Marketing Plan: This assignment consists of two (2) sections: a marketing plan and sales strategy, and a marketing budget.
Section 1: Marketing Plan & Sales Strategy
Write the three to five (3-5) page Marketing Plan & Sales Strategy section of your business plan, in which you:
Define your company's target market.
Analyze the types of consumers who will be drinking your beverage in demographic terms (i.e., age, education level, income, gender, ethnic group, etc.).
Support your analysis with actual data on the size of the demographic groups in your local community (nearby zip codes).
Outline the demographic information for your company.
Section 2: Marketing Budget
Section 2 uses the "Business Plan Financials". Use the "Business Plan Financials Guide" to support your development of the Marketing Budget.
Complete the Marketing Budget worksheet for your company. Hints: The goal of the marketing budget is to help you determine how much it will cost you to reach your market and achieve your sales goals. Hints: When filling out the "Marketing Budget" worksheet in the
Excel spreadsheet: Begin in the current year and complete a marketing budget for the first year of your business. The information you enter in the marketing budget spreadsheet will flow through to your "Income Statement" in the Business Plan Financials. Leave the number at zero (0) for any marketing vehicles you do not intend to use.
Remember that all marketing activities involve costs. If social media represents a significant portion of your marketing, assume you will have cost of advertising and that should be reflected on your budget.
Even if a social media site charges nothing to use it, you will need to use company resources to manage the site, pay someone to execute your social media marketing campaigns, and will most likely pay for ads on that site. Do NOT leave the "Marketing Budget" blank, assuming you will not have any marketing costs.
The specific course learning outcomes associated with this assignment are: Recommend effective business strategies based on an analysis of domestic and global operating environments, market dynamics, and internal capabilities. Analyze competitive positions including foreign market entry and the resulting impact on business strategy.
Use technology and information resources to research issues in strategic management.
Write clearly and concisely about strategic management using proper writing mechanics.