Fluent Essays

****(7 to 8 Pages) for the Marketing Project. ****   Marketing Plan Midpoint Submission This is the midpoint check in to your marketing plan. Please submit your draft of your marketing plan here. In the Content folder section there is a marketing plan template you can use to fill out. Take advantage of the marketing plan samples to see the sections you need to fill out for the final submission.      Name: Product: (To fill out the template, simply delete the text and type the information. Please fill out each point briefly – this is not in-depth, but you want to give a general overview.) The following must be included in your marketing promotion project: Product description and brief history of company - Describe the product, generally speaking identify what the product is and how it is used, (It is not necessary to describe the product from a technical or mechanical perspective, rather, how will the product benefit the consumer, how will it be used) - Provide a brief history of the company—when was it formed, who the key personnel/managers are, where do you operate, how are you organized.    SWOT Analysis - Analyze the internal strengths and weaknesses of your product and your company. What about your product or company is an asset, what adds value, and what is a weakness.  -Analyze the external environment and factors in the environment that are opportunities, and those that are threats.   Marketing Objectives   - Identify what is expected to be accomplished, (objectives) through marketing activities. - SMART objectives Target Market Strategy - Discuss your target market and the variables that you will use to identify this market, (example: demographic, geographic, psychographic, buying behavior, etc.). - Identify your strategy—will you target the entire market or a concentrated segment with a single marketing mix, or will you target multiple segments and develop multiple marketing mixes.  Marketing Mix--4 P’s, (Product, Place, Price, Promotion) - Identify each of the 4 Ps. - Product should include not only the physical product, but the package, warranty, after-sales support, etc. - Place—discuss how you will ensure that your products are available to consumers when and where they want them.  - Promotion—discuss how you will promote your product to bring about mutually satisfying exchanges with target markets. How will you inform, educate, persuade and remind consumers of the benefits of your product. - Price—Discuss how you will price your product; what pricing strategy will you employ? And identify the price. Implementation and control plans - Identify the steps you will take to achieve your marketing objectives, and how you will control progress toward those objectives.  Download the template, do your work, save it as an MS Word document and upload it. *Attached is the template MK 101- Marketing Project Outline Template. Here are some Marketing Plan Examples and Templates: https://blog.hubspot.com/marketing/marketing-plan-examples https://www.atlassian.com/blog/productivity/how-to-write-smart-goals https://easyaffiliate.com/blog/target-audience-profile/ My major is Healthcare Administration Management and I have been in the healthcare field for over 15 years. Clinical and Clerical both sides of the healthcare.    ****(7 to 8 Pages) for the Marketing Project. ****    The course project is a marketing plan. You will select a product or service (it can be existing but if it is, your work should be original - not obtained from that business!). Over the weeks you will be working on different sections of the marketing plan. First assignment will be your marketing plan proposal. You will then be submitting draft versions to show your progress. During that time I will provide feedback and recommendations. Final marketing plan will be due week 7. There is a marketing plan sample for your reference. And there are videos and other links to also help you. Heres another link that shows you different versions and templates. Good luck and reach out if you have any questions. (note copy the whole link in your browser) Heres a nice tutotorial site you can also use as a reference for building a marketing plan. Copy/paste the URL into your browser to access: https://www.mplans.com/marketing-plan-outline.php#.XwYWZmhKiUl https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=8&cad=rja&uact=8&ved=2ahUKEwj3i6GEzMznAhXLwFkKHSNfAzQQFjAHegQICxAL&url=https\%3A\%2F\%2Fwww.examples.com\%2Fbusiness\%2Fproduct-marketing-plan.html&usg=AOvVaw1_AlGqjKTCM-3Acr168BNi Name: Product: (To fill out the template, simply delete the text and type the information. Please fill out each point briefly – this is not in-depth, but you want to give a general overview.) The following must be included in your marketing promotion project: · Product description and brief history of company · Describe the product, generally speaking identify what the product is and how it is used, (It is not necessary to describe the product from a technical or mechanical perspective, rather, how will the product benefit the consumer, how will it be used) · Provide a brief history of the company—when was it formed, who the key personnel/managers are, where do you operate, how are you organized.   · SWOT Analysis · Analyze the internal strengths and weaknesses of your product and your company. What about your product or company is an asset, what adds value, and what is a weakness. · Analyze the external environment and factors in the environment that are opportunities, and those that are threats. · Marketing Objectives  · Identify what is expected to be accomplished, (objectives) through marketing activities. · SMART objectives · Target Market Strategy · Discuss your target market and the variables that you will use to identify this market, (example: demographic, geographic, psychographic, buying behavior, etc.). · Identify your strategy—will you target the entire market or a concentrated segment with a single marketing mix, or will you target multiple segments and develop multiple marketing mixes. · Marketing Mix--4 P’s, (Product, Place, Price, Promotion) · Identify each of the 4 Ps. · Product should include not only the physical product, but the package, warranty, after-sales support, etc. · Place—discuss how you will ensure that your products are available to consumers when and where they want them. · Promotion—discuss how you will promote your product to bring about mutually satisfying exchanges with target markets. How will you inform, educate, persuade and remind consumers of the benefits of your product. · Price—Discuss how you will price your product; what pricing strategy will you employ? And identify the price. · Implementation and control plans · Identify the steps you will take to achieve your marketing objectives, and how you will control progress toward those objectives. Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. LO 7-3 LO 7-2 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 7, YOU SHOULD BE ABLE TO: LO 7-1 Identify the reason for conducting marketing research. Describe the five-step marketing research approach that leads to marketing actions. Identify the two kinds of secondary data and give examples of each. Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. LO 7-5 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 7, YOU SHOULD BE ABLE TO: LO 7-4 LO 7-6 Describe the meanings of observational data and questionnaire data and give examples of each. Explain how information technology and data mining lead to marketing actions. Describe three approaches to developing a company’s sales forecast. Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. REDUCING THE RISK OF A MOVIE’S FAILURE WITH TEST SCREENINGS AND TRACKING STUDIES What’s in a Movie Name? The Risks of Today’s (and Tomorrow’s) Blockbuster Movies Conduct Test Screenings Use Tracking Studies Movie Trailer Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-A Marketing research questions asked in test screenings of movies that lead to specific actions Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. REDUCING THE RISK OF A MOVIE’S FAILURE WITH TEST SCREENINGS AND TRACKING STUDIES Converting Marketing Research Results into Actions Avatar Movie Trailer Reducing the Risk of a Movie’s Failure with Test Screenings and Tracking Studies Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. THE ROLE OF MARKETING RESEARCH LO 7-1 The Challenges in Doing Good Marketing Research Five-Step Marketing Research Approach What is Marketing Research? Decision Decision Making Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-1 Five-step marketing research approach leading to marketing actions Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 1: DEFINE THE PROBLEM SET THE RESEARCH OBJECTIVES LO 7-2 Be Specific, Measurable, and Achievable Have a Clear Research Purpose Must Lead to Marketing Actions LEGO Video Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 1: DEFINE THE PROBLEM IDENTIFY POSSIBLE MARKETING ACTIONS LO 7-2 Measures of Success Possible Marketing Actions Measure of Success: Playtime Children Spent More Time Playing with Old Design Children Spent More Time Playing with New Design Continue with Old Design; Don’t Introduce New Design Introduce New Design; Drop Old Design Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 2: DEVELOP THE RESEARCH PLAN SPECIFY CONSTRAINTS LO 7-2 Constraints Identify Data Needed for Marketing Actions Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 2: DEVELOP THE RESEARCH PLAN DETERMINE HOW TO COLLECT DATA LO 7-2 Concepts Methods New-Product Concept Sampling Statistical Inference Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT INFORMATION LO 7-3 Data Secondary Data Primary Data Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-2 Types of marketing information Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA SECONDARY DATA LO 7-3 Internal Marketing Input Data Marketing Outcome Data Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA SECONDARY DATA LO 7-3 External Census Bureau U. S. 2010 Census American Community Survey U. S. 2012 Economic Census Census 2010 Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA SECONDARY DATA LO 7-3 External Syndicated Panel Nielsen TV Ratings J.D. Power Surveys IRI InfoScan Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA SECONDARY DATA LO 7-3 External Universities Trade Associations Business Periodicals Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. MARKETING MATTERS Online Databases & Internet Resources LO 7-3 Statistical & Financial Data Portals & Search Engines Wall Street Journal CNBC Fox Business News Google USA.gov Census Bureau Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA SECONDARY DATA LO 7-3 Advantages Time Savings Inexpensive Out of Date Definitions/Categories Not Right Disadvantages Not Specific Enough Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA PRIMARY DATA—WATCHING PEOPLE LO 7-4 Observational Data Nielsen’s People Meter Mechanical Methods Nielsen’s TV Ratings Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-3 Nielsen Broadcast Ranking Report for network TV primetime households Nielsen Top 10 Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA PRIMARY DATA—WATCHING PEOPLE LO 7-4 Personal Methods Mystery Shopper Videotaping Ethnographic Research Neuromarketing