Chat with us, powered by LiveChat Purpose of Assignment The purpose of this assignment is to help students think through the importanc - Study Help
  

Purpose of Assignment
The purpose of this assignment is to help students think through the importance of social, legal, and ethical issues that may arise with their product or service and the implications of decisions made within those frameworks. It is designed to help the learners understand ethical and legal issues related to marketing practices. This knowledge helps to prevent such issues when developing the marketing strategies in their marketing plan. The executive overview of the marketing plan is not a summary and conclusion, but an overview of what the plan entails and what it does not address.
Assignment Steps
Note: the Social, Ethical, and Legal Implications assignment is part of the total marketing plan as outlined in the grading guide. It is not a separate paper.
Resources: Marketing Plan and Outline Please Note that this outline includes many of the topics/concepts you may not have selected to write about your company. Therefore, this is not the format of your final paper. See Below the order you will merge your papers. Integrate the previous weeks’ sections, and incorporate corrections and suggestions from the instructor’s weekly feedback.
Producing and marketing a product without regard to ethical, legal, and social considerations is detrimental to the overall success of any company.
Assess in a maximum of 700 words the ethical, legal, and social issues affecting your product or service in two markets: the United States and one international market. Domestic market generally means the market where the company headquarters are located. If you choose a domestic market that is not the U.S., then your other market is required to be the U.S. marketplace. This will be included as the last section prior to your Reference Page (Alphabetize your references, hanging) of your Marketing Plan.
Include the following:

Develop a process to monitor and control marketing procedures and performance regarding the new country’s ethical, legal, and social differences. in your second country. This process could be a flowchart but a flowchart is not required (flowcharts do not count towards your word count requirement).

Formulate a maximum 350-word executive summary including at a minimum the following elements to include in your marketing plan:

Required executive summary elements:
Strategic Objectives
Products or Services
Optional executive summary elements:
Resources Needed
Projected Outcomes

Integrate the previous weeks’ sections, and incorporate corrections and suggestions from the instructor’s weekly feedback. The marketing plan should contain elements from each week of the course, in the following order and including:

Executive Summary (Week 6)
Understanding Target Markets (Week 2)
Promotion and the Product Life Cycle (Week 3)
Price and Channel Strategy (Week 4)
Marketing Communication and Brand Strategy (Week 5)
Legal, Social and Ethical Considerations (Week 6)
Running Head: PRICE AND CHANNEL STRATEGY 1

PRICE AND CHANNEL STRATEGY 4

Price and Channel Strategy
Tiffany Benson
Marketing 571
Dr. John Kautenberg
1/13/2020

Price and Channel Strategy
The price and channel strategy is an ideal approach that organizations can focus price to ensure longevity and profitability. The strategy involves paying close attention to the factor of pricing and determining the best available option depending on the needs of a company. The following discussion depends on the price and channel strategy for Nintendo.

Price and Place/Distribution Strategies

The place/distribution strategy of a market mix entails the methods that are used to make the products of an organization available to the consumers. It has a great impact on the price of the products. A complex distribution strategy that involves a lot of third parties will increase the price of a product (Garrant, n.d). Nintendo has various options as its distribution strategies. Mass or Intensive distribution is mostly applicable to low priced products. The selective distribution involves the use of a small number of retail outlets that are selected by a company. This can be a recommendable strategy for Nintendo because products can be distributed over a wide geographic area. It is applicable to highly valued goods like household appliances and computerized devices like video games. The other available strategy is the exclusive distribution that involves reducing the distribution to a single retail store.

Positioning within Channels

Positioning entails the strategies that a business should adopt to market its products and services to potential customers. It involves the creation of an image for the products depending on the intended audience. Positioning within the channel relates to the valuation of the seller by the suppliers and the significance of their partnership (Lauren, 2019). This process is necessary for developing a working partnership between the two parties based on mutual trust and self-interest. The result is the satisfaction of the customers as well as the partners. In positioning of products, high prices are associated with higher quality and vice versa. Nintendo, therefore, needs to conduct through marketing research to identify the price of competitors and before pricing the products.

Dynamic/ Static Pricing Strategies

Dynamic pricing implies a model that updates prices frequently, depending on the changes in market forces of demand and supply (Wang & Sun, 2019). This approach aims at balancing the utilization of capacity and production patterns. Organizations can use this marketing strategy to modify prices in inefficient ways without experiencing significant market shocks. Nintendo can use this strategy to set the price of its products based on the shifts in demand and supply in the market.
The static pricing strategy can be referred to as fixed pricing in simple terms. It can include the component of price per unit charge and a fixed charge (Wang & Sun, 2019). An example is the price of the fixed price of renting a car and an additional charge per mile driven. Consumers that purchase more units pay less per unit in comparison to the ones that buy fewer units. Nintendo can use this pricing strategy to attract bulk purchases from wholesalers.

