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As a marketing professional, you will likely be involved in the development of both marketing strategies and marketing plans. It is important to have an understanding of what differentiates these terms.
A marketing strategy is an explanation of the goals you need to achieve through your marketing, which is shaped by your business goals. By contrast, a marketing plan is how you are going to achieve your marketing goals. Your marketing strategy serves as a road map that will guide you from one point to another within your marketing plan. In other words, the strategy is the thinking (the “what”) and the plan is the doing (the “how”). The purpose of your marketing strategy should be to identify and communicate the benefits of your business offering to your target market.
For example, if your business objective is to gain broader market adoption, your marketing strategy might be to introduce into new market segments, and your marketing plan might be to develop a marketing campaign that reaches out, identifies with, and focuses on a specific segment.
For your Final Project, you will apply the concepts and topics you have learned throughout this course to create a marketing strategy. You will not be creating a marketing plan.
To prepare for completing this Final Project, review the following articles provided in the Week 6 Learning Resources:
Submit by Day 7 your completed Final Project. The Final Project should be a 2–3 page marketing strategy which uses the Final Project Template, filling in each field with the required information, including:
Be sure to apply any relevant conceptual or theoretical understanding gained from the readings, media, and other Learning Resources throughout this course to your Final Project. Note that this project should be clearly organized and illustrate what you have learned throughout the context of the course.
Use the Final Project Template to organize and format your paper.
In addition to the intellectual content, each paper will be evaluated for clarity of writing and adherence to APA standards. Also see the rubric that is attached.
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