Assignment:
STRATEGIC MARKETING PLAN
INTRODUCTION
This assignment entails development of a comprehensive strategic marketing plan for a new product or service that is ready to "go to market". A Project Template is provided that allows you to organize your work in increments and see how the sections come together to produce a comprehensive plan.
PRODUCT/SERVICE
This assignment requires application of concepts learned to build a strategic marketing plan for a new product or service that is ready to "go to market". You will not be allowed to mimic plans or ideas from larger or already "in-place" campaigns. You must develop the business concept in its entirety.
• Describe the new product or service.
• Discuss the qualities that make this product/service new to the marketplace and the rationale for your decision to pursue the concept. Be sure to pick a product or service that is ready to market. If you are developing a new product, assume that the development phase is over and you are ready to launch the product into the marketplace.
OBJECTIVES/MISSION STATEMENT
Create a Mission Statement. State your short-term MARKETING objectives (one year). Assume that the product/service is ready to launch at the beginning of the year (planning and testing have been completed).
• Marketing objectives include goals for sales, profits, market share (as examples)
• Objectives need to be quantifiable. Use the SMART acronym - simple, measurable, achievable, relevant, and time-specific - in formulating your objectives. An objective with a 100% goal is not acceptable
TARGET MARKET
Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau's American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.
COMPETITION
Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? Hoover's Pro in the Library is a good tool for this section