MKTG 231: Principles of Marketing
Marketing Plan
Students may choose a B2C product from the gallery of new innovative products that have received a best design award – see the IDSA gallery at https://www.idsa.org/IDEAgallery?combine=&term_node_tid_depth=All&field_year_value=20 21&field_idea_award_level_value=All&field_award_special_value=All Students are required to prepare a marketing plan for the product selected. Upon completion of this assignment, students will understand how to apply marketing concepts in real world situation.
Students are to submit electronically via Blackboard > CONTENT>Marketing Plan tab.
Students should follow APA 7th style for this writing the marketing plan. Marketing plan must follow the rules of basic writing fundamental. The report must contain all the items listed in guidelines, including the cover page, tables, charts, and reference pages, typed in a 12-point font, and in double line spacing – 3-4 Pages. Guidelines Marketing Plan should have the following sections (but not limited to):
I. COMPANY DESCRIPTION
a. Describe the NEW company. What is the basic product/service that your company will offer to the consumer/business market?
b. Develop a mission statement for your new company.
II. SCOPE OF YOUR BUSINESS – ANALYSIS
a. In this section you should provide
i. Industry (product category) background ii. Description of the competition
iii. Unfulfilled consumer needs which give you an opportunity to enter the market – perceptual maps are a great way to support the need.
iv. SWOT analysis
III. SEGMENTATION, TARGETTING and POSITIONING OF YOUR PRODUCT – MARKETING STRATEGY
a. Identify all potential market segments of interest to your company. Describe them fully using appropriate descriptive techniques including geographics, demographics and psychographics, etc.
b. Select your target market(s). Why did you choose to serve these markets? Explain your reasoning fully with supporting material (e.g., expected sales, growth potential, profits etc.)
c. Develop Customer Value Proposition d. Describe your positioning strategy in light of the competitors in your space.
https://www.idsa.org/IDEAgallery?combine=&term_node_tid_depth=All&field_year_value=2021&field_idea_award_level_value=All&field_award_special_value=All
https://www.idsa.org/IDEAgallery?combine=&term_node_tid_depth=All&field_year_value=2021&field_idea_award_level_value=All&field_award_special_value=All
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IV. FOUR Ps – MARKETING STRATEGY ACTION PROGRAMS
a. Characteristics of the product introduced by your company (Brand name, packaging, etc.)
b. Introductory price and proposed pricing strategies over your products life cycle. You should make
sure that your pricing strategy is consistent with your product characteristics, positioning strategy, your costs, and your profit goals.
c. Discuss how you would develop appropriate channels of distribution. Explain how your strategy will impact your ability to control your overall marketing effort.
d. Using all the available tools under the Integrated Marketing Communications, develop an appropriate communication plan (e.g., advertising; sales promotions, social media marketing, and personal selling, etc.)
V. REFERENCES
a. You need to indicate the sources of data and articles that you used to support your arguments. There need a proper reference page and citations throughout your paper, the minimum amount of references is 5 for this project, one should be the textbook and another should be the www.idsa.org.
Note: The following is not required for this assignment. However, this is the final part of marketing plan. You were not introduced to developing projections and allocating budget to different items, I am not asking you to develop this section.
I. FINANCIALS and METRICS – BUDGETS AND CONTROL
a. The final part of your marketing plan is to create financial projections. In your projections (for one
year), include all the information documented in your marketing plan.
b. Include all the marketing related expenses item by item.
List of the metrics that you are planning to analyze. Analyzing the performance of marketing programs would help refining the strategy and actions for the next period.
http://www.idsa.org/