BSM220: Marketing Plan Final Project
Make up a new business organization and focus on a new product development. Create a Marketing plan for your organizations new product. This marketing plan will be unique to your organization and its unique product. Use the following outline to help you build your marketing plan.
You will sell this product by preparing a PowerPoint presentation to share with the class as part of your final exam.
BUSINESS MISSION
What is the mission of the firm? What business are you in? What are some of your organization roles?
How does your firm define its business in terms of benefits to what your customers want?
SITUATION ANALYSIS (SWOT ANALYSIS)
Create A SWOT analysis for your business
Identify one or more competitive advantages in the SWOT analysis?
Are these advantages sustainable against the competition?
Internal Strengths and Weaknesses
What is the history of your firm, including sales, profits, and organizational philosophies?
What is the nature of the firm and its current situation?
What are the firm’s resources (financial, human, time, experience, asset, skill)?
External Opportunities and Threats
Identify how any of the following is an opportunity or a threat to your organization
(Social, Demographics, Economic, political, legal, financial, technology and competition)
OBJECTIVES
What are the stated marketing objectives of your organization? Are objectives based on sales, profits, or customers? How will you measure your objectives?
Is your organizations main objective to maximize customer satisfaction or to get as many customers as possible?
MARKETING STRATEGY
Target Market Strategy
Who is your target market?
What segmentation is present for your specific market? What are the geographic, sociodemographic, and behavioral characteristics?
What are the evolving needs and satisfactions being sought by your target markets?
Does your organization try to direct its products only to specific groups of people or to everybody?
What are the major objections given by potential customers as to why they do not buy your organizations products?
Should your organization seek to expand, contract, or change the emphasis of its selected target markets? If so, in which target markets
Marketing Mix
Are the objectives and roles of each element of the marketing mix clearly specified?
Product
What are the major product/service offerings of your organization?
What are the features and benefits of each product offering?
What warranties are offered with the product? Are there other ways to guarantee customer satisfaction?
Place/Distribution
Are members of the target market willing and able to travel some distance to buy the product?
Will your product be available online?
3. Promotion
What would you call your product?
What would your packaging look like?
Any special slogan or memorable wording?
What colors would you use?
Price
What would your price point be?
What mechanisms does your organization have to ensure that the prices charged are acceptable to customers?
How are price promotions used?
What methods of payment are accepted?
IMPLEMENTATION, EVALUATION, AND CONTROL
How will you begin implementing your marketing Plan?
What specific activities must take place? Who is responsible for these activities?
What is the implementation timetable?
What other marketing research is necessary?
Are enough resources (or too many resources) budgeted to accomplish the marketing objectives?
SELL IT
Prepare a presentation to share with the class as part of your final exam.
Requirement
10 slides in length min. (including title page)
Define your Business Mission
Situational analysis is detailed and complete
Marketing objectives are clear
Target market is identified
Marketing Mix clearly specified
Product specifics
Distribution/ Promotion details
Price specifics
Colors and Design of product and packaging. Slogan or logo?
Proof read for spelling and grammar
Notes on each slide to help the presenter but not seen by the audience.
