Overview
In this unit, you will complete Parts 4–6. You will submit Parts 1–6 as one document now in Unit 2.
Read the scenario and respond to the checklist items based on the reading and learning activities.
Scenario: Meet Ayodele, the proud owner of Ayodele's Olive Leaves Health Food Store conveniently located in Panama City, FL. She has been in business for just one year. Thanks to an investor in her business, she believes by economizing, she can break even in about two and a half years.
She currently operates out of a storefront on two floors of a three-story building and has 50 employees. About half the workforce works out of their home. She hired some veteran personnel from an industry company about to go out of business as they had overspent in their first two years. The rest of her employees are learning on the job. Ayodele has a limited budget and a basic website from which she offers her [insert the product/service] for sale to the surrounding community. Initially, she spent a lot of money on radio ads, but with no success. She also had some initial sales from word of mouth (WOM) and posted reviews of her [product/service] on a social media site popular in her area. She even spent two months with some of her 10 sales representatives going door-to-door to visit customers in the county. Currently, the business is almost breaking even thanks to a great [insert the product/service]. Since she did not take a marketing course at PG before going into business, she is uncertain about where to venture from here.
She has brought you on board to craft a dynamic marketing strategy to set her business apart. Your task? Leverage insights from the industry selected by your instructor to design the core elements of her marketing plan.
Instructions: Summarize a marketing strategy for Ayodele to address each part.
You can view Parts 1–3 you completed in Unit 1 concerning the mission, situation analysis, and marketing objectives. You can return to this assignment by choosing the Preview Unit 2 link.
This week, you will complete Parts 4–6 below to submit your final assignment to the Unit 2 Dropbox.
Checklist:
Part 4: Marketing Strategy
- Describe the target market strategy for Ayodele's business. Paint a clear picture of who Ayodele will target for her product. For example, appealing to an entire market, concentrating on one or multiple market segments.
- Explain how Ayodele can utilize a market penetration strategy to increase sales.
- Explain your version of the Boston Consulting Group model for several products Ayodele offers.
Part 5: Marketing Mix and Implementation
- Briefly summarize your marketing mix strategy: (1) product (size, colors, packaging, use, etc.), (2) place or distribution method, (3) pricing, and (4) promotion.
- Using the concepts from the text, explain how you will turn your plan into a reality. For example, detailed job assignments and activity descriptions.
Part 6: Evaluation
- Using the concepts from the text, describe how you will evaluate your marketing strategy.
Preview the Unit 2 Assignment rubric.
Respond in a minimum total of 3 pages: 1.5 pages (350 words) for Parts 1–3 and 1.5 pages (350 words) for Parts 4–6 in a Microsoft Word document with additional title and reference pages using the current APA format and citation style (see Unit 1 Reading area for APA assistance). Your paper should be original, include headings, an introduction, and a conclusion, and have correct spelling, punctuation, and grammar.