Question description

 

 

Your final portfolio for the class will be to create a marketing plan for an existing company and product/service of your choice. If you are choosing a large global company, you MUST create a new product. However, this new product may be an upgrade of an existing product. You will need to select a company that you have not used for your other assignments in the class. Your plan information should address all areas covered in this course for a marketing plan. The library’s page on Company Research can help you get started.  The library database Gale Virtual Reference Library has a number of Business books to help identify a target market.

Use the marketing plan that is a required reading for this module for your final portfolio project, as a broad guide. The marketing plan document is essential to business strategy and is a focal point of this introductory class. The essential information of a marketing plan is outlined in this document and will serve as the blueprint for your portfolio project due this week.

Below is the outline to be followed for this assignment:

• Executive Summary: This provides everything a busy executive needs to know to invest (or not) in your proposal. It captures your key proposal and recommendations/decision factors, and projected outcomes of the plan's recommendations. Note this is not an introduction to the marketing plan. Typically, this is written after the entire marketing plan has been compiled. (1/2 page)
• Company Overview (1/2 page)
• Situational Analysis (includes a SWOT analysis): Identify at least two significant factors for each of the 4 SWOT components. Identify applicable trends that are statistically supported.
• Competitive Analysis: Create a comparative chart and discuss key aspects. (1-2 pages)
• Identify Objectives or Goals: Briefly describe your proposal… describe what's new and why. What is the opportunity to be addressed or the problem to be solved? (1/2 page)
• STDP Segmentation: Define and explain why this is needed; explain the segmentation approach (such as the use of demographics) and name market segments. Targeting:Define and explain why this is needed and estimate the size your target market. (1 page)
• Marketing Strategy and Positioning: Explain and support your marketing mixcomponent decisions (4Ps), using academic concepts and academic reference sources. Discuss whether your company has a competitive advantage in each section of the marketing mix (4Ps).
• Positioning: What do you want your customer to think of when regarding your brand, product, proposed product? Take an analytical approach to this section. Create at least one perceptual map (as applied to differentiation or positioning). (1 page)
• How will Marketing Research be used to support the planning, implementation, and monitoring process? What research methodologies will be used? Add a sub-section onethical and/or legal factors, plus a CSR (corporate social responsibility) strategy summary. (1 page)
• Financial Projections: Present a summary spreadsheet. For example: years 1, 2 and 3 units sold, sales volumes. Estimate marketing expenses for promotions/advertising. What is the projected timeline of the product life cycle's introduction and growth stage? (1 page maximum)
• Implementation Plan: Identify specific tactics and steps that will be taken (primarily focused on distribution, marketing communications, promotion, PR, for example). Create a chart depicting your advertising/promotion plan with actions, time frame, media choice, for example. Include a Marketing Plan.
• Technology sub-section: How will marketing technology be used throughout the marketing process: marketing research, communications, promotions, monitoring, for example? (1 page)
• Evaluation and Control Metrics: How will you monitor progress of outcomes in your plan? How will you define and measure success? Connect these to your objectives and goals. (1/2-1 page)
• Conclusion (1 paragraph)