MKT/574 Strategic Marketing Plan Assignment Essay

MKT/574 Strategic Marketing Plan Assignment

Kendra Thorpe

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Strategic Marketing Plan

MKT/574 v1

Page 3 of 3

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Strategic Marketing Plan
Part B: Marketing Data Analysis
(Due in Wk 4)

Internal Data
Evaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed.

Source	What it Measures	Data	Potential Usage
Advertisement expenditure	Amount spent on advertisement efforts.	Monthly advert expenditures	Useful in evaluating the percentage of money spent on advertisement
Accounting information	Profit or loss incurred by the business	Monthly losses and profits made by the company. It can be categorized per product	Helps a business to determine if it is making profit or operating at a loss
Transportation costs	The costs incurred by a business in transporting its products or staff	Monthly cost of transporting products	Helpful in assessing the amount spent by the company on transportation

Secondary Data

Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed.

Source	What it Measures	Data	Potential Usage
Published surveys	Reports on the performance of businesses	Major sales by a business	Useful when conducting market research
Newspapers	Measures major products sold in the market as well as markets with prospective consumers	Sales of competing	Useful in analyzing of the market
International agencies	Foreign market forecasts for example exports	Products exported or imported by countries	Useful in analyzing markets with best opportunities

Primary Data

Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed.

Source	What it Measures	Data	Potential Usage
Surveys	Customer satisfaction.	The number of existing customers who are satisfied with the company’s services or products.	Useful in enabling a business to identify unhappy customers, avoid losing customers as well as negative testimonials by customers in order to increase revenue.
Observations	Ease of website navigation.	The website conversion rate.	Identify any website navigation problems that may prevent visitors from successfully completing the customer journey.
Interviews	Consumer perception,	The number of the company’s products being purchased by consumers	Identify what products consumers are purchasing and why. Establish which products need improvement.

Customer Relationship Management

Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed.

CRM Touchpoint	Purpose & CRM Objective	Data	Potential Data Usage
Engagement Data	Measures how customers (existing and potential) engage with a brand across the various touchpoints.	The rate of customer interaction with a company’s e-commerce website.	It is usually applied at a macro level to assess click-through rates.
Behavioral Data	Focuses on the way customers interact with a company’s services or products directly.	Purchase history, abandoning shopping carts, and renewing subscriptions	Looking at this data helps to figure out who is following through with making a purchase or signing up for a subscription service and who is not.
Attitudinal Data	Helps in determining the performance of a brands services and products relative to consumer needs, customer satisfaction and overall customer experience.	Customer opinions regarding their feelings towards a brand and its services and products.	Helps the company to work on its key priorities by which they can position themselves better to the consumer they have targeted.