Buy Marketing Plan Build Assignment

Buy Marketing Plan Build Assignment
Developing a good marketing and brand strategy and turning that strategy into a marketing plan requires blending the ideas that have been discussed throughout the previous units. Now, it is time to integrate and narrow down ideas to focus on logical marketing mixes, marketing strategies, marketing plans, and a marketing program.
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Developing an effective marketing and brand strategy involves a process of narrowing down to a specific target market and marketing mix that represents a real opportunity. This narrowing down process requires a thorough understanding of the market. That understanding is enhanced by careful analysis of customers’ needs, current or prospective competitors, and the firm’s own objectives and resources. This has a direct impact on whether or not a company will attempt to exploit potential opportunities. Since a company’s resources are finite, there are only a limited number of opportunities they may pursue. Each possible strategy usually has a number of different potential advantages and disadvantages. Finite resources must require a company to be selective about which market in which to target and how that target market is supported by the marketing mix. Given that, a company typically develops their own analytical previewing methods in order to determine which industry markets that it wishes to compete with or wants to avoid.
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Unit VII: Brand Management and Value
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Companies use of the SWOT (strengths, weaknesses, opportunities, and threats) analysis process, which enables them to select the most appropriate strategies from the many presented. They may then narrow their efforts and resources in exploiting their opportunities and strengths while simultaneously minimizing their weaknesses and threats. These can be compared against the pros and cons of strategies that are considered. For example, if a firm is considering a brand strategy that focuses on a target market that is already being served by several strong competitors, success will usually hinge on some sort of competitive advantage. Such a competitive advantage might be based on a better marketing mix, perhaps a brand offering innovation or innovative new product, improved distribution, more effective promotion, or a better price. Just offering a marketing mix that is similar to what is available from competitors usually does not provide superior value or any real basis for the firm to position or differentiate its marketing mix as better for customers. On the next page, you will see a direct example of a SWOT analysis for Walmart.
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Unit VII: Brand Management and Value
Brands and Branding Branding means the use of a name, term, symbol, or design, or a combination of these, to identify a product. It includes the use of brand names, trademarks, and practically all other means of product identification (American Marketing Association [AMA], n.d.). Brand name has a more specific meaning. A brand name is a word, letter, or a group of words or letters. Examples include Apple, Uber, Netflix, John Deere, and FedEx (AMA, n.d.).
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Consumers use trusted brand information as a means to improve their buying choices. It would be a challenge when buying groceries to evaluate the advantages and disadvantages of each of the 25,000 items with every trip to the supermarket. Even though customers may be willing to be lured away from their normal brand-purchasing behaviors, unless the choice to switch is made clear and the risk to switch is perceived to be small, most will stick to their current, preferred brand. Brand promotion can deliver superior performance to both the company as well as its customers. This superior performance can be developed into a competitive advantage while delivering above-standard profits to the firm and concurrently keeping marketing costs low. Sometimes, a firm’s brand name itself becomes a competitive advantage, meaning that it cannot be copied by envious competitors. This can produce a beneficial new product or brand extension halo effect while continuing

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