Assignment
Aramis
MKT301_Marketing_Plan_Project_Guide.pdf
PRINCIPLES OF MARKETING
MKT301
Student Marketing Plan Guidebook
MKT301 2020 2 Marketing Plan Guide
Table of Contents I. Introduction .................................................................................................................................. 3
II. Teams .......................................................................................................................................... 4
III. Product Selection ....................................................................................................................... 4
IV. The Process ....................................................................................................................... 4
V. General Requirements:.......................................................................................................... 5
VI. Modules Warning .............................................................................................................. 5
VII. Content for Written Plan: .................................................................................................. 6
The Written Plan ........................................................................................................................ 6
The Presentation......................................................................................................................... 6
VIII. Submission and Due Dates:.............................................................................................. 7
IX. Component Requirements and Examples ......................................................................... 7
Product description with feature and benefit analysis ............................................................... 7
Part One - Product Description .................................................................................................... 7
Part Two - Features and Benefits ............................................................................................... 10
Part Three: SMART Objectives ................................................................................................. 11
SWOT Analysis ....................................................................................................................... 12
SWOT Action plan .................................................................................................................... 12
SWOT Example ......................................................................................................................... 12
Segmentation............................................................................................................................ 15
Segmentation example ............................................................................................................... 15
Supply Chain ............................................................................................................................ 19
Supply chain requirements: ........................................................................................................ 20
Pricing ...................................................................................................................................... 22
Integrated marketing communication ...................................................................................... 24
Creative briefs: ........................................................................................................................... 25
Examples or mock-ups ............................................................................................................... 27
VI. References ............................................................................................................................... 28
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I. Introduction
Your marketing plan is the major project for the class and represents the largest part of
your grade. Do well on this and you will probably do well in the class. Use this guide to
plan your project and as a check list for what you submit for grading. Included in this
guide you will find examples of what is expected for many of the components. While
your project will benefit from following them, feel free to add your own ideas and expand
on what we have provided you.
The primary objective for this project is for you to learn some practical and applied
marketing. The principles covered in the class, and the project, can be used for many
majors and careers other than marketing.
IMPORTANT NOTE ABOUT BEING REALISTIC:
As part of the objective noted above, it is important that you keep in mind that this project
is to simulate the launch of a new firm. Therefore, you are starting with very little in the
way of resources or assets. It is very important that you be realistic about what your new
firm has accomplished, what resources you have and the available budget. This is NOT to
be a fantasy about a make believe company! Thus, statements such as these are not
allowed:
“My firm has been endorsed by <insert celebrity name>
“Our product has won <insert award name>
“We have been named the leading product in our class”
ALL of these are false for your new company. However, all of them are things that you
might aspire to and can include in your planning.
If your instructor sees statements such as these in your assignments s/he is required
to deduct points for the assignment.
We understand that this project looks daunting and very time consuming. It is not,
providing that you follow this guide, the examples and stay current. Other than quizzes,
exams and the weekly discussions this is the majority of the course work. It is also
VERY important that you divide the work up fairly among your team members.
Be sure that you retain a copy of your plan for your portfolio to use in interviews and
future classes, especially for marketing majors.
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II. Teams
This is a TEAM project. You will be assigned to a team by your instructor. Each group
will have a Discussion created in D2L under the Marketing Plan module. You may use
these to store documents, share content with your team and communicate with the
instructor. You may use other applications (social media, Zoom, FaceTime…) to
communicate and manage the project. However, you are strongly encouraged to place
copies of the components and other communications in the discussion.
PEER EVALUATION:
At the end of the project, each individual member of the class will complete a Peer
Evaluation for the other members of their team. This is part of your course grade.
Note that your instructor has the freedom to adjust grades both UP and DOWN at
their sole discretion if s/he believes your participation, or lack of it, warrants a
grade adjustment.
III. Product Selection
You will be select one of six options for your marketing plan product or service. You will
find those options in the PowerPoint in Module 1. Notice that we have provided you only
a very general description of the product or service. You are allowed to select a name and
to provide the details of your product. So, imagination is allowed and encouraged. Make
the project your own! However, please make note of the guidelines in the selection
PowerPoint.
