Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Marketing Plan Project Your task is to create a marketing plan for a product of your choice. It can be a new product or existing
Marketing Plan Project
Your task is to create a marketing plan for a product of your choice. It can be a new product or existing product. Using your knowledge learned in this course you will develop and present a marketing plan for the product of your choice.
- Corporate level planning
- Outline the company's Mission
- Outline Goals of the company (ensure those goals are SMART)
- Business level PLANNING
- Who are your customers?
- Who are your competitors?
- Conduct a SWOT analysis?
- What is your Segmentation & targeting strategy?
- Product Portfolio analysis?
- What is your Positioning strategy?
- What is your Competitive advantage?
- Marketing mix (product, pricing, promotion and place.)
- Product (28 marks)
- Explain what type of product the company is selling to the market? Explain your choice.
- Discuss the key characteristics & benefits of product/service
- What Branding strategies (generic/Co-branding etc) is your company adopting? Evaluate this strategy.
- Conduct a Product life cycle analysis of your product and explain the characteristics of this stage
- Price (20 marks)
- What Pricing goal are you pursuing? Why?
- Estimate demand, costs & profits.
- Which is the most appropriate Pricing strategy to pursue? Why?
- What are the most effective pricing tactics to use to fine tune price? Why?
- Place (16 marks)
- Channel choice - which channel or channels is the company using? Explain the key factors that are influencing the choice of this strategy? (Market factors, Product factors, Producer factors)
- Level of intensity-which level of distribution is the company pursuing? Why is this the most appropriate?
- Promotion
- Factors influencing promotional mix
- Advertising
- What types of advertising will the company engage in and why?
- Explain which Media will be used by the company (evaluate choices made)
- Outline the Advertising campaign of your company
- Identify Product Benefits that will be the focus of the campaign
- Discuss the Advertising Appeals to be used in the campaign
- Discuss how the Message is to be executed
- Post Campaign- Outline the expected impact of the campaign
- Public Relations
- What main functions of the company's PR activities?
- What PR tools will the company use? (evaluate choices made)
- Sales Promotion
- Which types of customers will be targeted of the company's sales promotion activities?
- Explain which Promotional tools will adopted by your company. (evaluate choices made)
- Personal Selling
- Discussion of why or why not personal selling is key in the promotional mix of the company.
- Social Media
- What are the Key objectives of company's social media campaign
- Outline which Social media tools being used(evaluate choices made)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started