Assignment: Marketing Plan
This assignment consists of two (2) sections: a marketing plan and sales strategy, and a marketing budget.
For the first six (6) months your company is in business-to give you time to perfect your product and to learn from actual customers-you will start marketing and selling in your own community, a radius of twenty-five (25) miles from where you live.
For most non-alcoholic beverages, marketing (as opposed to the actual product itself) is key to success. Cola drinks, for example, are fairly undifferentiated, as are many energy drinks, juices, bottled water, and the like. Companies producing these types of beverages differentiate themselves and attract market share through marketing and brand awareness-both of which are critical to success.
Section 1: Marketing Plan & Sales Strategy
Write 3-4 page Marketing Plan & Sales Strategy section of your business plan, in which you:
1. Define your company's target market.
Analyze the types of consumers who will be drinking your beverage in demographic terms (i.e., age, education level, income, gender, ethnic group, etc.). Support your analysis with actual data on the size of the demographic groups in your local community (nearby zip codes).
2. Assess your company's market competition.
a. Use the factors listed in the course text graphic to assess your company's market competition.
b. Defend your strategy to successfully compete against market leaders in your segment.
c. Defend your plan to differentiate yourself from the competition
3. Clarify your company's message using the information provided on the worksheet.
4. Identify the marketing vehicles you plan to use to build your company's brand. Justify the key reasons why they will be effective. Provide examples of other non-alcoholic beverage companies that use these tactics effectively.
Section 2: Marketing Budget (MS Excel worksheets template)
Section 2 uses the "Business Plan Financials" MS Excel template. Use the "Business Plan Financials Guide" (see: Course Required Files in Week 1) to support your development of the Marketing Budget.
5. Complete the Marketing Budget worksheet for your company.