This worksheet is a complement to the study guide for both the MKT1. The purpose of this worksheet is to help you think about and apply important marketing concepts to Company G. By working through the exercises and matrices introduced in this worksheet (Section A, Section B, and Section C), you are laying the foundation for your marketing plan required in this assessment. This worksheet should be completed before you write your Marketing Plan, for which a template is provided.
SECTION A – Product and Target Market
The purpose of this exercise is to help you define and classify your chosen product, and define a specific target market. What a product is, how it supports the company mission, and how it fits …show more content…
By planning in advance you ensure you have all the needed elements, determine if they are appropriate and if they properly align with each other.
Objective: Describes how the company’s goals and mission will be accomplished. Read the mission statement or goals. Objectives answer the question “How will we accomplish this mission/goal?” Must be specific, measurable, time-oriented, and realistic.
Example: Launch a new product, ACME pellets, which will increase revenue 5% within 3 years.
Strategies: Describe how the objective will be accomplished. Read the objective. Answer the question “How will we accomplish that objective?” Please refer to Learning Community BLOG: Marketing: Features of the Marketing Mix for ideas.
Example: Provide ACME pellets in varying bag sizes: small, medium, and large.
Tactic/action: Details how the strategy will be executed. Read the strategy. Answer the question, “What needs to be done in order to achieve that strategy?” Include due dates, assign responsibility, and project costs to include with your action, timeline and budget sections.
Example: Define capacity of bags by researching customer usage trends. Due: Month 3 Responsibility: Product Manager Cost: $100
Monitoring Activities: These activities are the way we measure how well our strategies are working. From these measurements we can also make any