You will choose a product or service for this assignment. You will compare market research, analyze competition, develop pricing, channel strategies, and create marketing programs and budget.
Grading for this assignment will take into consideration clarity of thinking, understanding and application of marketing concepts and tools. Demonstrate that you have analyzed your target market and competitors.
Proper spelling, grammar, clarity and style appropriate for a business proposal are expected and will be graded. The marketing plan should be 15-18 pages in length, double-spaced. Cite your sources, using the APA format, in your project paper.
Marketing Plan Notes
- Describe your business (overview) including summary of financials and size, scope and risk of the opportunity.
- What are the customer needs?
- How will your product address those needs in a unique way?
- What is the unique value proposition of your product?
- How will your customers use your product? (user applications)
- What are key attributes of your product/service?
- List your company’s strengths, weaknesses, opportunities and threats.
- How do you define the market in which your product/service will compete? (e.g. SIC code, NAICS code, geographic, end-user specific)
- Describe the typical users and their characteristics.
- Who is the real “buyer” of your product?
- How big is the target market? What is the total value of the market? (cite sources)
- What are the market segments?
- Do your customers differ in how they buy and use your product/service? What is the growth rate in each segment?
- What entry barriers, if any, exist in this market?
- Why did you select these target market segments?
- What are the significant trends in your market? How might they affect your plans?
- Who are your direct competitors?
- Who are your indirect competitors?
- What are key strategies used by your competitors?
- What are your competitors’ strengths and weaknesses?
- What are your pricing objectives? Market Skimming or Market Penetration?
- What are the costs per unit and margins per unit?
- How does the cost structure of your competitors’ compare with yours?
- What pricing method did you use to arrive at your pricing? (consider 3Cs)
- What is your pricing structure (including discounts)?
Channels of Distribution
- How will you reach your target market?
- Do you plan to use direct, indirect, or both types of channels?
- For indirect channels, how will you manage the channels (selection, training, motivation, etc.)?
- For direct sales, how will you manage the sales-force (sales structure, compensation, etc.)?
- What type of marketing programs and campaigns will you launch to attract and retain customers?
Budget for 3 Years
- How did you arrive at the forecast? (your assumptions)
- How do the marketing expenses relate to the marketing programs described in the previous section?