Marketing Research Assignment Paper And Promotional Plan (Research Paper Sample)
Option #1: Promotional Plan
For Option #1, you will provide a promotional plan that communicates the business's benefits based upon needs of buyer. The plan must be logical and convincing plan, with a strategy to communicate the company's benefits in such a way that it will persuade buyers or clients about the worth of your business's product or service.
The success of a small business is based on its ability to communicate and to meet the needs of its target market. One of the most important ways to do this is with a promotional plan. In the past, promotional plans were seen as short-term ways to boost revenues and market share. Current research has shown that promotion is a direct link to customer loyalty and retention. For this reason, small businesses should produce a promotional plan.
The objective of the promotional plan assignment is to gain experience applying a promotional strategy to help a firm gain competitive advantage. This assignment will help you apply and integrate all of the course objectives for MKG425. The promotional plan assignment will be completed in sections (these will be Portfolio Milestones that are due throughout the course. See below for a list of these deliverables.) The final plan is due in Module 8.
Preliminary Deliverables (Portfolio Milestones) for Option #1
The following pieces of the plan will be due throughout the course for those of you who chose to complete Portfolio Project Option #1.
Module 2 Milestone: Identifying the organization and plan for Portfolio Project
Begin researching a small business of interest for the Portfolio Project
Evaluate the business and its needs
Examine the difference between a Promotional Plan and a Public Relations Plan
Identify which plan is most crucial for the success of the small business
Identification of the promotional activity or public relations used in the plan.
Module 4 Milestone: Branding the organization
Communicating the importance and objectives of the organization
Develop a statement for the Portfolio Project based on the image of the organization (brand)
Module 6 Milestone- Identify Target Market and Needs
Identify the specific individuals in need of your business's product or service
Discuss decision criteria and the people involved in the decision-making process
Match the business's objectives with the customer's needs and wants
Determine the financial implications of the plan
The Final Promotional Plan for Option #1
Your final plan must contain the following elements:
Promotional statement - Succinctly state your plan's overall objectives (purpose and need).
Target market - Identify your target market and develop the optimal marketing mix to reach your potential customers.
Statement of goals and objectives - Explain the advantage your business will have with the integration of the promotional plan. Goals should be specific and measurable.
Promotional strategy - Identify the specific promotional activities the business will use to reach customers (advertising, sales promotion, personal selling, and direct marketing).
Implementation - Explain the stages and key success factors that are necessary for a successful plan.
Timeline – Provide the timelines for the specific promotional activities to occur.
Budget – Provide a budget and 12-month income statement (revenues and costs) on the proposed promotional plan. Show how your plan is feasible based on financial projections.
Evaluate – Provide details how this plan is evaluated from success to failure. In other words, provide scenarios or key drivers to help determine the plan's success.
Your paper must meet the following requirements:
Be 8 -12 pages in length, not including the cover page and reference page.
Support your answers with readings from Modules 1-8 and at least three scholarly journal articles (at least one of which is peer-reviewed). The CSU-Global Library is a great place to find these resources!
Be sure to follow the CSU-Global Guide to Writing and APA Requirements. Your paper must include an introduction, a body with at least two fully developed paragraphs, and a conclusion.
Your paper must be well written using excellent grammar and style techniques. Be concise. Be logical. You are being graded in part on the quality of your writing. If you need assistance with your writing style, start with Tools for Effective Writing at the CSU-Global Library, accessible from the Library's homepage.
Refer to the Portfolio Project grading rubric available in the Module 8 Folder for information on grading details.
The Adonai Island Hotel is a small but magnificent hotel located at the Adonai District Island. The district has established itself so well economically for the past ten years that attracted the entrepreneurs to construct a hotel there. The structure of the hotel has a duplex complex with three guest suites and fifteen guest rooms. The catering section is downstairs where breakfast and lunch are served. The areas for conference centers are also downstairs. The company has been in operation for the past five years. The company has faced stiff competition from the other hotels in the region. One of the biggest challenges besides competition that the business has faced is a shortage of customers during the off-peak season. It has employed several business strategies to remain competitive in the field. It has decided to engage in promotional activities besides other strategies. This paper focuses on the promotional plan of Adonai Island Hotel that has been put in place to help market its services.
The Promotional Statement
The aim of the promotion is to attract customers during the off-peak season. It also aims at retaining the customers and reaching out for more. The promotional plan also aims at counteracting the pressures from the competitors. Most hotels in the region have been losing business during the off-peak season as expected. Instead of making profits, the hotels have been making more losses. Adonai has not been an exception. It has, however, noted that there is a large domestic market that it can attract to fill up the gap during the off-peak season. It is also aiming to be outstanding such that in the case of foreign guests, it will be the first one to be considered.
The Target Market
The following is a list of the groups of people that Adonai has determined to be part and parcel of its base of customers. Determining it depended on the kind of services offered, that is hospitality and where they are being offered. Identification of the marketing plan was crucial as it will be a helpful tool in the construction of the marketing plan.
The foreigners from the European countries and other countries where there is seasonality in climate. The international business people are the main category that the company is after.
The domestic business people and other target markets. There is a large potential domestic market both in the Adonai District and the country at large. The problem that this market is not being trapped is due to lack of knowledge of the hotel and the fear of high costs.
The target for the business people is due to the fact that they are ever traveling around the world to run their business errands. They will need places to rest and plan for their activities. They will also need to hold business meetings and conferences. All these are provided at the hotel.
The old is another target group. Old people tend to enjoy their lives as they wait for the final day. It is so common to find the old engaging in recreational activities. The beaches at the island will definitely serve as the source of attraction to this group of people. The hotel also offers sporting activities such as golf which attracts the old more.
Having identified the current trends in the hospitality industry and their impact on the business; having an understanding of the business competitors; having described the target audience and the threats and opportunities prevailing currently in the market, the business is ready to set out a market mix on how it will reach its target market. The right market mix will solely depend on the four variables, also known as the 4Ps. They include the actual product, in this case...
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