marketing plan

WHAT IS THE SEMESTER PROJECT FOR PRINCIPLES OF MARKETING?

The semester project involves your creating an outline of a marketing plan for a “new” consumer product (meaning a product that has been on the market for one year or less, preferably a good). The product may be food, beverage, electronics, health & beauty aid, automobile, motorcycle, pharmaceutical, etc.  Basically this is a marketing analysis from which a detailed marketing plan might be created.

The semester project will serve as the means by which you will demonstrate your mastery of the subject matter.

Detailed Marketing Plan Outline for the Semester Project

The following outline should be followed in completing the semester project. Papers should be written in a narrative (paragraph) format.  

Product Background (5 points)

• Introduce the new product. Describe what the product is and what it does. The introduction might include: consumer demand, product usage, attributes, benefits to the target market, competitive edge, branding, labeling, packaging, support services etc.
• What is the geographic area in which the product will be sold?
• What kind of image does the product have? (such as cheap but good, exclusive, customer-oriented, highest quality, convenience, or speed)

Company (Manufacturer) Background (5 points)

• Include the name and history of the manufacturer, its other products and services, etc.
• Include the company’s mission statement (if you can find it).

Strategic Issues (10 points)

• Discuss the current business environment for the new product.
• What are the internal and external issues which could affect next year’s business? (Look for industry forecast information)
• Include details about other new product introductions in the same company, industry consolidations or expansions, new distribution outlets, or a major change in industry pricing, etc.

Target Market (10 points)

• Describe the target market for the product. (Example: 18-25 year old females who are interested in fashion, retirees, people concerned about sugar and calories in their soft drinks, etc.)
• Remember there may be more than one market segment targeted.
• Describe demographics, psychographics and buyer behavior as they relate to your product.
• If the market segments are differentiated by ethnicity or have an international focus, examine those aspects of the marketing mix.

Competition (15 points)

SWOT

Create a SWOT analysis for the company and the new product.

• What are the strengthsand weaknesses compared to the competition (consider such areas as location, size of resources, reputation, services, personnel, etc.)?
• What are the opportunitiesand threats of the product/service?  How might these opportunities be exploited and the threats minimized or eliminated?

COMPETITIVE ANALYSIS

• Describe the competitive environment for the product.
• Create profiles of the top two (2) competitors with details of those competitors and the products which compete with your profiled company’s new product.
• Develop a market share assessment for the new product in relation to its competitors.

Pricing (10 points)

• What is the price of the product?
• How does the price compare to that of the competition?
• Discuss the possible rationale for pricing the product at this amount.

Promotion/ Advertising (10 points)

• How does the company promote their product?
• What message is the company attempting to get across to the consumers?
• Why is the media chosen the most effective?

Do they use any of the following channels?

-Television                            -Internet

-Radio                                     -Personal Contacts

-Direct Mail                        -Billboard (Outdoor advertisement)

-Newspapers                    -Trade Associations

-Magazines

Distribution (10 points)

• Where can consumers find the product or where can they obtain the service?
• Is there sufficient distribution and availability of the product to ensure its access and success?
• Are there any “weak links” in the distribution chain that might create a problem in getting the product/service to the customer?

 Positioning Statement (5 points)

• Describe the company’s positioning for the next year. This positioning statement should be one sentence long.
• Here’s where you get creative.  Make up a “new” tag line that can be used in advertising and promotion and something that the sales staff can say quickly and concisely.

A few examples of a tag line are:

• Can you hear me now?– Verizon Wireless.
• Five dollar foot long— Subway.
• What’s in your wallet?– Capital One.
• What happens here, stays here– Las Vegas Convention and Visitors Authority.
• Easy, breezy, beautiful Covergirl– Covergirl makeup.
• It gives you wings— Redbull

Summary (5 points)

Provide your assessment for the future success of the product based on the analysis that you have done of the product.