Marketing Question

Objective:
The purpose of this assignment is to simulate the role a marketing professional in a brand-new startup business. This exercise will help you understand the foundational elements of strategic planning in marketing.
Instructions:
Select and Identify an Industry: Choose an industry for your startup business. This decision will shape the direction of your company and influence the goals and objectives you develop. Feel free to select an industry that interests you. For example:
Technology: Develop a startup focused on innovative software, hardware, or tech services that solve modern-day problems
Entertainment and Media: Develop a company in the entertainment industry, such as a content creation platform, video game development, or digital media production
Develop a Compelling Company Description: Capture the essence of what your new business is all about. Your description should be no more than 100-words.
Create a brief description of your startup. Include details such as the company’s name, the product or service it offers, the target audience, and what sets it apart from competitors
The description should be concise but provide enough information to give a clear picture of what the company is and what it aims to achieve
Craft a Mission Statement:
Write a mission statement reflecting the company’s purpose & long-term vision
Ensure the mission statement is clear, inspiring, and aligns with the company description you created
Define Company Goals:
Identify 4 broad goals that guides the company’s growth and success. Goals should be aligned with the company description, & mission statement
Think about areas such as market penetration, brand recognition, customer satisfaction, innovation, etc.
Create Objectives:
For each goal, develop two (2) to three (3) specific objectives using the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound)
Explain the Importance of Each Objective: Provide a brief explanation of why each SMART objective is important to the overall success of the company
Identify Metrics: a metric is a specific, measurable value indicating how the company will measure itself against the objective. (See next page for examples)
Identify Metrics: a metric is a specific, measurable value indicating how the company will measure itself against the objective. (See end of page for examples)
State Target Timeframe: when the business commits to achieving their objectives
Submission Guidelines:
USE & SUBMIT THE PROVIDED EXCEL FILE (Strategy_Scorecard_MKTG3115.xlsx)
Rename the excel file as follows: LASTNAME_Strategy_Scorecard_MKTG3115.xlsx)
Submit your assignment on time via the Assignment Folder in CougarView
Do not submit the assignment as a Google Sheets file
This assignment requires ONE file: an .XLSX file with the pertinent cells completed
Outcomes:
Completing this assignment will provide you with hands-on experience in developing strategic thinking skills to equip you with the knowledge and skills in creating a company description, mission statement, goals, and SMART objectives tailored to a chosen industry and new product or service. Remember, this exercise mimics the real process that marketers tackle to set the strategic direction for a business.
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Objective Example: Objective: Increase online sales by 20% in the next fiscal year.
Relevant Metrics:
Monthly Sales Revenue: Track the increase in sales each month.
Conversion Rate: Monitor the percentage of website visitors who make a purchase.
Average Order Value (AOV): Measure the average amount spent per transaction.
Customer Acquisition Cost (CAC): Ensure that the cost to acquire new customers remains sustainable as sales increase.

 

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