Marketing plan project:
Assuming that you are a group of junior consultants in a marketing consulting firm, your group is responsible for developing a marketing plan of a new product/service concept for a company. The expectations of your client on your proposed marketing plan include:
1. Analyze the company’s current marketing situation and identify potential opportunities and threats that may have impacts on the company,1.
2. Develop a new product/service concept that can create customer value, and
3. Recommend marketing strategy and program for your proposed new product/service to help the company stay profitable, competitive, and sustainable.
You are launching a new marketing campaign with some strategic goal (e.g., expand into X segment/market because your current segments are shrinking).
The goal is to create new marketing, not new technology, service, or a new product per se. (though there can be some new product to support your new marketing)
Think about areas of industry that are interesting to you, are meaningful to society, and can generate the most impact/utility/value creation.
Pick something that you can add a lot of new ideas too – just like having a core idea on which you can add additional marketing ideas. Picking something where you can build culture and beliefs will allow you to work at the highest level of value creation.
You don’t have to pick something that is new and techy – these things often seem cool and have a lot of potential for idea development, but can also be difficult to work with. It’s more interesting to pick up on changing tastes and needs of consumer segments.
E.g., you need to be able to do the 4p’s/c’s, STP, branding, etc. If you are having a hard time coming up with ideas on how specific ideas from core marketing apply, it is probably not a good project idea.