Innovation Commercialization Marketing Plan Group ... 3 or 4 members 50% overall contribution to assessment (30% group and 20% individual) The final project is a strategic marketing plan for an innovation idea. This group project gives you an opportunity to test and advance your ability to understand and analyse marketing situations, identify an opportunity, design a marketing strategy and implementation plan. It requires a good grasp of marketing concepts, strong decision-making and team-work skills. Groups should form in order to combine key strengths in commercializing a new innovation initiative; i.e. strategy formulation, execution detail and financial viability. Group members should evaluate the viability of individual MOA proposals amongst the group and run with the most promising concept for development. While the marketing process and specific responsibilities of a marketing manager vary across industries and firms, developing a strategic marketing plan involves three main activities:
1. analysis of market situation; 2. marketing strategy formulation; 3. implementing strategy through marketing mix. The course will cover all three areas and will equip you with the necessary concepts and skills. Each plan will be prepared and presented by a group of students. Each team should identify an existing opportunity (an unfulfilled need, perhaps) in the market, propose an innovative commercial initiative (product, service or combination of the two) that can address it, and design strategy and related tactics for launching it. In effect, the project focuses on a commercial launch plan for this innovation opportunity. Characteristics of a sound marketing plan include:
- Should provide a strategy for accomplishing the company mission and goal.
- It should be based on facts and valid assumptions.
- An appropriate organization must be described to implement the plan.
- It should provide continuity so that each annual plan can build upon it.
- It should be simple and short.
- The success of the plan may depend on flexibility.
- It should specify performance criteria that will be monitored and controlled. Key steps in preparing the marketing plan include:
1. Define the business situation which analyses past and present business achievements of the new innovation initiative.
2. Define the target market, opportunities and threats. A target market is a specific group of potential customers toward which the venture aims its marketing plan.
3. Market segmentation is the process of dividing a market into definable and measurable groups for purposes of targeting marketing strategy.
4. Considering strength and weaknesses in the target market.
5. Establish goals and objectives to measure the level of performance desired by the new venture. Be sure to define deliverable action programs: Specific activities to meet relevant organizational goals related to this innovative initiative. Create a description of the new product or service in the context of commercializing the innovation. Monetizing the opportunity (revenue) will need to consider costs, margins or mark-ups, and competition. Distribution options that make the product convenient to the customer. The written plan for your final project is due soon after the last class meeting.