Channel Tactic Pricing

The channel tactic of pricing focuses on the distribution channel as a determinant of pricing. It is common in firms that offer different prices depending on the place where a product is purchased. This translates to price discrimination, where consumers are treated differently based on a combination of factors such as location, age, and their levels of income (Garrant, n.d). Penetration channel entails setting low prices of products to gain popularity in new markets. This can be an ideal pricing tactic for Nintendo to attract new customers in its efforts of venturing into new markets. Another tactic is the cost pricing, which involves charging a price higher than the cost that is used in producing a product to gain a specific amount of profit.

Daily Pricing, Promotion Pricing, and List Pricing

Daily pricing implies the practice of sustaining a regular price. Consumers do not need to wait for special sales events or discounts to make their purchases. Promotional pricing is applicable when a seller reduces the price of a product to attract customers (McCormick, 2016). It involves discounts such as “Save 20% off today” and buy one get one free. The list pricing strategy is similar to the marked price of a product. It is commonly used in e-commerce and stores where prices are printed on catalogs. It is free from factors such as trade discounts and sales. It is developed to create a perception of saving that customers will receive. Nintendo can adopt this pricing strategy to sell its products through online platforms.

References
Garrant C. (n.d). Pricing strategies and methods for better retail execution. Retrieved from https://www.repsly.com/blog/consumer-goods/retail-pricing-strategies-to-perfect-retail-execution
Lauren, L. (2019). What is positioning in marketing plan? Retrieved from https://smallbusiness.chron.com/positioning-marketing-plan-22983.html
McCormick, M. (2016). Why use promotional pricing? Retrieved from https://blog.blackcurve.com/why-use-promotional-pricing
Wang, Y & Sun, X. (2019). Dynamic vs. static wholesale pricing strategies in a dual-channel green supply chain. Retrieved from https://www.hindawi.com/journals/complexity/2019/8497070/

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ABC/123 Version X

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Marketing Plan Outline and Timeline

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Marketing Plan Outline and Timeline

Marketing Plan

You are expected to develop a marketing plan, according to the outline below, for a product or service of your choosing. The product or service must be identified by the end of Week 1. The product or service you select is used to develop the assignments for Weeks 2 through Week 6. References must be included for each section.
There are no defined standards for the length of the marketing plan; however, your plan must disclose complete marketing strategies and provide reliable and valid references and data supporting the strategies to convince the target audience. The plan must be written in plain language that would be easily understood by stakeholders.

Marketing Plan Outline

Your final marketing plan must consist of the following sections. Refer to the timeline for due dates for each section and subsection. Assignments may include modifications to these lists. Please use lists provided in assignments only.

· Executive Summary:

· Strategic Objectives

· Products or Services

· Resources Needed

· Projected Outcomes

· Situational Analysis:

· Vision, Mission, Strategic objectives, Values

· Internal Analysis

· Strengths/Weaknesses

· Capability/Capacity

· Competitor’s Strengths/Weaknesses

· Technological Competency

· Product or Service Analysis

· Market Segments

· Research

· Primary Research

· Secondary Research

· Consumer Analysis

· Customer Profile

· Continuous Consumer Monitoring & Research

· Environmental Scanning

· Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces

· Current Opportunities

· Potential Future Opportunities

· Current Threats

· Potential Future Threat

· Target Market(s):

· Demographics

· Psychographics

· Ethical Issues

· Legal Issues

· Social Issues

· Product, Place/Distribution, Promotion, and Price Strategies:

· Product Descriptions and Product/Service Mix Strategies

· Product/Service Determinants

· Creating a Brand Image

· Maintaining Brand Image

· Branding Concerns

· Distribution Strategies

· Channels, Mass, Selective, Exclusive

· Promotion/Integrated Marketing Communication

· Advertising Strategy/Objectives

· Push and Pull

· Media Strategy

· Advertising Execution

· Sales Promotion

· Direct Marketing

· Public Relations/Strategies

· Positioning

· Dynamic/Static Pricing Strategies

Marketing Plan Timeline

Week 1: Marketing Plan Topic

· Consider your company and product or service selection in Week 1. You may select an existing type of product or service or a new product or service but it must be global or multi-regional. Once you have selected your product or service, you must define the size and type of company that provides the product or service (available from annual reports). This need not be elaborate but must include total number of employees, production volume, distribution methods, and so forth. Company and product or service selection is a critical part of this project. You must ensure your proposed company can implement the marketing methods discussed in the text.

