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.
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