Marketing Project: A Marketing Plan
In pairs, you will be responsible for creating a full Marketing Plan to be submitted by the end of the term. A template is provided.
?The project will be graded as follows:
Draft Copy due June 1st : 5% Final Marketing Plan due June 17th:
?Choose a product; it could be a good, a service, a person, a place, an organization, a public service, an experience, or a combination.
Things to consider in choosing a product:
1. What is the need in Canada?
2. Is there a niche that is being overlooked?
3. What can be improved or modified to better serve a need?
5. Choose a ‘product’ , not a company
Submit your chosen product to the D2L forum by May 18th before end of day.
Start putting your plan together early, you will need to submit components 2 & 3 (Section 1) in your Draft Outline due June 1st.
The remaining components of the marketing plan will be discussed later in the semester; therefore they do not need to be included in the draft or your
presentation. However, I recommend that you set up your document with Headers and Table of Contents from the start.
The final marketing plan is due June 17th by 1:o0 pm. Please submit your plan via the dropbox provided on D2L. An evaluation form for your final marketing plan will be posted on D2L so you know how you will be graded. Write succinctly, clearly, and precisely; and in your own words only. Use APA Referencing for all works cited. If you would like help with any of this, please don’t hesitate to come seem me in my office hours.
MARKETING PLAN TEMPLATE
This is a brief summary of the most important information in your Marketing Plan. The Executive Summary should include what your product is, its name, your company name, and to whom you intend to market your product; as well as any important components within the document such as projected costs and revenue.
a. Market description
Choose a target market as narrow as possible and choose ONLY ONE very narrowly specific target market. Obviously in the “real world” you well might target more than one market, but for every market there has to be a full analysis, so this assignment requires that you choose only ONE target market.
Summarize the main features of the product. State what other products your company produces but focus on your product including what it is, what it costs, and who buys it. If applicable, describe briefly describe where the product fits into your existing product line.
c. Competitor analysis
List up to three major competitors you will face when trying to market this product, and briefly state each one’s general market position and their strategies.
d. SWOT analysis
State one major strength your company has, and one major weakness it suffers. List three specific opportunities and three specific threats, each set ranked in order of importance.
What research needs to be conducted to learn more about your target market and their relationship to this product? Provide an example.
Strategic Focus and Plan
a. The mission/vision
The mission and vision will be written at the company level.
These are specific things that you want to accomplish List your three main Objectives in a way that makes it clear exactly what they are, in order of their importance. Issues are broad categories of problems, things you’ll need to think about while working out how you will obtain your objectives. For each objective, write a clear issue in a question format.
Objective: Earn a 5% profit in our second year of operation
Issue: How can we attract and retain a strong and loyal customer base?
Marketing Strategy a. Branding
Explain the brand and brand promise of the company and this
product. This could include a logo, tagline, and/or brand identity. How will the brand resonate with the identified target market?
State clearly and succinctly how you are positioning your product, relative to customer needs and what the competition is doing, and why you made that choice. You are answering the question of why consumers should and will buy your product instead of others out there in the market. What kinds of features and attributes does your product offer? What benefits does it offer to the consumer?
Describe your advertising strategy in terms of media selection and justification. Use a 12 month calendar to map out the strategy.
Describe your promotional strategy in terms of delivery and justification. Use a 12 month calendar to map out the strategy.
Budgets (include the overall costs and expected/estimated revenue per year)
a. Money Required
State a rough estimate of how much money you will need to start production and marketing of this product and a brief description of where you will get the money. This cannot be a ‘made-up’ number; it needs to be based in a real world reference.
i. Example: Money needed to start up this business: roughly $3 Million, to be raised from sale of stock to friends and family
b. Expected Revenue
State a general figure for expected sales for each of your first three years. This should be an example of forecasting and should also be referenced and based in real world data.
ii. Example: Sales in Years 1-3: $25,000, $50,000, $100,000
iii. Note the pattern here; I’m expecting to double my sales each
year. That will have implications for my marketing strategy.
c. Expected Expenses
List the three major items which will make up a large part of your costs or expenses
iv. Example: Top three costs: building the factory, labour, purchasing the copyright
Be Creative! You may want to include supporting documentation such as mock- ups of packaging/product, advertising, promotions, any helpful tables, charts, graphs, etc. You do not have to include all or any of these things – only what you feel is important to your plan.
Final Presentation of your File
When preparing the paper to hand it in, ensure that all pages are double- spaced, in black type in a single 12-point font (Times New Roman preferred), with not less than 1 inch margins all around.
Include a Cover Page and the Executive Summary should be on it’s own page, followed by a Table of Contents. Do not include the Cover Page in your number count; the executive summary is Page 1.
This is meant to be a professional document, please present it as such.