Expert answer:MKT 607 Benchmark – Digital Business Plan

  

Solved by verified expert:In Topic 5, your team developed a business plan to support your marketing division and justify an additional capital investment from corporate headquarters to move forward. Digital marketing is a critical part of marketing strategies today because of the prevalence of social media and other web-based technologies, online media outlets, and mobile Internet and applications.Based on the current position of your new division in the simulation and your goals for coming quarters, analyze market consumer data, competitive data, and real-world digital marketing options to develop a summarized digital marketing plan for your division that benefits growth and considers competition. In 500-750 words, address the following:Digital marketing strategies for your division: Discuss the decision to shift all or a portion of your division’s promotional budget in the simulation to digital marketing. Discuss the digital marketing strategies that will be used to promote organizational growth. Consider factors including B2B verses B2C considerations in digital media, target market coverage, exposure, analytics, and costs.Digital media impact: How would the addition of digital media options influence your division’s overall promotional plan? Consider the five elements of the promotion mix.Digital media types and options: Include examples of specific social media platforms, blogs, websites, applications, etc., and a justification for each based on your division’s goals. Use real-world data by researching the outlets/platforms, reviewing media kits when available, and citing available sources on exposure, targeting options, etc.Monitor digital media: How will you monitor effectiveness and adjust your strategy based on your division’s goals?You are required to include both academic and professional references (e.g., data on analytics, platform use data) to justify your plan.
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Hunsaker 1
Professor Cotoia
Joe Hunsaker
Benchmark
MKT-607
Hunsaker 2
Our company is looking quite good as of now. We are in second place, and
have created some pretty good selling bikes. Along with creating bikes, we have
worked as a team to complete different parts of the company and have taken on
challenges and setbacks and handled them thoroughly together.
Not only have we created bikes; we have worked on the four p’s meticulously.
We have gathered data trying to figure out where to locate our storefronts and where to
market and advertise our materials. We settled in the best location we could think of. We
also negotiated prices and came to a price that seems fair and has turned into a lot of sales
for us. We have worked hard to get a solid product with the right features to the right
areas to satisfy the right customers. It has been a journey but it couldn’t have happened
without marketing and specifically digital marketing. We make ads like ‘sky’s the limit’
and ‘adventure await”. Both of these have done very well.
By using digital marketing we can reach a far greater span of customers. It also
helps us to target our markets even further using things like keywords similar to Google
ad words. We think this will not only increase our business to consumer sales, but other
bike companies or retailers may see our ads and want to pick us up which would increase
our B2B sales. The addition of digital media definitely changes the promotional mix. “A
specific combination of promotional methods used for one product or a family of
products. Elements of a promotional mix may include print or broadcast advertising,
direct marketing, personal selling, point of sale displays, and or merchandising” (1).
Digital media directly markets to the consumer in a way that never existed before. It also
allows for calls to action and directing customers to our websites or places to purchase
products. This will surely increase sales. By using digital media, there will be less need
Hunsaker 3
for point of sale displays at stores or around town. We will market more digitally, which
will be cheaper and help to cut down on waste created through traditional display or
marketing materials.
One way to monitor digital media is by using the pay per click or PPC method.
“Using tools such as Google AdWords, Yahoo Search Marketing and others, business
owners can display ads in the sponsored results section of search results pages and pay a
fee each time someone clicks through from the ad to their site” (Siu, 2013). Facebook is
also a great website where we can operate a page for our business for free, but also pay
for ads. Facebook is the biggest of all social media platforms at the moment. Similar to
Google, Facebook has SEO and ad words to help us target consumers better. You can
select buzz-words like bicycle or leisure bike, and target all customers that search for
that. Facebook also allows a person to place ads on the sides of consumer’s feeds and
homepages. Instagram is also a great platform for us to advertise. It allows for us to place
ads for our bikes, on users feeds that may be interested in bikes or just around the right
demographic as our previous customers.
One way to monitor this is by checking ROI on SEO work. What this means is
that we should closely monitor Google ads, Facebook Ads, and Instagram ads. All of
these sites provide statistics and insights on the performance of each individual post or ad
that is purchased. This will allow us to monitor different methods and see what words or
imagery works best for our customers. This is also known as the return on investment or
ROI. It’s basically monitoring how much we have spent on advertising and seeing if we
can make more back off a single ad. This is important because we do not want to be
wasting money on these endeavors.
Hunsaker 4
All and all our business has done very well, and implementing digital media will
only continue to raise sales. By studying out promotional mix we are able to see where
digital media will help us out in the long run. The sites we plan to market and advertise
on like Facebook and Instagram are large platforms and should produce a pretty steady
ROI. We will monitor the ads using insights from these platforms but also monitor the
return on cash back from each ad, and will make adjustments to the ads that do not
perform.
Hunsaker 5
References:
(1)promotion mix. BusinessDictionary.com. Retrieved June 05, 2019, from
BusinessDictionary.com website:
http://www.businessdictionary.com/definition/promotion-mix.html