· Key to creating an effective marketing plan is the ability to analyze the environment in which the product or service will be offered. The Week 1 assignment allows you to begin to understand various reports and how they can be used in your marketing plan.

Week 2: Understanding Target Markets

· To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. In Week 2, create the Research section of your plan. In addition, create the first two parts of the Target Market section, which includes performing the demographics and psychographics analysis.

Week 3: Promotion and the product life cycle

· All products/services go through a life cycle of NPI (new product introduction), growth, maturity and decline. These various stages affect the marketing strategy and promotional efforts. In Week 3, you will incorporate a promotion strategy that addresses at least three areas of the product life cycle.

Week 4: Price and Channel Strategy

· How one goes to market and the influences of the channel (channel power, strength of channel, speed of channel, etc.) affects the pricing strategy of the product or service. In Week 4 your pricing and distribution strategy will be incorporated into the marketing plan.

Week 5: Marketing Communication and Brand Strategy

· Brand strategy and the communication of the brand is essential to understanding the various phases of a product or service (viz a viz the life cycle). Brand recognition is based in the marketing communication efforts of the firm. When you hear or see the word Coke, you immediately know it is Coca Cola. When you see five interlocking rings of different colors you know that is the symbol for the Olympics. In Week 5, you will develop a brand and communication strategy for your product.

Week 6: Executive Summary, Legal, Social and Ethical Issues, Final Plan

· Review your final plan. Does the plan effectively analyze market strategies? Are the social, ethical, and legal considerations valid and accounted for? What is the relationship among quality, price, satisfaction, and perceived value within the plan?

Copyright © XXXX by University of Phoenix. All rights reserved.
Copyright © 2017 by University of Phoenix. All rights reserved.

Running head: TARGET MARKETS 1

TARGET MARKETS 5

Understanding Target Markets
Tiffany Benson
Dr Johnny Kautenberger
Marketing 571
12/17/2019

Marketing Plan

Customer Profile

Nintendo’s principal customers shall be the various gaming companies and end-user consumers in the United States of America and across the globe. The reason is because the industry’s nature of operations aligns with the company’s nature of business as its expertise lies in premiere gaming services. Moreover, the gaming market has a good capital base thus can guarantee a constant flow of capital which can improve the company’s growth. Nintendo will build a good reputation and this attribute can further advertise the company to other potential customers.

Environmental Scanning

Nintendo shall literally rewrite the rules of premiere gaming services. In this regard, the company seeks to inject innovation, strategic approach to gaming, and redefine professionalism in the sector to not only distinguish itself in the market but also attract and retain valuable customers. It is on this basis that Nintendo aims to enter into the gaming industry in the United States of America and maximize its impact in the market emanating from the prevailing government support of local industries. Additionally, the company has identified these lucrative opportunities and aims to position itself as the boutique organization for inter alia première gaming services. This business plan will aptly specify the market gap that Nintendo will be aiming to fill by having a thorough market and competition analysis. The company is alive to the competitive nature of the local market and has put in various strategies aimed at not only being competitive in the market but also becoming a market leader in the sector (McDONALD, 2016).

According to various scholars of international repute, gaming services has tremendously changed in the 21st century mainly due to advancement in technology. With the advancement in technology, Nintendo will be able to offer a variety of unique products to meet the various demands in the market. Currently, gaming is not only a viable business in the United States of America but also across the globe and Nintendo seeks to establish itself as an environmentally friendly business initiative. The gaming market in the USA has already established companies that control a major stake in the industry. It is therefore upon Nintendo to cut a niche for itself and stake its footing in the market.
With regards to the competitive environment, the company shall conduct intensive research on its competitors in a competitive market like the United States of America. By figuring out competitors, it gives Nintendo a competition advantage against them in terms of gaining higher profitability. This is achieved by studying the established gaming organizations’ strength and weaknesses. From this strategic analysis, the company will learn to avoid the mistakes that the established gaming companies have done before. Such risk avoidance is critical in establishing a company that is profitable (Paley, 2017). In this regard, Nintendo will take advantage of the various experiences of the established companies and improve on them. Similarly, the company can borrow a lot from the achievements of these organizations in formulating a workable business formula. It is important to note that the established organizations already have an imprint in the market hence benefit from having a huge customer base. Further, these companies are located at convenient locations where all the resources are easily accessible.

