Assignment:
Create a 10-page marketing plan for a new small business.
Marketing Plan Components
Title Page
Executive Summary (1/2 to ¾ page max)
Introduction (brief intro to the company - one paragraph)
Mission Statement (1-3 sentences long)
SWOT Analysis (This is an internal and external situation analysis; Do not present strategies in this section.)
Marketing Objectives (These need to be ‘S.M.A.R.T. objectives'. Google this term if you don't know what it means)
Target Market (Write a full descriptive profile of each target market. See Week 2 chat and slides.)
Positioning Strategy (How does the company want to position itself in the minds of the target market as distinct from, and better than, what competitors have to offer?)
Marketing mix:
Product/Service
Price
Place
Promotion
Conclusion
References 7-8 (APA format. For secondary research, use higher level reference materials; e.g ProQuest, WSJ, Bloomberg. Remember to cite any interviews you conduct with company owners or staff.) Remember that in-text (parenthetical) citations are required in the body of your paper if you use sourced information or quotes!
Marketing plan draft:
Creating a small business which will be mainly online and also consist of pop-up shops monthly. The product that I am going to be making and selling will be hair bows for babies and toddlers, and also for women and young mothers. My shop will also include handmade rustic home décor and accessories. These products will consist of wood signs with catchy phrases and sayings, metal signs, decorated coffee mugs and wine glasses. My pricing will depend on how much I can purchase my products for. I will be purchasing all of my items in bulk, in order to save money on my end so that I do not have to price my items too high. I want to stay at a competitive price range. My bows will run at $5 each or 3 for $10. Depending on the size, I will have signs that range from $20-$100. For the mugs and glasses, those will go for $15. I will designate a room in my house that is going to be my distribution center and my crafting area. This is where I will have all of my orders in an organized fashion, and where I will package them up and ship them. My target market is mainly young married women with or without children. My bows are going to appeal more to women with daughters, but my home décor and accessories will also appeal to them. Whereas, women with no kids will still be interested in my home décor and accessories line. For the marketing and promotion side, I will take candid pictures of my items with eye catching backdrops. I will create an Instagram account where I will post on there at least 3-4 times a week. On that account I will have a direct link to my website where people can purchase product online, or send me and email for a custom order. Once a month, I will set up pop-up shop locations, where I will bring all of my current products and wine and snack set up, so people can shop or order custom pieces. I will be sure to post a lot about my pop-up shops and ask for people's advice on what days and times work best for them.