Principles of Marketing (MKTG 3000)
Marketing Plan Project
In this project, you will be creating an original marketing plan for a company/brand of your choice. Your first task is to select a company and/or specific brand (many companies have multiple brands) that will be the focus of this project. The requirements are that (1) it is a U.S.-based company, (2) it makes and distributes tangible, physical products that are offered for sale (in other words, is not purely a service provider), (3) it has a business-to-consumer focus (products are targeted and sold to consumers, not other businesses), and (4) you can find information about the company/brand and its products on the Internet and using library databases.
After selecting your company/brand, you can being working on the Background & Foundation sections of your Marketing Plan. Since you are doing research about your company/brand you need to keep track of your sources and begin creating a reference list. The marketing plan must be an original piece of work that reflects your efforts and any outside sources must be cited and referenced appropriately. Please use APA formatting to do this. The following is a great website to help you with APA formatting if you need a refresher:
https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_style_introduction.htmlWhen I grade this project, I am looking for evidence that you understand the major course concepts and can apply them effectively and creatively. Make sure that you consistently use the terminology and concepts that we have discussed in class as you are writing your report.
Additional Instructions and Guidance:
Include a cover page and table of contents as the first 2 pages of your report.
Use headings and subheadings to organize your report that correspond with the outlines for each section (see below). Bold or underline headings/subheadings.
Make sure your writing and presentation styles are professional and to-the-point.
As much as possible integrate tables, charts, graphs, images, designs, etc. to summarize information and present your points. These should be embedded within the text, provided titles, and included in your table of contents.
Format your report single-spaced (with double spaces between paragraphs and sections), 11-point font, 1 inch margins. The report should be roughly 3-4 single-spaced pages of content; including tables, images, etc. could add additional pages and does not count towards this page count estimation. The title page and table of contents would also be in addition to the 3-4 pages of content.
Turn in an electronic copy of your report by the due date stated on the course schedule
Marketing Plan Outline
Marketing Plan Foundation
Do research on the history of the company/brand. Find the following:
When was the company/brand founded?
What is the timeline for how the company/brand has evolved? What milestones has it achieved?
Do research on the current success of the company/brand. Find out:
What is the size of the company in number of employees or number of locations? (if you can find this information)
What is the financial success of the company related to profit, sales, revenue, stock price, and/or market share (equal to company sales / total industry sales)? Report on any metrics you can find that demonstrate the success of the company
Find the following foundational elements for your marketing plan:
What is the company’s mission statement?
What “core values” guide the company’s strategic planning?
Environmental Scan & SWOT Analysis
Conduct an environmental scan related to the company/brand
What type of competitive market does it operate in? Who is/are their rival competitor(s)?
Are there any trends in consumer demographics or sociocultural factors that are impacting the brand?
Conduct a detailed SWOT analysis for the company in a table/quadrant format; include at least 2 detailed items per quadrant
Market Segmentation and Positioning
Describe how the company/brand engages in market segmentation:
What specific market segmentation strategy do they employ?
What specific market segmentation variable(s) do they use to segment the market? (e.g., geographic, demographic, psychographic, behavioral)
Product Strategy & Branding
Develop a new product for the company/brand!
Develop your product concept by providing a written description and visual design/drawing of your new product idea and packaging (if needed). Describe the important features and components of the proposed new product using a list or by labeling your drawing.
Develop your branding strategy for the new product!
Describe the branding strategy you will use for your new product, especially to the extent it will be the same or different from the brand’s current strategy; rely on branding concepts discussed in class such as brand mark, brand familiarity, brand equity, brand personality, etc.
Distribution Strategy
Describe how the new product will be distributed to consumers:
What type(s) of channel structure(s) will be used to distribute the product?
Describe the distribution strategy in terms of market coverage.
Describe the intermediaries you will use as part of your distribution strategy:
List the specific intermediaries you plan to use (e.g., Wal-mart; Kroger; CVS; Best Buy) and justification for why you selected them. How do they help to satisfy buyers’ needs?
Promotion Strategy
Develop ONE direct marketing OR sales promotion strategy:
Describe and creatively design the proposed direct marketing or sales promotion strategy. This should include a visual and/or written example of your direct marketing (postcard, flyer, letter, e-mail, etc.) or sales promotion (contest, coupon, free samples, etc.) strategy. Be creative!
Develop ONE advertising, public relations, OR personal selling strategy:
Describe and creatively design the proposed advertising, public relations, or personal selling strategy. This should include a visual and/or written example of your advertising (TV, print, outdoor, online, etc.), public relations (sponsorship, special event, website content, social media, etc.), or personal selling (sales brochure, sales presentation). Be creative!
Pricing Strategy
Describe the pricing strategy for your new product:
What specific pricing strategies do you plan to use?
What is the specific price that you will set for your new product offering? Provide details for how you arrived at this specific price. How does this price compare to competing products?
International Strategy
Development a plan for introducing your new product in an international market:
What specific international market (city, country, continent, etc.) would you choose? Why?
What opportunities and challenges (cultural, political, economic, competitive, logistical, etc.) would you expect to encounter as you enter this market? (For this part, you should conduct some research to learn about the market and related opportunities/challenges; make sure to cite the outside sources that you use).
Conclusion and Future Plans
Describe your future plans for developing, producing, and distributing your new product, including a timeline
What is your proposed timeline for production, promotion, and distribution for the new product idea, domestically and internationally?