Methods Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA PRIMARY DATA—ASKING PEOPLE LO 7-4 Questionnaire Data Idea Generation Methods Individual Interviews Depth Interviews Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA PRIMARY DATA—ASKING PEOPLE LO 7-4 Focus Groups Idea Generation Methods “Fuzzy Front End” Ex: Trend Hunting Trend Hunter Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA PRIMARY DATA—ASKING PEOPLE LO 7-4 Idea Evaluation Methods Personal Interview Surveys Mail/Fax Surveys Telephone Surveys Online (E-Mail/ Internet) Surveys Mall Intercept Interview Surveys Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-B Comparison of types of surveys Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA PRIMARY DATA—QUESTION FORMATS LO 7-4 Open-Ended Questions Closed-End or Fixed Alternative Questions Dichotomous Questions Semantic Differential Questions Likert Scale Questions Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4A Different types of questions in a sample Wendy’s survey (Q1 – Q6) Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4A (Q1) Sample Wendy’s survey: Open-ended question Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4A (Q2) Sample Wendy’s survey: Dichotomous question Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4A (Q3) Sample Wendy’s survey: Multiple choice question Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4A (Q4) Sample Wendy’s survey: Attitudinal question Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4A (Q5) Sample Wendy’s survey: Semantic differential scale question Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4B (Q6) Sample Wendy’s survey: Likert scale question Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4B Different types of questions in a sample Wendy’s survey (Q7 – Q9) Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4B (Q7) Sample Wendy’s survey: Media behavior question Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4B (Q8) Sample Wendy’s survey: Usage behavior question Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-4B (Q9) Sample Wendy’s survey: Demographic questions Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-C Typical problems when wording questions Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA PRIMARY DATA—OTHER SOURCES LO 7-4 Social Media Carmex Lip Balm Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. USING MARKETING DASHBOARDS Are the Carmex Social Media Programs Working Well? LO 7-4 Conversation Velocity, Share of Voice, and Sentiment Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA PRIMARY DATA—OTHER SOURCES LO 7-4 Experiments Independent Variable: The Cause (Drivers) Dependent Variable: The Result Test Markets Panels Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA PRIMARY DATA—OTHER SOURCES LO 7-4 Information Technology Sensitivity Analysis Data Warehouse Data Mining RFID Technology Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-5 How marketing researchers and managers use information technology to turn information into action Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. MAKING RESPONSIBLE DECISIONS The Downside of Data Mining Reveals Personal Information Ghostery LO 7-4 Collected via Cookies and Apps Enables Personalization and Targeting Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 3: COLLECT RELEVANT DATA +/– OF PRIMARY DATA LO 7-4 Advantage Expensive Time Consuming to Collect Disadvantages More Specific to the Problem Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 4: DEVELOP FINDINGS LO 7-5 Present the Findings Analyze the Data How are Sales? What Factors Contribute to Sales Trends? Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-6 Marketing dashboards that present findings to Tony’s marketing manager that lead to recommendations and actions Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-6A Findings presented to Tony’s marketing manager Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-6B Findings presented to Tony’s marketing manager Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-6C Findings presented to Tony’s marketing manager Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-6D Findings presented to Tony’s marketing manager Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. STEP 5: TAKE MARKETING ACTIONS LO 7-5 Evaluate the Results Make Action Recommendations Implement the Action Recommendations The Decision Process Used The Decision Itself Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. SALES FORECASTING TECHNIQUES LO 7-6 Sales Forecast Judgments of the Decision Maker Surveys of Knowledgeable Groups Direct Forecast Lost-Horse Forecast Salesforce Survey Forecast Survey of Buyers’ Intentions Forecast Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. SALES FORECASTING TECHNIQUES LO 7-6 Statistical Methods Trend Extrapolation Linear Trend Extrapolation Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-7 Linear trend extrapolation of sales revenues at Xerox, made at the start of 2000 Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 7-D Top-down forecast: Survey of Buying Power Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. CARMEX [A]: LEVERAGING FACEBOOK FOR MARKETING RESEARCH VIDEO CASE 7 Carmex Video Case Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. VIDEO CASE 7 Carmex [A] 1. What are the advantages and disadvantages for the Carmex marketing team in collecting data to narrow the flavor choices from three to two using (a) an online survey of a cross-section of Internet households or (b) an online survey of Carmex Facebook likers? Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. VIDEO CASE 7 Carmex [A] 2. (a) On a Facebook brand page, what are “engagement” and “likes” really measuring? (b) For Carmex, which is more important and why? Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. VIDEO CASE 7 Carmex [A] 3. (a) What evokes consumers “engagement” on a brand page on Facebook? (b) What attracts consumers to “like” a brand page on Facebook? Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. VIDEO CASE 7 Carmex [A] 4. (a) What are the advantages and disadvantages of using a fixed-alternative poll question on Facebook? (b) When do you think it would be better to use an open-ended question? Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. VIDEO CASE 7 Carmex [A] Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. VIDEO CASE 7 Carmex [A] Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. VIDEO CASE 7 Carmex [A] 5. (a) If you had a limited budget and two weeks to decide which two flavors to put into quantitative testing, would you choose a “poll only” or a “contest only” strategy? Why? (b) If you had a sizeable budget and two months to make the same decision, which scenario would you choose? Why? Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. FIGURE 3 Potential results from three possible Facebook strategies Slide 7-‹#› © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, … Healthy Fruit Dog Treats 1 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] Running head: HEALTHY FRUIT DOG TREATS CREATED BY DIVERSION BRANDS, LLC Healthy Fruit Dog Treats Created by Diversion Brands, LLC SAMPLE Healthy Fruit Dog Treats 2 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] Table of Contents 1.0 Executive Summary 3 2.0 Situation Analysis 4 2.1 Market Summary 6 2.2 SWOT Analysis 8 2.3 Competition 10 2.4 Product (Service) Offering 12 2.5 Keys to Success 13 2.6 Critical Issues 14 3.0 Marketing Strategy 15 3.1 Mission 17 3.2 Marketing Objectives 18 3.3 Financial Objectives 19 3.4 Target Markets 20 3.5 Positioning 23 3.6 Strategies 24 3.7 Marketing Mix 25 3.8 Marketing Research 28 4.0 Controls 29 4.1 Implementation 30 4.2 Marketing Organization 31 4.3 Contingency Planning 32 5.0 Conclusion 33 References 34 Healthy Fruit Dog Treats 3 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 1.0 Executive Summary Diversion Brands, LLC is ready to promote and launch happy dog! dog treats in a neighborhood near you. The brand message of happy dog! is simple: A happy dog has a happy owner and a good life. Diversion Brands, LLC is preparing to launch this healthy, fruit-based dog treat into the emerging gourmet pet food industry. Diversion Brands, LLC can effectively compete in this niche market due to the uniqueness of the organic, fruit-based product. The specific segment of consumer in this growing market is the pet owner who treats his/her dog as part of the family. In addition, the consumer is focused on the healthy diet of his/her pet. Diversion Brands, LLC is marketing to the growing pet owner population who considers his/her pet as important as any family member. The happy dog! dog treat is unique, yet affordable for daily use. Diversion Brands, LLC has a primary market objective to achieve 20\% local market share in Dubuque, Iowa and the Tri-State area after 24 months. The secondary market objective is to achieve 2\% market share in the State of Iowa after 36 months. The primary financial objective is to break even in year one and by the third year have $5,000 in net income. Healthy Fruit Dog Treats 4 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 2.0 Situation Analysis Diversion Brands, LLC is a new company with the strategic intent to market healthy fruit-based dog treats to the local market in Dubuque, Iowa. The marketing plan will create structure to establish and build upon demand and distribution options in the local market. The product will focus on fruit- based flavors such as tangerine, strawberry, cherry and blueberry for the dog treats. The macro environment is very important to the success of the product launch. The employment and income of the individuals will affect their buying power of a luxury item, in this case dog treats. In addition, the family structure may influence pet ownership if there are children in the home. Overall, the Iowa economy is steady for employment and typically has dual income earners. The demographic s of Dubuque County consists of the following metrics (Census.gov, 2013):  Estimated 95,097 in 2012 total population  Individuals under 18 years 23.5\%; Individuals 65+ years 15.3\%  Female 50\%  Percent of individuals 25+ years with High School graduate or higher is 90.5\%  Percent of individuals 25+ years with Bachelor’s degree or higher is 25.5\%  Median household income, 2007 – 2011 is $49,663 The economic characteristics of the State of Iowa include (Census.gov, 2013)  Unemployment is at 5.5\%  All parents in the labor force is 74.2\% who have children under 6 years old  All parents in the labor force is 80.4\% who have children from 6 to 17 years old  78.8\% of the workers are private wage and salary workers Healthy Fruit Dog Treats 5 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle]  Educational services, and health care and social assistance comprise 23.7\% of the industry workforce, followed by manufacturing at 14.7\% There are several areas for Diversion Brands, LLC to review in order to compete efficiently and effectively in the local market. First, the final formulation of each product taste needs to be tested and taste approved. The supplier relationships will need to be established for the product ingredients. Secondly, policies and procedures need to be established to follow the Federal Food, Drug, and Cosmetic Act (FDA) and Association of American Feed