundation at their early stages is important. King’s Kid gives you the opportunity to build the best life for your child with the best skills and talents in the market to treat your child as the royal children they are.” The company focuses on value as a determinant in differentiating the brand from other competitors in the market. It focuses on creating a problem analysis and a solution to the problem through enrolling in the institutions. Consumer behavior There are factors considered in developing the brand name, logo and extension which are related to the consumer behavior of the target market. One of the factors is conviction on value where the target audience prefers brands that guarantee them quality of the services offered. The company has enhanced this through the brand name where royalty has been emphasized in defining the quality of the services offered by the company. Another factor considered by majority of parents in search for early childhood facility is the connection with the brand. This is determined wit how easy it is for an individual to identify with the service or brand. This is well-suited to the easily developed brand name and logo with the title ‘King’s Kid’ on the logo. The third factor is convenience where the target market prefers purchasing associated products from a single space or supplier. This is the reason as to why introducing stationary and other related products would be suitable for the company (Portal et al, 2019). Reference Addepalli, S., Pagalday, G., Salonitis, K., & Roy, R. (2018). Socio-economic and demographic factors that contribute to the growth of the civil aviation industry. Procedia Manufacturing, 19, 2-9. Byrd, M. Y. (2018). Diversity branding strategy: Concealing implicit stereotypes and biased behaviors. Advances in developing human resources, 20(3), 299-312. Dong, R., & Gleim, M. R. (2018). High or low: The impact of brand logo location on consumers product perceptions. Food Quality and Preference, 69, 28-35. Flikkema, M., Castaldi, C., de Man, A. P., & Seip, M. (2019). Trademarks’ relatedness to product and service innovation: A branding strategy approach. Research Policy, 48(6), 1340-1353. Portal, S., Abratt, R., & Bendixen, M. (2019). The role of brand authenticity in developing brand trust. Journal of Strategic Marketing, 27(8), 714-729.