BA 2500 Final part 1

BA 2500 – Module 6 Final Project: Marketing Plan

Instructions:

Part 1: Choose a product for your project

1. Choose a Product to work with for this project. You may choose to either:

a. Select a new product idea from the KickStarter website:

· Go to https://www.kickstarter.com and select a project that you would like to work on for this assignment.

· You can click on the top left on the “Discover” area to search all projects. It is recommended that you choose a project that has at least 10 days left on the campaign (so that the information doesn’t disappear on you).

b. Come up with your own new product idea to use for this project. This can be an entirely new product idea, or a major enhancement to an existing product that already exists. For example, one machine that washes and dries clothes without needing to change machines.

2. Important note: The goal of this project is not to give the “right ideas,” but to show your understanding about the concepts covered in this course, and apply them to this new product idea. If using an idea from the KickStarter website, you should not use product name, etc. from the website. We want to see your ideas!

Part 2: Marketing Plan – please follow the structure presented below. Prepare a response to each section, making sure to respond completely to the prompts below. As you respond, be sure to include key terms and concepts covered throughout this course for each section.

1. Your Product: In this section, provide a complete description of your product or service, including the following:

a. Brand name: Choose an appropriate brand name for your product. Describe why you chose this name.

b. Features and Benefits: Describe the specific features of your product or service, and the benefits to consumers.

c. Describe what type of product or service this is:

· Convenience

· Shopping

· Specialty

· Unsought

2. Customers (Target Market):

a. Market Segments: What do you perceive to be possible market segments for your new product or service offering? In your discussion, be sure to utilize at least two (2) market segmentation methods (demographic, geographic, psychographic, behavioral) and explain your answers in detail.

b. Target Market: After discussing possible market segments, identify one target market which you will focus on for this product launch. Provide a detailed, multi-dimensional description of your target market utilizing multiple elements of the segmentation methods noted above. Be sure to present a clear description of your intended target market.

3. Company analysis: Identify the project’s strengths/weaknesses relative to this market and the offering. Explain your answer with three pieces of evidence that lead you to that conclusion about the customers.

4. Top competitor: Who are they, and what are they doing? Name the product or service that you believe is the top competitor and explain your answer with three (3) pieces of evidence that lead you to that conclusion.

5. Business climate: Which of the following business climate factors could the company face? Choose two (2) and explain your answer with three pieces of evidence that lead you to that conclusion about the customers.

· Government laws

· The economy

· Social forces

· Cultural forces

· Technological forces

· Competitive forces

· Collaborators

· Supply chain

6. The strategy: Choose one market strategy that you believe the project founders/company should use to market this product or service. Explain your answer with three (3) pieces of evidence that lead you to that conclusion.

· Market penetration

· Market development

· Product development

· Diversification

7. Price:

a. What kind of pricing strategy do you recommend for this new product or service, in order to accomplish the market strategy? Choose one below and explain your answer with three (3) pieces of evidence that lead you to that conclusion.

· Skimming price strategy

· Penetration pricing strategy

· Everyday low prices

b. What kind of pricing approaches do you recommend for this product or service, in order to accomplish the market strategy? Choose at least one (1) below, and explain your answer with three (3) pieces of evidence that lead you to that conclusion.

· Cost-plus pricing · Markup · Markdowns · Odd-even pricing · Prestige pricing · Price lining · Demand backward pricing · Leader pricing · Sealed bid pricing · Online auction · Forward auction · Reverse auction

· Going-rate pricing · Price bundling · Captive pricing · Product mix pricing · Two-part pricing · Payment pricing · Promotional pricing · Price discrimination · Price adjustments · Quantity discounts · Trade allowances

8. Promotional mix:

a. What is your chosen Unique Selling Proposition, or that message that you will seek to communicate through all of your integrated marketing communications?

b. Will you seek to use a Push or Pull strategy when it comes to promotion?

c. What promotional mix elements do you recommend the project use? Choose three (3), and explain in detail how each would be used to promote the product or service. You may wish to refer back to course readings and module lessons so that you provide a complete discussion of each of your selected items below.

· Advertising

· Consumer sales promotions

· Trade promotions

· Direct marketing

· Professional selling

· Public relations

· Sponsorships

9. Distribution:

a. Which distribution strategy will you utilize? Explain in detail why you chose this strategy.

· Intensive distribution

· Selective distribution

· Exclusive distribution

b. Consider how the offering will be sold. Which marketing channels will you utilize? Consider the options below for specific marketing channel partners, and describe who will sell it, who will ship it, and who will service it. Explain your choices in detail.

· Push vs. pull strategy

· Wholesalers

· Distributors

· Brokers

· Manufacturers’ sales offices or branches

· Retailers

· Supermarkets

· Drug stores

· Convenience stores

· Specialty stores

· Category killer

· Department stores

· Super stores

· Warehouse clubs

· Outlet stores

· Used retailers

· Pop-up store

· Nonstore retailing

Part 3: Assemble Your Marketing Plan –

1. Using the organization of topics provided in Part 2 above, you will assemble your Marketing Plan. Be sure that your topic organization follows the order above. Be sure to use sub-headings for each section so that they are clearly labeled.

2. Your final task is to create a one page Executive Summary. This one page (or less) document provides an overview of your Marketing Plan. This is what would inform the reader about what to expect (from a 10,000 foot perspective) from your Marketing Plan. Insert your Executive Summary after the title page, and before the rest of your Marketing Plan.

3. Submit your completed document on Blackboard.