Control Officials (AAFCO) for the commercial pet licensing under which dog treats are categorized (AAFCO.org, 2013). In addition, any regulatory requirements from the State of Iowa need to be understood and incorporated into the product plan. For example, Iowa has a $10 annual license fee and a $50 annual fee per product pet food 10 lb or less (AAFCO.org, 2013). Thirdly, the marketing and advertising plan need to be created for the overall strategy. This includes, but not limited to social media, retail packaging and branding and booth presentation. The reseller and distribution channel needs to be established for future growth opportunity. These will be key components to create the need for the healthy organic fruit-based dog treat in many homes. Healthy Fruit Dog Treats 6 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 2.1 Market Summary The consumer market for organic, healthy fruit-based dog treats is rapidly expanding. In 2011, there were approximately 70 million pet dogs in the United States (AVMA, 2011). This estimate increased to 85 million dogs owned by households in 2012 (Taylor, 2013). The dog is really the consumer since they eat the product however, the dog owners are the buyers and where the marketing plan focuses its message. With the increase in pet ownership comes the opportunity to market to a growing and select group of pet owners for the healthy, organic fruit-based dog treat. According to the American Pets Product Association, estimated sales in 2013 in the U.S. for pet food (which includes treats) will be $21.26 billion, and in 2012, the actual spend for pet food was $20.64 billion (americanpetproducts.org, 2013). Additional detail provided by the 2011-2012 APPA National Pet Owners Survey, stated responses by U.S. owner showed they spent $70 annually on treats (americanpetproducts.org, 2013). In 2010, the United States the characteristics of generational pet ownership of dogs looked like the following:  Gen Y Adult (Age 18-29) 34.7\%  Gen X (Age 30-44) 42.4\%  Boomers (Age 45-64) 39.0\%  Seniors (Age 65+) 23.3\% Dog ownership comprised the largest sector of the pet ownership population and the ownership rate remained grew from 2007 at 34.9\% to 36.0\% in 2010 for overall U.S. households (Pet Food in the U.S., 9th Edition, 2011). Healthy Fruit Dog Treats 7 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] As of 2010, United States households earning $70,000 or more account for 51\% of the aggregate pet market expenditure and these customers are spending their money on the premium pet products (Taylor, 2013). In 2011, a survey from CouponCabin.com stated 68\% of U.S. dog owners said economic challenges did not affect their dog care spending. In addition, 21\% of the survey respondents spent an average of $100 or more per month on their dogs (Phillips-Donaldson, 2011). There are two relevant trends in pet food spending which include the economy and the humanization of pets. While the economy has placed individuals in situations where budgets are required and spending habits changing, the pet owner feels good about spending a small dollar amount on his/her pet. Based on the surveys, the average annual spend is between $70 -$100 per U.S. household on dog treats. This small purchase creates a sense of happiness for the dog owner and in turn, the happy pet. The humanization of pets in the case of dogs means the pet owners are treating their dogs as they would children in the family. People are taking their dogs with them on errands, letting them sleep in their beds, purchasing clothes for them and purchasing treats for reward and recognition. Many times people refer to their “furry kids” when asked about their family structure. People are including dogs on the Christmas cards and part of family functions, which may include travel like vacations and family reunions. Diversion Brands, LLC will need to capitalize on this psychological and social belief the pet owner holds of his/her dog. As part of the family, only the best treats should be given to the dogs, which hold high nutritional and health values. Healthy Fruit Dog Treats 8 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 2.2 SWOT Analysis Strengths identified for Diversion Brands, LLC and the healthy fruit-based dog treat:  High quality dog treat.  Freshest dog treat available in the market.  Follow and comply with FDA, AAFCO and state guidelines.  Nutritionally balanced – no preservatives or artificial colors.  Secondary marketing focus, in the area of pet allergies and pet owners sensitive to calories for the dogs.  Manufacturers, trade associations and media are educating and increasing the awareness of proper pet nutrition for similar products.  Owner has a strong reputation in the community and solid customer service background.  The local market area is in a tri-state geographic location, which includes Iowa, Illinois and Wisconsin. Weaknesses identified for Diversion Brands, LLC and the healthy fruit-based dog treat:  A less expensive and/or larger selection of similar products may be available commercially in the online market or at the regional based farm, home and auto retail store.  This product has not been marketed or distributed, nationwide, prior to its launch.  This is a new product to the public and relatively unknown to the target market.  No brand name associated with the product. Healthy Fruit Dog Treats 9 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle]  Production capabilities currently designed to meet demand at the Farmer’s Market and retail locations of the Dubuque Regional Humane Society.  