Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Marketing Management Expert

Question: MARKETING PROJECT - OUTLINE

For the purpose of this project, your team is a start-up company entering the market with a new product or service. The product/service may be anything you feel interested in'. You should not:

• Use an existing brand (e.g. you may choose to launch a new soft drink but you can not be Coca Cola)

• Use a product where your competitive advantage is assumed to come from some new superior technology you have no expertise on.

You will develop a marketing plan. Your marketing plan should make a compelling case for the potential success of your proposed business idea.

Your Marketing Plan write-up should address all the sections detailed in the following outline. For each section, I have included the relevant points/questions you should consider in developing the Marketing Plan.

Notes: 1) Please be as specific as possible in addressing the Marketing Plan sections. For instance:

• instead of describing your product as "high quality', you should describe the specific features of your product that provide high quality from the point of view of your target market

• instead of simply forecasting an "increase in demand over the next 2 years", you should also provide the reasoning behind your forecast.

Is it that more consumers will become aware of your product and brand? Is it that you expect many repeat customers, while keeping the new customer acquisition rate constant?

2) Please cite any sources of information you are using (e.g. consumer reports, trade magazines, etc).

3) Your Marketing plan write-up should not be shorter than 15 pages.

Section 1. Executive Summary

1.1. Summarize the business/product idea, the essence of your proposal, and the results you forecast, in not more than one page.

• this section is a short summary of the ideas you will discuss in more detail in sections 2-7 of your plan.

Section 2. The Product (or Service) Idea

2.1. Identify the mission and SMART objectives of the business.

2.2. Describe your product (or service).

2.3. State your value proposition or a positioning statement that outlines the benefits your product or service will provide to the target customer, in order to differentiate your offering from other available products or services.

Section 3. Market Analysis

3.1. Indicate who constitutes your market and the market segment you will target.

• define your target segment(s) according to one or more of the following kinds of factors: demographic, geographic, and/or behavioral variables

• estimate the size of your target market segment

• You can talk about this in terms of number of potential customers or number of units you could potentially sell

• Do you expect your target market to expand in the future? What is the projected growth rate for your target market?

3.2. What wants and needs does your product serve?

• Connect the features of your product/service, as described in subsection 2.2. to the benefits desired by your target market

3.3. What is your target consumer willing to pay for your product?

Section 4.Competitor Assessment

4.1. Define the industry in which you will compete

• assess the industry's five competitive forces

4.2. What direct and indirect competitors currently satisfy the needs your proposed target customers?

4.3. What competitive advantages and disadvantages will specific competitors have? What competitive advantages and disadvantages will you have?

Section 5. Marketing Strategy

5.1. What is your overall marketing strategy? How will your offering be positioned?

5.2. Product decisions

• product quality, features, augmented product

• brand name, branding strategy

5.3. Pricing decisions: objectives, pricing strategy, pricing specifics

5.4. Distribution decisions: where will your product be sold, channels structure, push or pull strategy?

5.5. Promotional strategy.

You can address issues such as: advertising plan, trade and consumer promotion plan, personal selling plan, public relations plan.

Section 6. Marketing Budget

6.1. What is your marketing budget?

6.2. Indicate, by category of activity, all planned marketing spending for the execution of your marketing strategy, broken down into as many of the following categories that apply:

• Advertising (creative and media expense)

• Direct marketing (direct mail and/or telemarketing expense)

• Internet marketing (website, banners, etc.)

• Consumer promotion (discounts, samples, coupons, rebated, contests, etc.)

• Trade promotion (allowances/discounts to your distribution channels)

• Sales force expenses (salary and fringes, sales materials, commission, travel)

• Public relations (non-paid media)

• Customer service (inbound order taking, customer support, etc.)

• Other (sponsorships, events, etc.)

6.3. Indicate, using appropriate measures, the level of effectiveness and efficiency you expect from each activity (reach, frequency, response rate, etc.).

Section 7. Forecasts

7.1. Prepare a forecast of projected sales, based on your penetration of your target market, given the proposed pricing, for the next 3 years.

Marketing Management, Management Studies

  • Category:- Marketing Management
  • Reference No.:- M92785443

Have any Question?


Related Questions in Marketing Management

Assignment 1 part a your marketing planfor this assignment

Assignment 1: Part A: Your Marketing Plan For this assignment, you will document your hypothetical company's background information and mission statement, your company's short- and long-term goals, an environmental analy ...

Question for this weeks assignment pick a product with

Question: For this week's assignment pick a product with which you are very familiar with or take the time to go through your clothes closet and try and find a product made in the USA, or one that you can anticipate bein ...

Question reflective journal 1 my views on mass media or

Question: Reflective Journal 1: My Views on Mass Media or Effects of Advertising APA FORMAT Write a 3/4 to 1 page journal entry (300 to 500 words) in which you: Describe one or two (1-2) experiences with mass media (movi ...

Creating media tools on your own craft a press release to

Creating Media Tools: On your own, craft a press release to bring to life your assigned story idea. The press release should be at least 2 pages following the provided press release format. Then chose a target reporter f ...

Question types of market researchrespond to your discussion

Question: Types of Market Research Respond to your Discussion topics after you have completed your reading. Market research is one of the most critical steps to successful marketing. This Discussion will focus on differe ...

Question 1 can you identify some products or services that

Question: 1. Can you identify some products or services that the government restricts or regulates the marketing of to the public? What are the restrictions and why do they exist? 2. As a marketing or public relations pr ...

Assignment instructionsessay identify the factors that

ASSIGNMENT INSTRUCTIONS Essay: Identify the factors that impact on the viability of international markets and can therefore limit or compromise market potential. Keep the discussion generic, don't select specific markets ...

Strategic marketing proposal report with 1500

Strategic Marketing Proposal Report with 1500 words Assessment description You are the Marketing Development Team of a global organisation. Your team is to plan for an integrated marketing communications launch of a new ...

Question researching netflix you will research the various

Question: Researching Netflix, you will research the various elements of the marketing plan as it relates to this company. You will provide a comprehensive discussion of the products and/or services provided by your orga ...

Strategic marketing proposalassessment descriptionyou are

Strategic Marketing Proposal Assessment description You are the Marketing Development Team of a global organisation. Your team is to plan for an integrated marketing communications launch of a new product. You are requir ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As