Current Opportunities

There are various current opportunities that Nintendo will be seeking to exploit. Firstly, the company will be seeking to adopt a vigorous expansion plan through which it shall expand its network to other cities and municipalities across the United States of America. This will ensure that Nintendo has a wide and entrenched presence in the local market. Secondly, the company will adopt a proactive mode of motivating its staff members through training and conducting several workshops. This is crucial in improving the skills and knowledge of employees by making sure that they are up-to date with the current trends. Thirdly, Nintendo shall form a vibrant and interactive website through which customers are able to be updated constantly on the company’s products and other developments in the organization’s our area of operation. Other than maintaining the customers’ loyalty, this is also a way of advertising (Chernev, 2015). Fourthly, the company shall also strive to offer corporate social responsibility services. As a responsible member of the community, Nintendo will endeavour to give back to the society. Lastly, the company shall strive to provide 24-hour services unlike its competitors. This will increase its customer base and reliability on the company at any time.

References
Chernev, A. (2015). The marketing plan handbook. Cerebellum Press.
McDONALD, M. A. L. C. O. L. M. (2016). Strategic marketing planning: theory and practice. In The marketing book (pp. 108-142). Routledge.
Paley, N. (2017). How to Develop a Strategic Marketing Plan: A step-by-step guide. Routledge.

Running Head: MARKETING COMMUNICATION AND BRAND STRATEGY 1

MARKETING COMMUNICATION AND BRAND STRATEGY 5

Marketing Communication and Brand Strategy
Tiffany Benson
Marketing 571
Dr. John Kautenberg

1/20/2020

Marketing Communication and Brand Strategy
Marketing communication strategy implies the utilization of various approaches to communications to reach the target audience. It entails the message, the target, and the medium. Brand strategy, on the other hand, involves the actions that are taken to link customers to a business through recognition (Schilge, 2018). Various efforts can be used, which include sponsoring events and advertisement, among others. The following is a discussion on marketing communication and brand strategy.

Situational Analysis

Situational analysis in marketing explores factors like potential customers, competitors, and the projected growth to make a realistic analysis of a business. This strategy focuses on the specific objectives in business and examines the aspects that facilitate or hinder these objectives. Market segmentation identifies groups of buyers in the market of a product, especially the ones with similar needs (Lorette, 2019). In such a situation, the market will be segmented to help the business to match its capabilities to the requirements of one or more groups of buyers. Situational analysis will be integral to the marketing plan of the company to uncover issues in the segments of the markets of interest. Each target market will have buyers with similar needs, which will ease the process of product categorization by marketers and senior management. It is expected that the market segments may vary from the average features of the entire market. The homogeneity of the needs of customers in the segments can facilitate effective targeting of the marketing plan.
The analysis of the strength and weaknesses of competitors will account for a significant aspect of the situational analysis for the product. Both the potential and existing competitors need to be considered because their combination forms a strategic group that impacts the performance of a product in the market. The analysis will demonstrate the need to examine the strength and weaknesses.

The 4Ps Strategy

Creating a brand image is an initial approach to market communication and brand strategy. The process will entail the identification of the key audience that the product is supposed to satisfy. It is expected that the audience will be a mixture of external and internal groups that will be customers. This strategy also includes developing a key message and merging it with the needs of the audience.
The element of advertising strategy is a blueprint for selling a product to consumers. Numerous advertisement strategies exist, and each company chooses to use the one that aligns with its goals and mission. Media such as television commercials, magazine ads, product placement, and social media will be used to advertise the brand to the customers (Schilge, 2018). A range of factors will influence the choice of the media. For example, television ads will only apply to consumers where the product is sold. The company will come up with a budget that will cover the resources that are expected to be used in running the advertising strategy.
The element of public relations is integral to the plan. It involves disseminating the key message to the audience. The brands accompany all the news of the company in blogs, online, news outlets, and trade publications. It will be necessary for positioning the brand of the company in the market as an expert source in trends and breaking news and also a leader in the industry. Public relation is expected to improve the brand image as well as raise awareness in the market.

The Measure of Retention and Loyalty of Customers

Customer Retention Rate (CRR) can be used to measure these aspects. These aspects reflect the percentage of customers that remain loyal over a defined period. The CRR is significant in offering a quantitative interpretation of quantitative features (McEachem, 2018). A low rate implies that a few customers remained loyal to a company and its product. A higher percentage, on the other hand, indicates that a business is moving in the right direction. Although a hundred percent is considered as the ideal maximum, it is not completely achievable at times. Customer Retention Rate is calculated using the formula below.
CRR= {(CE-CN)/ CS} *100, whereby:
CE is the number of customers during the time of measure.
CN is the additional clients at the period of measurement and,
CS is the number of clients when the measure is evaluated again.
To improve the rate of customer loyalty and retention, a business needs to set realistic expectations. It needs to implement anticipatory services such as sending reminders for upcoming invoices. The business should also utilize social media to interact with customers at personal levels.

