Reference no: EM132947008
New Product Marketing Strategic Plan
1. Executive Summary (2 pages)
Summarize the idea, the essence of your proposal, and the results you forecast, in not more than two pages.
2. The Product (Good or Service) or Business Idea (2 pages)
• Identify the mission and SMART objectives of the business.
• Describe the product or service
• State your value proposition or a positioning statement that outlines the benefits your product, service, or business will provide to the target customer, in order to differentiate your offering from currently available ones.
3. Market Analysis (4 Pages)
• Indicate who constitutes your market and the segment you will initially target (defined according to one or more of the following kinds of factors: demographic, geographic, and/or behavioral variables)
--For this market overall, and for your target segment:
--Indicate their size and current and anticipated growth rate (measured if possible, in unites, dollars, and number of potential customers).
--Identify any unmet or poorly served needs that your new product or service will address.
--Identify relevant trends in each of the six macro trend categories that support and detract from the demand for your new product or service.
• What wants and needs does your product serve? What features will you offer? Connect features to benefits desired by your target market.
• What is your target consumer willing to pay for your product? Where and how do they buy products or services like yours? What factors constrain demand for your product or service? What drives demand?
4. Competitor Assessment (2 Pages)
• Define the industry in which you will compete.
• Assess the industry's five competitive forces.
• Assess they industry's key driving forces.
• Identify its key success factors.
• What direct and indirect competitors currently satisfy the needs your proposal targets?
• What competitive advantages and disadvantages will specific competitors have? Will you have?
• What competitive responses to your entry are likely?
5. Marketing Strategy (3 Pages)
• What are your SMART marketing objectives?
• What is your overall marketing strategy?
• How will your offering be positioned?
• Product decisions: features, augmented product, brand
• Pricing decisions: objectives, pricing strategy, pricing specifics
• Distribution decisions: channels structure, push or pull strategy?
• Promotional strategy: integrated marketing communications objectives and plan, copy platform, media plan, trade and consumer promotion plan, personal selling plan, public relations plan
6. Marketing Budget (4 Pages)
• Provide one or more spreadsheets that detail your marketing budget and the activities that will comprise if for 3-5 years, monthly for the first year. Indicate, by category of activity, all planned marketing spending for the execution of your marketing strategy, broken down into as many of the following categories that apply:
--Advertising (creative and media expense)
--Direct marketing (direct mail and/or telemarketing expense)
--Internet marketing (website, banners, etc.,)
--Consumer promotion (discounts, samples, coupons, rebated, contests, etc.,)
--Trade promotion (allowances/discounts to your distribution channels)
--Sales force expenses (salary and fringes, sales materials, commission, travel)
--Public relations (non-paid media)
--Customer service (inbound order taking, customer support, etc.,)
--Other (sponsorships, events, etc.,)
• Indicate, using appropriate measures, the level of effectiveness and efficiency you expect from each activity (reach, frequency, CPM, response rate, number of sales calls per week, close rate, duration of sales cycle, etc.,). Provide appropriate evidence in a discussion that supports your contention that your planned marketing budget is sufficient to drive the sales you forecast.
7. Implementation and Control Plan (1.5 pages)
• Provide an organizational chart for marketing people and functions.
8. Forecasts and Pro Formas (2 Pages)
• Prepare an evidence-based forecast of projected sales, based on your penetration of your target market, given the proposed pricing, for three years, monthly in the first year.
9. Please add all the references in APA style
Attachment:- Product Marketing Strategic Plan.rar