IV. The Process
For those of you who are experienced students, you know that the common approach to
class projects is for you to procrastinate and then work like crazy on the project the day
before its due. We are not going to do that. You don’t learn much and the project quality
invariably suffers. Instead, we are going to do this the way you eat an elephant – in little
bites.
For each of the seven components, you will submit a draft on the due date. The instructor
will provide you with some verbal feedback in D2L and an evaluation of 1-10. A lower
score means you have some work to do, while a higher score means you may not need
anything beyond a few minor corrections. If, and how, you make those corrections is up
to you based on what you want your final grade to be.
The drafts DO NOT count towards your final grade. They are for feedback ONLY.
You should not expect detailed feedback – it may be as brief as referring you back to the
requirements and this document. Grammar and spelling corrections are at the discretion
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of the instructor, but note that they will count for the final grade. You are expected to be
able to write and spell at a college level at this point in your degree.
HINT: Have a study buddy proof your documents and consider an online helper such as
Grammerly.com.
Your grade will be determined by the final product you submit, which is described below.
V. General Requirements:
General:
• Collegiate level writing is expected
• You should make the corrections suggested by your instructor
• Well organized and professionally formatted
• NO spelling, grammar or punctuation errors
• Submitted as ONE Word document to D2L (Be sure you use the Chalk and Wire
folder)
Plan Checklist:
• Cover page
• Flyleaf (optional) - just a place for art, pictures, images – not required, but nice
• Table of Contents
• Executive Summary (should also serve as your Introduction)
• Description Feature and Benefit Chart
o Includes feature and benefit chart
o Includes 4-5 SMART objectives
• Segmentation
• SWOT with action plan
• Supply Chain Plan
• Price plan
• IMC - these will vary somewhat depending on your specific plan, but this is
typical:
A creative brief for each distinct part of your plan
Examples of content
VI. Modules Warning
NOTE: Never attempt any of the assignments for the marketing plan until you have completed
the related module. Grading will assume that you have, and can apply, the information and
skills contained in each module.
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For many of the assignments there are additional materials in the related module. You
CANNOT be successful in these assignments without reading the materials. They are
brief and will provide you considerable help in successfully completing the assignments.
VII. Content for Written Plan:
There are two major deliverables for the plan:
The Written Plan The written plan consisting of the seven components that you will do throughout the
course as follows:
M1: Product selection (not graded, but you are not allowed to submit any components
until you make and post your selection.
M3: Product description with feature and benefit chart
M4: SWOT with action plan
M5: Segmentation
M6: Supply chain plan AND price plan
M7: IMC with examples and creative briefs
M7: Narrated presentation
The Presentation A narrated presentation to the class not to exceed ten (10) minutes in length. You should
assume that you are presenting your plan to a potential investor or lender – a professional
business audience (think TV’s Shark Tank). You may use a narrated PowerPoint, Zoom
or other medium as approved by your instructor.
Keys to a successful presentation:
• Professionally prepared slides
• Presentation skills count – enunciation and correct pronunciation is important
• Avoid background noise
• Do not read the slides - tell your story
• Be prepared for the discussion in Module 8 – your classmates will provide
feedback on your presentation
Your slides should follow this format and sequence:
• Cover slide which includes your name and project
• You may have optional slide(s) with pictures or relevant images
• Product description with FAB – 2-3 slides
• Separate slide for your SMART objectives
• SWOT - 4 slides (one each factor)
• Segmentation – 3 slides (one each segment)
• Supply chain – 1 slide
• Pricing – 1-2 slides
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• IMC – will vary, but commonly 3-5 slides
• Closing
• Reference list - you are required to keep a list of all sources other than the course
materials (text, module content, this guide) used to develop your plan. Include
these as your final slide.
VIII. Submission and Due Dates:
Please see the Syllabus for due dates for each component. For the final project, the late
penalty is 20% for each day your assignment is late. The day and time of the submission
to D2L will be used. Submissions, unless approved in advance or due to exceptional
circumstances (such as weather, military deployment, documented illness) will not be
accepted after five (5) days and will receive a grade of zero points.
