Marketing plan
TASK:
Using the Internet and other published sources, select a brand and product of interest to you. Begin with the end in mind; ensure that your selection will facilitate your task. Your assignment is to write a MARKETING PLAN for a new or existing product or service for an EXISTING organization for a period of 12 months. The market is defined as the United States or a region within.
Your proposal should include the following information:
1. Current Marketing Situation: Provide a brief profile of the company and explain the nature and scope of the business. You should include the mission of the organization
2. Target Market Selection: Use the discipline of market segmentation to select one or more Target Market group(s). It is imperative that the recommendations for your marketing mix be directedat this group(s).
(Hints: (a) It makes your task easier if you narrow down your product choice so that you are targeting ONE segment. (b) Bear in mind that your set of marketing mix strategies MUST be directed at this group in order for them to be effective.)
3. Marketing Objectives: Set marketing objectives that are ‘SMART’ (specific, measurable, achievable, realistic, and time-framed) and flow from the corporate mission. Your recommendations will be measured against its likely effectiveness to accomplish these.
4.The Marketing Mix (4Ps): Describe IN DETAIL strategies you recommend for each of the four variables of:
PRODUCT strategies
PRICE strategies
PLACE strategies
PROMOTION strategies
For each of the 4Ps, a set of questions have been included to guide your recommendations.
Take note that the 4Ps constitute the backbone of your marketing plan and a substantial weight (40% of the total grade) is given to the quality of your recommendations in this area. At least 40% of your report should focus on these four components.
5. Budget & Evaluation: Include a BRIEF description of your budget recommendation for promotion expenditure plus a BRIEF account of your intent to evaluate the proposed marketing plan.
You are encouraged to select an FMCG (fast-moving consumer good), also called a consumer packaged good, as this typically facilitates the identification and creation of suitable marketing mix strategies (particularly for “Place/Distribution”).
GUIDELINES:
(1) Write the research report in essay style and in APA format (double-spaced with one-inch margin).
(2) The number of words should be between 3500 (minimum) to 4500 words
(3) Note that an originality report will be automatically generated by TurnItIn, which is a plagiarism detection tool.
QUESTIONS TO CONSIDER
PRODUCT STRATEGIES
Can you apply SOME of the following concepts in your PRODUCT STRATEGIES?
¢ Levels of Products – chap 8
¢ What is the core benefit?
¢ What constitutes your actual product?
¢ What are included in your augmented product?
¢ Classification of products – chap 8
¢ What is your branding strategy? – chap 8
¢ Name? Positioning (if not already included earlier)? Value proposition related to positioning.
¢ Bear in mind relationship between positioning and differentiation.
¢ Is packaging important? Your plan?
¢ Where does product stand in your overall product mix (chapter 8)?
¢ Line extension? Brand extension? Part of product mix width or depth?
¢ Is this a service? If so, consider characteristics of services – chap 8.
¢ Product Life Cycle strategies – which part of PLC is product or brand? (Do not suggest that the product will go through all 4 stages in one year.) How does this affect your 4Ps? – chap 9
PRICE STRATEGIES
Can you apply SOME of the following concepts in your PRICING STRATEGIES?
¢ Price Ceiling vs. Price Floor – chap 10
¢ Value-based or Cost-based Pricing? Which type? – chap 10
¢ Value-based: Good-value, EDLP, High-low, Value-added, Pricing power
¢ Cost-based: comments on cost
¢ Type of market? – chap 10
¢ Pure competition, monopolistic competition, oligopolistic competition, pure monopoly
¢ Elastic or inelastic demand? – chap 10
¢ How can you apply the following concepts in your PRICING STRATEGIES?
New-Product Pricing Strategies – which approach? – chap 11
Skimming or Penetration
Product Mix Pricing Strategies – which type? – chap 11
Product line pricing
Optional product pricing
Captive product pricing
By-product pricing
Product bundle pricing
¢ How can you apply the following concepts in your PRICING STRATEGIES?
Price Adjustment Strategies? – chap 11
Product bundlin
Discount and allowance pricing
Segmented pricing
Psychological pricing
Promotional pricing
¢ Loss leaders, special event, cash rebates, low interest, warranties, maintenance
PROMOTION STRATEGIES
Can you apply SOME of the following concepts in your PROMOTION STRATEGIES?
¢ IMC: How will the promotion mix components (advertising, personal selling, sales promotion and publicity) work together to achieve your marketing goals?
¢ Consider the following …
ADVERTISING:
¢ What is your ADVERTISING strategy (message and media)?
¢ Branding strategy
¢ Message decisions:
Theme& slogan?
Appeal?
¢ Media decisions:
Which media channels?
Which media vehicles?
Timing and scheduling (media calendar)
¢ Figure 13-8: An Example of a Media Schedule
SALES PROMOTIONS:
¢ Who are your targets – consumers and/or trade?
¢ Which sales promotion tools will you use? What do you want to achieve with these tools?
PUBLICITY:
¢ Brand publicity ideas?
¢ Use of any of the PR tools?
PERSONAL SELLING: Will personal selling be employed?
¢ If so, how can advertising and sales promotion be used to support personal selling?
PLACE (not Placement) STRATEGIES
Can you apply SOME of the following concepts in your PLACE STRATEGIES?
¢ Direct or Indirect channels?
¢ What is your channel design? Hybrid? Describe in detail.
¢ Channel management & behaviour
• channel conflict
• vertical or horizontal marketing systems?
¢ Any channel innovation?
¢ Distribution intensity – intensive, selective, exclusive? Why?
GRADE ALLOCATION:
SECTION GRADE ALLOCATION
Current marketing situation 10%
Target market selection 10%
Marketing objectives 10%
Marketing Mix: Product strategies 10%
Marketing Mix: Price strategies 10%
Marketing Mix: Place strategies 10%
Marketing Mix: Promotion strategies 10%
Integration of the plan 20%
Quality of Writing 10%
Total 100%
Bear in mind that planning is for the future. You are recommending strategies to accomplish specific marketing-related objectives that you have set for a 12-month period. Therefore, do not focus on a review of existing strategies – especially for pricing and promotion. Write like you are the brand manager or marketing manager.