Reference no: EM13739153

I. Product or Service Description

Describe for the reader what it is that you wish to bring to market. If it is a product, describe the product, its functionality, and how it works. If it is a service, describe the service offering so that the reader understands what they would receive.

It is suggested that you create a product or service on your own. Please do not attempt to write a marketing plan for Google or Aflac, as that is beyond the purview of this course.

Your description should be complete, including:

· Where your company is located
· The problem your product/service solves - as seen by the target market (not you) - and to which the target market would say, "Yes, that is a problem and no one has solved it"?
· The competitive advantages that you offer
· The challenges might you face in the marketing of this product or service

Ensure that you have adequately described your product or service. By the time your Product or Service Description is written, the reader understands what you want to bring to market. If you have a Service Description, the reader knows where you are located, what your service offers, where (parking?), and so on. Describe it so that the reader envisions the product or service.

II. SWOT Analysis

The SWOT Analysis is written in bullet form, with each bullet not exceeding two lines. The SWOT Analysis is not submitted in essay form.

The SWOT Analysis demonstrates a clear understanding of these specifics:

· STRENGTHS that you bring to the market and that make you a formidable competitor
· WEAKNESSES that you know that you need to address, as your competition is aware of these (or may become aware) and will likely exploit these. Your WEAKNESSES should be addressed as soon as possible
· OPPORTUNITIES that allow you to capitalize on your STRENGTHS. Where might you grow your business and revenues?
· THREATS in the macroenvironment. These include those aspects that you cannot control, but they are there - the economy, the competition, political/legal environment.

You might also consider the past history of the industry or business environment in which you plan to bring your product or service. Ensure that your SWOT is candid, factual, and is non-fiction. You want to demonstrate your realistic assessment of that which you have going for you and not going for you.

III. Target Market

Your Target Market section should do the following:

· Describe your target market, whether a business or consumer market, using segmentation variables. These include the use of demographics, psychographics, geodemographics, geographies, behavioral segments, or other segmentation criteria.
· Describe your rationale for selecting the target market(s) that you did. State why these markets attractive to you, as a marketer.
· Describe the market in terms of its anticipated growth, revenue opportunities, past performance, etc. Utilize our author's criteria for segmentation to demonstrate that your target market(s) suggest the likelihood of success - the market needs to be identifiable, measurable, sustainable, accessible, and reachable.

If your segmentation is too general, you will find that your promotional mix (IMC) will be equally general, as you will not have described your market with sufficient specifics. Thus, have you provided measurable segmentation variables or have you described your market as "everyone who needs PC storage" or "everyone in Smithville who likes Italian food"?

IV. Competitive Analysis

This section of your marketing plan will be highly dependent on your extensive research into the competitive arena. You want to know what is out there and what the competition is doing. When you enter the market you will either a) already have competition or b) your success will likely invite competition. Regardless, any successful business venture usually results in competition entering the market and reacting accordingly.

Your marketing plan Competitive Analysis section should focus on two (2) key competitors. This may also include potential substitutes if competition is not currently perceived. Your competition might be organized along several tangents - by industry, company type, or firm.

For your top two (2) primary competitors:

· Indicate why you have selected these two competitors. Offer a SWOT Analysis that focuses on the STRENGTHS and WEAKNESSES of each competitor.
· Describe of each company, its current market share, its product or service set offerings, its financials (e.g., revenues, profitability, etc.), current positioning within the market, target market that is seeks to reach, recent history (how are they doing?), and how they market themselves to the target market that you also wish to reach.
· Do a comparison of your product or service with that offered by the competition. How will you differentiate your product/service from that offered by the competition? Inherent in your presentation will be why your target market would likely select your offering over that of the competition. If you don't have a differentiator, your target market won't see one either.
· Describe the likely response that these two competitors will take once you begin to make ample waves, assuming that you are entering a market in which competition already exists. What response should you anticipate? What will be your response to what you project will be their likely response to your entry into the market?