The established gourmet pet treat makers have economies of scale production, research and development capabilities along with financial advantage. External Opportunities identified for Diversion Brands, LLC and the healthy fruit-based dog treat:  Dog ownership continues to increase in the United States.  The organic based treats are in an area, which seems to be recession proof.  As people want to continue to improve personal health, so to becomes the focus to improve the dog’s health.  The trend of humanization of pets, specifically dogs, encourages the consumer to spend on products, which mimic human tastes and preferences in lifestyle choices.  Partnership with the Dubuque Regional Humane Society as a Board Member and strong relationship with local veterinarians, to provide opportunity to sell the product in brick and mortar locations. Threats identified for Diversion Brands, LLC and the healthy fruit-based dog treat:  Competition can invest in technology at a faster pace.  Competition can use research and development activities to improve the product itself and to create efficiencies in the manufacturing process.  Competition continues to increase on a local, regional and national basis. Healthy Fruit Dog Treats 10 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 2.3 Competition There are strong organic pet food manufacturers and distributors in the gourmet dog pet food and treat market. There are approximately 24 established brands and as an emerging market, competition continues to increase across the country. The established brands have attractive packaging, well created websites, and distribution channels. Located in Northeast Minnesota and established in 1985, the Sojo’s mantra is making healthy food and treats for dogs. This company does not use fillers, preservatives, artificial color or artificial flavors. They utilize retail locations across the country to resell their products. They have distributors across the U.S., including Puerto Rico and Canada. They are fully -integrated in social media, including 58 online retailers, along with an 800 number for customer support. A family owned business, the staff is comprised of the 2 owners and 13 individuals. They have a national sales and marketing team, customer service and production team. The competing products include treats with flavors like apple dumpling, blueberry cobbler, duck and cherry and lastly, lamb and sweet potato (Sojo’s, 2013). Based on a family pet that had food allergies, Grandma Lucy’s started in 1999 to develop safe and healthy food treats. The company has 23 distributors and many retailers across the United States and Canada. A family-owned business, which has continued its expansion over 13 years, they are located in Irvine, CA. They produce both dog and cat food, along with treats for both. The competing products include treats ,which are freeze- dried or organic ,like pumpkin, blueberry, apple and banana to list a few. The company offers a rewards program for dog food purchases. They utilize a website and have a customer service area (Grandma Lucy’s, 2013). Stella and Chewy’s, located in Milwaukee, Wisconsin is a family-owned business that specializes in dog and cat food and treats. It started with an animal rescue and led the owner to develop healthy dinner and treats for her dog. The uniqueness of this organization is the dinners are raw and kept Healthy Fruit Dog Treats 11 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] refrigerated. The treats are not competitive from the fruit perspective, and they carry only freeze-dried meat based treats. They are in resellers across the United States, have an online presence with the website and 70 online retailers, and a customer- support email address and phone number (Stella and Chewy’s, 2013). The remaining national brands in the marketplace forming the competition are (goodkarmadog.com, 2013): Barkworthies Bixbi CocoTherapy Crump’s Naturals Etta Says! Fromm Healthy Dogma Himalayan Dog Chew K9 Granola Factory Lincolnbark Northern Biscuit Orijen Plato Pet Treats Polkadog Bakery Purebites Sam’s Yams Snicky Snaks The Honest Kitchen Wet Noses Whole Life Pet Products Zuke’s Healthy Fruit Dog Treats 12 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 2.4 Product Offering The healthy fruit-based treat serves a portion of pet owners who want to provide nutritional treats to their dogs while also providing flavor and enjoyment to the dogs. The concern of many pet owners is the chemical additives, sugars and fats, which can be detrimental to a pet’s health. Dogs are omnivores, eating both meat and plants, so fruit is a perfect addition to the dog’s diet (Marlo, 2007). For an overweight dog, serious health problems such as diabetes, heart disease and arthritis could be present, states Edward Moser, V.D.M, DACVN, an adjunct member of the nutrition faculty at the University of Pennsylvania School of Veterinary Medicine (Chen, 2010). Fruit-based treats support the low-calorie, high fiber diet good for pets both overweight and not overweight. The packaging for the treats would be in bags, re-sealable and recyclable. The size would be 8 oz or 10 oz with approximately 20 treats in each bag. An environmentally conscious organization, it encourages recycling to reduce waste in the environment. The flavors of the treats would begin with tangerine, strawberry, cherry and blueberry. The treats would have natural ingredients, no artificial flavors or colors and no preservatives. Healthy treats compliment the various uses by pet owners, from dog training rewards, going into a kennel or simply on special occasions. As part of the family, the dog deserves the same quality of treat as anyone in the family. Currently, there is a limited