Assignment: Marketing Plan
A. Executive Summary
This section is written last but appears first in the marketing plan. It should highlight the most important market opportunities, the marketing objectives, and the key elements of the marketing strategy that drive the firm toward reaching the marketing objectives. (Approx. 1/2 page, single space)
B. Name of product, description of the product, and explanation of the need.How does the product fulfill the audience's needs. (Approx. 3-4sentences)
C. Situation Analysis
Be thorough and specific in writing this section.
1. SWOT
• Strengths: List in bullet format the STRENGTHS.
• Weaknesses: List in bullet format the WEAKNESSES.
• Opportunities: List in bullet format the OPPORTUNITIES.
• Threats: List in bullet format the THREATS.
2. Competition
For each competitor describe the market position of your company and an assessment of their marketing strategies.How is your product different from other brands? Is it a "Me Too" imitator? This should also include the product positioning(10 points, approx. ½ page. You can present this in a matrix.)
C. Marketing Strategy
1. Target Market Description
Describe the target market using market dimension variables. These are segmentation variables such as demographic, psychographics, behavioral or geographic. (Approx. 2-3 sentences to describe the typical user)
2. Core Competencies (Competitive Advantage)
In approx. 1 paragraph describe the core competencies that provides a competitive advantage.
3. Marketing Mix Strategy
In approx.2 pages describe the marketing mix strategies.
Product Strategy: Include items such as name, features/attributes, packaging, warranties and any other things that makes this offering unique and increases its ability to satisfy target market needs. What phase of product life cycle is the brand? Picture of product can be included.
Pricing Strategy: Explain your pricing strategy. Where is your price relative to your competitors? Obviously, you must cover all your costs when setting the price. In general, do you want to develop a profit maximization pricingstrategy, a status quo, no-frills/low-cost strategy or a competitive pricing strategy in which you try to offersimilar features/benefits but some competitive advantage.Give price per package. What is the markup % at the retail level?
Distribution Strategy: Explain the distribution system- direct or indirect. Name the major type of intermediaries if indirect. For example, what type of coverage does yourproduct have? Does it vary by region? What will you do to support your intermediaries?
Promotion Strategy: Explain all the promotion mix elements currently being used to promote the product. What role will product advertising play? What role will corporate advertising play? What role will promotional advertising for the product play? You may discuss the relative importance of each (product advertising, corporate advertising and promotions). You should also discuss how you will establish a communications budget?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.