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Using the same hypothetical company from Part A: Your Marketing Plan, for this assignment, you will focus on the company's 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 company's 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. Running Header: CHAMP FOOTWEAR 1 CHAMP FOOTWEAR 2 Champ Footwear Student’s Name Institution Affiliation Introduction Champ footwear is a company that deals with the selling of footwear for all individuals ranging the newborn babies to the elderly. The company deals in all types of footwear that include sportswear, casual wear, official wear, and much more; the company is also making sure that it is at par with the trends in footwear, thus considers the evolving market trends. The company was first established in the United States of America two years ago. The company has been expanding in the past two years, and it has been seen as an international company because it has opened more stores in the country and outside the country. The company has 112 stores in 48 countries on different continents hence making it an international company. A few companies over the past year had seen it great to merge with the company and work together for them to be able and gave excellent and authentic products that will make the sale as fast as compared to when they were doing business by their means. It is a tremendous step since they have aided in the expansion of Champ Footwear Company by pumping in their resources to increase production and also referring their customers to our stores, thus having a ready market for the products produced. Like any other company, Champ Footwear Company has its mission statement, which is to inspire, motivate, advance, and transform every individual in the whole world. The idea of the mission has a significant influence on the company and how it is being viewed worldwide. It gives the company the spirit to satisfy their clients and the market by offering footwear that is unique, more appealing to the customers, and authentic designs. Thus the best version of the company is getting witnessed, and it will continue and improve on that lane in the coming future. Through customers finding footwear that is more appealing and comfortable motivates the company to excel more in whatever it is doing and planning to do. We also hope that the company will maintain its stand at the top of the game since all they offer is unique that has not been produced or sold anywhere else except at the Champ footwear stores. The uniqueness of our products is made possible by our creative team, who hold the mandate to design the products at the company. Lastly, the company wants its presence to be felt internationally; that is why the management and the different stakeholders of the company are working hard to open new stores all over the world. It is also organizing for talent support throughout the societies in other countries for the world to feel the company's existence. Footwear being the main agenda of the company, the company also supplements the footwear with other essential products that customers have been effortlessly looking for them but finding them has been in vain. The other products the company deals with are executive watches, belts both for males and females, customized leather briefcases, and colorful shoelaces. Main goals of the company The mission of Champ Footwear Company is the ideal day-to-day motivation that drives the able team to conquer all odds and achieve more beyond what humanity is capable of achieving. Through the company's stakeholders, the strategic action plan that is going to support and facilitate the success of the company shortly and later on has been put in place hence making the company meet its targeted short-term and long-term goals. To achieve the goals, any company must use a collaborative process in functional areas, like bringing the key stakeholders on board to allow appropriate interactions (de Silva Lokuwaduge, Smark, & Mir, 2020). For goals to be achieved, unity is the way to go, nothing more. The company's short-term and long-term goals are discussed below. Short term goals Firstly, the company aims to increase its annual growth by approximately 7% compared to the revenue it got last6 years. The management and the company's stakeholder have agreed on the issue amicably. They have decided to use an approach that will make it possible for them to achieve a growth rate of 7%. The action plan that is going to be employed by the company to have the goal achieved is the Direct to Consumers strategy (DTC). The process entails the company selling products directly to its consumers in their opened stores in different locations, selling their products online through their website and social media pages. The company is also targeting to increase their profit margin on somewhat on their products which will see them make more profit thus achieving the specified target and also building a solid relationship with the suppliers that will make them get raw materials at a cheaper rate hence their gains are going to be maximized. Secondly, have an increase in the budget of advertisement in the next six months. The allocation of advertising in the next six months will be increased for us to have good customer awareness of the products we are offering them. It is an important goal that will enable the business to grow, and we will experience more customers demanding our products all over the world through getting more personnel who are going to do the entire job of advertising the effects of the company in the countries where the stores are located and also online advertisement. It will make the company increase the sales of its footwear products as most people will love to try the effects of the company. Six months of intense advertisement is going to be of great help to the company at large. Thirdly, the company is going to spend the coming three months to get to understand