Week 7: Marketing Strategy Review (40 pts) Multi-Player
The Management Process for Marketing consists of Planning, Implementation, and Evaluation. Your task this week is to review the Strategic Marketing Plan you created in Week 3 (LP 2.2), and then analyze actual performance and actions against the original plan. You will need to discuss how well the strategy has worked and prepare a brief revision to your Strategic Marketing Plan for the remaining two rollovers. For this assignment you are required to cover at least the following points:
• Provide a short summary of your existing Strategic Marketing Plan and review what your main goals and objectives were (approximately two paragraphs).
• Discuss the effectiveness of your complicated and layered Distribution Strategy, Pricing Strategy, Target Market Segment Selection, Retailing, Direct Marketing, Wholesaling, Placement Strategy, and Sales Promotion Strategy, and how this aligns with or differs from your original Strategic Marketing Plan. Which products and markets have been most effective for you, and how does this relate to your original intentions/predictions in your original Strategic Marketing Plan?
You should support your analysis above with specific metrics from your reports in Music2Go, as well as theory learned in class where appropriate. You should at least include:
• A short industry overview of where you stand relative to your competitors.
• Your current TMC, sales figures, market share, and inventory levels.
• Any trends in these metrics over time.
• Prepare a brief revision to your original Strategic Marketing Plan which details your strategy and proposed decisions for the remaining two rollovers (three to four paragraphs in length).
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