Garcia-Carretero, L., Codina, L., Diaz-Noci, J., & Iglesias-Garcia, M. (2016). SEO tools
and indicators: characteristics and application to online media analysis. El
Profesional de La Informacion, 25(3), 497–504. https://doiorg.lopes.idm.oclc.org/.DOI: 10.3145/epi.2016.may.19.
Siu, E. (2013, April 16). 5 Pay-Per-Click Mistakes That Can Cost You Money.
Retrieved from https://www.entrepreneur.com/article/226350
Course Code
MKT-607
Class Code
MKT-607-O501
Criteria
Content
Percentage
100.0%
Digital Marketing Strategies (1.2 and 7.2:
Leverage digital marketing strategies to promote
organizational growth.)
15.0%
Digital Media Impact
10.0%
Digital Media Types and Options
15.0%
Monitoring Digital Media
15.0%
Methods of Marketing and Consumer Research
(2.4 and 8.4: Analyze markets and consumer data
to inform marketing strategy.)
15.0%
Mechanics of Writing (includes spelling,
punctuation, grammar, language use)
20.0%
Paper Format (use of appropriate style for the
major and assignment)
5.0%
Documentation of Sources (citations, footnotes,
references, bibliography, etc., as appropriate to
assignment and style)
5.0%
Total Weightage
100%
Assignment Title
Benchmark – Digital Business Plan
Unsatisfactory (0.00%)
No digital marketing strategies for the division are present.
The marketing plan does not include the digital media impact
on the promotional plan.
No digital media types and options are present.
No methods for monitoring digital media are included.
No methods of marketing and consumer data are included to
inform marketing strategy.
Surface errors are pervasive enough that they impede
communication of meaning. Inappropriate word choice or
sentence construction is used.
Template is not used appropriately or documentation format
is rarely followed correctly.
Sources are not documented.
Total Points
100.0
Less than Satisfactory (74.00%)
The digital marketing strategies for the division are included,
but lack detail or are incomplete.
The marketing plan includes the digital media impact on the
promotional plan, but lacks detail or is incomplete.
The digital media types and options are included, but lack
details or are incomplete.
There is some mention of methods for monitoring digital
media, but they lack details or are incomplete.
There is little or no evidence of marketing and consumer data
to inform marketing strategy.
Frequent and repetitive mechanical errors distract the
reader. Inconsistencies in language choice (register) or word
choice are present. Sentence structure is correct but not
varied.
Appropriate template is used, but some elements are missing
or mistaken. A lack of control with formatting is apparent.
Documentation of sources is inconsistent or incorrect, as
appropriate to assignment and style, with numerous
formatting errors.
Satisfactory (79.00%)
The digital marketing strategies for the division include some
details on the decision to shift to digital marketing to
promote organizational growth. There is mention of
additional factors that were considered in the decision.
The marketing plan includes the digital media impact on the
promotional plan.
The digital media types and options are included. There is
mention of specific social media platforms used to target the
identified market.
Methods for monitoring digital media are included with some
details on effectiveness and strategy to meet division goals.
The plan includes evidence of relevant marketing and
consumer data for marketing strategy decisions. There is a
minimum of three resources included.
Some mechanical errors or typos are present, but they are
not overly distracting to the reader. Correct and varied
sentence structure and audience-appropriate language are
employed.
Appropriate template is used. Formatting is correct, although
some minor errors may be present.
Sources are documented, as appropriate to assignment and
style, although some formatting errors may be present.
Good (87.00%)
The digital marketing strategies for the division include a
detailed description on the decision to shift to digital
marketing to promote organizational growth. The additional
factors that were considered in the decision are included with
some reasoning to support decisions.
The marketing plan includes a detailed description for the
digital media impact on the overall promotional plan.
The digital media types and options are included. There are
details on specific social media platforms relating to division
goals. Real-world data is included in the description.
Methods for monitoring digital media are included with
details on effectiveness and strategy to meet division goals.
There is some mention of a plan for modification when
necessary.
The plan includes evidence of relevant and quality marketing
and consumer data. There are more than three current
resources validating the digital marketing strategy decisions
included in the plan.
Prose is largely free of mechanical errors, although a few may
be present. The writer uses a variety of effective sentence
structures and figures of speech.
Appropriate template is fully used. There are virtually no
errors in formatting style.
Sources are documented, as appropriate to assignment and
style, and format is mostly correct.
Excellent (100.00%)
The digital marketing strategies for your division include a
comprehensive description on the decision to shift to digital
marketing to promote organizational growth. The additional
factors that were considered in the decision are included with
detailed reasoning that supports decisions.
The marketing plan includes a comprehensive description for
the digital media impact and its influence on the overall
promotional plan.
The digital media types and options are included. There are
clear details on specific social media platforms relating to
division goals. Real-world data is included to support the
digital media option selected for the division.
Methods for monitoring digital media are included with clear
details on effectiveness and strategy to meet division goals.
There is a clear plan for modifications when necessary.
The plan includes evidence of relevant, current, and quality
research. The description analyzes marketing and consumer
data to thoroughly validate digital marketing strategy
decisions for the plan.
Writer is clearly in command of standard, written, academic
English.
Comments
All format elements are correct.
Sources are completely and correctly documented, as
appropriate to assignment and style, and format is free of
error.
Points Earned

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