Instructions:
For the final project submission, be sure to include a Table of Contents.
-Situational Analysis: Great information supported with citations.
-SWOT analysis: I would like to see a diagram (4-grid box) with bullet points for strengths, weaknesses, opportunities and threats. Underneath this diagram, you can explain each bullet point and support with citations.
-Marketing Objectives: You have to combine the SMART components into ONE sentence. Your Specific, Measurable and Time-Based objectives are good (please remove SMART headings). The other two objectives are not SMART and can either be removed or made SMART.
For the final marketing plan submission due next week, please be sure to include these first three sections (incorporating my feedback above) in addition to the remaining sections (executive summary, marketing strategy, action program, budget & control).
Submit the following sections:
• Situational Analysis
• SWOT Analysis
• Marketing Objectives – SMART (specific, measurable, attainable, relevant, time-based)
The marketing plan should include the following sections :
Marketing Plan Components
1. Executive Summary (1 Page or less)
Summary of the main goals and recommendations of the plan for management review,
helping top management to find the plan’s major points quickly.
2. Situational Analysis
Industry Analysis gives the state of the current industry. Choose the industry that best
describes your product. Be sure to include things like market share etc. The five
environments, Sociocultural/ Demographic, Technological, Economic, Political/Legal and Ethical.
Competition Review Identify at least three key competing solutions and offer a brief
overview of their position in the market. Consider their market share, value propositions and strategies for product quality, pricing, distribution, promotion, etc.
*Note that substitutes from other firms or existing offerings from your firm are as valid as direct competition.
3. SWOT Analysis
Assess major strengths and weaknesses of your product and company, as well as threats and opportunities that the product might face. Identify at least three considerations for each area of the analysis. This section talks about the COMPANY not the product itself.
*This should help you anticipate important positive or negative developments that might have an impact on the firm and its strategies.
4. Objectives
The marketing objectives that the company would like to attain during the following year and any key potential issues involved. These come from your strategies. All objectives must be MEASURABLE. You must include the current state (make it up, you will not be able to find it.)
5. Marketing strategy
The marketing strategy that helps you create customer value and relationships. How will the company create value for customers in order to capture value in return? What are your overall growth strategies? Choose them from the Product/Market matrix. You have 3 to choose from – Market Penetration, Market Development and Product Development.
You can choose 1, 2 or all 3.
Segmenting, Targeting and Positioning
Describe your segmentation strategy and analyze the target markets you will be including in your plan. Describe your positioning of the product. Write a positioning statement.
4 P’s Discuss the Strategies you will use in each area
Overall Product Strategy: Consider long-term goals and possible considerations for the company to make within the next two years.
Pricing: Provide an explanation and rationale for decisions on pricing. What are your
pricing Objectives? What type of pricing strategy will you use?
Place(ment): Describe the distribution strategy for this product.
Promotion: Identify at least three promotional tools to be used as part of this strategy. Do a short Promotion budget to assign different media.
6. Action programs
This section will outline what is going to be done and when. Concrete marketing actions that you plan to take within the first year. Who will be assigned to these actions?
What will be done? When will it be done? Who will do it? How will it be done?
7. Budget Estimate the expected revenues (forecasted number of units sold and the average net sales price) and expected costs of production, distribution, and marketing. The difference is the projected profit.
8. Monitoring and control
The controls that will be used to monitor progress and review implementation results.
The various elements of the plan must be integrated into a cohesive framework.
Turn in a written 15-20- page double-spaced marketing plan.
– Use citations (for all sources – including textbook)
– Include a References page
– Citations and References page must be APA style
– Provide a Table of Contents page
*Teams are encouraged to make use of a generative AI tool (ChatGPT, Google Gemini, Bing CoPilot) for this project. Be sure to use proper citations. The written marketing plan should have a cover page with the names of all team members, a table of contents for the different sections, and a reference page
