MARKETING PLAN PROJECT

BUSN 230 / INTRODUCTION TO MARKETING

MARKETING PLAN PROJECT

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For this assignment, you will be writing a marketing plan at the level of the product (whether a physical good or a service) for a company you are creating in response to competition in the industry.  You will identify an industry, seek to understand the competition in that industry and determine a specific target market (currently unreached) in which to position your new product (physical good/service).  You will then develop the marketing plan for this new product.

 

There will be 10 main sections to this report.  They are as follows:

  1. Executive Summary – Outlines the who, what, where, when, how, and why of the plan. Although it comes first in the marketing plan, it is typically written last, after you have worked out all the other details.  It is a summary of what the reader is about to read.

 

  1. Company Description – What are your products and what is the value they bring. Show the potential possibilities for growth. What makes you unique?

 

  • Mission and Goals -State your company’s mission and goals (can include both financial goals-growth and nonfinancial-contribution to society, employees, etc.).

 

  1. Core Competencies – What is it that your company can do well that your competitors are not doing? Also, what is it that your competitors do well that you do not?

 

  1. Situation Analysis – (Draft due October 8) Outline the marketing environment. Include the following areas:

 

  1. Internal Environment
  2. Competitive Environment
  3. Macro-environmental PEST analysis:
    1. Political/Legal Environment
    2. Economic Environment
  • Social/Cultural Environment
  1. Technology Environment.
  1. Provide a SWOT Analysis. Clearly identify strengths, weaknesses, opportunities, and threats.  Show at least three (3) for each element of S.W.O.T.

 

  1. Competition– Determine at least two (2) direct competitors. Evaluate how each is positioned in the market place.  List indirect competitors and evaluate why they are competitors.

 

  • Target Market – Identify your potential customer; demographically, geographically, psychographically. For each segment of the market, present:
    1. Description of market segment
    2. Percent of sales they represent
    3. What they want/ what they value
    4. How they would use the product
    5. How to best reach them
    6. Price sensitivity

 

 

  • Marketing Mix (November 5)
    1. Product Strategy– Should consider the product’s advantages and how they will be leveraged. Product decisions should include:  Brand name, scope of product line, key benefits and functions, quality, packaging.
    2. Distribution Strategy– Include distribution channels, such as direct, retail, distributors and intermediates; locations; logistics, including transportation, warehousing and order fulfillment.
    3. Promotion Strategy– How will you promote this product to the various market segments: Advertising, including how much and which media; Public relations; Promotional programs; Consider:  What will your message be?  Will it be different for the different market segments?
    4. Pricing Strategy– Include the following variables: List price; pricing strategy; discounts; bundling with other products (if applicable), payment terms/financing options.
  1. Budget, Schedule, and Monitoring
    1. Budget: Make an assumption of what your first year’s revenue will be. Take 10% of that number for advertising/promotion. What will your budget be?
    2. Schedule: What will the schedule for roll-out look like? What will the timeline look like for the first 3 years?
    3. Monitoring: How will you monitor if you are on track? How will you evaluate performance?

 

  1. Bibliography – List of resources consulted.

Please separate out by type of resource; all research should be broken down into categories of professional interviews, customer interviews, web-sites, internet articles, etc.

  • If it is a professional interview, please be sure to include the name and title of the individual you spoke with, the organization, how long they have worked in the industry, and the date, as well as location, of the interview.
  • If it is a customer interview, please be sure to provide relevant demographic information to support your use of the interview. Specifically, how it is that this person is representative of the target market.  As in the professional interview, please list the name of the person, date and location of interview, and how they are relevant to the project.  Also, identify how you found the person, i.e., whether stranger, Biola friend, family member, neighbor, etc.
  • Regarding articles, you must state how the article is relevant to your project. Be sure to include name of author, name of journal, title of article, page number, and date. If article is found on a website, the same information is still required.
  • Web-site references must include a brief description of the web-site and the primary URL address (the short one: biola.edu), and the date that you last observed the web-site.  You must also explain why this web-site is relevant to your project.

 

 

NOTE:  Remember, although the Executive Summary is placed at the beginning of the Marketing Plan, it should be written last.

 

 

 

 

 

 

Mechanics:

  1. Font size should be 12-point font only.
  2. Double spaced.
  3. No section should be longer than two (2) pages. Many sections will be a insightful paragraph.
  4. Use one-inch margins.
  5. Do not right justify.
  6. Number the pages.
  7. Use headings, sub-headings, sub-sub headings, etc., whenever you change a topic.
  8. Professional business writing.
  9. No first person (“I”)

 

 

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