Marketing plan product assignment

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Marketing Plan Assignment Instructions MARK 110-B02 (2018S)

Assignment value toward course grade: Report #1 (individual) 10% Report #2 (team) 10% Presentation (team) 5% Total 25% Purpose: The purpose of this major assignment is to provide students with an opportunity to:

1. conduct individual market research and evaluate market research information; 2. work with a team to develop appropriate marketing strategies while applying

relevant theory from the course; 3. receive instructor feedback regarding ability to develop an environmental scan

and SWOT analysis, set objectives, and develop an appropriate marketing mix. Format: Marketing Plan Report #1 will be completed on an individual basis, while Report #2 will be completed as a group according to assigned teams. It is expected that Report #2 will include a summary of all relevant individual contributions to Report #1. Marketing Plan Report #1 will be developed and submitted using the electronic template provided by your instructor. Be sure to complete all assigned sections of the template. Expand the template as you need to, or delete extra space. Please single space your submission using point form. Subheadings should be used where appropriate. After completion of Report #1, it will be returned to each student along with feedback that is expected to be addressed during the development of Report #2. Marketing Plan Report #2 will be developed and submitted as a formal report. Details regarding the format of this report will be provided following completion of Report #1. All report submissions should include both a title page and references page. Check for correct grammar and spelling, and remember to cite all research sources where appropriate using APA format. Completed assignments are to be submitted to the appropriate D2L Dropbox by the scheduled deadline. Please submit each report as a PDF file.

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Report #1 - Individual (Value: 10%) Before conducting research, select a product from the options presented by your instructor. Imagine that you are working in the marketing department of the firm responsible for developing and delivering your chosen product or service to market. For the purpose of this assignment, assume your market to be within the province of British Columbia. Before developing specific marketing strategies, your task is to conduct an environmental scan and to identify specific objectives that will help you to make more informed decisions regarding your subsequent strategy. PHASE I: PLANNING A. SITUATION ANALYSIS (SWOT)

1. Strengths:

Conduct secondary research to determine what internal strengths the firm currently has that may be beneficial to achieving your chosen financial and marketing objectives. Examples of internal strengths include things like:  significant financial and/or capital resources  strong management and/or employee expertise  strong brand recognition in existing markets  established supply and/or distribution networks  sustainable manufacturing processes  capacity for growth

2. Weaknesses:

Conduct secondary research to determine what internal weaknesses the firm has that may limit or impair its ability to achieve the financial and marketing objectives you have laid out. Examples of internal weaknesses include things like:  limited financial resources or poor credit rating  lack of business or management experience  lack of accreditation/certification from regulatory bodies  limited knowledge of new markets  high employee turnover  bad reputation for significant waste during manufacturing

3. Opportunities & 4. Threats:

Conduct secondary research to identify relevant opportunities and threats in each of the identified aspects of the external environment (remember that the external environment includes factors over which your company has no control). Try to identify as many relevant opportunities and threats as possible, and clearly identify if you feel that no relevant opportunity or threat exists in any one area. Remember to cite all information sources using APA-format in-text citations for each point made. Report must also include an APA-format reference page at the end of the template. All sources must be credible; Wikipedia is NOT a credible source!

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A. SITUATION ANALYSIS (SWOT) - continued

i. Competitive Environment: It is vital that all current competitors be identified and that those competitors’ strengths and weaknesses be understood. It is also important to recognize where new competition is likely to come from so that appropriate strategies can be put in place. The competitor analysis should include as much information as possible on each major competitor type, such as location, size, reputation, and pricing/positioning strategies. Your evaluation should be based on each competitor’s ability to compete with you for market/customer share. Identify both direct and indirect competition.

ii. Legal/Regulatory Environment: Identify any political issues, legislation, regulations, or other related matters that might affect the objectives of your firm. Remember that special interest groups can have a major political influence on regulations that are put into place. Identify any relevant issues likely to be raised by special interest groups such as effect on the environment, consumer protection, employment equity, etc.

iii. Economic Environment: Analyze the economy. Factors may include changes in taxes, interest rates, employment rates, stock market trends, or currency exchange rates. As economic conditions change continuously and can change rapidly, it is very important to analyze this environment carefully.

iv. Social Environment: There are many variables that make up the social environment, including society’s basic values, perceptions, preferences, and behaviors. This may include things such as societal expectations regarding business ethics and environmental sustainability, or perceptions regarding goods manufactured domestically vs. internationally. A shift in attitude about buying locally made products, or concern for the environment, may impact the success of an organization or its products and services.

v. Demographic Environment: The demographic environment includes any relevant market trends involving factors such as age, gender, education level, income level, family size, life stage, language, religion, or ethic group.

vi. Technological Environment: Technology not only affects the way some industries and organizations design and manufacture their products, but also impacts how they communicate with suppliers, employees and customers. Investigate how technology is currently being used in your sector. Only identify technology issues in the industry or market in general; when discussing the current external environment do NOT discuss any future plans regarding your own company’s need for technology or technical skills.

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B. OBJECTIVES AND ISSUES Use the information from all aspects of your SWOT analysis to identify the following:

o Target Market: Which market segments are most likely to purchase your

product/service? Estimate the approximate size of your target market (within the province of British Columbia) based on the relevant geographic, demographic, psychographic, and behavioural variables you are able to identify.

o Objectives: Based on the size and nature of the target market identified above, what do you estimate to be reasonable sales objectives for the coming year? Use SMART (specific, measurable, attainable, relevant, and time-bound) goals to determine where you would like to be in terms of sales and market share, and by what date. Provide a rationale for your sales objectives, explaining why you feel these objectives are realistic. Remember that all objectives must be based on sales within the province of British Columbia.

o Differentiation and positioning: How is your product unique and how does it compare to your competition? Develop a positioning statement for your product.

o Issues/Concerns: What key questions or concerns need to be answered or addressed in order for your objectives to be achieved?

This concludes the instructions for Report #1.

Further instructions will be provided to all teams

prior to commencing work on Report #2.