Reference no: EM133342716
OBJECTIVES:
This project provides students with an opportunity to:
- Explore the strategic marketing planning process by researching or creating a marketing plan for a specific product.
- Develop research and critical thinking skills.
- Enhance team-building and communication skills through work. Students will be rewarded or penalized by their peers depending on the quality of their research efforts.
1) EXECUTIVE SUMMARY:
Provide a one to two-page single-spaced summary of all key findings within your paper. As with all sections, this section must include all relevant citations. Although this is the first section within your marketing plan, it is typically the last one that you will complete.
2) SITUATION ANALYSIS
Mission: Describe the mission of the company or organization and explain how the product (i.e. tangible product, a service, or an idea) fits into this mission.
Objectives: What specifically are you trying to achieve? The objectives should be realistic, consistent with your client's goals, and measurable.
Customer Segmentation: What market segments are being targeted and what, specifically, matters to them in regard to the product(s) that are at the core of this plan? Provide no fewer than three bases for segmentation that were identified within the textbook and/or class. Demonstrate a deep understanding of your core market(s) and their needs, value, culture, desires, or any characteristics that will drive their decision-making process.
Three parts: a) overall needs of the market, b) communication strategies that fit with customer needs, c) communication platforms that fit with customer needs.
Competitive analysis: Based on the segmentation section completed above (2b) and an understanding of what is working in the marketplace, construct a competitor analysis grid that compares your client with at least four leading competitors based on what matters most to your competitors.
SWOT analysis. Based on what you know so far, what are the strengths, weaknesses, opportunities, and threats that are affecting your product's ability to succeed? When discussing opportunities and threats, make sure to discuss uncontrollable environmental trends (i.e. shifts in technology, customers' needs, and the broader environment) that will affect the success of the product.
3) MARKETING MIX
In this section, you should discuss the marketing mix of the product. Discuss each of the 4Ps in detail. For each P, cite the book and a minimum of two other source to demonstrate your understanding of these core concepts and how they relate to the product you have selected.
If your focus is on an existing product or service, focus on the company's current marketing mix and any historical information that is relevant. For instance, if the company has made adjustments to its marketing mix, please explain what led to its adjustments (i.e. challenges). If your focus is on a new product, you may wish to discuss strategies that are prevalent within the competitive market.
- Product: don't just include the features of the product, service, idea, experience, make sure to discuss how the offering aligns (or does not) align to the needs of your target market(s) and your company mission.
- Price: discuss the pricing strategy that you believe is used and/or the strategy that you believe should be used.
- Place: describe supply chain, location, logistics, or other considerations that are important for delivering value to your customers.
- Promotion: explain how current message strategies, outlets of communication, value propositions, and other marketing communications have been developed and do/do not fit with your customer needs.
4) RECOMMENDATIONS SECTION
based on your prior sections, provide 1-2 recommendations for each of the 4Ps. For instance, for product, you might recommend a product modification, a new product (i.e. line extension, brand extension), or other type of change that you believe fits with the needs of your customers. After you explain what the recommendation is (i.e. a brand extension), explain in detail why it fits with your objectives, how the other sections of your paper link together to form it, and how it aligns to marketing theory (i.e. citing your textbook).
Section 5: List of references used, in alphabetical order, numbered.
All references used in the paper must be included. A minimum of 18 sources must be cited. The company website cannot be counted more than once. Keep in mind that if sources are not cited properly in any of the above sections, you may receive a zero on the individual section or the entire project.