Reference no: EM13737667

Final Assignment A: Choosing a Business Idea

 
In your next assignment, you'll create a marketing plan for a business. Before you create a marketing plan, you'll think about what type of business you'd like to make a marketing plan for.
 
1. In the Part I Review document, review the Section 8, Lesson 1: Business Opportunities information. Then describe 3 trends that you've noticed (either demographic, invention/technology, lifestyle, or style/entertainment) and explain how each one might generate a small business opportunity. (1-6 sentences. 3.0 points)
 
2. Make a list of at least 5 business ideas that you would be interested in starting as an entrepreneur. Then explain which one you think is the best opportunity for you. Give at least 3 reasons why this opportunity is better than the others. (1-5 sentences. 7.0 points)
TIP: You will create a marketing plan for this business idea in your next assignment, so pick an idea you like.
 
 
 
Final Assignment B: Your Marketing Plan
(30 points)
 
You're ready to make your own marketing plan, using and adding to the work you've done already in this course.
 
1. Develop a marketing plan for the business you described in Final Assignment A by replacing the information in each of the categories below with the information for your own company. You can review the material from this course, from the Part I Review, and from your assignments as needed.
TIP: Each section also contains an instructional note to help guide your responses.
 
Market Research (5.0 points)
 
Your marketing plan should include research into the overall market, definitions of market segments, and a description of the specific target market you are aiming for.
 
In addition, your research should describe industry trends, economic changes, and other factors that could affect your market.
 
For example, economic changes could decrease the spending power of your target market and make it less likely they will spend money on your products.
 
Instruction: Write 1-2 short paragraphs about the target market segments for your company and why you think this company and product will be successful. Are there economic, social, or other trends that make this a good opportunity now?
 
Product Description (2.0 points)
 
This section of the marketing plan describes the features of the product and its benefits for people in your target market.
 
This is where you discuss the needs, desires, and fears of your target market and consider how you can use emotions to make your product's benefits most attractive.
 
Instruction: Write 1-2 short paragraphs about your product's features and benefits.
 
Competition Analysis (3.0 points)
 
In this section, you describe and analyze your company's competition.
 
This includes direct competitors who offer very similar products, as well as indirect competitors who satisfy the same need or desire in a different way.
 
This is also where you describe the competitive advantages your product has when compared to these competitors.
 
Instruction: Describe at least two other companies that are direct or indirect competitors to your company. Explain how you will differentiate yourself from them.
 
Brand Image Goals (2.0 points)
 
This section describes your company's current brand image, as perceived by your customers and potential customers.
 
This is where you describe your goals for your brand image. Make a list of the main qualities you want people to associate with your brand.
 
Describe the market positioning you want to achieve. How do you want your product to be positioned in people's minds, particularly in comparison to your competitors?
 
Instruction: Describe your brand image goals in 1-2 short paragraphs. Include at least two qualities that you want people to associate with your brand. 
 
Financial Goals (2.0 points)
 
Set measurable marketing goals over a specific period of time, such as an increased number of customers, sales, or income.
 
Instruction: Decide how much monthly revenue you want the company to make from sales of the product six months from now, one year from now, and five years from now.
 
Other Marketing Goals (2.0 points)
 
You may have other marketing goals that you wish to measure.
 
For example, you may want to measure improvements in customer satisfaction and find out why customers are more satisfied. Did your marketing efforts create more accurate expectations about the product?
 
For example, you might want to measure whether your customer demographics have shifted toward the target market you are trying to focus on.
 
Instruction: Describe at least one other marketing goal you would like to achieve. 1-3 sentences.
 
Marketing Message (4.0 points)
 
Describe the message you plan to communicate to your target market.
 
This should be a focused message that explains the benefits of the product in a way that appeals to people's needs, desires, or fears.
 
Instruction: Write 2-3 short paragraphs about the marketing message you will use and why you chose this message. Why does it appeal to your target market?
 
Pricing (4.0 points)
 
Discuss your strategy for determining the price of your product.
 
Explain how your pricing strategy will support your overall brand image, marketing message, and financial goals.
 
Instruction: Decide what the price for your product will be, and describe at least two factors you considered in determining that price.
 
Promotional Strategies (4.0 points)
 
Promotional strategies are the ways you will communicate and support your marketing message.
 
This includes things like advertising methods, public relations efforts, publicity, and other communications.
 
Describe in detail each method you will use, such as types of ads and their content, or public relations tools like newsletters, networking, and improving your Web site.
 
Set timelines for when you will put each promotional strategy into action.
 
This section of your marketing plan should also describe which things your company will do for itself and which things you will hire other people or companies to do for you.
 
Instruction: Write 2-3 short paragraphs describing at least two promotional strategies you will use.
 
Budget (2.0 points)
 
In this section, you define your overall marketing budget for a specific length of time.
 
Then break down the budget to show where the money will be spent.
 
For example, you should have a budget for each individual advertising campaign, public relations effort, and so on.
 
Explain how you decided on these numbers for the budget, and why you think it will be worth spending this amount.
 
Instruction: Decide what the total marketing budget will be, and make a list of at least four things you will spend money on and how much you think they will cost.