Part 2Unit 2

Determine the difference between strategy and tactics.

Prepare the target market using the 5Cs framework. Illustrate the five Cs similar to Figure 2.2 in our text.

Describe the 3V elements of the market value principle. Design the 3V market value principle similar to Figure 2.3 in our text.

Design the seven tactics (7Ts) defining the marketing offers similar to Figures 2.4 and 2.5 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.

In 2021, Lee Jones put the final touches on a product she had worked on for years in her garage. Lee graduated with a degree in chemistry from a well-known school in Indiana. However, she has always had an entrepreneurial spirit. Initially called Lee'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, Lee'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, Lee hired several employees to assist with manufacturing, sales, and administrative duties. In the summer of 2022, a popular morning show interviewed Lee about her new product. This interview led to dozens 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. Lee's biggest concern was her lack of business knowledge, mainly in marketing.

Lee 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 Lees 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.