their competitors and how they do their business. In every field of business, there must be competitors, who offer if not the same, then not slightly similar products and services to the market. The company's team is going to analyze the market strategies that are being used by their competitors to sell their goods to the needs and how they conduct their business at large. It is very much essential since the company is being challenged by competitors who sell similar products. By the company operating an evaluation on how business is done by its competitors, it will change its approach and up its game, for it to continue being relevant in the market. It will also put into practice some of the management's ideas are of great help to our company. Lastly, coming up with an education charity project that should be sponsored, the company's stakeholders think of coming up with an education charity project that they will support. The company is going to have a project that will aim at helping needy but bright children to attain education in communities all over the world. At Champ Footwear Company, we aim at giving back to society by helping need but bright children; it will be a good idea for the community and us too. It is a goal that will be implemented in less than one year as most children are not capable of attending school due to financial strains. Through doing that, the impact of Champ is going to be felt all over. Long term goals Firstly, to remain vital and relevant in the coming future is the leading long-term goal of Champ Footwear Company. The company aims at staying at the top-notch in the services it is providing despite the intense competition it is facing from the competitors. The competitors are coming up with their products, but we make our products more appealing and authentic than theirs. The company will fully utilize the available resources to develop the best products that have not been in existence to appeal more and satisfy the wants of the consumer. Through doing that, it is going to be more relevant and present as of now and in the coming future. Through employing innovation and being more creative with the products, the company is going to attract more thus will stay at the top of the game in the future. Secondly, making an impact that is positive where our stores are located. The company aims at creating an effect that is positive in the societies where they are. The company is based on values and helping individuals despite their religion, nationality, and different ethnicities. The company aims at helping children who are bright but cannot pay for their tuition fees in schools due to their financial strains. It is a project that will start, but we will make sure it never fails; we as a company aim to impact children in societies forever. More projects will come up after that, which will have a significant impact on the communities at large. Also, we employ our staff around the area where we have put our stores, giving different people opportunities to work with the company. Lastly, employee appreciation, the company will start looking at the entire welfare of the employees, majorly on awarding the employees. The company will analyze the productivity of every individual in the company and how they have contributed to the company's success. The evaluation will base on how each individual has practically used the ideas and skills they have to improve the company's stand; hence they are going to receive an award. It is for the good of the company to engage in such an activity as it is going to be more motivating to the other employees who did not receive the high reward even to focus and work harder. Appropriate ways the goals will be measured · The goals of the company will be measured using the following ways; · There will be a scale that is going to determine how the set goals have been achieved. The scale will be 1-10. · The current goal performance will be compared with the future performance of the company; thus, it is a way to know if the goal was of benefit to the company. · A deadline for the goals is going to be set. Environmental Analysis Like any other business activity, Champ Footwear Company is faced and surrounded by several factors that determine how it will run and operate(Kim, Rim, & Lee, 2019). The following are some of the factors that are influencing the operation of the company; Competitive The competitive environment is a factor that affects the operation and performance of any given business. Competition comes from other company that sells the same product with our product. Competition affects the company because customers might leave our products to use the other products from the competitors. It has made us at Champ evaluate the markets and know the kind of products the competitors are offering and also come up with unique products which will enable us to beat our competitors out there. Economic The products at Champ Footwear Company are of high range, meaning that they are not vulnerable to economic factors like other products in the market. As a company, we have financial fears like the market for pour products might collapse. Also, the consumers might decide to choose lower-end products, which will mean that our business is not doing well. Additionally, our revenues are somehow dependent on the cost of low labor in the eastern countries that represent slightly higher prices come with the development of less developed economic countries. Political Some of the political factors that influence the business include the following; the United States of America and the other countries with our stores have accommodative policies that are valuable to the company, such as interest rates that are low and reasonable tax rates. Also, some political conflicts can make the business experience difficulties in custom processes that prevent exportation and importation. Legal Legal factors usually change from time to time hence affecting the operations of the company. The regulations vary frequently, and not adhering to them puts the management of the business into problems with the authorities. The company makes sure it has adhered to the set regulations. Technological With the help of technology, companies can innovate and grow in unthinkable ways. Technology usually links the company with the customers and designs goods hence making it more valuable. The company has grown by using the internet and social media to market and sell its products. Socio-cultural forces Across the globe, different countries have different cultures; their culture and traditions usually dictate what individuals are to put on. The company is designing different types of footwear that are delivered in various states based on the norms of the people. Through that, the company sells other shoes hence making it have more sales. SWOT Analysis The SWOT analysis of the company is going to show the strengths and weaknesses of the company. Also, the opportunities and the threats the company is experiencing when conducting its day-to-day businesses(GÜREL, 2017). Strengths · Brands being made at the Champ footwear company are unique and comfortable to the clients. Clients are more than satisfied with the products of the company. · The company has been able to win customers from its competitors because of its high-quality products, and it is still expanding its operations to more places across the world. · The company has a well-organized strategy to advertise the market and sell its products. Weaknesses · The company intends to provide its services worldwide; the main challenge is that the market that is mainly dependent on is the market in America. · There are heard accusations on our company on the ways we treat our employees. The charges go further to sexual harassment from the management officials; these types of criticisms are hindering the growth of our company. Opportunities · The company needs to expand more internationally but should observe the quality of its products. · It is time that the company should associate itself with world celebrities who will enable them even market the products of the company much more. Threats · The company is experiencing imitation from other brands, thus confusing the customers in the market. The imitated brands are usually of low quality, making the company experience negative feedback as it is assumed they are the product makers. · The products are under threat because the company accuses authorities, poor employee treatment, and inconsistency in creating products. Reference de Silva Lokuwaduge, C. S., Smark, C., & Mir, M. (2020). Sustainable development goals and businesses as active change agents. Australasian Accounting, Business and Finance Journal. https://doi.org/10.14453/aabfj.v14i3.1 GÜREL, E. (2017). SWOT ANALYSIS: A THEORETICAL REVIEW. Journal of International Social Research. https://doi.org/10.17719/jisr.2017.1832 Kim, Y. S., Rim, H. C., & Lee, D. G. (2019). Business environmental analysis for textual data using data mining and sentence-level classification. Industrial Management and Data Systems. https://doi.org/10.1108/IMDS-07-2017-0317 2 11 PART B: MARKETING PLAN 7 Part B: ABC Marketing Plan (Change to your name of business here) Your Name MKT500 Marketing Management Strayer University Dr. Lisa Amans Date submitted Introduction (note this is not bold) Describe or list the feedback you received on Part A of your marketing plan. Do not just list the feedback. Explain how you will use the feedback to improve your plan. Next, re-introduce your company you shared in Part A. Lastly, review what you will share: branding strategy, primary and secondary target markets, positioning statement, and consumer behavior. Branding Strategy Write an introduction here (minimum of three sentences). Develop a branding strategy for your product that covers the brand name, logo, slogan, and at least one (1) brand extension. For each of these sections below, provide rationale. Each section should be a minimum of three sentences. Brand Name Text starts here, provide rationale (minimum of three sentences). Logo Text starts here (do not start with an image of your logo, describe first); provide rationale (minimum of three sentences). Relay what the logo means, example Nike’s swoosh logo. If you use an image of a logo, make sure you use APA formatting (labeled Figure 1 include description per APA). Example below: Figure 1. Your company name logo and short descrption. Slogan Text starts here, (do not start with your slogan, describe first); provide rationale (minimum of three sentences). Brand Extension Text starts here, provide rationale (minimum of three sentences). Primary and Secondary Target Markets Determine the primary and secondary target markets for your company. Thoroughly include the demographic profile (e.g., age, gender, ethnicity, etc.), psychographic profile, professional profile, geographic profile, and any other segmentation variable you deem necessary. Considerations for your target markets should be age, lifestyle values, attitudes, wants and needs, gender, number of kids, education income, stage in the household lifecycle, geographic location (urban vs. rural, etc.), or risk orientation, etc. This section is worth 48 points, make sure your target market is not too broad, be focused and concise using a multiple of characteristics. Target market and segmentation choices are perfect topics for scholarly references to substantiate your position (search in library for peer-reviewed, journals, see image below). Also, see textbook for a variety of segments to consider, pages 93-104. Positioning Statement Start with an introduction sentence or two. Then state what is your unique selling proposition (USP), who do you consider to be your competitors, and how does their positioning statement (as they are seen in the marketplace, what’s their USP differ than yours. Include a perceptual map that shows your company’s position