Marketing plan

| June 11, 2016

Question
In the first draft of your Marketing Plan, you will be providing your first draft, which includes Section 2.0 in your Marketing Plan

Your first draft should demonstrate your diligent research, which is a critical part of the creation of a successful Marketing Plan. Please ensure you have submitted a well-written first draft that fulfills the evaluation criteria that is clearly provided to you. Your first draft should consist of these highlighted topics, all of which should be “at least 90% complete.”

Objective

This Marketing Plan assignment gives you the opportunity to practice develop an integrated business and marketing strategy for a product or service of your choice. This activity will make the course “come alive” through application of the principles from the textbook, course materials and threaded discussions. Assignments such as this also help you develop business-oriented communication skills.

The development of this Marketing Plan is an integral part of the course, and will require several weeks of research, critical analysis, critical thinking, and writing. Students tell us the only way to do well on this project is to begin early and work on it consistently throughout the entire course.

You have several options when choosing a product or service for your marketing plan. Consider choosing a new product for a new company (your own) or creating a new product for an existing company. Perhaps you would want to do a product extension of an existing product. You might consider a different approach to marketing an existing service. You can target consumers or businesses. You may choose a product or service offered by your employer or your own business, or one from another organization. Ultimately, to maximize your learning experience, choose a product or service in which you have an interest and about which you would like to see your product or service come to the marketplace. Make sure there is information available about the industry and target market of the product or service you choose.

Remember that this is a Marketing Plan and not a Business Plan. You are not creating a business, but creating the Marketing Plan for an existing product or service. Thus, your focus should not be on the company or its products, but on how to market the product or service that you have chosen. Provide enough background and history to put the marketing plan in perspective. Do a comprehensive SWOT analysis with an in-depth and candid look at your internal and external environment. Establish your goals and objectives. Analyze the information developed, and only then begin defining your target market, and specifying the specific marketing strategies.” Do not simply report on how a company markets its goods or services. You should instead say what type of marketing you would propose.

Your instructor will look at your Marketing Plan from the point of view of a business proposal. Have you thought through and considered your options? Have you provided details of your proposal? Have you looked at the entire strategy – the “big picture” – while still considering the more operational elements that make for successful implementation? How well written and persuasive is the plan?

Guidelines

In developing your content, try to demonstrate clarity of thinking, understanding, and application of basic marketing principles, and creative — but realistic — use of marketing tools. Explorations of your options and choices are an important part of demonstration of your mastery of marketing concepts. There is seldom only one potential course of action in developing a “real” marketing plan; demonstrate that you have considered options and alternatives at each step in your plan and have chosen the best.

MKTG522 Marketing Plan Guide

Marketing Plan Outline

1.0 Executive Summary 2.0 Situation Analysis

2.1 Market Summary
2.2 SWOT Analysis
2.3 Competition
2.4 Product (Service) Offering 2.5 Keys to Success

2.6 Critical Issues 3.0 Marketing Strategy

Paper Format:

· Every draft of your Marketing Plan should be formatted per APA guidelines and include:oTitle Page

o Page header and running head
oTable of contents (optional)
oDouble-spaced text using Times New Roman 12-point typeoHeadings and Subheadings as listed above
oIn Text citations
oReference Page

· Your Final Marketing Plan should be 18-20 pages in length.

· Page counts do not include the title page, table of contents, or reference page

Milestones and Grading Rubrics

It is recommended that you have one working draft of your Marketing Plan and add to it throughout the course.Remember to read the grade feedback and go back and revise your marketing plan prior to submitting your final draft.

Category Marketing Plan
Your firstdraftmustinclude2.0Situation Analysi sandall supporting sections 2.1 through 2.6.

MPSecondDraft

Best Practices

· Research is essential!As with any entrepreneur who is considering a venture into the world of business, one should not blindly walk into minefields. You are already aware that the business environment is highly competitive. Thus, the more you know about the market into which you are going, the more you know about the competition, the more you know about similar ventures (successful or not so), the more you have explored the potential market for your product or service, the better prepared you are to create a PLAN that minimizes risk and maximizes the likelihood of success. For the same reason you would not purchase stocks blindly and would investigate such a purchase before plunking down your hard-earned money, so is it with a Marketing Plan. Know into what and where you are going.

· Remember that Marketing exists to solve consumer/business problems with a SOLUTION.

· Your Marketing Plan will be written in the THIRD Person.

· Tables, charts, graphs, and graphics that accurately illustrate your strategies are welcome.

Developing your Marketing Plan

Title Page – Set up page per APA guidelines; add page header and running headTable of Contents – Optional; Use outline

1.0 Executive Summary – The Executive Summary appears at the beginning of the paper, but is written last. This introductory section is the hook to grab the reader’s interest. This section should summarize your plan with enough information to convince the reader to keep reading. If you were showing this plan to an investor, this section may be the key to your success.

2.0 Situation Analysis – What critical issues do you face? What forces in the macroenvironment need to be considered? What are the company’s capabilities?

MKTG522 Marketing Plan Guide

1. 2.1 Market Summary – How would you define the market? How big is the market? How fast is the market growing? What are the relevant trends?

2. 2.2 SWOT Analysis – What are the Internal Strengths and Weaknesses, and External Opportunities and Threats?

3. 2.3 Competition – Who are competitors? What are they doing? What is their position in the market? How do they compare?

4. 2.4 Product (Service) Offering – What needs does the product or service fulfill or what problem does it solve? What is the product offering? What are the features, advantages and benefits?

5. 2.5 Keys to Success – What are the most important factors to making your plan successful?

6. 2.6 Critical Issues – How will you get your product or service to the consumer? Will you use distributors, intermediaries, warehouses, retailers, the internet, or …?

7. How good is your Marketing Plan?

8. Here’s the litmus test… Hand your Marketing Plan to a trusted friend who has a marketing background. Say to them, “If I gave this to you and asked you to execute this, would you be able to do so?” In effect, would your friend be able to take that which you hand them and — with full understanding — be able to drive the Marketing Plan’s execution?

9. You may also want a relative, friend, or associate to read through your marketing plan for spelling and grammatical errors. After working on your marketing plan so diligently, it is always helpful to gain the perspective of a fresh set of eyes.

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