MARKETING PLAN - Written Marketing Plan and In-class Presentation
Develop an idea for and a plan to market an innovative product (not a service). This is a group assignment based on self-selected groups. It involves the preparation of a written report and delivery of an oral group presentation. Groups consist of up to six members. When the composition of your group is known, provide this to the instructor in writing. Anyone who is not in a group of choice will still be required to do the entire project, so find your group early as this is a HUGE project to attempt on your own. I will NOT force people to work with you.
Presentations times and length will be determined based on class size and an announcement will be posted to advise you of this, allow a 5-minute question period at the end of your presentation. Each group member must have a substantial, active role in preparing the written marketing plan and in delivering the oral presentation. Your group charter will govern this process. Students and the instructor will assess group presentations.
The objective of the assignment is to create a marketing mix that provides for optimal fit in relation to the target market(s). Provide technical details showing sound application of marketing concepts. Make the applications of concepts explicit in both the written marketing plan and in your in-class presentation. Consider using PowerPoint or another visual medium as a framework for delivering your presentation.
Use the following headings in your written marketing plan:
A. Introduction
Provide a brief overview of the business and its new product.
While no marks are awarded for professionalism, up to 20 marks can be lost for an unprofessional paper.
B. Situation Analysis (20 marks, 10 for the environmental scan and 10 for the SWOT)
Provide a partial SWOT analysis focused mainly on external factors as supported by a full environmental scan. All elements of the environmental scan MUST be sourced using in text citations and APA references.
C. Target market strategy
Describe the target market(s) for the product.
Identify the primarymarket profile.
Identify the bases used for market segmentation and targeting as discussed in our textbook (e.g. geographic, demographic, psychographics and behaviouristic, etc.).All elements of the target market MUST be supported and sourced using in text citations and APA references.
The above will be part of the first hand in
D. Product planning
Describe the product or service in detail (features, benefits, etc.).
Develop the prototype.
Describe the branding and positioning. (Must include a perceptual map)
Illustrate the packaging.
E. Price planning
Outline broad basis for pricing objectives and goals.
Indicate anticipated costs.
Discuss pricing tactics considered.
Describe margins expected for intermediaries (if applicable) and retail price points.
Use a variety of spreadsheets to support your decisions.
F. Distribution planning
Describe intensity of distribution.
Describe length of channel and use of intermediaries.
Discuss functions of intermediaries.
G. Promotions planning
Describe each element in the integrated marketing communications plan.
Explain how you intend to inform and persuade potential buyers using the elements of the IMC.
Create and display all elements if the IMC (i.e. advertisements, public relations,sales promotions, direct response, event marketing/sponsorships and personal selling, etc.)