MKTG522 Marketing Plan
MKTG522 Marketing Plan Guide
MKTG522 MARKETING PLAN GUIDE
This Marketing Plan assignment gives you the opportunity to practice develop an integrated business and marketing strategy for a product or service of your choice. This activity will make the course “come alive” through application of the principles from the textbook, course materials and threaded discussions. Assignments such as this also help you develop business-oriented communication skills.
The development of this Marketing Plan is an integral part of the course, and will require several weeks of research, critical analysis, critical thinking, and writing. Students tell us the only way to do well on this project is to begin early and work on it consistently throughout the entire course.
You have several options when choosing a product or service for your marketing plan. Consider choosing a new product for a new company (your own) or creating a new product for an existing company. Perhaps you would want to do a product extension of an existing product. You might consider a different approach to marketing an existing service. You can target consumers or businesses. You may choose a product or service offered by your employer or your own business, or one from another organization. Ultimately, to maximize your learning experience, choose a product or service in which you have an interest and about which you would like to see your product or service come to the marketplace. Make sure there is information available about the industry and target market of the product or service you choose.
Remember that this is a Marketing Plan and not a Business Plan. You are not creating a business, but creating the Marketing Plan for an existing product or service. Thus, your focus should not be on the company or its products, but on how to market the product or service that you have chosen. Provide enough background and history to put the marketing plan in perspective. Do a comprehensive SWOT analysis with an in-depth and candid look at your internal and external environment. Establish your goals and objectives. Analyze the information developed, and only then begin defining your target market, and specifying the specific marketing strategies.” Do not simply report on how a company markets its goods or services. You should instead say what type of marketing you would propose.
Your instructor will look at your Marketing Plan from the point of view of a business proposal. Have you thought through and considered your options? Have you provided details of your proposal? Have you looked at the entire strategy – the “big picture” – while still considering the more operational elements that make for successful implementation? How well written and persuasive is the plan?
In developing your content, try to demonstrate clarity of thinking, understanding, and application of basic marketing principles, and creative — but realistic — use of marketing tools. Explorations of your options and choices are an important part of demonstration of your mastery of marketing concepts. There is seldom only one potential course of action in developing a “real” marketing plan; demonstrate that you have considered options and alternatives at each step in your plan and have chosen the best.
Review the Chapter two Marketing Plan example and the Sonic Marketing Plan Example and Exercises found in the Appendix of your Kotler textbook. The questions asked in the exercises may help you further develop your Marketing Plan.
MKTG522 Marketing Plan Guide
Marketing Plan Outline
1.0 Executive Summary 2.0 Situation Analysis 2.1 Market Summary 2.2 SWOT Analysis 2.3 Competition 2.4 Product (Service) Offering 2.5 Keys to Success 2.6 Critical Issues 3.0 Marketing Strategy 3.1 Mission 3.2 Marketing Objectives 3.3 Financial Objectives 3.4 Target Markets 3.5 Positioning 3.6 Strategies 3.7 Marketing Mix 3.8 Marketing Research 4.0 Controls 4.1 Implementation 4.2 Marketing Organization 4.3 Contingency Planning 5.0 Conclusion
• Every draft of your Marketing Plan should be formatted per APA guidelines and include: o Title Page o Page header and running head o Table of contents (optional) o Double-spaced text using Times New Roman 12-point type o Headings and Subheadings as listed above o In Text citations o Reference Page • Your Final Marketing Plan should be 18-20 pages in length. • Page counts do not include the title page, table of contents, or reference page
Milestones and Grading Rubrics
It is recommended that you have one working draft of your Marketing Plan and add to it throughout the course. Remember to read the grade feedback and go back and revise your marketing plan prior to submitting your final draft.
Category Points % Description Marketing Plan Topic (Week One) 20 6 Submit your Marketing Plan topic using the Marketing Plan Topic Form found in Doc Sharing. MP First Draft (Week Two) 70 20 Your first draft must include 2.0 Situation Analysis and all supporting sections 2.1 through 2.6. MP Second Draft (Week Four) 70 20 For your second draft, add 3.0 Marketing Strategy plus sections 3.1 through 3.4. MP Third Draft (Week Six) 70 20 In your third draft, you need to complete the 3.0 Marketing Strategy section by adding sections 3.5 through 3.8.
MKTG522 Marketing Plan Guide
Final Marketing Plan (Week Seven) Your final marketing plan must include the final version of all sections including 1.0 Executive Summary, all sections in 4.0 Controls, and 5.0 Conclusion
MP Content 60 17
Includes all required sections. Demonstrates clarity of thinking, understanding, and application of basic marketing principles, and creative — but realistic — use of marketing tools
Documentation & Formatting 30 9
Your Marketing Plan follows APA guidelines and assignment format instructions. You are required to have a minimum of eight research references.
Organization & Cohesiveness 15 4 Your Marketing Plan is well organized using headings, subheadings and paragraph structure. Editing 15 4 Graduate level writing – good grammar, spelling, punctuation, and good sentence structure. Total 350 100 A quality paper will meet or exceed all of the above requirements.
