Approximately 15 content pages in length (equates to approximately 3,750 words), Term Project – Marketing Plan
I. Assignment Overview (Refer to Chapter 3 Supplement – Build a Marketing Plan) The purpose of this project is to familiarize you with the elements of a company marketing plan covering the rollout of a new product or service, or a major repositioning of an existing product. You will find this to be quite useful knowledge if you are not a marketing major – you will find it essential knowledge if you are.
In this assignment you will incorporate much, if not most, of what you will learn in this course. This project will tie everything together into one package as you prepare a marketing plan for a new product or service (or a major repositioning of an existing product) for a company of your choosing. You may select a company from a list provided in section III of this document, or you may select a company of your own choosing. In the real world, there are many ways to create and format a marketing plan – there is no one “right way” to do it. Some of you may have used other marketing plan formats in your work environment or in other classes. For this exercise, in this class, we will use the basic format contained in the textbook (Appendix for sample Marketing Plan for S&S Smoothie Company). The sample plan is provided to give you additional insight as to how a marketing plan should look – do not copy and paste from that sample plan. That would be considered plagiarism. If you have questions about this, ask.
II. Assignment Details READ THIS MATERIAL THOROUGHLY TO COMPLETE THIS PROJECT First: Your will select a company from the list provided in Section III of this assignment.
Second: You will then create a new product or service to be introduced by your company. You will NOT be creating a comprehensive marketing plan for the company as a whole; you will be creating a plan for the marketing of the new product or service, or a repositioned product. Again, this is for a new product or service, not for a repositioning or new promotional effort for an existing product. You will then e-mail your instructor with your company choice and product or service idea.
Third: Upon approval from your instructor, you will then prepare a marketing plan using the following framework. This matches the framework illustrated in the sample marketing plan be creating in the textbook a comprehensive (see sample marketing in Appendix plan in for your the text).Your in plan the Chapter should 3 also Supplement contain outline all of in You will also need a cover sheet for your Marketing Plan (not mentioned here but you not of the will miss marketing need any it – of see them. rubric). plan elements,
Tip:You then should add create the content a template to make first containing certain you each do 1. Executive Summary Last written but first topic in plan; a synopsis of key marketing plan points 2. Situation Analysis An overview of our company and its current situation. 2.1. Internal Environment a. How does marketing support your company’s mission, objectives, and growth strategies? b. What is the corporate culture, and how does it influence marketing activities? c. What has your company done in the past with its target markets? Products? Pricing? Promotion? Supply chain? d. What resources/core competencies – including management expertise – does your company have that makes them unique? How has the company added value through its offerings in the past? 2.2. External Environment a. What is the nature of the overall domestic and global (if you wish) market for the product? How large is the market? Who will likely buy our product? b. Who are our competitors? What are their marketing strategies? c. What are the key trends in the economic environment? The technological environment? The political and legal environment? The social and cultural environment? 3. SWOT Analysis Based on the analysis of the internal and external environments, what are the key Strengths, Weaknesses, Opportunities and Threats (SWOT)? 4. Set Marketing Objectives: a. List the major objectives for marketing relative to the new product/service. b. What does marketing need to accomplish to support/accomplish these objectives? c. Do the marketing objectives follow the SMART format? (Specific, Measurable, Attainable, Realistic, and Time- bound) 5. Develop Marketing Strategies 5.1. Select Target Markets and Positioning a. How do consumers and organizations go about buying, using and disposing of our products? b. Which market segments should we select to target and why? c. If a consumer market: What are the relevant demographic, psychographic, and behavioral segmentation approaches and the media habits (including social media) of the targeted segments? d. If a business market: What are the relevant organizational demographics? e. How will we position our product for our markets? 5.2 Product Strategies a. What is our core product? Our actual product? Our augmented product? b. What product line/product mix strategies should we use? c. How should we package, brand, and label our product? d. How can attention to service quality enhance our success? 5.3 Pricing Strategies a. How will we price our product to the consumer and through the channel? How much must we sell to break even at this price? What pricing tactics should we use? 5.4 Distribution Strategies a. How do we get our product to consumers in the best and most efficient manner? b. How do we integrate supply chain elements to maximize the value we offer to our customers and other stakeholders? c. What types of retailers, if any, should we work with to sell our 5.5 Promotional Strategies product? a. How do we develop a consistent message about our product? How do we best generate buzz? b. What approaches to Advertising, Sales Promotion, Social Media, Direct/Database Marketing, Personal Selling, and Public Relations should we use? c. What role should a sales force play in the marketing communications plan? How should direct marketing be used? 5.6 Supply Chain Strategy a. How will you modify your distribution network to meet the needs of your target market(s)? 6. Implement and Control the Marketing Plan b. How do we make the marketing plan happen? 6.1. Action plans – for this paper, list the action plans you will need in order to implement your marketing plan to achieve your objectives. a. What is the specific purpose of the action plan (e.g., conduct social media campaign; open 25 new retail outlets; increase brand recognition; etc.) b. What are the dates to implement the action plan and to end it? (e.g., social media campaign to run from March 1 – June 15; Radio campaign to run all year in alternating weeks; etc.) 6.2. Responsibility a. Who is responsible for accomplishing each of the action plans, and who has overall responsibility for the implementing the plan as a whole? 6.3 Timeline a. What is the timing for the elements of our marketing plan? 6.4 Budget – I do not expect you to work up a full budget – indicate what percentage of the budget each action plan a. What budget do we need to accomplish our marketing objectives (what percentage of the overall budget will each action plan cost?) should cost 6.5 Measurement & Control a. How do we measure the actual performance of our marketing plan and compare it to our planned performance and progress toward reaching our marketing objectives? 7. Works Cited a. Using APA style, list all the works you used in preparing the marketing plan. Marketing Plan Element Comment or Questions Plan Addresses The Marketing Plan will be written in Microsoft Word (or a format readable by MS Word, such as a Pages document exported to MS Word format), 12 point, Times New Roman font – PDF documents will not be accepted as they cannot be edited in Blackboard. The paper will have 1” margins on the top, bottom, and sides. Line-spacing will be double-spaced. Use topic headings for each topic subsection.
Papers will be checked with SafeAssign and Grammarly for plagiarism and for correct spelling and grammar. Plagiarized documents may be given a score of zero – remember to cite your references using APA style.
Make sure you cover your topics. Lists of Companies to Choose From – there is, intentionally, a great deal of latitude offered in choosing a company for your project. Choose from the following list. Write a single paragraph describing your choice and email it to your professor for approval of your choice. Do this by the end of the second week of class. Your own place of employment – the company you work for Another company of your own choosing – if you have ever had entrepreneurial aspirations, this might be a great opportunity to start planning! Apple – cell phone, new computer model, or another product that would complement Apple’s product line An Android system cell phone maker (Samsung, LG, HTC etc.) – a new cell phone or other product that would complement their product line A car manufacturer (Ford, Chevrolet, Tesla, or another car maker – a new model – perhaps a new kind of vehicle like a self-driving vehicle or something else) Blue Bunny Ice Cream (or another national brand) – a new ice cream product or flavor Starbuck’s – a new drinkable product such as a new coffee flavor, a new food product, etc. H&R Block – A tax preparation firm – a new service Carnival Cruise Lines – a new service offering (new cruise, new amenities for existing cruises, etc.) Your local bank – a new customer service to be offered; a new financial product
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