ASSIGNMENT GUIDELINES FOR
MARKETING PLAN ASSIGNMENT
Instructor: Lisa M. Bellamy
Principles of Marketing
MARKETING PLAN ASSIGNMENT
The marketing plan should include the following topics. Note that Chapter 16, page 318, in your text also contains this information. USE THIS FORMAT.
I. The Executive Summary
a. The first page of the marketing plan, but usually written last.
b. No longer than one page; ideally ½ page.
c. Should include:
i. Brief description of the type market plan (market development, market penetration or product development)
ii. The product being offered
iii. The strategy behind the plan
iv. Any other important information such as how channel partners and competitors may react to company’s actions.
II. The Business Challenge
Description of the offering and a brief rationale for why the company should invest in it. Questions such as the following should be answered:
a. Why is the offering needed?
b. How does it fit in with what the company is already doing and further its overall business goals?
c. How does the offering and marketing plan further the company’s mission?
III. The Market
This section describes the customers, competitors and any other organizations with whom collaboration will be necessary and the state of the market.
This section should be divided into customer segments, with each segment discussed completely. Begin with the most important segment first. Discussion should include:
a. Identification of the market share and sales goals for each segment.
b. Method for reaching each customer segment.
c. Expectations and needs of customers in terms of support in each segment.
d. Other distinctive information that demonstrates differences in customer segments.
· Company Analysis
This section evaluates whether the company is capable of producing the new offering profitably.
· After convincing readers of the plan that there is a viable opportunity, the next step is to convince them that the company has the capability to take advantage of the opportunity.
· A SWOT analysis can be used to analyze the company’s readiness:
· Remind students that strengths and weaknesses are internal; opportunities and threats are external.
· SWOT analysis must also be:
· Broad enough to capture trends
· Include multiple time frames
· Include multiple perspectives; involving people from different areas of the company and even sometimes suppliers and channel members.
Identify any actual or potential partners that would be needed to carry out the marketing plan effectively. These people or organizations could be either upstream or downstream in the value chain.
A complete competitive analysis is important in convincing company executives to take a chance on the new offering in question. It should include:
a. Competitors’ strengths and weaknesses
b. Expected reaction from competitors to company’s new offering
c. Specific ways competitors are likely to retaliate.
d. Financial resources available to competitors for retaliation purposes.
· Business Climate
A complete coverage of the following should be included in the plan (PEST Analysis):
a. Political climate, including any new or proposed legislation or regulations that will affect the offering, how it is sold, or the competition.
b. Economic climate, including overall volatility, inflation rate, unemployment rate, and consumer buying patterns.
c. Social and cultural climate, including changes in demographics, psychographics, societal trends.
d. Technological climate, including latest technology not only for the development of the offering but also for raw materials development.
IV. The Strategy
This section provides the argument for what should be done and why others should invest in the strategy. Strategic alternatives should be discussed to illustrate that they have been considered but then discarded. Reasons for discarding alternatives should also be included.
· The Offering
This section should provide a detailed description of the offering including:
a. Features and benefits of all the variations of the offering
b. Pricing options of the all the variations
c. Which market segment is likely to respond to which variation of the offering
d. Sales goals for each variation of the offering
e. Plans for introducing future related offerings or new variations
f. Customer support available pre and post sale
· The Communication Plan
This section provides a broad discussion of how the offering is to be launched. Will it be through a special event, advertising, public relations endeavors, etc.
This section should answer the questions of where and how the offering will be sold. Relationships with channel partners and supply chain management endeavors that will ensure the offering gets into the hands of customers should also be covered.
A budget section covers resources needed for the offering’s launch; such as new personnel, new equipment, new locations, product testing, promotion, and so forth. The first part of the budget likely covers the initial investment, while continuing costs are covered in a later section. Sales and profits are also forecasted in the budget section.
The highlights of the plan are repeated; including a summary of the target market, the offer, and the communication plan.
*A good marketing plan is dynamic and includes how the organization should respond to various scenarios, if the market changes.
In addition, please take a look at the following website for a sample of a Marketing Plan: http://www.morebusiness.com/templates_worksheets/bplans/printpre.brc
1. Print everything submitted…just in case.
2. Double-space everything. Double space between sections. Do NOT triple, quadruple or use any other spacing anywhere. Double space everywhere.
3. Set margins at one inch.
4. Do NOT right justify.
5. Always make back-up copies of the paper on disk, hard copy, etc.
6. Number the pages. Number the pages. Number the pages.
7. Use 12 point Times New Roman to prepare the paper.
1. Use headings, sub-headings, sub-sub-headings, etc. whenever you change the topic. Do not turn in a paper without headings, etc.
2. If necessary, obtain a style manual for heading examples. You can use the Marketing Plan Assignment format if you wish.
3. Indent the beginning of each new paragraph.
4. Include a cover page with the title of the project, your name, and any other information you deem useful.
5. Do not write the paper using an outline format.
COMMON PROBLEM AREAS
1. Know the difference between their and there, two, too, and to, due and do, hear and here, loan and borrow, etc. and use these words correctly.
2. Spell all words correctly. Your word processing software includes a spell checking option. Word for Windows has a grammar checker built into it. Use them.
3. A sentence must include only one basic idea. Business readers prefer short, punchy sentences to long, involved, convoluted ones.
4. A Paragraph must contain at least two sentences.
5. A paragraph must include only one basic topic. Business readers prefer short, punchy paragraphs to long, convoluted ones containing several quite different topics.
1. Do notuse the word, “being,” to mean “because.” Say, “Because I came to class,” rather than “Being that I came to class.”
2. Punctuate correctly.
3. Write in complete sentences. Do not write sentence fragments.
4. Do not write run on sentences.
5. Do not attempt to convey too much information in one sentence. Rather than write one long, wordy sentence write several short, clear ones.
6. Avoid writing in the passive voice.
7. Avoid using the verb, “to be,” including am, is, are, was, be, been, and being.
8. Do not use “there” or “it” or “this” as the subject of a sentence.
9. Do not begin a sentence with a number.
10. Spell numbers less than 10. Write as a numeral those 10 or greater.
11. Do not use the words “got” or “a lot.”
12. Write percentages with a number and percentage sign (58%).
13. Personal pronouns must agree with their antecedents (the nouns they represent) in gender and number.
14. A verb must agree with its subject in person and number.
15. Papers that contain the problems listed above will be returned and the grade of final drafts with these problems will be reduced.
|Due By (Pacific Time)||05/04/2014 07:00 pm|
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