IX. Component Requirements and Examples
About the examples:
The examples are just that, examples. If you follow these closely you will typically do
well. However, the examples cannot fit all products and services. You will probably need
to alter some of the content to fit your product or service. Use the examples as a guide,
not a straight jacket.
Note that the examples are NOT for the same product. We have provided you with a
variety of products and styles so you can see how other students have completed the
assignments. The examples all come from student projects.
Module 2: Product description with feature and benefit analysis
This section of your marketing plan has THREE parts, both of which are required.
Part One - Product Description
Describe your product or service concisely, but specifically, in no more than three (3)
double spaced pages and written in formal business style. The most important
requirement for this assignment is that after reading it your instructor has a clear
understanding of your product/service/non-profit, what it does for the consumer and how
it works or functions.
This is NOT a sales pitch. Do not use this section to promote or advertise your
product. Product descriptions which do so will be penalized in grading. Rather, this
is a factual and objective description of your product. Some information you typically
include:
• The name of your product
MKT301 2020 8 Marketing Plan Guide
• What it does
• How it works (functionality).
• What it looks like
• Key design elements
• What makes it special or unique
Note: for services you should adapt the above list to fit an intangible product. Your
concentration will be what services you provide for your customers.
Example:
Product Description with Feature and Benefit Analysis
NOTE: This example is for a dog training device called Invisible Leash. Your description
and FAB chart may vary depending on your product or service. Note the formatting and
double spacing.
Problem
The active dog owner has a number of options when selecting a dog training or
containment system that best fits their needs. Do they want a physical leash? Are they
concerned about harming the dog? Is the product as mobile as they are? Dog owners want
the comfort of knowing that wherever they are, they can still have control of their dog.
They want to jog at the park and take their “best friend” on trips with them. To this end,
we believe that although the many invisible fences available fulfill a niche on the market,
research suggests that our product is better equipped for a mobile, active person.
Team Dog Collar recognizes that our product will not replace the traditional leash.
Therefore, we will focus our promotion on people with active lifestyles, early adopters
and
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“techies”. Since we are a providing a unique product in a broad market, direct competition
is limited. “Invisible Leash” will, however, be up against higher end pet products that
compete for the consumer’s pet related discretionary dollars.
The specifications of The Invisible Leash, such as weight, quality, and ease of use
are of prime importance to our customers. Our customers are active people and want a
small, sleek, quality device that will fit into their active lifestyle.
The Invisible Leash will be of top quality, in workmanship and choice of
materials. The product will not be limited due to the nature of the building materials.
Product quality control will be implemented from the initial design of the product to
production. The Invisible Leash will have a product warranty on all parts and labor.
Product Functionality and Design
The product consists of two components. The human element is a phone-sized unit
that functions as the control and the pet attachment is an electronic collar similar to those
employed by existing pet management products.
The control unit offers settings that allow the owner to set
the “roaming distance” and the desired reinforcement, either
a sound or, for more stubborn breeds, a mild electric shock.
The control unit can also be set for an audible tone or
vibration. When the pet strays more than the proscribed
distance the unit signals the collar, executing the
reinforcement and alerting the owner.
Both units are available in a number of colors and sizes to fit any breed and
compliment the owner’s personal style. We also offer a smart phone app that tracks the use
of the unit, how far the dog has traveled in a day and other functionality that might be
typically expected in an app. It is compatible with most major platforms, including many
tablets.
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Invisible Leash is, of course, a product both newly designed and new to the
consumer. Consequently, there are limited current issues of any significance with regard to
product performance, customer satisfaction, market presence, or warranty concerns.
Team Dog Collar has completed the design of Invisible Leash and is in the process
of securing patents for both the design of the overall product and for the EPROM that
contains the firmware used in the core functionality. Additionally, the product name has
been Trademarked and the tag line “The Only Thing Visible About Invisible Leash… Are
The Results” has been copyrighted.
