TERM PROJECT ASSIGNMENT: Marketing Plan
DETAILS
The term project for this course involves the market introduction of a "new" (re-invented, line extension, brand extension, or innovative) product. Introducing a new product to its target market requires a complete marketing plan. The marketing plan will be completed by teams consisting of 4 members. The marketing plan you are assigned to complete for this project is an abridged version of a full-length marketing plan.
All finalmarketing plans and PowerPoint presentations (ONE per team) are due in the D2L dropbox according to course schedule.All plans and PowerPoint slides will be due at the same time regardless of your team's presentationdate.
Marketing Plan Outline
1. Introduction: This will be a brief (1-2 paragraphs) overview of the main points in your plan. The purpose of the introduction is to acquaint the reader with what you are doing, why you are doing it, and what you have found.
2. Method. This section entails a two-paragraph discussion of how you went about developing the plan (i.e., your use of secondary and primary methods of data collection. This section should be presented as if you were describing the project to a friend - giving them instructions that they can follow.
3. Summary of Secondary Research. Concisely summarize (2-3 paragraphs) your secondary research efforts. Be sure to include industry background, trends, and at least 1-2 competitors. Be sure to properly cite all sources in the document and the PowerPoint presentation.
4. Target Market. Describe in detail your target market using segmentation analysis (demographic, psychographic, or behavioral variables). Your secondary data sources will be important here.
5. Product Description and Benefit Analysis. Provide a short description of the product or service. Discuss the benefits as they pertain to your selected target market. Why will these benefits be of interest to the target market?
6. Marketing Mix Decisions:
A. Place (Distribution) Decisions. Describe the type of sales, shipping, storage, retailers, and wholesalers that are used to make the product available to your target market. This is your distribution plan. How will customers be able to buy your product?
B. Price Decisions. This section will discuss the cost of the product, along with financial goals, distribution prices (prices to wholesalers, retailers, etc.), and prices to the final consumer. You will need to have an idea of how many products you will need to sell to breakeven, and make a profit. Estimate: sales, cost of goods sold, variable and fixed costs, and gross profit margin. Since this analysis is "pro forma," you will have to make certain assumptions in order to do the analysis. I am interested in the logic of your assumptions (regarding sales, costs, etc.) much more than the accuracy of your numbers - which will be hypothetical anyway.
C. Promotion Decisions. Discuss your Integrated Marketing Communication plan. Address how you will use the different elements of the IMC: advertising, direct marketing, personal selling, sales promotion, and public relations. Each element of the promotional mix should be under its own sub-heading in this section.
7. Executive Summary. Although the executive summary (ES) generally appears at the beginning of a plan, it is written last for this project. The ES is a 1 page double-spaced summary of the entire project. It should summarize the main sections of the plan and should explain the purpose and vision of the plan. The ES "sells" the plan to interested stakeholders: managers, salespeople, stockholders, etc. An executive should be able to read the ES and get an overall grasp of the project without having to read the entire plan.
8. References. This page lists all referenced materials in the paper. Follow the APA citation and reference style. See the librarian if you are uncertain how to do this method. Library resource link is in D2L.
How to Develop the Plan:
1. Select a product. Your group should act as if you area small entrepreneurial company that will be re-inventing or creating the product and any part of the marketing mix in order to develop the Unique Selling Proposition (USP). Keep the product simple, try to select something you are familiar with or purchase yourself. The concept is to "be different" - be the next new idea in this industry. Do not be concerned with technical engineering or technological details. Your innovations should be as realistic as possible.
2. Conduct secondary research on your product, competitors, and industry. Use sources found in the library and on the Internet. The library contains a wealth of trade information and articles. Be sure to include information on 1-2 potential competitors.
3. Select Only One Target Market for your project. Remember to keep it simple. From your research and using your own creativity, develop a concise marketing plan with strategies for price, product, place, and promotion.
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 includes 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.
Attachment:- Lovebot.rar