Reference no: EM131151479

Requirements:

You will be required to turn in a double-spaced report (10-page minimum) by Wednesday, August 3rd. It is recommended that you use tables, figures, illustrations, etc. Please number and refer to all tables and figures in the text. Also, you should have a list of references.

Project Summary:

You will be responsible for identifying a product or service in the mature stage of the product life cycle. You will then develop a marketing plan for stimulating sales for the mature product or service. The marketing plan should consider the topics outlined below.

I. Executive Summary- This is a one-page summary of the plan's most important points (restricted to a statement of objectives and the principle strategies to achieve them).

II. Situation Analysis

A. Background - This section should provide general information about the firm marketing the product, when it was first introduced, and what led to its introduction. Past sales levels (units and dollars) for the entire product category and your product should be reviewed. If possible, provide a profitability history for your product. What are the predicted sales levels? Describe the target market and its size (past, present, and future). Are there new target markets that this product could be reaching?

B. Competition - Describe who the competitors are, size of market they have, and how they are positioned. It would be a good idea to include a brief table showing the market share positions and sales trends over the past three years of the major competitors.

C. Opportunities and Problems - List the key areas of opportunity from which you expect the product to obtain its growth or sales objectives. Also, outline the major factors that might jeopardize the product's ability to meet its objectives. What steps have been taken to minimize these risks?

III. Sales and Market Share Objectives - What are the sales and market share objectives for the next three years?

IV. Marketing Program

A. Product - Describe the product in detail (branding, packaging, etc.) and compare it with existing products. How is the product positioned? What product modifications do you suggest? Why? If you feel that the product should not be modified, explain why not. Are there new uses for the product? What are future product objectives and strategies to reach these objectives?

B. Pricing Strategy - Describe the pricing strategy (e.g., skimming vs. penetration) and compare it to those of competitive products. A chart comparing products and their prices would be helpful. What is the retailer mark-up? Are quantity discounts given to retailers? Is the pricing strategy in line with the product's positioning? Should the pricing strategy be modified? Why/Why not? What are the pricing objectives and strategies to achieve these objectives?

C. Distribution - Describe how the product is distributed to the retailer. For example, does the firm have its own salesforce? Also, describe the type of stores that carry the product and any services they offer. Are there any changes to the current distribution strategy that you would recommend. Why? What are the distribution objectives and strategies to achieve these objectives?

D. Promotion - This section should include a description of the advertising, sales promotions (e.g., free samples, contests), publicity, and personal selling used to promote the product. Examples or descriptions of ads may be used. How much is the firm spending to promote (advertising media and sales promotions) the product? If possible, show the spending levels for your product and the competition over the last three years. How much are the major competitors spending? Are the promotions in line with the product's positioning? Are the promotions helping to build the brand franchise? What changes would you make? What are the promotion objectives and strategies to achieve these objectives?

V. Control and Review - How and when will the marketing plan be reviewed to ensure that the objectives are being met?