Marketing Plan Project

01 Jul Marketing Plan Project

Question Description
Table of Contents I. Introduction ……………………………………………………………………………………………………… 3 II. Product Selection……………………………………………………………………………………………… 3 III. The Process ……………………………………………………………………………………………….. 4 IV. General Requirements:………………………………………………………………………………… 4 V. Modules Warning……………………………………………………………………………………….. 5 VI. Content for Written Plan: …………………………………………………………………………….. 5 The Written Plan ………………………………………………………………………………………………. 5 The Presentation……………………………………………………………………………………………….. 5 VI. Submission and Due Dates: ………………………………………………………………………… 6 VII. Component Requirements and Examples …………………………………………………… 6 Product description with feature and benefit analysis ……………………………………………. 7 Part One – Product Description ……………………………………………………………………….. 7 Part Two – Features and Benefits …………………………………………………………………….. 9 Part Three: SMART Objectives …………………………………………………………………….. 10 SWOT Analysis ……………………………………………………………………………………………… 10 SWOT Action plan ……………………………………………………………………………………… 11 SWOT Example ………………………………………………………………………………………….. 11 Segmentation………………………………………………………………………………………………….. 13 Segmentation example …………………………………………………………………………………. 13 Integrated marketing communication ………………………………………………………………… 17 Creative briefs: ……………………………………………………………………………………………….. 21 Examples or mock-ups …………………………………………………………………………………….. 23 VI. References……………………………………………………………………………………………………. 23

IV. General Requirements:

General:  Collegiate level writing is expected  You should make the corrections suggested by your instructor  Well organized and professionally formatted  NO spelling, grammar or punctuation errors  Submitted as ONE Word document to D2L (Be sure you use the Chalk and Wire folder)

Plan Checklist:  Cover page  Flyleaf (optional) – just a place for art, pictures, images – not required, but nice  Table of Contents  Executive Summary (should also serve as your Introduction)

 Description Feature and Benefit Chart o Includes feature and benefit chart o Includes 4-5 SMART objectives  SWOT with action plan  Supply Chain Plan  Segmentation  IMC – these will vary somewhat depending on your specific plan, but this is typical: o A creative brief for each distinct part of your plan o Examples of content

VI. Content for Written Plan: There are two major deliverables for the plan:

The Written Plan The written plan consisting of the five components that you will do throughout the course as follows:
M1: Product selection (not graded, but you are not allowed to submit any components until you make and post your selection. M3: Product description with feature and benefit chart M4: SWOT with action plan M5: Segmentation M6: Supply chain plan M7: IMC with examples and creative briefs M7: Narrated presentation

Product description with feature and benefit analysis This section of your marketing plan has THREE parts, both of which are required.

Part One – Product Description Describe your product or service concisely, but specifically, in no more than three (3) double spaced pages and written in formal business style. The most important requirement for this assignment is that after reading it your instructor has a clear understanding of your product/service/non-profit, what it does for the consumer and how it works or functions.

This is NOT a sales pitch. Do not use this section to promote or advertise your product. Product descriptions which do so will be penalized in grading. Rather, this is a factual and objective description of your product. Some information you typically include:

 The name of your product 

What it does 

How it works (functionality). 

What it looks like 

Key design elements 

What makes it special or unique

Note: for services you should adapt the above list to fit an intangible product. Your concentration will be what services you provide for your customers.

Part Two – Features and Benefits You will find an in-depth introduction to features and benefits in Module Three. You MUST read this before attempting this assignment.

Using a chart, similar to the one in the example below, list no less than FIVE features of your product with at least TWO customer benefits for EACH of the features.
Part Three: SMART Objectives

You can find a detailed description and instructional content on SMART objectives in Module 2.

You are required to create no less than four (4) SMART Objectives for your product or service.

1. Grow sales by our Website and current retailers by 20% in calendar 2018 2. Add 200 new members to our loyalty club by November of 2018 3. Hold our first annual dog rescue fundraiser in November 2018 with no less than 500 attendees 4. Launch Doggie Birthday promotional campaign in February 2018 (free snacks for people and dogs) 5. Conduct awareness surveys in January 2018 And December 2018 to measure marketing effectiveness

SWOT Analysis You will find an extensive introduction to SWOT in Module Three and an example below. There are also extensive resources available online, including videos in YouTube.

Your SWOT should contain no less than five factors in each of the four categories. If you cannot identify 5-6 legitimate factors for each category you may not have given your product or service adequate consideration and thought.

You will also create a SWOT action plan.

SWOT Action plan The concept behind a SWOT Action Plan is that, as business managers, we like to get things done! Our job is to fix problems and capitalize on opportunities. SWOT is a very useful tool for analyzing our business and the business environment (see Module 2 for more on this). However, the best analysis is useless without action to apply the information. The SWOT action plan does just that. It apples the information you uncovered in your analysis.
You will select ONE item from each of the four categories and write a very brief action planned based on the following:

Strength: What will you do to take advantage of this strength? How will you make the most of it?

Weakness: What will you do to minimize the negative impact on your business?

Opportunity: Much like a strength, how will you capitalize on this opportunity? How can you use it to generate revenue, build you brand or improve your competitive position?

Threat: How will you avoid this threat or minimize its impact on the business?

You will find an example of what is expected for your Action Plan below.

SWOT Example NOTE: You have the option to vary your layout, format, use of color and other stylistic devices. This is ONLY an example, however the use of chart of some type is required.

Segmentation We will spend a week in class discussing segmentation. For this component you will be required to identify and define the market segments you will target in your plan. It is vital to your success in this assignment that you complete Module Four, including all the activities and the Elder Care Scenario.

You must have a minimum of TWO segments for your project.

1. A narrative description of each of the segments. You are required to give each a name. For example, if I were segmenting older consumers for a pet product I might have “Empty Nesters” or “Little Old Lady Cat Lovers”. This narrative is usually a one paragraph summary of the segment’s profile.
2. How you are segmenting the groups (demographics, psychographic, geographic or other criteria) including the characteristics of your target segments. Be VERY specific and use no less than four demographic and four psychographic variables for each of your segments.

You may use any combination of text, charts and graphs you wish to accomplish parts 1 and 2. However, be sure that it is clear what, and who, comprise your segments.
Segmentation example

NOTE: This example is written for a product called Staycation.com. It is an online vacation planner for consumers taking their vacations at home. This is a common phenomenon in the current economy.

Childless Couples (Young Adventurers) The Young Adventurers group is comprised of young adult couples who are mostly just starting out on their own. Young couples are typically known to have financial hardships (even without children) for various reasons. These reasons might include young people being typically employed in entry-level positions with corresponding salaries. On top of this, some may have bills and debt from various sources such as vehicles and student loans. They may neither possess the finances nor the large amounts of vacation time from their jobs to take a conventional vacation.

Demographics for Young Adventurers Age: 19-30 Relationship status: Living together or newlyweds Professional Status: Entry-level professional work Children: None Income Level: Education: Entry to mid-level income College or advanced technical/trade school

Psychographics for Young Adventurers Entertainment and socially oriented (restaurants, bars, clubs and activities and important) Money Conscious (on a budget) Adventure Seeking Tree-Huggers (Environmentally conscious)

Single Parents (Jugglers) Jugglers have it pretty rough. They have to balance the time between caring for their loved ones and providing for them. Throughout the year, Jugglers do not have a lot of time to bond with their children because they are essentially doing the work of two parents, even though there is only one of them. At the end of the day, Jugglers can be wound to the limit. Taking the time to connect with members of a Juggler family can be of great benefit when it comes to avoiding dysfunction. Familial bonding creates memories that show that there is more to life than the programmed rat-race existence that the Juggler family members may be used to.

Demographics for Jugglers Age: 21-40 Relationship status: Divorced or Unmarried Professional Status: Steadily employed Children: One or more Income Level: Education: Upper Low to Mid-level income College, some college or technical/trade school

Dual Parents (Tag-teamers) Tag-teamers do not have it quite as bad as Jugglers, but that doesn’t necessarily mean they have it easy. Some families may have started out young. That means the kind of work available for the young parents may often be blue-collar jobs (mid-level-paying jobs that do not require a college degree or any specialized training). In other families, only one of the parents may be employed, in which case the other parent also becomes one more mouth to feed in the family. While juggling the time between caring for their children and providing for them is not as big an issue in most Tag-teamer households, it is still important for family members to socialize and have fun together, especially while children are young.

