Recommend a new product or service line and developing a brief marketing plan to launch the new product or service line in the stores of the same company that you selected.
This assignment provides you with an opportunity to demonstrate the achievement of the following course learning outcomes:
Comprehend the components of an organization’s marketing program including how to plan, price, promote, and distribute goods, services, or ideas.
Identify the marketing relationships both internal and external to an organization.
Explore how external factors, such as the economy, competition, suppliers, distribution channels, and political-legal groups affect the marketing function.
Recognize why and how customers are considered in strategic marketing plans.
Comprehend the concepts of value, quality, customer service, logistics, and supply-chain management.
Identify current challenges and opportunities such as information technology, globalization, marketing ethics and social responsibility, and their impact on marketing practices.
Expectations
You are expected to complete this assignment individually.
Respect for academic integrity is crucial to your success. Make sure you understand what constitutes acts of academic dishonesty in the page: What is Academic Dishonesty?
Instructions
Using the same company that you selected, prepare a brief marketing plan outlining how the company will launch its new product or service line.
Use the numbered headings and answer the questions associated with each heading to create your marketing plan.
Make sure you apply the various marketing concepts and terminologies discussed in this course within your answers. You must also reference at least 3 credible sources within your marketing plan.
Marketing Overview (8 marks)
Describe the industry, market, and any trends. (1 mark)
Describe the new product or service line and the classification the product or service will fit into. Remember, the product or service line must be new to the company! (2 marks)
Which segmentation strategy best describes the target customer? (2 marks)
Describe pricing, distribution, and promotional strategies for your new product or service line. (3 marks)
Positioning and Differentiation (4 marks)
Describe 2 competitors for the new product or service line that you proposed for your selected company. (2 marks)
Identify how the company’s new product or service line will be differentiated and positioned relative to the competition. (2 marks)
Situational Analysis and Business Environment (4 marks)
Select 1 business analytical tool (e.g., PESTEL, SWOT, or Porter’s 5 Forces) and use it to describe the business environment for the company’s new product or service line that you proposed.
Marketing Objectives (4 marks)
Explain how the new product or service line aligns with the company’s vision and mission statements. (2 marks)
Create 2 marketing objectives for your new product or service line. The marketing objectives should be written using the SMART goal formula.
(2 marks)
Controls and Measurement (4 marks)
Describe 4 key performance indicators (KPIs) that the company should use to evaluate the performance of your marketing investment.
Structure
Your marketing plan should be structured using the following components:
Include a cover page which includes your name, student I.D., course code, course name, assignment name, and your instructor’s name.
State the question number and heading with each corresponding answer. Use headings, sub-headings, and white space to help the reader navigate your marketing plan more effectively.
Write in complete sentences overall. Use bullet point form where appropriate.
Clear, concise, and correct writing will be considered in the evaluation of your marketing plan. Points may be deducted for writing that impedes communication: poor organization, weak paragraph development, excessive wordiness, hard-to-follow sentence structure, spelling mistakes, and grammatical errors.
Cite all your sources using APA or MLA citation style (i.e., in-text citations) and include a References page (APA) or Works Cited page (MLA) at the end of your marketing plan. Make sure you comply with McMaster University’s policies on referencing and academic dishonesty.
Format
Length and space: 4.5-5 pages max, single spaced
The cover page and references/works cited page are not included in the total number of required pages.
Margins: 1” all around
Font type: Arial or Calibri
Font size: 12 points
Page numbers: include page numbers on each page
Citation guide: APA or MLA Style
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