Assignment Details One paragraph per question. Use References.
Unit 5 Project STRATEGIC MARKETING PLANINTRODUCTIONThis assignment entails development of a comprehensive strategic marketing plan for a new product or service that is ready to “go to market”. A Project Template is provided that allows you to organize your work in increments and see how the sections come together to produce a comprehensive plan. PRODUCT/SERVICEThis assignment requires application of concepts learned to build a strategic marketing plan for a new product or service that is ready to “go to market”. You will not be allowed to mimic plans or ideas from larger or already “in-place” campaigns. You must develop the business concept in its entirety.
OBJECTIVES/MISSION STATEMENTCreate a Mission Statement. State your short-term MARKETING objectives (one year). Assume that the product/service is ready to launch at the beginning of the year (planning and testing have been completed).
TARGET MARKETIdentify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau’s American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.COMPETITIONAnalyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? Business Source Complete in the Library is a good tool for this section; it may be accessed under Find Articles & eBooks. PRODUCT/SERVICE FEATURESProvide a brief overview of the product or service.
CORE STRATEGYDiscuss your Core Strategy and make sure to connect it to your Mission & Objectives. Include a discussion on Product/Service Positioning.MARKETING MIX: COMMUNICATIONS & PROMOTIONThe Marketing Mix is the set of decisions about communications and promotion, price, channels of distribution, and customer relationship management. An integrated marketing communications (IMC) approach delivers a clear and consistent message to your consumers and is connected to your Core Strategy.
MARKETING MIX: PRICEDiscuss what pricing objectives you would consider for your product/service. The Objectives should be based on the various theories presented in marketing literature and take in to account competitor pricing. Including background on value proposition, positioning, and target market is necessary. All of these components provide rationale for the chosen pricing scheme.MARKETING MIX: CHANNELS OF DISTRIBUTIONChannels of Distribution: Specify the type of distribution channel you will use and include rationale. MARKETING MIX; CUSTOMER RELATIONSHIP MANAGEMENTCustomer Relationship Management -Detail how you will incorporate CRM into your plan. Be sure to include a discussion on the role of technology that will be used to support your CRM.CONCLUSIONREFERENCES