The core competency of the company and its staff is sales, marketing, and product
innovation. Consequently, most other functions have been contracted to third party
providers. Manufacturing will be outsourced to a Mexican firm, Matamoras Electronic
Manufacturing, who has significant experience in small item consumer electronics. The
firm has a good reputation for quality and there is substantial American investment and
oversight. MEM is also equipped to package the product on sight.
Part Two - Features and Benefits
You will find an in-depth introduction to features and benefits in Module Three. You
MUST read this before attempting this assignment.
Using a chart, similar to the one in the example below, list no less than FIVE features of
your product with at least TWO customer benefits for EACH of the features.
Feature and Benefit example
Invisible Leash Feature and Benefit Table
Feature Benefit
Audible signal Unique sound notifies owner
Trains dog to unique sound
Phone app Owner can customize training program
Matches human fitness apps
Weather/water proof Swim and sports safe
Ideal for hiking and outdoor sports
Adjustable range Adaptable for different dog behaviors
Ideal for dog parks and other outdoor
venues
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Shock proof Perfect for active sports dogs
Will not need replacing
Attaches to existing collar Saves the owner money – does not need a
new collar
Can be used on more than one dog
Part Three: SMART Objectives
You can find a detailed description and instructional content on SMART objectives in
Module 2.
You are required to create no less than four (4) SMART Objectives for your product or
service.
1. Grow sales by our Website and current retailers by 20% in calendar 2018
2. Add 200 new members to our loyalty club by November of 2018
3. Hold our first annual dog rescue fundraiser in November 2018 with no less than
500 attendees
4. Launch Doggie Birthday promotional campaign in February 2018 (free snacks for
people and dogs)
5. Conduct awareness surveys in January 2018 And December 2018 to measure
marketing effectiveness
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Module 4: SWOT Analysis
You will find an extensive introduction to SWOT in Module Three and an example
below. There are also extensive resources available online, including videos in YouTube.
Your SWOT should contain no less than five factors in each of the four categories. If
you cannot identify 5-6 legitimate factors for each category you may not have given your
product or service adequate consideration and thought.
You will also create a SWOT action plan.
SWOT Action plan
The concept behind a SWOT Action Plan is that, as business managers, we like to get
things done! Our job is to fix problems and capitalize on opportunities. SWOT is a very
useful tool for analyzing our business and the business environment (see Module 2 for
more on this). However, the best analysis is useless without action to apply the
information. The SWOT action plan does just that. It apples the information you
uncovered in your analysis.
You will select ONE item from each of the four categories and write a very brief action
planned based on the following:
Strength: What will you do to take advantage of this strength? How will you make the
most of it?
Weakness: What will you do to minimize the negative impact on your business?
Opportunity: Much like a strength, how will you capitalize on this opportunity? How can
you use it to generate revenue, build you brand or improve your competitive position?
Threat: How will you avoid this threat or minimize its impact on the business?
You will find an example of what is expected for your Action Plan below.
SWOT Example
NOTE: You have the option to vary your layout, format, use of color and other stylistic
devices. This is ONLY an example, however the use of chart of some type is required.
SWOT ANALYSIS: LEO TREK
Leo Trek is a student owned and operated business located near Saint Leo University.
The firm provides small van transportation on Thursday through Sunday to high demand
locations in Hillsborough and Pasco counties, such as Wiregrass, The Grove Shopping
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Center, downtown Dade City and Ybor City. The firm aims to reduce student driving,
thus providing a safer campus, while generating revenue and creating student
employment.
INTERNAL
Strengths Weaknesses
Increases student safety Limited experience of management team
Provides economical transportation Low capital reserves
High demand among students High liability
Parental support Driver unreliability
Perceived as being “green” Fleet is used and requires maintenance
EXTERNAL
Opportunities Threats
Increasing insurance rates for young
drivers
Low barrier to entry
Student demand for other stops Students prefer flexibility of their own
cars
The university limiting cars for freshmen Limited student budgets
Pressure and concern from parents Regulation limiting the firm’s services
Student perception of the service Student perception of the service
Action Items:
As a result of this SWOT analysis, The Leo Trek team has identified four areas requiring
particular attention.
