ASSIGNMENT : MARKETING PLAN
Develop a marketing plan for the same company that you picked for Assignment 1. This can be accomplished through adding new products, modifying the product mix, expanding distribution into new channels, launching a new advertising and/or social media plan, initiating a new pricing approach, repositioning the brand as a whole, etc...
When deciding how to modify your brand, it is important to consider current positioning. Is this brand well known? Does it have extensive brand equity as is or is it due for a brand refresh?
Design a plan that enhances this position or alters the current positioning to take advantage of a potential opportunity or trend in the marketplace.
Your submission should include the following sections:
I. MARKETING STRATEGY
A. Objectives
This should be a statement of the goals of your marketing strategy. Goals should be specific and measurable such as sales, market share, profit or customer equity objectives, timetables, growth rate goals, or more strategic goals such as capturing a leading position in an emerging market.
Be as specific as possible and lay out as many goals as you feel are appropriate to guide the strategy. The Goals should be chosen based on your Situation Assessment and SWOT analysis in Assignment 1.
B. Image & Positioning
1. How do you wish the product or service to be viewed relative to the competition?
C. The Target Market
1. Clearly define your target segments.
2. Try to calculate the potential of this target market -- that is, if everyone in
the target market bought your product, what would sales or customer lifetime value be? What is a reasonable expectation for a market share or customer equity goal?
D. Sustainable Competitive Advantage (SCA)
1. Based on your plan, what will be the SCA for your product or service relative to the competition? (Hint: If you can't come up with one, it's probably not a great idea!)
II. MARKETING MIX
(Note that each of these needs to be mentioned, but some will get more attention than others)
A. Product Issues
1. Differentiating points of your product or service (features, packaging, performance, etc.)
2. Description of any research & development needed in support of your product strategy
B. Distribution
1. Broad description of the distribution strategy (channel structure, number of intermediaries, etc.)
2. Any novel (differentiating) aspects of your distribution strategy? (e.g., selling direct or through the internet when the competition does not)
C. Pricing
1. Broad description of pricing strategy
2. Any novel (differentiating) features of pricing strategy?
D. Advertising & Promotions
1. The Promotional Mix
You should discuss your use of any of the following you plan to utilize:
a. Advertising
b. Direct (Personal) selling
c. Direct marketing
d. Sales promotions
e. Publicity
IV. MEASURING SUCCESS
Overall, how will you determine whether or not your marketing plan is a success? E.g., what % market share do you hope to obtain?