References

Lorette, K. (2019). A situational analysis of strategic marketing plan. Retrieved from https://smallbusiness.chron.com/situational-analysis-strategic-marketing-plan-1474.html
McEachem, A. (2018). The metrics you need to measure customer loyalty online. Retrieved from https://blog.smile.io/measure-customer-loyalty-online
Schilge, G. (2018). Situation analysis: A guide to your marketing situation analysis that works. Retrieved from https://www.matrixmarketinggroup.com/marketing-situation-analysis/

Running head: PRODUCT LIFE CYCLE 1

PRODUCT LIFE CYCLE 6

Promotion and the Product Life Cycle
Tiffany Benson
Marketing 571
Dr. John Kautenberger

12/23/2019

Promotion and the Product Life Cycle (Nintendo Co., Ltd)

Image 1: Product Life Cycle

Three areas of product life cycle

There are four stages of the product life cycle. The initial stage of product development is a new product introduction. The second stage is growth, while the third stage is maturity. The decline is the final phase of the product life cycle. The primary purpose of this section is to analyze three stages of the product life cycle;
1. New product introduction

A new product introduction is the initial state of any product life cycle. At this stage, nobody knows about the new product. It is the duty of the product manufacturers to make sure that they properly package and introduce the product to the market. One of the most common features of this stage is low sales (Cao & Folan, 2012). The sales are low since not many people are aware of the existence of this product.
1. Growth stage

At the growth stage, the product is experiencing an increase in sales as a result of increased awareness of the product. Just like in the introduction phase, businesses use a lot of money in marketing (Cao & Folan, 2012). Thus, while it is evident that the product’s awareness in the market may be on the rise, the business ought not to lift its feet off the gas, but it should keep focusing on strategies that would enhance the awareness of the product in the market. Thus, at this stage, a business still invests heavily in marketing.
1. Maturity

The maturity stage is where a product has exhausted the market, and it is impossible that it can realize any more growth in the market. Many products spend a lot of their time at this stage. The sales of volume at this stage are very high since there is excellent awareness of the product in the market. However, the sales volume will rise to a point where the business starts experiencing a decline in the sales volume of the product.

Metrics for success or failure

Any business is under obligation to make sure that it measures the performance of its products in the market. Thus, there is a need for the businesses to make sure that they come up with the most suitable metrics to help in determining the performance of the product in the market (Cao & Folan, 2012). For this product, two metrics will be used to measure the performance of the product in the market. One of them is customer feedback, while the other one is the volume of sales. An assessment of the feedback of the customers may be used in understanding whether or not the product has been accepted in the market.

Media method for the products

YouTube is the most suitable non-print media for this product. The media will be used to explain to the consumers about the use of the product. The visual effect of this media will enable many people to have a better understanding of the product (Young, 2014). In print media, the business will use magazines to publish the features of the product. Magazines ate suitable because of their wide coverage and their ability to accommodate a lot of details.

Elements of the Product and Promotion

Media Strategy

The teem media strategy refers to the selection of the most appropriate media for marketing and using it to the best advantage of the business. Media selection is critical since not all types and forms of media are suitable for all products (Hoffman & Novak, 2012). Thus, it is essential to select the media that will address the uniqueness of the product.

Direct Marketing

Direct marketing involves making direct contacts with potential clients and introducing the product to them. Direct selling may involve face-to-face marketing, the use of phone calls, or emails. One advantage of direct marketing is that it provides an opportunity for clients to ask as many questions as they desire, and the business will provide responses.

Public Relations/Strategies

Public relations management involves taking active steps to manage the relationship between the organization and its clients. For the product to succeed, it is essential for the business to make sure there is a suitable relationship with clients. One of the public relations strategies that the business can be involved in is to take part in community activities such as cleaning.

References
Cao, H., & Folan, P. (2012). Product life cycle: the evolution of a paradigm and literature review from 1950–2009. Production Planning & Control, 23(8), 641-662.
Hoffman, D. L., & Novak, T. P. (2012). 12 Social media strategy. Handbook of marketing strategy, 198.
Young, A. (2014). Brand media strategy: Integrated communications planning in the digital era. Springer.

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