A key Strength is the positive perception this service will have among Saint Leo parents.
Driving is always a concern for parents, especially during “party time weekends” and we
believe that they will be willing to pay a reasonable fee to our firm to relieve that anxiety.
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A Weakness of particular concern is the firm’s liability. This is inherent in any firm
providing transportation, and of particular concern given the youth of our drivers. We
plan to minimize this Weakness with driver screening, regular training and insurance.
An Opportunity we believe to be important is student perception of the service. If we
can properly promote the service as being convenient, safe and “cool” we can leverage
the natural buzz found on any campus and expand our ridership.
The Threat that most concerns the Leo Trek team is lack of scheduling flexibility. While
our vans will run regular schedules, allowing students to plan their trips, we lack the
spontaneity of being able to go “where you want, when you want”. This will be hard to
minimize as the vans can only travel so often, however we believe we can offset the
inconvenience with advertising emphasizing safety and fun.
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Module 5: Segmentation
We will spend a week in class discussing segmentation. For this component you will be
required to identify and define the market segments you will target in your plan. It is vital
to your success in this assignment that you complete Module Four, including all the
activities and the Elder Care Scenario.
You must have a minimum of TWO segments for your project.
Your analysis should include:
1. A narrative description of each of the segments. You are required to give each a name.
For example, if I were segmenting older consumers for a pet product I might have
"Empty Nesters" or "Little Old Lady Cat Lovers". This narrative is usually a one
paragraph summary of the segment’s profile.
2. How you are segmenting the groups (demographics, psychographic, geographic or
other criteria) including the characteristics of your target segments. Be VERY specific
and use no less than four demographic and four psychographic variables for each of
your segments.
You may use any combination of text, charts and graphs you wish to accomplish parts 1
and 2. However, be sure that it is clear what, and who, comprise your segments.
NOTE: Segmentation is discussed extensively in Module 4. Do NOT attempt this
assignment until you have completed all of Module 4.
Segmentation example
NOTE: This example is written for a product called Staycation.com. It is an online
vacation planner for consumers taking their vacations at home. This is a common
phenomenon in the current economy.
You are required to have TWO segments. This example has four. The chart is only an
example – you may set yours up differently.
Childless Couples (Young Adventurers)
The Young Adventurers group is comprised of young adult couples who are mostly just
starting out on their own. Young couples are typically known to have financial hardships
(even without children) for various reasons. These reasons might include young people
being typically employed in entry-level positions with corresponding salaries. On top of
this, some may have bills and debt from various sources such as vehicles and student
loans. They may neither possess the finances nor the large amounts of vacation time from
their jobs to take a conventional vacation.
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Demographics for Young Adventurers
Age: 19-30
Relationship status: Living together or newlyweds
Professional Status: Entry-level professional work
Children: None
Income Level:
Education:
Entry to mid-level income
College or advanced technical/trade school
Psychographics for Young Adventurers
Entertainment and socially oriented (restaurants, bars, clubs and activities and important)
Money Conscious (on a budget)
Adventure Seeking
Tree-Huggers (Environmentally conscious)
Single Parents (Jugglers)
Jugglers have it pretty rough. They have to balance the time between caring for their
loved ones and providing for them. Throughout the year, Jugglers do not have a lot of
time to bond with their children because they are essentially doing the work of two
parents, even though there is only one of them. At the end of the day, Jugglers can be
wound to the limit. Taking the time to connect with members of a Juggler family can be
of great benefit when it comes to avoiding dysfunction. Familial bonding creates
memories that show that there is more to life than the programmed rat-race existence that
the Juggler family members may be used to.
