P MKT315 WK9

MKT 315 Global Marketing Signature Assignments Final Project: Marketing Plan

Guidelines and Rubric Overview

The final project for this course is the development of a strategic marketing plan based on a new product or service supplied by an existing corporation. The overall goal of the strategic plan is to successfully bring the product from concept to market, based on research and analysis. The project is broken down into milestones that will help guide the student through the distinct components of the plan, which will be utilized within the final project. The final project is divided into nine milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. There is one milestone due in each of the first nine modules. The final project is due in Module Nine.

The company choice, as well as the type of product or service, has to be a Global company such as Apple, Toyota, Google, Samsung, Walmart, CVS, and Volkswagen. Your overall goal is the creation of a strategic plan to successfully bring your product from concept to market, based on research and analysis. The project is broken down into milestones that will help guide you through distinct components of the plan, which will be used in the final project. The components of this project will be addressed in milestones spread throughout the course, allowing for practice and feedback before incorporation. These milestones include choice and research of a corporation, along with determination of suggested new product; analysis of the business mission statement; SWOT analysis; development of marketing objectives; development of a marketing strategy; and determination of an appropriate implementation, evaluation, and control program. The final submission incorporates all components into a strategic marketing plan.

The marketing techniques that align with an organization’s strategic focus, culture, and current business processes.  Recommend product, price, promotional, and distribution strategies for a pre-defined target market through organizational

marketing plans  Maximize internal and external opportunities through the integration of marketing concepts, theories, and models  Develop effective marketing strategies that address commercial, legal, and cultural aspects in global business environments  Analyze marketing practices for compliance with legal systems, regulatory standards, and ethical practices

Prompt Specifically, your marketing plan should contain an in-depth analysis that addresses the following critical elements: Product Idea and Mission Statement – Formulate an idea for a new product or service to be offered by an existing company. Show how your product is aligned with your chosen company’s mission statement.

A. Overview – Give an overall description of your chosen business and proposed product/service, specifically defining the marketing environment, the intended target markets, and the benefits sought by potential customers.

B. Mission Statement – Analyze the mission statement of your chosen business. Does the company’s mission statement focus on the market or markets that your new product is attempting to serve? Is it broad enough to adequately describe the company focus and core values? Is it too broad? Does it encompass minute details?

II. SWOT Analysis – The SWOT analysis, sometimes referred to as a situational analysis, identifies an organization’s internal strengths and weaknesses, as well as external opportunities and threats. For your company, perform a SWOT analysis, detailing the elements below:

A. Internal – Determine the internal components (strengths and weaknesses) of the marketing environment. Make sure to consider production costs, marketing skills, financial resources, company or brand image, employee capabilities, and available technologies.

B. External – Determine the external components (opportunities and threats) through an environmental scan. Make sure to consider political, economic, social, and technological events, as well as trends and expectations.

III. Marketing Objectives – Before the specific details of a marketing plan can be developed, objectives for the plan must be stated. Without objectives, there is no basis for measuring the success of your marketing plan activities. Marketing objectives are statements of what is to be accomplished through marketing activities.

A. For your company, formulate at least five marketing objectives related to the new product/service that are realistic, measurable, time specific and comparable to a benchmark.

B. Discuss the objectives as they relate to commercial, legal, and cultural aspects of a global business environment.

IV. Marketing Strategy – The marketing strategy involves all of the activities of selecting and describing one or more target market segments and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

A. For your new product, recommend a detailed marketing strategy that describes your target market. Possible variables include demographics, psychographics, geographies, and behavioral segments. You may also choose to describe the market in terms of anticipated growth, revenue opportunities, past performance, etc. The strategy needs to be measurable, sustainable, accessible, and reachable. Describe your rationale for selecting the target market(s). Why are these markets attractive from a marketing standpoint?

B. Provide a detailed description of the marketing mix, including product, place (distribution), promotion, and pricing strategies. C. Does the recommended marketing strategy specifically relate to the company’s strategic focus, culture, and current business

processes? Discuss how each component is addressed.

V. Implementation, Evaluation, and Control (IEC) – Implementation is the process that turns a marketing plan into action assignments and ensures assignments are executed in a way that accomplishes the plan’s objectives. Evaluation involves gauging the extent to which the marketing objectives have been achieved during the specified time period. Control provides mechanisms for evaluating marketing results in light of the plans of objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines.

