MT$450$M$1-1$: Develop the key components of a marketing plan.

Introduction: You have likely heard the expression, "Failing to plan is planning to fail.$$ Nevertheless, many companies act without having a solid plan in place. Kotler et al$.(2022)$ state that a marketing plan communicates the proposed course of action to relevant entities. Moreover, $$to be effective, the marketing plan must be actionable, relevant, clear, and succinct. Once developed, the marketing plans must be updated to remain relevant$($Kotler et al$.,2022,$ p$.49).$

Scenario Two $$ Sybil$$s Artificial Flowers In $2021,$ Sybil Jones put the final touches on a product she had worked on for years in her garage. Sybil graduated with a degree in chemistry from a well$-$known school in Indiana. However, she has always had an entrepreneurial spirit. Initially called Sybil$$s Artificial Flowers, the product broke new ground in the flower industry by creating patented, artificial flowers that look real and smell like a flower. In other words, roses smell like roses, and tulips smell like tulips. However, Sybil$$s flowers will never expire. The scent typically lasts three months and can be replaced with new scented cartridges. She launched a website and opened a small store in a strip mall at the beginning of $2022.$ With modest sales, Sybil hired several employees to assist with manufacturing, sales, and administrative duties. In the summer of $2022,$ a popular morning show interviewed Sybil about her new product. This interview led to lots of other popular coverage on television, and in magazines, blogs, and podcasts. Because this product was starting to be popular on a national scale, she could secure a business loan for $$500,000.$ Sybil$$s biggest concern was her lack of business knowledge, mainly in marketing. Sybil has just hired you as a marketing consultant$/$acting manager to assist her in taking the business to the next level. In your initial consultation with her, she suggested that many sales were purchased as gifts. The raw materials required for her artificial flowers are paper, cotton, parchment, latex, rubber, sateen $($for large, bold$-$colored flowers and arrangements$),$ and dried materials, including flowers, plant parts and berries, feathers, and fruits. For more upscale silk flowers, silk, rayon, and cotton are the fibers of choice. The cartridges that provide the scents are produced in Sybil$$s manufacturing facility. General Goals: $$ Sell several hundred thousand units. $$ Create awareness of new product line to new, prospective clients $$ Incorporate digital marketing. $$ Hire more employees. $$ Identify the best distribution model for selling to customers. You have just been hired to develop the key components of a marketing plan.

Instructions:

In this assessment, you will complete a $12-$ to $15-$slide Microsoft$$ PowerPoint$$ narrated presentation addressing the following items.

Checklist:

Part $1$:

Create a market$-$oriented mission statement using the five major characteristics suggested by Kotler et al$.(2022).$

Prepare a brief situational overview.

Analyze the industry using Porter$$s five forces model.

Apply the four additional forces from the readings as noted by Isabelle et al$.(2020).$ See the article in the reading area, $"$Is Porter$$s five forces framework still relevant? A study of the capital$/$labour intensity continuum via mining and I.T$.$ industries.$$

Create five strategic goals using the SMART acronym.

Determine the three characteristics of an SBU to the new product$/$product line. Discuss whether you characterize the portfolio as specialized or diverse.

Part $2$:

Determine the difference between strategy and tactics.

Prepare the target market using the $5$Cs framework. Illustrate the $5$Cs similar to Figure $2\mathrm{.}2$ in the text.

Describe the $3$V elements of the market value principle. Design the $3$V market value principle similar to Figure $2\mathrm{.}3$ in the text.

Design the seven tactics $(7$Ts$)$ defining the marketing offers similar to Figures $2\mathrm{.}4$ and $2\mathrm{.}5$ in our text.

Develop an implementation strategy by outlining a process for developing resources, the market offering, and deploying the offer to the target market.

Describe how you will demonstrate at least three key performance metrics against established goals.

Prepare an executive summary. You may use this as the first slide of your presentation.

Your minimum $12-$ to $15-$slide PowerPoint presentation must include the following: