The group project requires the team to develop a plan for a new product or service of a fictitious company. Each group will comprise of 2 members. Basically, your team is asked to create a new firm, develop a new product or service. You will come up with a new product – more specifically a good or service – one that your company would produce. Discuss how this new product/service idea would be executed.
The paperwork consists of 10% of total carry marks while the group presentation is 5%. The due date will be in the 15th week. There will be no extensions or exceptions.
Marketing Plan Guidelines
You are required to develop a new product or service either for the domestic market or an international market of your choice. You need to be creative within the confines of good marketing and general business practices. From a learning standpoint, this assignment will
allow you to further develop skills that can be used in a future senior management role.
Upon completion of the project, you would be able to:
ü analyze and evaluate a strategic company situation,
ü identify promising business opportunities,
ü develop new product ideas to seize these opportunities,
ü evaluate these ideas based on secondary and primary data, and
ü write a marketing plan for the proposed product.
An Abbreviated Marketing Plan Outline as a guideline
Must include title, course code, date, lecture’s name, student’s name and matrix number.
Table of Contents
Must list all parts and corresponding page numbers. Must list all appendices.
Executive Summary (400 words max)/ 5 marks)
Serves as an introduction to the marketing plan. Is written to acquaint the reader with the material that follows. It is a sales pitch to the reader. Who? What? Where? Why? When? How?
Part 1: Strategic Focus and Plan (200 words max / 5 marks)
Mission/Vision Statement – a one sentence statement of the business overall objectives. This statement is not strictly for objectives of the product/service, but also objectives for the business as a whole.
Part 2: Situation Analysis (600 words max/ 25 marks)
§ a SWOT Analysis in chart form followed by an elaboration of the critical SWOT elements in paragraph form.
§ an Industry Analysis – prove to the reader that you understand the industry by discussing what is currently going on. (Trends, market size, # of businesses competing in your market, etc.)
§ a Competitive Analysis – briefly profile the competitors that compete with you directly. What are their strengths and weaknesses? What can you learn from them? How will you remain competitive with them.
§ a Customer (Consumer) Analysis – describe all of the potential customers for your product/service.
Part 3 – Market-Product Focus (400 words max/ 20 marks)
§ Marketing and Product Objectives – discuss specific objectives for the marketing of the product including expansion and growth plans.
§ Target Market – describe your primary target customer.
§ Points of Difference – what sets you apart from your competitors? What is your competitive advantage?
§ Positioning – Explain where your product will be positioned in the market.
Part 4 – Marketing Program (600 words max/ 30 marks)
§ Product Strategy – discuss all product elements; product line, packaging, quality, warranty, branding. A picture of the product or prototype can be referred to here.
Price Strategy – mention and justify price in comparison to competitors and your price strategy.
Promotion Strategy – discuss key promotional programs in this section. Sample ads can be included here.
§ Place (Distribution) Strategy – describe current and future channels of distribution.
Part 5 – Location (150 words max/ 5 marks)
Use photographs, diagrams and illustrations to paint an attractive picture of your business site (eg. If involve in retailing, services etc)
Part 6 – Implementation Plan (150 words max/ 5 marks)
A chronological list of important deadlines and projected dates for the implementation and progress of business operations.
Part 7 – Evaluation and Control (150 words max/ 5 marks)
An explanation of how the success of the business will be measured. E.g. target profit, breakeven analysis, sales ratios etc.
Appendices and references
To include facts and figures obtained through marketing research (database). All written formats and references to follow the APA style.
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