Reference no: EM131536930

Assignment: Components of a Marketing Plan

Part 1

Purpose of Assignment

Marketing plans help coordinate an organization's departments and activities toward a mutual benefit between the organization and the consumer. Well thought out marketing plans contain both internal and external research aimed at understanding who the customer is, what they want, and any barriers the company may encounter in meeting customer demands. This research and information allows the company to create strong strategies and realistic goals. Part 1 of this two-part learning team assignment is designed to place students in the role of a company marketing team demonstrating to the CEO and Stakeholders why and how their new product/service should be launched. This assignment assesses the company, the target market and product, and identifies potential obstacles a company may face when deciding to launch a new offering will be identified.

Assignment Steps

Resources: Marketing: Ch. 1: pg. 4-10; Ch. 2: pg. 40-46 and 54-69; Ch. 3: pg. 72-92; Ch. 11: pg. 292-309; Week 1 video

Scenario: Your team has been chosen by the CEO to lead the development of key marketing strategies for the marketing plan for your company's launch of a new and unique product/service (not already offered). Your marketing team's mission is to prove to the board of directors and investors through research, strategy development, and reasoning, that this product/service is viable and will meet the company's goals. In this first half of the project, you will be reporting to the board and CEO about the target, the product's strengths, a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis, and the brand's position in the competitive environment.

Create a company name and decide what real business world industry it operates in.

Create a new and unique (not already offered) product or service the company will be launching.

Obtain your instructor's approval for the team's product or service before beginning this project by having one team member private message the instructor what the team has decided on.

Create a minimum of 1,050-word report covering the following:

• Describe the organization, who are they, what industry they operate in, their mission and values, as well as what makes them different from other organizations.

• Explain your new and unique product/service and include packaging, labeling, and warranty if applicable. How will this add value and differentiate the brand and product from the competition, while encouraging the target market to buy? And provide a sample or mock up of your packaging if applicable.

• Identify your target market and describe each segmentation (demographic, psychographic, geographic, and behavioral).

• Prepare a SWOT analysis and competitive analysis using either Five Competitive Forces or Blue Ocean Strategy's Strategy Canvas.

• Provide a positioning statement and demonstrate how your product is positioned against competitors.

Cite a minimum of three peer-reviewed sources. One must come from the course textbook or videos and one from the University Library.

Format your paper consistent with APA guidelines.