Unit 5 Assignment: Marketing Strategy (Part 2 of the strategic business plan)

Assignment: Marketing Strategy (Part 2 of the strategic business plan)

This assignment is due in Unit 6, but you will begin this assignment in Unit 5.

This is a three-part strategic business planning assignment that is executed by your virtual team. Complete Part 2 of this assignment in Units 5 and 6 by executing the requirements below. Procrastination can be detrimental to the overall success of your virtual team in this class.

The following Course Outcome are assessed upon completion of Part 2 of your strategic business plan:

MT499-1: Evaluate information management, planning, and control in business environments.

Read the scenario and then address the Unit 6 requirements.

Scenario:

The group of angel investors funding the development of your virtual business is looking forward to reviewing the strategic business plan your virtual team is busy constructing. Because you are a virtual business, it is essential for your strategic business plan to highlight the competitive advantages and disadvantages of operating entirely online. It is imperative for your virtual team to complete and submit the strategic business plan on time. Along with the strategic business plan, your virtual team will record an oral presentation of your strategic business plan for the angel investors. Due to the importance of this strategic business planning project, it will be essential that each member of your virtual team demonstrate exemplary leadership, strategic thinking, creativity, research, communication, professionalism, and time-management abilities to ensure success.

If a virtual business understands who their target client is, it sets a foundation for forecasting sales, estimating expenses, and deciding the best method to communicate to those potential customers. The marketing strategy for your virtual business is the most essential component of the strategic business plan. The group of angel investors is looking forward to better understanding your marketing capabilities and innovative ideas. Most importantly, your pricing strategy for each virtual business product will be critical to thoroughly explain and present. Complete the following requirements for Part 2 of this strategic business planning process for your virtual business:

Assignment: Strategic Plan Part 2 Requirements:

  • Determine what problems your virtual business can solve, and explain how you can solve them.
  • Design and describe three unique virtual business products.
  • Design and develop the brand of your products.
  • Describe the product life cycle for each virtual business product.
  • Determine the need for legal actions to protect your intellectual property, such as copyright or patent filings.
  • Define the target market for each virtual business product.
  • Develop a value proposition for each virtual business product.
  • Explain how you will position your virtual business products relative to your competitors.
  • Based on your overall company strategy and product value propositions, craft an inspirational story that will connect potential clients with your virtual business.
  • Describe the distribution and logistics of the products for your virtual business. Emphasize how you intend on penetrating your target market. Explain what kind of placement is necessary to promote your brand and feature your products to your target market.
  • Considering the promotion mix, create a promotion strategy for each virtual business product.
  • Describe any key sales activities that you will use to build and maintain your sales pipeline.
  • Explain the essential elements of the sales process (i.e., staffing, commissions, and quotas).
  • Design a digital marketing strategy for your virtual business.
  • Design a mockup of the website for your virtual business.
  • Design an advertising campaign for your virtual business.
  • Explain how you will turn your potential customers who express interest into paying clients.
  • Conduct a competitive price analysis on each virtual business product.
  • Create a pricing strategy for your virtual business products.
  • Synthesize a minimum of three peer-reviewed, academic research resources to substantiate your critical thinking and to provide viable reasoning for your perspectives.
  • Apply proper current APA style citation format.
  • Use headings to segment the topics in your writing in order to create a flow of ideas for your reader.

Your virtual team will complete this assignment in Unit 6 for submission to the Unit 6 Dropbox for grading. Each individual student must submit Part 2 of your strategic business plan to the Unit 6 Dropbox.

Download the Unit 6 Assignment grading rubric.

 Unit 6 Assignment Grading Rubric

 Criteria:

Percent Possible

Points Possible

Points Earned

Deliverable demonstrates critical thinking, research abilities, and creativity in the development of the marketing strategy in Part 2 of a strategic business plan based on the checklist criteria.

 

 

100%

 

 

100

 

(1) Determines what problems the virtual business can solve and explains how they can be solved.

 

 

5

 

(2) Designs and describes three unique virtual business products.

 

 

5

 

(3) Designs and develops the brand of their products.

 

 

5

 

(4) Describes the product life cycle for each virtual business product. 

 

 

5

 

(5) Determines the need for legal actions to protect their intellectual property, such as copyright or patent filings.

 

 

5

 

(6) Defines the target market for each virtual business product.

 

 

5

 

(7) Develops a value proposition for each virtual business product.

 

 

5

 

(8) Explains how the product will be positioned relative to the competition.

 

 

5

 

(9) Based on the overall company strategy and product value propositions, crafts an inspirational story that will connect potential clients with the virtual business.

 

 

5

 

(10) Describes the distribution and logistics of the products for the virtual business. Emphasizes penetration of the target market. Explains what kind of placement is necessary to promote the brand and features of the virtual business products to the target market.

 

 

 

 

5

 

(11) Considering the promotion mix, creates a promotion strategy for each virtual business product.

 

 

5

 

(12) Describes any key sales activities necessary to build and maintain a sales pipeline.

 

 

5

 

(13) Explains the essential elements of the sales process (i.e., staffing, commissions, and quotas).

 

 

5

 

(14) Designs a digital marketing strategy for their virtual business.

 

 

5

 

(15) Designs a mockup of the virtual business website. 

 

 

5

 

(16) Designs an advertising campaign for the virtual business.

 

 

5

 

(17) Explains how to turn potential customers who express interest into paying clients.

 

 

5

 

(18) Conducts a competitive price analysis on each virtual business product. 

Creates a pricing strategy for each virtual business product. 

 

 

6

 

(19) Uses a minimum of three peer-reviewed, academic research resources to substantiate critical thinking and to provide viable reasoning throughout the strategic business plan.

 

 

 

9

 

Subtotal:

100%

100

 

You are expected to meet the following requirements with ease in a 400-level course. Penalties will be calculated as a percentage up to 50% of the grade and will apply if the following criteria are not met.

 

 

-50%

 

 

Uses headings to segment topics within the deliverable in order to create a flow of ideas for the reader.

 

 

 

Applies proper APA 7th edition style format.

 

 

 

No spelling and grammatical mistakes.

 

 

 

Uses appropriate business language.

 

 

 

Uses professional abbreviations and acronyms appropriately.

 

 

 

Late Penalty

-20%

 

 

Your Score:

 

Total

Points

Possible:

100%

Total Points Possible: 100

Total Points Earned: