assignment Grp

patience_24

BUS506TeamProjectInstructions.pdf

Home >Business & Finance homework help >Marketing homework help >assignment Grp

BUS 506 Team Project Instructions

As previously explained, you will participate on a project team that delivers a power point (no

more than 24 slides). The course instructor will assign teams and create a “Group” page for each

team in Module One. This page shall be used by your team to communicate throughout your

project. The only people who will be able to view the team’s communications are the team

members and course instructor.

Ensure team communications are conducted through the course to receive credit for team

participation. If you use My Messages include the instructor on the distribution list. The

instructor will utilize the course communication tools as a vehicle for monitoring student

participation.

Individual team member grades can be adjusted based on participation.

Location of the Group Area There

are two ways.

• The groups tab on the purple navigation bar

• Or the People tab on the course navigation bar:

• Once students enter their group they will see the following:

Project Overview

Your final project for this course is to prepare a Marketing Strategy. The goal for the Team

Marketing Strategy Project is to create a marketing strategy for a fictional national product or

service. You will be assigned to a team at the beginning of the course and each team will be

given a group page on Blackboard to communicate and organize their team project files. Each

team will create a concept for a new product/service along with an associated marketing strategy.

Each team will submit their marketing strategy to their peers for review at the end of the

• Click on the “visit” to enter their group:

semester. Some examples of products/services include: consumer manufactured products,

business services, web applications, software, new automobile technologies, consumer

convenience services, product delivery services, and food products, etc.

Each marketing plan should include the following components. The number of slides for each

component should not exceed the number indicated in parentheses. These slides should be

designed and written as if you will actually be presenting the deck live and include

comprehensive Speaker Notes detailing key points. Do not change the order of the slides.

1. Executive Summary (1-2 slides): Provide highlights of the information or data from your entire

plan. This is NOT an outline of the categories addressed in your project or a table of contents.

This is also not your concept summary. Select the most important information from the most

important sections of your plan to include. For example, first bullet could explain the concept,

the second could be the target audience, the third distribution, the fourth pricing and the fifth

might be promotion highlight. The goal of the Executive Summary is for someone to have a

high level understanding of the important components of your plan. The Executive Summary

should be completed last, because you need to complete the entire plan before filling in the

highlights.

2. Concept Summary (2-3 slides): What is your product or service? What are the key features,

attributes and benefits? If a product, include product specs, colors, sizes, etc. If there is a

software or computer application component to your concept, list functionality. The first

sentence of the summary should be a high level overview of your product or service. You

should include a photo or graphic of your concept. This is your only opportunity throughout the

project to describe your concept.

3. Market Opportunity Analysis (4-8 slides total):

a) Industry Definition: Define the current industry for your product or service. What is the

history of the industry? There is no need to go back more than 10 years unless relevant.

Focus on facts that have strategic importance today. Have there been any recent

technology innovations or trends from the last five years? (This should be 1-2 slides)

b) Trend of the Market: What is the size and growth trend of the market? How much in

revenue per year? Is the market in a growth, mature or decline stage? Provide stats to

support statement on growth trend. (This should be 1-2 slides)

c) Competitive Overview: Who are your primary and secondary competitor products? What

are their individual strengths and weaknesses? Do not list categories of competitors - list

out individual competitors along with each of their strength and weaknesses. (This should

be 1-2 slides)

d) External Market Environment: Are there any economic, political, legal, cultural and/or

social environmental factors to consider? Remember these items must have strategic

importance to the management of your product, otherwise they are not necessary. (This

should be 1-2 slides)

4. SWOT Analysis (1-2 slides): Complete a Strengths (Internal), Weaknesses (Internal),

Opportunities (External) and Threats (External) Matrix. These factors should be from a

corporate strategic level, not a product level. Using the example [mw1] as a guide, create a chart

with four sectors and 4-5 bullet points in each sector.

5. Target Audience (1-2 slides): How do you define and segment your target audience? Age, sex,

education, profession, geographic, behavioral, family life cycle, psychographic, consumer vs. B

to B (company revenue, # of employees, industry), etc. Define the specific size of the target

audience and sub segments. Provide actual number.

6. Perceptual Map (1-2 slides): Identify a relevant set of competitive products, identify

determinant attributes, evaluate customer perceptions and most preferred combination of

attributes, and map positioning of products in a simple chart using two dimensions. You do not

have to do research to identify customer perceptions. Do your best to estimate.

7. Marketing Objectives (2-3 slides): Define specific goals in terms of sales revenue, units and

market share. Confirm market share for what product market. Provide a simple bar chart with

year over year projections for five years. Summarize justification for objectives.

8. Pricing Strategy (1-2 slides): Penetration, quality maintenance, skimming, harvesting, survival

or social objectives? List pricing for each offered product or service. Why did you choose your

pricing strategy? How will your pricing position you against your primary competitors? Using

the example as a guide, create a chart that lists all of the relevant features on the left. Across the

top, list your product and all of your competitors. Check off which competitor has each feature.

List product price at the bottom of each column.

9. Distribution (1-2 slides): What is your distribution strategy? Why? Create a simple flowchart to

show channel design. Refer to the example distribution flowchart to help you. Provide specific

examples of channel members. What type of transportation methods will be used? Will storage

be needed?

10. Promotion Strategies and Schedule (3-4 slides): What promotional strategies will you utilize?

Advertising, personal selling, sales promotion and/or public relations? Please list out specific

promotional strategies. Why? If utilizing media advertising, indicate media channels and provide

specific examples within each channel that you will utilize. What TV programs? Which

newspapers or magazines? If you will exhibit or sponsor conferences, list the conferences by

name. You are to specifically list out each of your promotion tactics. There should be an

explanation of your strategy. Provide a one-year monthly calendar with promotional schedule in

chart form. See Figure 1 Example Promotional Schedule below. If running ads or any kind of

programs, list them in the calendar. List the product launch date in calendar. Why did you select

your promotional mix? Why did you choose the timing for your promotion schedule?

June July Aug

Sep –

Product

Launch Oct Nov Dec Jan Feb

March

Apr May

CNN Adv 50K

100K

10K

100K

50K

Time

Magazine

10K 25K 50K 50K 50K 50K 50K

10K

New York

Times

10K 25K 50K 50K 50K 50K 50K 10K

Conferences

Cons

Prod

ABC

Trade

123

Cons

Prod

XYZ

Press

Release

New

Prod

Annc

Now

Avail

Social

Media

FB,

Laun

FB,

FB, TW

FB,

Direct Mail

X X X X X X X X

Engine

Advertising

5K 5K 10K 20K 20K 20K 20K 5K 5K 5K 5K 5K

Figure 1. Example Promotional Schedule

11. Promotion Budget (1-2 slides): Which method will you utilize to determine budget?

Percentage of sales, competitive parity, objective/task, etc? Why? The budget amount should be

realistic for the market goals of your proposed product/company. A range of 5% - 25% of sales

revenue is a relatively safe bet for promotion costs depending on product and corporate strategy.

Subtotal each budget line item by promotional category, then determine total budget amount.

Total budget should be $3MM or higher. Do not use percentages, use hard dollar amounts. This

should be in chart form. See Figure 1 example above. (This should be one slide)

Please adhere to the following format criteria for the Final Team Marketing Plan:

• Create the plan in Microsoft PowerPoint.

• Include a title page with team name, product name, first and last names of each team

member, course title and date.

• Do not include too much information onto each slide, but make sure the critical items and

details are included. Each slide should be readable on the presentation screen to your

audience. As you work on the plan, consider the question: What is the most important

information to include on each slide?

• Use color, graphics and artwork to enhance your slide content as appropriate.

Your Marketing Plan should consist of a total of no more than 24 PowerPoint slides. Incorporate

all feedback from the Draft Marketing Plan in your Final Marketing Plan. Include

comprehensive Speaker Notes for all slides of your Final Marketing Plan to document your

team’s process to arrive at each component of the plan. Use APA formatting to cite any work

used to support your plan.

Project Milestones

The project is comprised of the following activities:

• M2A1 Team Project - Team Charter and Concept Summary (10%)

• M5A1 Team Project - Draft of Marketing Strategy (10%)

• M7A1 Team Project - Marketing Strategy (15%)

The following provides specific guidelines for each milestone:

M2A1 Team Project - Team Charter and Concept Summary (10%)

For this milestone, the Team will submit the team charter and concept for the project. The team

charter is designed by the team members, should be 1-2 typed pages, and include:

1. Team goal – what do you hope to accomplish as a team this semester?

2. Team procedures for meetings, communication and completing work

3. Calendar for completing work

4. Process for resolving conflict – what steps will be taken if there are management

disagreements or member is not contributing/participating?

The Concept Summary should address the following:

1. The first sentence of the summary should be a high level overview of your product or

service. You should include a photo or graphic of your concept. This is your only

opportunity throughout the project to describe your concept.

2. What are the key features, attributes and benefits? If a product, include product specs,

colors, sizes, etc. If there is a software or computer application component to your

concept, list functionality.

M5A1 Team Project - Draft of Marketing Strategy (10%)

In this Milestone, the team will submit a draft of the first half of the Marketing Strategy. This is

meant to help you begin putting your strategy together. You have already submitted the Concept

Summary for instructor feedback. Make sure you incorporate the feedback in your draft. The first

half of the Marketing Strategy should include the following:

Note: The number of slides for each section should not exceed the number indicated in

parentheses. These slides should be designed and written as if you will be actually presenting the

deck live. Do not change the order of the slides.

1. Concept Summary (2-3 slides): What is your product or service? What are the key features,

attributes and benefits? If a product, include product specs, colors, sizes, etc. If there is a

software or computer application component to your concept, list functionality. The first

sentence of the summary should be a high level overview of your product or service. You

should include a photo or graphic of your concept. This is your only opportunity throughout

the project to describe your concept.

2. Market Opportunity Analysis (4-8 slides total):

a) Industry Definition: Define the current industry for your product or service. What is the

history of the industry? There is no need to go back more than 10 years unless relevant.

Focus on facts that have strategic importance today. Have there been any recent technology

innovations or trends from the last five years? (This should be 1-2 slides)

b) Trend of the Market: What is the size and growth trend of the market? How much in revenue

per year? Is the market in a growth, mature or decline stage? Provide stats to support

statement on growth trend. (This should be 1-2 slides)

c) Competitive Overview: Who are your primary and secondary competitor products? What are

their individual strengths and weaknesses? Do not list categories of competitors - list out

individual competitors along with each of their strength and weaknesses. (This should be 1-2

slides)

d) External Market Environment: Are there any economic, political, legal, cultural and/or social

environmental factors to consider? Remember these items must have strategic importance to

the management of your product, otherwise they are not necessary. (This should be 1-2

slides)

3. SWOT Analysis (1-2 slides): Complete a Strengths (Internal), Weaknesses (Internal),

Opportunities (External) and Threats (External) Matrix. These factors should be from a corporate

strategic level, not a product level. Using the example as a guide, create a chart with four sectors

and 4-5 bullet points in each sector.

4. Target Audience (1-2 slides): How do you define and segment your target audience? Age,

sex, education, profession, geographic, behavioral, family life cycle, psychographic, consumer

vs. B to B (company revenue, # of employees, industry), etc. Define the specific size of the

target audience and sub segments. Provide actual number.

5. Perceptual Map (1-2 slides): Identify a relevant set of competitive products, identify

determinant attributes, evaluate customer perceptions and most preferred combination of

attributes, and map positioning of products in a simple chart using two dimensions. You do not

have to do research to identify customer perceptions. Do your best to estimate.

M7A1 Team Project - Marketing Strategy (15%)

Your final project for this course is to prepare a Marketing Strategy. The goal for the Team

Marketing Strategy Project is to create a marketing strategy for a fictional national product or

service. You will be assigned to a team at the beginning of the course and each team will be

given a group page on Blackboard to communicate and organize their team project files. Each

team will create a concept for a new product/service along with an associated marketing strategy.

Each team will submit their marketing strategy to their peers for review at the end of the

semester.

Each marketing plan should include the following components. The number of slides for each

component should not exceed the number indicated in parentheses. These slides should be

designed and written as if you will actually be presenting the deck live and include

comprehensive Speaker Notes detailing key points. Do not change the order of the slides.

1. Executive Summary (1-2 slides): Provide highlights of the information or data from your

entire plan. This is NOT an outline of the categories addressed in your project or a table of

contents. This is also not your concept summary. Select the most important information from

the most important sections of your plan to include. For example, first bullet could explain the

concept, the second could be the target audience, the third distribution, the fourth pricing and

the fifth might be promotion highlight. The goal of the Executive Summary is for someone to

have a high level understanding of the important components of your plan. The Executive

Summary should be completed last, because you need to complete the entire plan before

filling in the highlights.

2. Concept Summary (2-3 slides): What is your product or service? What are the key features,

attributes and benefits? If a product, include product specs, colors, sizes, etc. If there is a

software or computer application component to your concept, list functionality. The first

sentence of the summary should be a high level overview of your product or service. You

should include a photo or graphic of your concept. This is your only opportunity throughout

the project to describe your concept.

3. Market Opportunity Analysis (4-8 slides total):

a) Industry Definition: Define the current industry for your product or service. What is the

history of the industry? There is no need to go back more than 10 years unless relevant.

Focus on facts that have strategic importance today. Have there been any recent technology

innovations or trends from the last five years? (This should be 1-2 slides)

b) Trend of the Market: What is the size and growth trend of the market? How much in revenue

per year? Is the market in a growth, mature or decline stage? Provide stats to support

statement on growth trend. (This should be 1-2 slides)

c) Competitive Overview: Who are your primary and secondary competitor products? What are

their individual strengths and weaknesses? Do not list categories of competitors - list out

individual competitors along with each of their strength and weaknesses. (This should be 1-2

slides)

d) External Market Environment: Are there any economic, political, legal, cultural and/or social

environmental factors to consider? Remember these items must have strategic importance to

the management of your product, otherwise they are not necessary. (This should be 1-2

slides)

4. SWOT Analysis (1-2 slides): Complete a Strengths (Internal), Weaknesses (Internal),

Opportunities (External) and Threats (External) Matrix. These factors should be from a corporate

strategic level, not a product level. Using the example [mw1] as a guide, create a chart with four

sectors and 4-5 bullet points in each sector.

5. Target Audience (1-2 slides): How do you define and segment your target audience? Age,

sex, education, profession, geographic, behavioral, family life cycle, psychographic, consumer

vs. B to B (company revenue, # of employees, industry), etc. Define the specific size of the

target audience and sub segments. Provide actual number.

6. Perceptual Map (1-2 slides): Identify a relevant set of competitive products, identify

determinant attributes, evaluate customer perceptions and most preferred combination of

attributes, and map positioning of products in a simple chart using two dimensions. You do not

have to do research to identify customer perceptions. Do your best to estimate.

7. Marketing Objectives (2-3 slides): Define specific goals in terms of sales revenue, units and

market share. Confirm market share for what product market. Provide a simple bar chart with

year over year projections for five years. Summarize justification for objectives.

8. Pricing Strategy (1-2 slides): Penetration, quality maintenance, skimming, harvesting,

survival or social objectives? [JL2] List pricing for each offered product or service. Why did you

choose your pricing strategy? How will your pricing position you against your primary

competitors? Using the example[mw3] as a guide, create a chart that lists all of the relevant

features on the left. Across the top, list your product and all of your competitors. Check off

which competitor has each feature. List product price at the bottom of each column.

9. Distribution (1-2 slides): What is your distribution strategy? Why? Create a simple flowchart

to show channel design. Refer to the example distribution flowchart[4] to help you. Provide

specific examples of channel members. What type of transportation methods will be used? Will

storage be needed?

10. Promotion Strategies and Schedule (3-4 slides): What promotional strategies will you

utilize? Advertising, personal selling, sales promotion and/or public relations? Please list out

specific promotional strategies. Why? If utilizing media advertising, indicate media channels and

provide specific examples within each channel that you will utilize. What TV programs? Which

newspapers or magazines? If you will exhibit or sponsor conferences, list the conferences by

name. You are to specifically list out each of your promotion tactics. There should be an

explanation of your strategy. Provide a one-year monthly calendar with promotional schedule in

chart form[5] . See Figure 1 Example Promotional Schedule below. If running ads or any kind of

programs, list them in the calendar. List the product launch date in calendar. Why did you select

your promotional mix? Why did you choose the timing for your promotion schedule?

June July Aug

Sep -

Product

Launch

Oct Nov Dec Jan Feb March Apr May

CNN Adv

50K 100K 100K 100K 100K 100K 100K 50K

Time

Magazine

10K 25K 50K 50K 50K 50K 50K 10K

New York

Times

10K 25K 50K 50K 50K 50K 50K 10K

Conferences

Cons

Prod

ABC

Trade

123

Cons

Prod

XYZ

Press

Release

New

Prod

Annc

Now

Avail

Social

Media

FB,

Laun

FB,

TW FB, TW