Provide a promotional plan that communicates the business’s benefits based upon needs of buyer. The plan must be logical and convincing plan, with a strategy to communicate the company’s benefits in such a way that it will persuade buyers or clients about the worth of your business’s product or service.
The success of a small business is based on its ability to communicate and to meet the needs of its target market. One of the most important ways to do this is with a promotional plan. In the past, promotional plans were seen as short-term ways to boost revenues and market share. Current research has shown that promotion is a direct link to customer loyalty and retention. For this reason, small businesses should produce a promotional plan.
The objective of the promotional plan assignment is to gain experience applying a promotional strategy to help a firm gain competitive advantage. This assignment will help you apply and integrate all of the course objectives for MKG425. The promotional plan assignment will be completed in sections (these will be Portfolio Milestones that are due throughout the course. See below for a list of these deliverables.) The final plan is due in Module 8.
**The Final Promotional Plan**
Your final plan must contain the following elements:
- Promotional statement – Succinctly state your plan’s overall objectives (purpose and need).
- Target market – Identify your target market and develop the optimal marketing mix to reach your potential customers.
- Statement of goals and objectives – Explain the advantage your business will have with the integration of the promotional plan. Goals should be specific and measurable.
- Promotional strategy – Identify the specific promotional activities the business will use to reach customers (advertising, sales promotion, personal selling, and direct marketing).
- Implementation – Explain the stages and key success factors that are necessary for a successful plan.
- Timeline – Provide the timelines for the specific promotional activities to occur.
- Budget – Provide a budget and 12-month income statement (revenues and costs) on the proposed promotional plan. Show how your plan is feasible based on financial projections.
- Evaluate – Provide details how this plan is evaluated from success to failure. In other words, provide scenarios or key drivers to help determine the plan’s success.
Your paper must meet the following requirements:
- Be 8 -12 pages in length, not including the cover page and reference page.
- Support your answers with at least three scholarly journal articles (at least one of which is peer-reviewed).
- APA FORMAT
- Your paper must be well written using excellent grammar and style techniques. Be concise. Be logical.