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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.
The Final Project needs to be in a Word document and in APA format and have less than 10%
TURITIN. Page requirement is at least 4 pages in length. This does not include the cover and
reference pages. Make sure to provide at least four outside sources to support your work
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Running head: DISCUSSION QUERIES
Discussion Queries
Name of Student
Institution Affiliation
1
DISCUSSION QUERIES
2
Discussion Queries
Part I
A marketing plan entails an organizational blueprint that outlines the marketing and
advertising initiatives of a company. According to Wood and Jobber (2016), the marketing plan
of a business refers to a document that contains course actions that enhance the realization of
corporate marketing objectives and strategy. The marketing plan is composed of various
components that are interrelated and collectively enhance the realization of the marketing
strategy and goals.
The executive summary is one of the constituents of a marketing plan that contains a
brief description of the overall marketing plan. Precisely, the executive summary provides an
overview of the marketing initiatives adopted by a firm. The market is another element of the
marketing plan which defines the key interested parties of the marketing scheme. Thus, the
market as an element of the marketing plan describes the parties who would be associated with
or impacted by the marketing initiative. Thus, the market element is composed of both
shareholders and stakeholders. For example, the target customers, employees of the organization
are the stakeholders while the investors are the shareholders described on the marketing plan.
Additionally, the strategy is another key constituent of the marketing plan. The strategy forms
the basis of the course of action that ought to be implemented to enhance the marketing and
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