29 Jun BUSINESS 220-Create a marketing plan for a NEW product for an existing
Question
Marketing Plan Requirements:
Create a marketing plan for a NEW product for an existing Fortune 500 company. The new
product may either be a real product that your chosen company does not currently offer
(such as a snowmobile marketed by Ford Motor Company) or, it may be an imaginary,
futuristic product (such as a solar powered car marketed by Ford Motor Company). You
must include a minimum of two research citations from a written library source. Paper
should be a minimum of 2,000 words and maximum of 3,000 words.
1. Executive summary: a brief summary of the main goals of the plan.
2. Current marketing situation. Include the following:
1. Type of business, i.e., specify whether retail, service, Internet, etc.
2. Description of product or service. Be sure to include:
1. Actual Product, i.e. features, brand, packaging, logo, etc.
2. Core Benefit offered by product
3. Other Benefits, i.e., warranty, delivery, 1-800 assistance, customer
service, etc.
3. Comment on the general business environment/market structure which the
business operates in or will be operating in, i.e., pure competition,
monopolistic competition, etc.
1. Customer profile/target market (Select and describe those that apply)
1. Demographic Elements, i.e. age, gender, income level, etc
2. Geographic Elements
3. Psychographic Elements, i.e. personality, lifestyle
4. Behavioral Elements 1. Competition
1. Nearest direct and indirect competitors – identify at least three
2. Strengths and weaknesses of competitors
3. Assessment of how competitors businesses are doing
4. Description of the unique features of your product or service
5. Similarities and dissimilarities between your product or service and
competitors
1. Promotional Strategy (Select and justify those elements that apply. Include in your
strategy a discussion on the message that you wish to communicate to your target
market)
1. Advertising
1. Print media
2. Radio
3. Television
4. Internet
2. Personal Sales
3. Public Relations
4. Sales Promotions
5. Direct Marketing
1. Channels of Distribution
1. Identify existing or proposed location and its associated
advantages and disadvantages. 1. Identify any applicable channel members (i.e. manufacturers, wholesalers, retailers)
and describe their role in the distribution process.
2. Describe and justify your transportation method, i.e. rail, air, truck, ship, or pipeline
3. Describe and justify your distribution intensity, i.e., intensive, selective, or exclusive.
4.
1. Pricing Strategy (Select and justify those strategies that apply)
Strategy Options:
1.
2.
3.
4.
5. Market Penetration Strategy
Skimming Strategy
Competition-based Strategy
Cost-based Strategy
Value-based Strategy
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