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Marketing Plan Project SP 2020
Purpose: The purpose of this project is to give students experience in a range of marketing problem-solving and decision-making scenarios, including researching target markets, deciding on marketing mix elements, and determining an action plan.
Project Intro:
Students should prepare a written report marketing plan using the following guidelines. There is no set page limit for this assignment. Please refrain from writing more than 20 pages. Most successful projects will be around 10 pages.
This project will require both creativity and critical thinking. You should include at least 5 credible outside sources to support various components of your project. For example, if you are introducing a new fitness app, you may want to research current markets for fitness apps when discussing the target market you will be pursuing. Other places to include citations include company introduction, situation analysis, etc.
Step 1) You will develop a marketing plan for a new product or service you believe an existing firm should offer. Examples of past projects/product include : Nike introducing a new sports drink, Chick Fil A offering delivery services, ModCloth opening physical retailers, etc. Students generally either 1) think of a new product and then think of a firm that would be appropriate or 2) think of a firm they are interested in and then think of a gap in that firms product/service offerings. So, Step 1 is for you to think of a product/service and firm
Then, complete the project using the outline below. Remember that you should be researching the firm, industry, competition, target market, etc. There will be videos on the CougarView site to help you identify and find appropriate sources.
Please note that the following is a proposed project outline. You should cover most, if not all, of the following topics. You can find more information about creating Marketing Plans in Chapter 2 of your text.
Executive Summary
– Introduce the reader to the chosen company and give highlights of the Marketing Plan.
Company Intro
-name of business, mission statement, brief description of existing products and services; introduction of new product/service
Situation Analysis
– Internal Environment – Marketings role in chosen firm, corporate culture, past marketing activities, resources, value proposition
– External Environment Competitor analysis, overview of existing markets, relevant key trends in economic, technological, regulatory, social, and cultural environments
– SWOT Analysis identify strengths, weaknesses, opportunities and threats of the firm and discuss their implications for the firm
Objectives
– Detail at least 3-5 specific marketing objectives (total) you believe this company should strive to achieve over the next year, 3 years, 5 years
– Provide specific justification for each objective (HINT: these objectives should connect with situation analysis).
Marketing Strategies
– Target Market (Customer Analysis)- Identify organizations final customers in terms of geographic, demographic, social, psychological and behavioral dimensions; Identify organizational customers in terms of market structure, buying situation, and major buying influences;
Segment the target market based on similar needs, wants and characteristics;
Select the market segment(s) to target;
Describe your positioning strategy and create your positioning statement;
Describe the consumer buying process and buying behavior(s) as it pertains to products.
– Products/Service Analysis Strategies- Identify key products; describe how product meets customers needs; value proposition
– Pricing Strategies- Overview of the company and product/service costs that must be considered for break-even calculations; Estimate demand for your offering based on your pricing objective; Identify the pricing strategies that are most appropriate for the company; Detail the price change tactics to be used by the company/organization.
– Place/Distribution Strategies- Describe the channels of distribution used by the company to distribute its products based on the geographic area; If your business has a physical retail store location that serves as a touch point for customers, describe your physical location and how it fits with your overall marketing strategy (services, products, price, etc.)
– Promotion Strategies- Detail the promotional mix used to communicate with current and potential customers.
Identify and explain the companys main promotional objectives. Evaluate the organizations strategies.
What changes or suggestions would you propose for this company with regard to their marketing mix?
Implementation
– Action Plan
– Responsibility
– Timeline
– Budget
– Measurement and Control
Conclusion
– Address expected results & organizations potential for future success.
You will be evaluated based on the completeness of your project, use of adequate and appropriate support, and readability of your report (including grammar, formatting, etc.)
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Marketing Plan Project was first posted on May 16, 2020 at 8:36 am.
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