12 May IDENTIFY ONE PRODUCT/SERVICE FROM YOUR OWN BUSINESS OR FROM ANOTHER BUSINESS WITH WHICH YOU ARE FAMILIAR.
Your task is to prepare a report containing information that may be used for a marketing plan.
Identify one product/service from your own business or from another business with which you are familiar. In your report you should include:
The current marketing situation with background data on the market segments, product, competition, and distribution. Keep this discussion brief.
Market analysis through a SWOT analysis. Make sure to discuss the SWOT analysis adequately.
Objectives with goals for sales volume, market share and profit. These goals should be realistic but may have to be somewhat hypothetical because of the lack of time and absence of market research to provide better ones.
Marketing strategies with details of the 4Ps (i.e. Product, Place, Price, Promotion).
Make sure you explain why the strategies are relevant and how they relate to the market analysis, objectives and goals above. Clearly justify your argument. In your discussion of Promotion, you need to identify the communication objectives, discuss and justify the communication channels and the communication mix you would use to address these objectives.
Because this is a short assignment, be careful to use your word limit wisely. There is no need to focus on the details of action plans, projected profit and loss figures and controls (although these are important in the real world, of course).
Note: In a real world marketing plan it is unlikely that you would use referencing. While you might not use referencing in an actual marketing plan, you would definitely source your information from various company/industry reports and from journal articles. In this assignment you are required to make use of such sources explicit through referencing.
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