Strategic marketing plan
The task is as follows:
Situation: You are working at a Marketing Department for a company producing either goods or services. Your task is to develop a new good or service product, which you will develop from the initial concept to the launch date. The product will become part of the company's range and your task is to develop an economically viable concept that can be ‘sold' to the Board of the company. Strategic objectives will be developed which link to a marketing position and value proposition.
The Task: Your responsibility is to produce a Strategic Marketing Plan for the launch of the product. The product is to be on the market within 12 months.
The New Product will be Kazbrella - https://www.kickstarter.com/projects/kazbrella/kazbrella-revolutionary-inside-out-umbrella/description
Your Strategic Marketing Plan needs to be; clearly written, well structured, up to date, well researched, commercially viable and market focused, with adequate supported references in APA format.
Write on the following for the marketing plan:
Product/business idea which includes:
1. Mission
2. Aspirations
3. Values
4. SMART objectives
5. Briefly describe the product and its target market
6. State your value proposition/positioning statement that outlines the benefits your product will provide the target market, in order to differentiate your offering from the currently availble one
Market Analysis which includes:
1. Indicate who constitutes your overall market and the segment you will initially target (defined according to one or more of the following kinds of factors: demographic, geographic and/or behavioural variables)
2. For this market overall, and for your target segment, do the following:
- Indicate the size and current anticipated growth rate (measured if possible, in units, dollars, and number of potential customers)
- Identify any unmet or poorly served needs that your new product or service will address
- Identify relevant trends in the six marco trend categories (PESTLE) that support or detract from the demand for your new products
-Identify the relevance of Porter's 5 competitive forces with the product. The 5 forces are, Rivalry among present competitors,Threat of new entrants, Bargaining power of supplier, Bargaining power of buyers and Threat of substitute products.
3. Identify the wants and needs your product serves. What benefits will you offer, and what product features will deliver them?
Target market for Kazbrella will be in Singapore. I have done up a simple draft for this report. You can edit accordingly, add on more detailed researchs as well as references. Words in red need to be paraphrase and cited with references.
This report for the product idea and market analysis should have at least 20 references and approximately a total of 7 pages.
Attachment:- umbrella_project.rar