Discussion & Respond
Week 8 (No more than 200-250 words)
Research
Research marketing plans(attached) and controls for success. Review information on your final paper topic and the industry it is in.
Discuss
· What were the challenges and triumphs you encountered while writing your marketing plan?
· What would the most significant challenges be to put this plan in place?
· What controls did you put into place to ensure the success of your marketing plan?
Respond to TG(No more than 150 words
Class,
I hope everyone had a great eight weeks of learning. The marketing plan I developed focused on Maxwell House Coffee, a well-established brand facing notable challenges over the past decade. Through extensive research, I gained insights into the brand’s diverse product offerings and its storied heritage. However, this history became somewhat obscured when Kraft Heinz acquired the brand, followed by its subsequent purchase by an even larger conglomerate. Initially, my approach yielded positive results in evaluating product quality and leveraging traditional advertising methods.
This momentum was disrupted when Maxwell House Coffee underwent its first rebranding in 133 years, becoming Maxwell Apartment. Launching a new marketing campaign immediately after a major rebranding posed risks of consumer confusion. Recognizing this, I incorporated the rebranding into my proposal rather than disregarding it. After thorough analysis of available information regarding the campaign, I determined that the initiative appeared to be more of a promotional tactic and risked alienating loyal customers. Consequently, I recommend a detailed strategy rooted in traditional advertising, emphasizing Maxwell House’s historical significance and its unique connection to American culture, appealing to a broad audience that includes both agricultural workers and political figures.
Respond to Gm(No more than 150 words
Marketing plans are an integral part of the success of businesses and overall sales plans. Weak marketing can lead to loss of revenue, poor relationships with customer and vendors, and failure of an organization in some cases. For these reasons, investment in a good marketing team and solid marketing plan can yield an excellent return on investment for a business.
The biggest challenges I faced while writing my marketing plan were in relation to digging out information on competitors in the industry. Almost all are privately held organizations, so there is little information available to the public on their financial situations and other pertinent information. I had an advantage of being involved in this industry for the last 4 years, which did help in the marketing plan, giving me insight into the market that others may not have.
My biggest triumph personally was putting together a marketing budget and figuring out the appropriation for those funds. This is something I’ve never done before, even as a GM running a business. Marketing activities are always handles by a corporate team, so putting together my own budget for one was really fun!
The biggest challenge for putting this plan into place would definitely be incorporating the recent safety study in a digestible way for consumers. One of the biggest hurdles in growing market share for rubber mulch is the pre-existing notion that it is inherently toxic, and if IMC can overcome those stereotypes, they have opportunity to really grow their business. It’s just a lot of information for customers to take in, and hard to make into visually appealing marketing materials.
Most of the controls I used in my plan are financially driven. We set measurable goals for market and revenue growth, and hitting those goals are the greatest control we can use. If we are falling short of the 7.5% increased sales revenue year over year, we can look for the indicators of where our marketing plan is falling short. Financial goals with clear parameters easily allow us to see where we are failing or where we are succeeding, and should be the first place we look when we are evaluating the success of this marketing plan.