against its competitors. You may use Microsoft Word, PowerPoint, or other equivalent software to create your perceptual map (suggestion: use Snip-it or Jing to take an image to drop in Word to keep the formatting you created). See textbook pages 107-113. Follow APA Figure formatting (your map should be labeled Figure 1 or 2, depending on if you used a figure for a logo, include description per APA). Figure 1 example is below: Figure 1. Perceptual map representing Your Company Name in relation to competitors XYZ company, ABC company, and AAA company. From this map, create a statement that depicts your position. Prepare a positioning statement (i.e., “For customers who want [segment], our brand is the best at [unique selling proposition—competitors and competitive advantage].”). See textbook pages 107-113. Under Armour example: Under Armour’s mission statement is, “Under Armour’s mission is to make all athletes better through passion, design and the relentless pursuit of innovation.” A converted position statement might be: “For athletes who want to be the best, Under Armour is the best at making all athletes better through passion, design, and the pursuit of innovation.” Note: See page 110 in the textbook for example of another perceptual map. Consumer Behavior of Target Market Examine the relevant consumer behavior for your target market (use segmentation and targeting rationale from your textbook). Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement are right for the identified target market. Objective is to examine the marketing science of customer behavior and products in the marketing exchange process and create dynamic strategies for competing. Remember your target market should consist of more than one characteristic (e.g., age, lifestyle values, attitudes, wants and needs, gender, age, number of kids, education income, stage in the household lifecycle, geographic location (urban vs. rural, etc.), or risk orientation, etc.). Good place to use references on consumer behavior from Journal of Marketing. See above for how to find these in the library. Conclusion Summarize the plan to this point (minimum of three sentences) and you should not include any new thoughts (just summary). Sources (note this is centered and not bold and on a separate page) Use at least three (3) academic, peer-reviewed resources as quantitative marketing research to determine the feasibility of your product / service. Three academic, peer-reviewed references are proficient. In order to receive most points as exemplary, submit four or more. These academic, peer-reviewed resources should be industry specific and relate to your chosen product / service. Quality, academic references are peer-reviewed and found in scholarly journals published in the last 5 years. A good way to incorporate is by using Journal of Marketing, as an example, for your theories and consumer behavior observations. Newspapers, magazines, and other Websites do not qualify as academic resources and although you should reference if you use, they do not count towards your minimum. Listing your references without applying them in your text (citations) is not acceptable!!! See proper formatting in SWS hints on page 7 of this document. Tips and SWS Formatting (delete this from your paper) Below are tips and notes to guide you writing an SWS paper. Use this information as a reference and ask if you have any questions. Tips and Notes: 1. NEVER plagiarize: Plagiarism: act of using someone else’s ideas, words, figures, unique approach, or specific reasoning without giving appropriate credit. 2. Always include an introduction for your Heading 1 topic (example: Environmental Analysis) to explain to the readers what they learn in the section you are introducing. 3. Paragraphs should be complete, such as a minimum of three sentences: a. “Put only one main idea per paragraph. b. Aim for three to five or more sentences per paragraph. c. Include on each page about two handwritten or three typed paragraphs. d. Make your paragraphs proportional to your paper. Since paragraphs do less work in short papers, have short paragraphs for short papers and longer paragraphs for longer papers. e. If you have a few very short paragraphs, think about whether they are really parts of a larger paragraph—and can be combined—or whether you can add details to support each point and thus make each into a more fully developed paragraph.” 4. Do not use (or minimize): a. they (minimize, pronouns, use actual names/titles for clarity) b. these c. there are d. thing e. it f. this g. I h. we i. you j. one or ones k. some l. a lot m. a ton n. really o. very 5. Use of contractions – spell out 6. Findings: are past tense SWS Guidelines: 1. In -text citations: If the in-text citation appears at the end of a sentence containing evidence, the closing punctuation of the sentence must follow the closing parenthesis of the citation. Use the author’s last name or publishing organization’s name and then a comma. Then add the number indicating the placement of this source in the source list. This is an example. Studies have also indicated that the high concentration of CO2 in the atmosphere is primarily due to humans’ use of fossil fuels. Atmospheric data shows “that levels of CO2 in the atmosphere are higher than they have been at any time in the past 400,000 years” (National Aeronautics and Space Administration, 4). 2. Sources: An SWS format Source list citation consists of: · The author’s name. · If there are multiple authors, only the first author is used. · The year of publication of the source. · The title of the source. · The page range. · A way to locate the source (in this case, a permalink from the Strayer Library). Here is an example of a Source in an SWS format. Stephanie Herring. 2014. Explaining Events of 2013 from a Climate Perspective. p. 5. http://libdatab.strayer.edu/login?url=https:// search.ebscohost.login.aspx?direct=true&db=a9h&AN=99124811 &site=eds-live&scope=site