Assignment Overview
A
marketing plan is a formal business document that is used as a blueprint or guide for how a company will achieve its marketing goals. A marketing plan differs from a business plan in that it focuses more on market research, attracting customers, and marketing strategies, whereas the business plan covers much more than that and which you will complete in Module 4.
Marketing plans are important tools because they act as roadmaps for everyone involved in an enterprise. Writing a marketing plan forces you to specify goals and develop strategies to reach them, and encourages you to research markets and competition. A strong marketing plan encourages entrepreneurs to think deeply about their business and profit potential, helping them make better business and marketing decisions.
Keep in mind that normally the various parts of a plan do not need to be written in a certain order. Plans should also be seen as flexible guides rather than absolute rules; however, in this assignment you have to follow the assignment directions. Table 8.8 (Laverty & Little, 2020) provides the standard components of a marketing plan.
Sample Marketing Plan Sample (Table 8.8)
|
Marketing Plan Section |
Description and Purpose |
|
Executive Summary |
This is a brief summary of each section of the Marketing Plan. Begin the Plan with a description of your company and its first product this Marketing Plan is for. |
|
Situation Analysis |
Overviews internal and external environments related to the business and product; internal environments include company background and mission; external environments can include market needs, competition, market research, and an analysis of strengths, weaknesses, opportunities, and threats (SWOT) |
|
Marketing Opportunity |
Validates the market opportunity being exploited by the business and articulates the potential gain for stakeholders |
|
Marketing Objectives |
Specifies market share, distribution channels, inventory, and pricing |
|
Marketing Strategies |
Explains target market (Who are your ideal customers and why do they need your product?), projected positioning, and strategies as they relate to the marketing mix (4Ps) |
|
Marketing Implementation |
Activities, responsibilities, and timetable for completion |
|
Financials |
Discloses sales estimates, projected budgets, and financials that will help readers understand the present and future economic condition of the company |
|
Performance Evaluation |
Describes procedures for measuring results, monitoring goals, and adapting the plan as needed (contingency plans) |
Check out this
presentation from Entrepreneur.com on how to create a marketing plan.
Also, check out this
file that you can print and use as a guide when writing your marketing plan.
Examples of Different Types of Marketing Strategies
Please view the following videos which present different types of marketing strategies.
Erhart, A, (2019, November 22).
What is guerilla marketing? How does it work? [Video]
. YouTube.
Human marketing. (2019, February 7).
Top 4 relationship marketing examples (Part 2) [Video]
. YouTube.
Lorenzo, D. (2019, April 18).
5 entrepreneurial marketing strategies to improve your customer acquisition process [Video]
. YouTube.
Mix plate. (2020, March 29).
Digital marketing examples. The best digital marketing campaigns [Video]
. YouTube.
Neighborhood. (2020, May 29).
How to engage clients with real-time marketing [Video]
. YouTube.
Spoof. (2020, February 10).
10 epic viral video marketing ads [Video]
. YouTube.
Case Assignment
Working with the company you chose to create in the Module 1 Case assignment, develop a marketing plan for your first product.
The marketing plan discussed here is the same process used by Fortune 500 companies, but even if your goal isn’t to become an Apple or an AT&T, you can still market like one. The beauty of a marketing plan is that it’s completely customizable and based on your unique characteristics.
Prepare a Marketing Plan of 5-6 pages (at least 5 full pages) that covers the eight topics of your Marketing Plan. The page count does not include the cover or reference list pages. Your marketing plan will address the following eight sections, but you may have to be creative with some sections of your plan, such as financials:
· Executive Summary (1-2 pages; do not begin the next section on the same page as the Executive Summary.)
· Situation Analysis (begin a new page)
· Marketing Opportunity
· Marketing Objectives
· Marketing Strategies
· Marketing Implementation
· Financials
· Performance Evaluation and Contingency Plans
Keys to the Assignment
· Your paper should be professionally prepared as if you were making a presentation to a potential angel investor.
· Use headings to organize the Marketing Plan by section. (APA guidelines require headings in all papers.)
· Use evidence and data you’ve found through research you conducted for your new product.
· Your reference list must contain at least three library resources. At least two of these resources must be high-quality references from peer-reviewed academic journals formatted according to APA Guidelines. These types of references are found in the Trident Online Library. Select to view only peer-reviewed academic journal articles published only within the last three years.
· You may also include Internet sites such as Bloomberg, Google Finance, or Yahoo! Finance for the third reference. Be sure to cite any ideas or analysis you retrieve from them in your Marketing Plan.
· Papers should be edited and error-free.
· Submit your assignment to the dropbox by the due date for this module.
For instruction on writing papers, citing sources, proper referencing, and so forth, use Trident University’s
Introduction to APA-7th Edition
.
NOTE: You will need this assignment in Module 4 when you put your entire Business Plan together, so when your paper is graded, be sure to make any corrections noted on the graded submission.
Assignment Expectations
Your paper will be evaluated using the criteria as stated in the Case rubric. The following is a review of the rubric criteria:
·
Assignment-Driven: Does the paper fully address all aspects of the assignment? Is the assignment addressed accurately and precisely using sound logic? Does the paper meet minimum length requirements?
·
Critical Thinking: Does the paper demonstrate graduate-level analysis, in which information derived from multiple sources, expert opinions, and assumptions has been critically evaluated and synthesized in the formulation of a logical set of conclusions? Does the paper address the topic with sufficient depth of discussion and analysis?
·
Business Writing: Is the essay logical, well organized and well written? Are the grammar, spelling, and vocabulary appropriate for graduate-level work? Are section headings included? Are paraphrasing and synthesis of concepts the primary means of responding, or is justification/support instead conveyed through excessive use of direct quotations?
·
Effective Use of Information: Does the submission demonstrate that the student has read, understood, and can apply the background materials for the module? If required, has the student demonstrated effective research, as evidenced by student’s use of relevant and quality sources? Do additional sources used provide strong support for conclusions drawn, and do they help in shaping the overall paper?
·
Citing Sources: Does the student demonstrate understanding of APA Style of referencing, by inclusion of proper citations (for paraphrased text and direct quotations) as appropriate? Have all sources (e.g., references used from the Background page, the assignment readings, and outside research) been included, and are these properly cited? Have all sources cited in the paper been included on the References page?
·
Timeliness: Has the assignment been submitted to TLC (Trident’s learning management system) on or before the module’s due date?
