Fundamentals of Marketing

Part 1 Discuss what a marketing plan is and describe the different components of the marketing plan in your own words (see figure 16.2 in the text). Also explain how the marketing plan is helpful to the organization. You do not have to put together a marketing plan for this assignment Part 2 Please take the elements/components you have learned in this course (such as the SWOT, goals/objectives, etc.) and translate/apply them into how they would be carried out into the execution of a marketing strategy. For instance (note that these examples may not be used in your assignment): In a SWOT analysis you determined that one of the strengths of a company was that weekly team meetings were held where ideas are exchanged and commendations are awarded to team members who have met or exceeded goals or expectations for the week. How can we translate or incorporate that Strength into a marketing strategy? Since the ideas being exchanged in the weekly meeting are to foster growth and innovation, camaraderie, excitement, and motivation, they can also be used to generate new ideas for promotion. This weekly team meeting can be leveraged to spur perhaps a name of a new product that company X has been trying to launch for considerable amount of time but just haven’t thought of the right one. A real world example, Lays Potato Chips reached out to the general public using their social media strength to ask them to come up with a new flavor of potato chip. This combined the strengths the company had with the need to execute a new marketing strategy. Through this process, a consumer won $1mm for coming up with a new potato chip flavor, and Lay’s of course won tons of new customers and multiple millions in sales of new product.