A. How do you intend to implement your marketing plan? Detail specific action items and describe how they will be executed. B. Does your marketing plan comply with legal systems, regulatory standards, and ethical practices? How do you know? Is there a

formal process of evaluation? Should there be? Explain. C. After initial implementation, how you intend to evaluate and control the overall marketing plan?

Assignments Weeks 3, 6, 9 (Final Paper Due Week 9)

Week 2: Product Idea In Week 2, you will choose an existing organization and submit a proposal describing a new product or service that it should bring to market. If your idea is a product, describe the product, its functionality, and how it works. If it is a service, describe the service offering so that readers understand what they would receive. Your product or service should address a problem or gap that is not being sufficiently addressed by current solution providers, i.e., your competition. Submit your proposal via our discussion board.

Due Week 3: Mission Statement In week 3, you will analyze the organizational mission statement for the company for which you are writing a marketing plan. Explain how your new product idea aligns with the company’s mission statement.

Due Week 3: SWOT Analysis In week 3, you will develop the SWOT analysis for your company. The SWOT analysis includes the standard four-quadrant chart, with bulleted items for each of strengths, weaknesses, opportunities, and threats, and written support in narrative form.

Due week 3 Organizational Objectives & Strategy In week 3, you will address the organizational objectives and the target market plan for your company. You need to develop at least five marketing objectives as part of your planning process. These answer the question, “What do you plan to accomplish?” Objectives should be realistic, measurable, and time specific. Objectives must also be consistent, and indicate the priorities of the organization.

Due Week 6: Marketing Strategy—Product/Service In week 6, you will describe for your audience what it is that you wish to bring to market. If it is a product, describe the product, its functionality, and how it works. If it is a service, describe the service offering so that readers understand what they would receive.

Due week 6: Marketing Strategy—Pricing In week 6, you will determine the price you will charge for your product, or, if you have chosen a service, determine its pricing (this may be based on an “average” price per service rendered).

Due Week 6: Marketing Strategy—Distribution In week 6 you will describe the channels of distribution structure you will use to get your product or service into the market.

Due in Week 6: Marketing Strategy—Promotion In Week 6, you will develop a promotional effort for your marketing plan that embraces integrated marketing communications (IMC). This includes a clearly-stated message that is consistently communicated to your stakeholders.

Due in week 6: Implementation, Evaluation, and Control In week 6, you will write a paper that addresses how you intend to implement, evaluate, and control (IEC) all of the marketing activities.

Final Submission: Marketing Plan In week 9, you will submit your final marketing plan. It should be a complete, polished artifact containing all of the critical elements of the final project prompt. It should reflect the incorporation of knowledge gained throughout the course and feedback from each of your milestone worksheets. This submission will be graded with the Final Project Rubric.

Final Project Rubric Guidelines for Submission: Students should submit a well-developed marketing plan in 10- 15 pages, including a title page and reference page. The paper should be a Microsoft Word document with double spacing, a minimum of five references, 12-point Times New Roman font, one-inch margins, and APA formatting.

Critical Elements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value

Product Idea and Mission Statement:

Overview

Meets “Proficient” criteria and the description of the marketing environment, intended target markets, and benefits sought by potential customers is comprehensively detailed in a manner that lays a solid foundation for the marketing plan

Provides a detailed description of the chosen business and proposed product/service, specifically defining the marketing environment, intended target markets, and benefits sought by potential customers

Provides a description of the chosen business and proposed product/service, but definition of the marketing environment, intended target markets, or benefits sought by potential customers is loosely defined, lacks in detail, or is missing key components

Does not provides a description of the chosen business and proposed product/service

20

Product Idea and Mission Statement:

Analysis

Meets “Proficient” criteria and uses concrete examples to substantiate claims

Analyzes the business mission statement through the determination of market focus and appropriateness, specifically in regards to company focus and core values

Analyzes the business mission statement through the determination of market focus and appropriateness, but does not address company focus and core values or analysis lacks sufficient detail

Does not analyze the business mission statement through the determination of market focus and appropriateness