Demographics for Jugglers
Age: 21-40
Relationship status: Divorced or Unmarried
Professional Status: Steadily employed
Children: One or more
Income Level:
Education:
Upper Low to Mid-level income
College, some college or technical/trade school
Psychographics for Jugglers
Money Conscious (On a budget)
Overworked (Need to take time to decompress)
Family oriented
Children are their primary concern
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Dual Parents (Tag-teamers)
Tag-teamers do not have it quite as bad as Jugglers, but that doesn’t necessarily mean
they have it easy. Some families may have started out young. That means the kind of
work available for the young parents may often be blue-collar jobs (mid-level-paying jobs
that do not require a college degree or any specialized training). In other families, only
one of the parents may be employed, in which case the other parent also becomes one
more mouth to feed in the family. While juggling the time between caring for their
children and providing for them is not as big an issue in most Tag-teamer households, it
is still important for family members to socialize and have fun together, especially while
children are young.
Demographics for Tag-teamers
Age: 23-40
Relationship status: Married or Common-law couples
Professional Status: Steadily employed
Children: One or more
Income Level:
Education:
Mid-level income
Trade school or college
Psychographics for Tag-teamers
Family oriented
Money Conscious (On a Budget)
Overworked (Need to take time to decompress)
Strong sense of responsibility
Children are a priority
Close ties to grandparents and other extended family
Older Couples (Empty-Nesters)
Of all the target couples, Empty-Nesters probably enjoy the most freedom. This group is
composed of older adults who either never had children, or no longer have children under
their care. Given the proper financial resources, Empty-Nesters can pick up and leave just
about any time they like. The only thing that stands in between Empty-Nesters and a
good time is money. A lot of times, getting the kids out of the house frees up all kinds of
finances. However, there are other cases when people really have to milk the budget.
They may have personal financial situations. They might be living off of pension funds,
or due to an inability to work, relying on Social Security, disability, or some other form
of supplemental income.
Demographics for Empty-Nesters
Age: 50 and over
Relationship status: Married
Professional Status: Employed, disabled, or retired
Children: Grown and out of the house
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Income Level: Mid-Low to upper-mid income (may vary considerably)
Psychographics for Empty-Nesters
Money Conscious (On a Budget)
Adventure Seeking
Lots of free time
SUMMARY CHART
Young
Adventurers
Jugglers Tag-teamers Empty-
Nesters
Age: 19-25 21-35 23-40 50 and over
Relationship
status:
Living together
or Newlyweds
Divorced or
Unmarried
Married or
Common-law
couples
Married
Professional
Status:
Entry-level
work
Steadily
employed
Steadily
employed
Employed,
disabled, or
retired
Children: None One or more One or more Grown and
out of the
house
Income Level: Low to
Midlevel
income
Low to
Midlevel
income
Low to
Midlevel
income
Low to
midlevel
income
Psychographics
Family
oriented
Money
Conscious
Family oriented Money
Conscious
Money
Conscious
Overworked Money
Conscious
Adventure
Seeking
Adventure
Seeking
Tree-Huggers Overworked
Tree-Huggers Strong sense of
responsibility
Tree-Huggers
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Module 6: Supply Chain
Begin by reading the do first activity in Module 5 and the material immediately below.
You should also review the supply chain PowerPoint in Module 5. Although Wikipedia
should be used cautiously, in this case their SCM article may be helpful.
https://en.wikipedia.org/wiki/Supply_chain_management
Supply Chain Management
The global economy, advanced planning techniques, and technology have changed what
we once called “logistics” into the science of SCM. SCM is managing both the upstream
(where a firm finds materials and supplies) and the downstream (where it sells and/or
ships products) “chain” of suppliers, sellers and partners. Some firms, such as Wal-Mart
owe much of their success to SCM and logistics. Wal-Mart is considered a world leader
in managing their supply chain using advanced logistics and IT systems.
A major change in SCM is the emergence of “third-party logistics suppliers” aka “3PL”
firms. The most widely known of these is UPS, whose new tagline is “what can Brown do
for you” focuses not on delivering packages, but on SCM.
Product Adaptation
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How about a KFC Shrimp Burger?
Truly global firms find that they must adapt the products they sell to meet local market
conditions, which may include legal, cultural or physical requirements. This often
requires developing new products or components to meet local needs. Product adaptation
is changing the physical product, creating a new product or changing other parts of the
marketing mix to meet local needs and requirements.
o Changing the name of the product is often not enough, in many cases the product
itself needs to be modified. Some examples:
o McDonald’s has burgers in India – but no beef. It’s consumption is taboo. Instead,
you’ll find tofu or chicken.
o Wal-Mart sells live fish, turtles and frogs in their China stores – not as pets but for
dinner tables.
o American appliance manufacturers had to adjust the size of their home machines
– many urban European kitchens were too small for our large appliances.