selection of healthy fruit-based treats available in the market. Healthy Fruit Dog Treats 13 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 2.5 Keys to Success There are several keys to success in delivering a healthy fruit-based dog treat to the market. First, the quality of product is critical to the customer loyalty factor and repeat purchasing. It is necessary to maintain the quality so very little customer service issues, potential recalls or other unknown issues arise for the product. Secondly, financial funding to launch the product development and marketing will assist in establishing a long-term product offering to the market. It will be important to continually review and improve upon the product to meet the needs of the consumer. Thirdly, establish a website and online presence through social media on Facebook and Twitter. For market awareness and expansion, these will be critical areas. It is important to have easy-to- navigate sites, which provide the information the consumer is seeking. In addition, the ability to capitalize upon a customer -relationship management system, to provide capabilities such as emails and newsletters will be important to the company to remain top of mind to the consumer. Healthy Fruit Dog Treats 14 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 2.6 Critical Issues The distribution process to the consumer will happen in stages for Diversion Brands, LLC. The initial stage will include a small roll out of the product to the social network of family, friends and acquaintances. The next roll out will include a booth at the Farmer’s Market in Dubuque, Iowa which is held year-round. The Farmer’s Market is held outside from May thru September and inside from October thru April. This incorporates vendors and visitors from the Tri-State area of Iowa, Illinois and Wisconsin. The third phase will include placing the product at the two retail locations of the Dubuque Regional Humane Society, which services all of Dubuque County. In addition, collaborate with local veterinarians to offer the product in their respective office locations. As the market penetration continues to expand, incorporating sales from the website and forming a partnership with Theisen’s Home Farm and Auto retailer will expand the product offering both nationally via the web and regionally via Theisen’s with 20 store locations in Iowa. The final phase will create partnerships with resellers and distributors across the United States. The goal of creating the need is meant to start small and grow exponentially so Diversion Brands, LLC can meet the demand and maintain appropriate product supply. Healthy Fruit Dog Treats 15 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 3.0 Marketing Strategy In creating an integrated marketing strategy, Diversion Brands, LLC will focus on several strategies, which build upon and complement each other. Brand awareness will be the key to launching the product. The goal will be to build the customer database within 6 months and increase the customer database by 25\% in the following 6 months. For brand awareness, Diversion Brands, LLC will fully integrate social media with the company. Diversion Brands, LLC will develop a website along with the ability to have e-commerce purchase capability of the products. Diversion Brands, LLC will utilize Twitter to post updates, articles and information related to healthy dog treats and proper care for pet dogs. LinkedIn will focus on the company and build a networking group of pet lovers, pet food resellers and pet food distributors. Facebook will create the fun and friends image, company information and potentially engaging in prizes for participation in activities. Pinterest will be centered as a B2C company to engage dog owners in boards which provide value and the “wow” factor. Lastly, Instagram to engage in the visual content by showing the products, happy and healthy dogs, etc. By utilizing all these channels effectively and timely, an individual can connect at any time using their preferred means of communication. In addition to social media, the initial marketing will take place at the booth at the Farmer’s market. This will be the first location where the actual product will be sold in-person. The goal will be to engage dog owners in company awareness and purchase the product. Following 6 months at the Farmer’s market, brand awareness should increase by 45\% and revenue generation should increase by 70\%. The repeatability of the customer base at the Farmer’s market, along with the social media presence will improve the brand awareness within the desired 12 months. The Farmer’s market will also provide the research study for the consumer group as the taste test market. These customers will be the test group to understand if the product is liked and desired by Healthy Fruit Dog Treats 16 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] the dogs. This will assist with development of the various product flavors. When the consumers provide feedback, either positive or negative, it will support plans to move the various product lines forward or need for reformulation. With positive results, these consumers can be used in marketing the positive feedback for the product. For print advertising, in the development phase of the partnership with the Dubuque Regional Humane Society (DRHS), Diversion Brands, LLC will purchase advertising in the print and email versions of the DRHS monthly newsletter. This will support the product presence in the two retail locations. Healthy Fruit Dog Treats 17 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 3.1 Mission The mission of Diversion Brands, LLC