10

SWOT Analysis: Internal

Meets “Proficient” criteria and data is supported through detailed and comprehensive environmental scanning

Provides a concise listing of strengths and weaknesses of the marketing environment with appropriate support

Provides a listing of strengths and weaknesses of the marketing environment, but does not appropriately identify all items or list is missing major strengths or weaknesses

Does not provide a listing of strengths and weaknesses of the marketing environment

20

SWOT Analysis: External

Meets “Proficient” criteria and data is supported through environmental scanning

Provides a detailed and comprehensive listing of opportunities and threats of the marketing environment

Provides a listing of opportunities and threats of the marketing environment, but does not appropriately identify all items or list is missing major strengths or weaknesses

Does not provide a listing of opportunities and threats of the marketing environment

20

Marketing Objectives:

Formulation

Meets “Proficient” criteria and recommendations include rationale for the development of each marketing objective

Recommends realistic, measurable, and time-specific marketing objectives and identifies the benchmark to which they will be compared

Recommends marketing objectives, but they fail to completely adhere to being realistic, measurable, and time- specific or submission does not identify the benchmark to which they will be compared

Does not recommend marketing objectives

20

Marketing Objectives: Relation

Meets “Proficient” criteria and gives concrete examples to authenticate the relationships

Comprehensively outlines the relationship between the stated objectives and commercial, legal, and cultural aspects, specifically in context with a global environment

Outlines the relationship between stated objectives and commercial, legal, and cultural aspects, but not specifically in context with a global environment, or the discussion lacks breadth and depth

Does not outline the relationship between stated objectives and commercial, legal, and cultural aspects

10

Marketing Strategy: Target Market

Meets “Proficient” criteria and recommendation and rationale are comprehensively portrayed

Recommends a detailed marketing strategy for the new product that is measurable, sustainable, accessible, and reachable and provides rationale for selecting the target market

Recommends a marketing strategy for the new product, but the strategy does not meet all aspects (measurable, sustainable, accessible, and reachable), or rationale for selecting the target market lacks sufficient detail

Does not recommend a marketing strategy for the new product

20

Marketing Strategy: Marketing Mix

Meets “Proficient” criteria and clarifies the tactics used as part of the marketing to promote either the brand or product

Provides a detailed description of the marketing mix, including product, place (distribution), promotion, and pricing strategies

Provides a description of the marketing mix, including product, place (distribution), promotion, and pricing strategies, but description lacks detail or is missing key components

Does not provide a description of the marketing mix

20

Marketing Strategy: Relations

Meets “Proficient” criteria and ties the relationships together to fully contextualize overall connections

Provides insight into the relationships between the recommended marketing strategy and the company’s strategic focus, culture, and current business processes

Provides insight into the relationships between the recommend marketing strategy and the company’s strategic focus, culture, and current business processes, but the discussion is limited in detail or misses key components

Does not provide insight into the relationships between the recommend marketing strategy and the company’s strategic focus, culture, and current business processes

10

Does not suggest evaluation and control methods to ensure achievement of objective outlined in the marketing plan

IEC: Implementation Meets “Proficient” criteria and justifies the selection of the action items

Recommends specific and detailed action items, along with a plan for accomplishing each of those objectives

Recommends action items, along with a plan for accomplishing each of those objectives, but the items or the plan for accomplishing them are not clearly articulated

Does not recommend action items, along with a plan for accomplishing each of those objectives

20

IEC: Compliance Meets “Proficient” criteria and submission either details the process in place for verifying compliance or identifies a process that could be used for compliance issues

Determines compliance with legal systems, regulatory standards, and ethical practices

Addresses compliance with legal systems, regulatory standards, and ethical practices, but detail is lacking for a full determination

Does not address compliance with legal systems, regulatory standards, and ethical practices

10

IEC: Evaluation and Control

Meets “Proficient” criteria and evaluation and control methods suggested take restrictions due to budgeting constraints into consideration

Suggests detailed evaluation and control methods to ensure achievement of objective outlined in the marketing plan

Suggests evaluation and control methods to ensure achievement of objective outlined in the marketing plan, but suggestions are not sufficiently detailed or are not realistic

10

Articulation of Response

Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to-read format

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

10

Total 200