• Research is essential! As with any entrepreneur who is considering a venture into the world of business, one should not blindly walk into minefields. You are already aware that the business environment is highly competitive. Thus, the more you know about the market into which you are going, the more you know about the competition, the more you know about similar ventures (successful or not so), the more you have explored the potential market for your product or service, the better prepared you are to create a PLAN that minimizes risk and maximizes the likelihood of success. For the same reason you would not purchase stocks blindly and would investigate such a purchase before plunking down your hard-earned money, so is it with a Marketing Plan. Know into what and where you are going. • Remember that Marketing exists to solve consumer/business problems with a SOLUTION. • Your Marketing Plan will be written in the THIRD Person. • Tables, charts, graphs, and graphics that accurately illustrate your strategies are welcome.
Developing your Marketing Plan
Title Page – Set up page per APA guidelines; add page header and running head
Table of Contents – Optional; Use outline
1.0 Executive Summary – The Executive Summary appears at the beginning of the paper, but is written last. This introductory section is the hook to grab the reader’s interest. This section should summarize your plan with enough information to convince the reader to keep reading. If you were showing this plan to an investor, this section may be the key to your success.
2.0 Situation Analysis – What critical issues do you face? What forces in the macroenvironment need to be considered? What are the company’s capabilities?
MKTG522 Marketing Plan Guide
2.1 Market Summary – How would you define the market? How big is the market? How fast is the market growing? What are the relevant trends?
2.2 SWOT Analysis – What are the Internal Strengths and Weaknesses, and External Opportunities and Threats?
2.3 Competition – Who are competitors? What are they doing? What is their position in the market? How do they compare?
2.4 Product (Service) Offering – What needs does the product or service fulfill or what problem does it solve? What is the product offering? What are the features, advantages and benefits?
2.5 Keys to Success – What are the most important factors to making your plan successful?
2.6 Critical Issues – How will you get your product or service to the consumer? Will you use distributors, intermediaries, warehouses, retailers, the internet, or …?
3.0 Marketing Strategy – Introduce your marketing strategies; What IMC approach are you planning? What marketing strategies will you use? What advertising strategies will you use? What types of media? Why did you choose these strategies?
3.1 Mission – What is the mission of your e-business? Your organization exists to accomplish something. Who is your customer? What is of value to the customer?
3.2 Marketing Objectives – Meeting these marketing objectives should lead to sales; Objectives should be clear, be measurable, and have a stated time frame for achievement
3.3 Financial Objectives – the ultimate goal of your Marketing plan is the effect it will have on the bottom line; example: customer sales by volume and growth percentage or growth percentage by market segments
3.4 Target Markets – What general strategy will be used to reach your target market? Needs/Benefits sought by the market; Product usage; Product positioning; Consumer/Business purchasing process (decision-making); Market size estimates; This section should include extensive research, for example: Data on your product/service industry, Demographics/Psychographic profile: gender, age, occupation, education, life style geographic region, attitudes, purchasing characteristics, etc.
3.5 Positioning – What opinions does your audience already have about this type of product? Is there a gap in the consumers’ needs that this product can fill? Is there a specific application that your product fits very well? Can you base the position on the uniqueness of the product, the product quality, or the pricing strategies? Is it possible to position your product based upon opportunities you found after research?
3.6 Strategies – Explain how your marketing programs will support your company’s strategic plan – company uniqueness, competitive advantage, adjusting to market conditions, trends and changes.
3.7 Marketing Mix Product: brand name, features/attributes, quality, warranty, labeling, packaging, etc;
Promotion: advertising, types of media, sales promotion, personal selling, public
MKTG522 Marketing Plan Guide
relations, your methods, message/theme, timing, budget, projected results, etc.;
Place / Distribution: types of distribution channels, direct, retail, distributors, intermediaries, locations, logistics, motivating the channel partners, level of market coverage, channel distribution challenges, etc.;
Price: type of strategy, list price, discounts, bundling, market segment, channels, geography, payment terms and financing options, leasing options, supply/demand, economic/legal considerations, etc.
3.8 Marketing Research – Research methods to be used; Data requirements – information needed, projected results; Research responsibility – Internal, outside agency, purchased data, etc.; Limitations and challenges.
4.0 Controls – Controls help you measure results and indentify any problems or performance variations that may need corrective action.
4.1 Implementation – Set milestones for implementing your plan.
4.2 Marketing Organization – If you are the Chief Marketing Officer, who else is on your support team?
4.3 Contingency Planning – How will you handle difficulties, problems and risks?
5.0 Conclusion – Summarize your marketing plan.
References – Format reference for each of your research sources per APA guidelines (There should be at least one in text citation for each of the references on your reference page).
How good is your Marketing Plan?
Here’s the litmus test… Hand your Marketing Plan to a trusted friend who has a marketing background. Say to them, “If I gave this to you and asked you to execute this, would you be able to do so?” In effect, would your friend be able to take that which you hand them and — with full understanding — be able to drive the Marketing Plan’s execution?
You may also want a relative, friend, or associate to read through your marketing plan for spelling and grammatical errors. After working on your marketing plan so diligently, it is always helpful to gain the perspective of a fresh set of eyes.
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