is to deliver a healthy, natural fruit-based dog treat to the consumer who is concerned about the health and well-being of his/her dog. With the rise in pet ownership, the benefits of pet ownership reducing stress, and the overall rewards of companionship means the value of a healthy and happy dog extends to the overall health and happiness in the owner’s life. Healthy Fruit Dog Treats 18 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 3.2 Marketing Objectives In achieving the desired sales and revenue results, Diversion Brands, LLC will utilize a Customer Relationship Management (CRM) system. The ability to capture and connect with those interested in purchasing the product will be critical to the business success. By contracting with Salesforce.com, in either the Group or Professional edition, it will improve sales productivity and grow revenue opportunities. The marketing objectives to be reached are the following:  In 6 months, expand brand awareness by 45\% by creating and building the customer base from zero to 500 customers.  In 6 months, track the click rate on the Company website and Facebook to improve content value and increase by 35\% from the initial 0\% at start-up.  In 12 months, using the customer database expand the brand awareness by an additional 20\%.  In 12 months, improve the click to purchase rate by 15\%.  In 12 months, become the primary healthy fruit-based treat provider to the retail stores of the Dubuque Regional Humane Society.  In 24 months, become a local leader in manufacturing and selling of the healthy fruit-based dog treats with 20\% market share.  In 36 months, secure shelf space at the retail store of Theisen’s Home Farm and Auto Store in the 20 locations in Iowa. Healthy Fruit Dog Treats 19 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 3.3 Financial Objectives In order to reach the desired financial objectives, several partnerships need to be established to build the brand awareness and sales opportunities. By the third year, Diversions Brands will need to secure the shelf space at the regional store of Theisen’s Farm Home and Auto stores. To accomplish this goal, Diversion Brands, LLC will engage with a pet food contract manufacturer and pet food industry expert to improve the revenue cycle for the product sales. The financial objectives to be reached are the following:  In 6 months, have gross sales of $2000.00.  In 12 months, have gross sales of $5000.00.  In 12 months, improve cost-of-goods and production efficiency by 20\%.  In 12 months, have break-even income to expenses.  In 24 months, increase the number of per unit sales by 65\%.  In 36 months, increase gross sales to $15,000.00.  In 36 months, have net income of $5000.00. With the additional marketing plan focus both online and print, the brand awareness will continue to increase exponentially. The distribution channels continue to expand which also improves the brand awareness. The long-term financial goal in five to seven years is expansion by resellers and distributors across the United States. This will allow the company to invest in R&D and expansion of the product line. Healthy Fruit Dog Treats 20 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle] 3.4 Target Markets The general target market for the healthy fruit-based dog treats are male and female pet owners who have disposable incomes along with the desire to have healthy well-balanced dogs. There are three main characteristics, which drive the purchasing power for this product. Those are age, income and accessibility to computers and the internet. In the 2010 census brief, the State of Iowa has more females than males although the sex ratio is almost equal at 98.1\% (Census.gov, 2013). Both males and females shop for the dog food and treats in both the retail and grocery stores. Age is an important factor in this target market. The median age in Iowa is 37.5 to 39.9 which generally indicates a more established work career. In the State of Iowa 34.6\% of the population is between 18-44 years, 26.5\% is between 45 to 64 years and 14.9\% is over 65 years of age (Census.gov, 2013). Another important factor is the computer and internet usage for households with access both at home and outside the home (work, library, etc). For U.S. household incomes between $50,000 - $99,999, 62.8\% of households have computer and internet access. U.S. household incomes between $100,000 to $149,999, is 79.4\% with computer and internet access. In the Midwest, access averages 44.1\% (Census.gov, 2013). Computer and internet access is very important for the brand awareness and purchasing power for this product. The demographic breakdown by individual characteristics, include the following for computer and internet access (Census.gov):  Male 60.0\%; Female 60.3\%  Age 25-34 years – 68.5\% Healthy Fruit Dog Treats 21 SAMPLE MARKTING PLAN – DO NOT DUPLICATE [DOCUMENT TITLE] | [Document subtitle]  Age 35-44 years – 66.0\%  Age 45-64 years – 59.8\%  Age 65+ -- 31.7\% As mentioned earlier, the demographic s of education and income Dubuque County consists of the following metrics (Census.gov, 2013):  Percent of individuals 25+ years with High School graduate or higher is 90.5\%  Percent of individuals 25+ years with Bachelor’s degree or higher is 25.5\%  Median household income, 2007 – 2011 is $49,663 Dubuque County has proportionately a higher number of high-income households in the State of Iowa. It is ranked with 252 – 883 households which is the 2nd highest measurement by the American Community Survey from 2007 – 2011. There are 34,587 or more households, which equates to 2.160\% - 3.247\% of concentration of the high-income …