Supply chain requirements:
You will follow a format similar to the “do first” assignment at the beginning of Module
5. Make sure that you have completed that exercise before attempting this component of
the marketing plan.
There are TWO parts to this component.
Part One:
In about 2-3 paragraphs provide a high level view of your supply chain. Consider what
you will need to successfully take your product to market and where you might encounter
breaks or obstacles in the chain.
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You should also address the issue of what type of suppliers you might need and where
they are located. What issues do you anticipate? Do not forget to consider political, trade
and social issues. If you need a steady supply of coffee or chocolate, will you buy only
Fair Trade? Are there child labor issues? Import restrictions?
Part Two:
You will create Word chart with three columns:
Up stream
Mid-stream
Down stream
If you are not familiar with these terms, visit the activity in Module 5.
For each of the columns, identify 4-5 items that you will need for a complete supply
chain. Bullets are fine, but make sure that you are clear.
In the last row, list your typical end user. Are you direct to consumer or are you selling to
a retailer or wholesaler? In some cases, you may have an entirely different end user.
Your chart will look similar to this:
SUPPLY CHAIN FOR PRODUCT X
Up stream Mid-stream Down stream
End user:
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Module 6: Pricing
Begin by carefully reviewing Module 6 and the various types of pricing strategies used
by marketers.
There are THREE parts to this component.
Part 1:
After reviewing the pricing strategies in Module 6, select the one that you believe will
work best for your product and target audience. Begin by explaining in 1-2 paragraphs
the strategy you have selected. It should be clear to your instructor that you understand
the concepts and application of the strategy you have selected. Then, in 2-3 paragraphs
explain why you selected that specific strategy and why it is the best choice for your
product. Make sure you consider your launch strategy, target customers and your
competition.
Part 2:
Explain in no more than two paragraphs if you believe your product is elastic or inelastic,
and why. Be sure you justify your position with logic and examples of competitive or
substitution products as well as your target consumers.
Part 3:
Establish the following:
• The price of your product
• What you believe it will cost you to make or produce your product
• An estimate of your fixed costs to include (you only have to include these):
Rent
Office and managerial labor
Marketing
Travel and entertainment
Utilities including internet fees
• How many units you think you will sell in your first year.
For all three of these, you may use your best estimate based on your research and
competitive products. Explain how you reached your numbers. Your instructor
understands that you may not have all the information you need so a reasonable estimate
is acceptable provided you explain and justify your decisions.
Based on the figures you establish, calculate and provide the following:
MKT301 2020 23 Marketing Plan Guide
• GROSS MARGIN
• UNIT CONTRIBUTION
• TOTAL SALES, GROSS PROFITS AND NET PROFITS FOR YOUR FIRST
YEAR
• BREAKEVEN UNIT VOLUME
MKT301 2020 24 Marketing Plan Guide
Module 7: Integrated marketing communication
This is the culmination of your marketing plan and will carry more weight in the grading.
In this section you will detail the advertising and promotional activities you will use in
your project.
You have many options regarding what IMC plans you create for your project and should
select those that best fit your product/service/non-profit. You should also select those that
interest you personally or professionally.
You are required to complete TWO advertising or promotional IMC items for your
product or service.
DO NOT ATTEMPT THIS UNTIL YOU HAVE COMPLETED MODULE 7! THE
GRADING WILL ASSUME YOU HAVE THE KNOWLEDGE AND
INFORMATION FROM THE MODULE AND ELDER CARE SCENARIO.
There are two parts to your IMC assignment.
First, you will complete a creative brief for each of your activities. There is an example
below.
Second, you will create an example or mock-up of your activity. You will find some
examples in Module Seven. These examples will not cover all the options you might
select for your IMC activities. They will, however, give you some ideas regarding what is
expected of you. Generally, everything you need to do can be created in PowerPoint or
similar applications.
