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.
The Marketing Mix is the set of decisions about communications and promotion, price, channels of distribution, and customer relationship management. An integrated marketing communications (IMC) approach delivers a clear and consistent message to your consumers and is connected to your Core Strategy.
1. Discuss the aspects of the IMC. (The elements of the communication mix include: advertising, direct marketing, sales promotion, publicity/public relations and personal selling.) Define each and discuss the pros and cons of the individual elements.
2. Provide a detailed description of your IMC approach. Explain your rationale for choosing or rejecting the specific elements (include applications to the earlier research section). What changes do you expect to make as the product/service matures?
3. Describe the message you wish to communicate based on your core strategy. Explain your rationale for the message. Formulate how you will communicate with your target market? Be specific. How will the internet be used in your IMC approach?
4. Select and explain the most suitable method for measuring advertising effectiveness. Your decision must include research to back up the selected method. Be sure to explain why this is the most effective method to measure the effectiveness of your marketing campaign.