Description

MK201

Group Project - Marketing Plan

Spring 2020

OVERVIEW:

This group project gives your team an opportunity to develop a marketing plan for a product or service defined by the group.

Notes:

• Your product or service must be new to the market (i.e., not currently sold) or a significant revision to a current product or service. If your product or service is a significant revision, please check with Prof. Schramm to confirm that your choice is acceptable.
• Your product may not be an app. However, you can include an app as part of a product or service.
• “Product” below, means product or service.

KEY PROJECT PHASES:

1. Draft 1: Due March 4 (see page 4 for details)

2. Draft 2: Due April 15 (see page 4 for details)

3. Final, Written Marketing Plan:
• Sections 2 and 3: April 27
• Section 6: April 29

4. Marketing Plan Presentation: To be presented during class the week of April 26. Presentation dates will be assigned on April 22.

MARKETING PLAN GRADING:

Your team’s overall marketing plan grade will be determined as follows:

(Grading criteria for each part of the plan assignment follow.)

WRITTEN MARKETING PLAN FORMAT

Note: Your team must follow this marketing plan format.

Title Page

Include the following on your title page: 2021-2023 Marketing Plan; <Product or service name>; <team member names>; <date>

Table of Contents

The table of contents should include major section headings (starting with “Executive Summary”) and subsections of the plan.

Executive Summary

The executive summary is a complete overview of your entire plan. It must include key points from each section of your plan. Limit the executive summary to one page (double-spaced). Do not include other sections of the plan on this page.

Situation Analysis

The situation analysis begins with a statement defining the market for your product. Then, discuss in detail the internal and external environmental factors that are or may impact your plan. Be sure to consider the effect of external environmental factors on your market, competitors (direct and indirect), and customers. You may complete a SWOT analysis for this section, however, the SWOT format is not required.

You must cite at least three references to support the statements made about external factors affecting the market for your product in the situation analysis and other parts of your plan as applicable.

Use APA format to for your in-text citations and to format your reference list.

• For formatting details, refer to Blackboard/My Organizations/SOB Learning Resources/Business Communications/Report Writing/Citing sources and creating a reference list.

Missing or incorrect citations puts members of your team at risk of an academic integrity violation (plagiarism). Take this assignment requirement seriously to avoid a violation.

Segmentation Strategy

In this section:

• Restate and the market for your product (add more detail here).
• Consider including a diagram outlining the market and segments.
• Consider including a market-product grid for your product.

State which segments you are targeting (you must target at two segments) and explain why you are targeting these segments.

Marketing Strategy:

Marketing Objective

State the overall objective for your product. Objectives often mention factors such as market leadership, how consumers’ unmet needs are met, and/or the firm’s societal impact. Be sure to state the market for your product in this statement.

Marketing Goals

State at least four goals to be met during the plan’s horizon (2021-2023). Goals must address at least four different areas (e.g., sales, market share). Note: One measure (e.g., sales revenue) for 2021, 2022, and 2023 counts as one goal.

Confirm that your goals are SMART (SMART was discussed in Chapter 2 slides).

Marketing Program

Complete the following plan elements for each of the two segments that you are targeting.

Segment 1: <add the name of your first target market here>

Positioning Statement

Write the positioning statement for Segment One following this format:

To (target segment and need) our (brand) is (concept) that (point of difference). See the text, page 193 (Developing a Positioning Statement) for an example.

Strategies:

Your strategies (product/service, price, promotion, place) describe the programs being planned to support attainment of your marketing objectives and goals.

Product (or Service) Strategy

Provide a detailed description of your product discussing how the product aligns with the value proposition (positioning and points of difference).

Price Strategy

Discuss how you will price your product for each segment that you are targeting.

Promotion Strategy

Discuss in detail how you will promote your product using applicable elements of the promotional mix.

Place Strategy

Discuss where you will sell your product.

Segment 2: <add the name of your first target market here>

Repeat the sections above (i.e., Positioning Statement – Place Strategy).

Financial Projections

Provide the following financial projections for 2021 – 2023. Consider showing projections by segment.

• Net sales (units sold x price); assume there are not returns or allowances)
• Cost of goods sold
• Be sure to detail how you arrived at your cost
• Marketing expenses
• Net marketing contribution

Refer to Appendix 3 in the text for more information on calculating measures in your financial projections.

Evaluation

Design a marketing dashboard to track the performance of your plan. Be sure to link the dashboard with your goals. Recall there is an example of a marketing dashboard at the end of your Chapter 2 slides. At a minimum, there must be a dashboard item corresponding to each of your four goals. Goals must be measurable to be tracked via the dashboard.