Demographics for Tag-teamers Age: 23-40 Relationship status: Married or Common-law couples Professional Status: Steadily employed Children: One or more Income Level: Education: Mid-level income Trade school or college

Psychographics for Tag-teamers Family oriented Money Conscious (On a Budget) Overworked (Need to take time to decompress) Strong sense of responsibility Children are a priority Close ties to grandparents and other extended family

Older Couples (Empty-Nesters) Of all the target couples, Empty-Nesters probably enjoy the most freedom. This group is composed of older adults who either never had children, or no longer have children under their care. Given the proper financial resources, Empty-Nesters can pick up and leave just about any time they like. The only thing that stands in between Empty-Nesters and a good time is money. A lot of times, getting the kids out of the house frees up all kinds of finances. However, there are other cases when people really have to milk the budget. They may have personal financial situations. They might be living off of pension funds, or due to an inability to work, relying on Social Security, disability, or some other form of supplemental income.

Demographics for Empty-Nesters Age: 50 and over Relationship status: Married Professional Status: Employed, disabled, or retired Children: Grown and out of the house Income Level: Mid-Low to upper-mid income (may vary considerably)

Psychographics for Empty-Nesters Money Conscious (On a Budget) Adventure Seeking Lots of free time

Supply Chain

Begin by reading the do first activity in Module 5 and the material immediately below. You should also review the supply chain PowerPoint in Module 5. Although Wikipedia should be used cautiously, in this case their SCM article may be helpful.

https://en.wikipedia.org/wiki/Supply_chain_managem…

Assignment requirements: You will follow a format similar to the “do first” assignment at the beginning of Module 5. Make sure that you have completed that exercise before attempting this component of the marketing plan.

There are TWO parts to this component.

Part One: In about 2-3 paragraphs provide a high level view of your supply chain. Consider what you will need to successfully take your product to market and where you might encounter breaks or obstacles in the chain.

You should also address the issue of what type of suppliers you might need and where they are located. What issues do you anticipate? Do not forget to consider political, trade and social issues. If you need a steady supply of coffee or chocolate, will you buy only Fair Trade? Are there child labor issues? Import restrictions?

Part Two: You will create Word chart with three columns:

Up stream

Mid-stream

Down stream

If you are not familiar with these terms, visit the activity in Module 5.

For each of the columns, identify 4-5 items that you will need for a complete supply chain. Bullets are fine, but make sure that you are clear.

In the last row, list your typical end user. Are you direct to consumer or are you selling to a retailer or wholesaler? In some cases, you may have an entirely different end user.

Integrated marketing communication This is the culmination of your marketing plan and will carry more weight in the grading. In this section you will detail the advertising and promotional activities you will use in your project.

You have many options regarding what IMC plans you create for your project and should select those that best fit your product/service/non-profit. You should also select those that interest you personally or professionally.

You are required to complete TWO advertising or promotional IMC items for your product or service.
There are two parts to your IMC assignment.

First, you will complete a creative brief for each of your activities. There is an example below.

Second, you will create an example or mock-up of your activity. You will find some examples in Module Seven. These examples will not cover all the options you might select for your IMC activities. They will, however, give you some ideas regarding what is expected of you. Generally, everything you need to do can be created in PowerPoint or similar applications.
Note that you are not expected to be a graphic artist or Website designer. Nor are you expected to create an entire social media campaign. You ARE expected to demonstrate that you have a basic understanding of the IMC activities you have selected.

Some IMC Options:

Here are just some of the options you have for an IMC activity. Select any TWO of these or add ideas of your own. You may use any one option ONCE. You must select two different activities. NO “flyers” allowed. Flyers are not marketing, they are what you use to announce the school dance. These are ONLY suggestions – feel free to use your imagination.
Magazine print ad Radio ad TV commercial Social media YouTube ad Guerilla campaign Direct mail Direct email Press release Outdoor ad (billboard, bus ad, car wrap) Coupons Trade show or event Web site (create your landing page)

Regardless of which options you select, you will be required to complete a Creative Brief using a format similar to the one below.
Creative briefs: Creative briefs are used as a standard template to communicate between those involved in a marketing communication project. This might be between an ad agency and their client or between marketing staff members and their director. The exact information and the template will vary from organization to organization, but the one below is fairly common.

In our class, you will use the brief to describe the IMC portion of your marketing plan. These will be included in your final written project.