For phyllis young only!

Your individual work in this course is to construct a Marketing Plan. You will choose a product or service (an existing product, new product, or business that you might want to start) and construct your marketing plan.

• Choose your product or service (an existing product, new product, or business that you might want to start) that will be the focus of your marketing plan.
• Describe why you chose this particular product or service.
• This section of your marketing plan should be less than one page.
• Write a mission statement (25 words or less).
• List three nonfinancial and three financial goals.
• Describe your competitive advantage.
• Complete a SWOT analysis.

This is the next step in creating your marketing plan..

• Describe your target market.
• Identify the consumers who are most likely to buy your product in terms of: (a) their demographic characteristics and (b) any other kind of characteristics you believe are important.
• Describe (a) the main points of difference of your product for this group and (b) what problem these characteristics help solve for the consumer, in terms of the first stage in the consumer purchase decision making process.

• Identify your preferred pricing strategy (penetration, skimming, prestige, odd-even, or other pricing strategies.
• Describe your decision for choosing this particular pricing strategy.