BE SURE THAT IF YOU USE ANY GRAPHIC PROGRAM OTHER THAN MS
OFFICE YOU SUBMIT YOUR EXAMPLES OR MOCKUPS AS PDFs SO YOUR
INSTRUCTOR CAN VIEW THEM.
Note that you are not expected to be a graphic artist or Website designer. Nor are you
expected to create an entire social media campaign. You ARE expected to demonstrate
that you have a basic understanding of the IMC activities you have selected.
Some IMC Options:
Here are just some of the options you have for an IMC activity. Select any TWO of these
or add ideas of your own. You may use any one option ONCE. You must select two
different activities. NO “flyers” allowed. Flyers are not marketing, they are wat you use
to announce the school dance. These are ONLY suggestions – feel free to use your
imagination.
Magazine print ad
Radio ad
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TV commercial
Social media
YouTube ad
Guerilla campaign
Direct mail
Direct email
Press release
Outdoor ad (billboard, bus ad, car wrap)
Coupons
Trade show or event
Web site (create your landing page)
Regardless of which options you select, you will be required to complete a Creative Brief
using a format similar to the one below.
Creative briefs:
Creative briefs are used as a standard template to communicate between those involved in
a marketing communication project. This might be between an ad agency and their client
or between marketing staff members and their director. The exact information and the
template will vary from organization to organization, but the one below is fairly common.
In our class, you will use the brief to describe the IMC portion of your marketing plan.
These will be included in your final written project and your presentation.
MKT301 2020 26 Marketing Plan Guide
Your brief will not include the middle column.
The example below is for Puppy Palace, an upscale dog daycare faculty (yes, there are
such things).
Process Step Description Example
Project What are you producing or
doing? Keep this simple
and short.
A 30 second video for our
website and YouTube
Objectives Use the SMART model, but
be brief. Be very specific.
The objective of the video
is to increase our visibility
and creative a differential
advantage for our high-end
product model. We want to
increase time on-site for
our website and see XXX
views on YouTube.
Target Audience Use the same metrics that
you used in your
segmentation plan.
Our target audience for the
video is upper middle to
upper income, media
savvy, well-educated and
status conscious. These
consumers see their dogs as
members of the family and
spend on them accordingly.
Key message What is the one true thing
you want your customer to
believe as a result of this
IMC activity? What should
they think, believe and do
as a result of this activity?
Puppy Palace is the
premier choice for families
that want the same daycare
for their dogs that they
would select for their
children. As a result, they
consider PP as the only
choice for “real dog
parents” The tone should
be fun, engaging and
informal.
Deliverables What are the deliverables
for this IMC activities?
Storyboard
Shoot/location schedule
Equipment list
Talent
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Budget
30 second video formatted
for the web and optimized
for portable devices.
Deadlines and Mechanical
requirements
This is the “nuts and bolts”.
It includes printing
requirements, graphic
design requirements,
quantities, mailing details,
deadlines, etc. It should
include everything that the
staff needs to execute the
project.
Storyboard is due in 10
days. Production
requirements in 15 days.
Finished video in 30 days.
Video must be compatible
with all major delivery
modes. Backups must be
secured. B-roll and raw
footage to be delivered to
the client.
Budget What is this going to cost? Project budget is $7500
Examples or mock-ups
See the PowerPoint in Module 7 for examples.
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VI. References
Any references you used other than the course materials and the text (you DO NOT need
to include those as I assume you will use them).
References
Aaker, D.A. (1996). Measuring brand equity across products and markets. California
Management Review, 38(3). 102-120.
Bacdayan, P. (2002). The public business school in economic development: Preferences
of chamber of commerce leaders. Journal of Education for Business, 78(1), 5-10.
Retrieved from
http://search.proquest.com.ezproxy.saintleo.edu/docview/202820425?accountid=4
870
Chapleo, C. (2010). What defines "successful" university brands? The International
Journal of Public Sector Management, 23(2), 169-183.
doi:10.1108/09513551011022519
