Purpose of Assignment
Marketing plans help coordinate an organization's departments and activities toward a mutual benefit between the organization and the consumer.
Well thought out marketing plans contain both internal and external research aimed at understanding who the customer is, what they want, and any barriers the company may encounter in meeting customer demands. This research and information allows the company to create strong strategies and realistic goals.
Part 1 of this two-part learning team assignment is designed to place students in the role of a company marketing team demonstrating to the CEO and Stakeholders why and how their new product/service should be launched. This assignment assesses the company, the target market and product, and identifies potential obstacles a company may face when deciding to launch a new offering will be identified.
Assignment Steps
Resources: Marketing: Ch. 1: pg. 4-10; Ch. 2: pg. 40-46 and 54-69; Ch. 3: pg. 72-92; Ch. 11: pg. 292-309; Week 1 video
Scenario: Your team has been chosen by the CEO to lead the development of key marketing strategies for the marketing plan for your company's launch of a new and unique product/service (not already offered).
Your marketing team's mission is to prove to the board of directors and investors through research, strategy development, and reasoning, that this product/service is viable and will meet the company's goals.
In this first half of the project, you will be reporting to the board and CEO about the target, the product's strengths, a SWOTT (Strengths, Weaknesses, Opportunities, Threats and Trends) analysis, and the brand's position in the competitive environment.
Create a company name (Tri Holmes, LLC)and decide what real business world industry it operates in.
Create a new and unique (page 2)(not already offered) product or service the company will be launching.
Obtain your instructor's approval for the team's product or service before beginning this project by having one team member private message the instructor what the team has decided on.
Create a minimum of 500-word report covering the following:
• Identify your target market and what segmentation criteria you use to identify it.
• Prepare a SWOTT analysis.
Cite a minimum of three peer-reviewed sources. One must come from the course textbook or videos and one from the University Library.
Format your paper consistent with APA guidelines.