Group work - barstool sport

MARKETING STRATEGY

Fall 2017

TABLE OF CONTENTS

Overview & Objectives 2

A Guide for Developing a Marketing Plan 3

Format Guidelines 7

The Presentation 9

Managing Group Dynamics 11

Peer Evaluation Form 12

OVERVIEW AND OBJECTIVES

Conducting exploratory market research and competitive intelligence and designing an effective

marketing strategy for a specific market are critical tasks for marketing or product managers. For

this purpose, marketing managers are often asked to prepare marketing plans and PowerPoint

presentations, read documents generated by peers, ask questions and provide feedback to their

peers during group presentations. This project is designed to simulate these business experiences,

allowing you to sharpen your group participation, writing, and presentation skills.

In brief, for your group project you will develop a detailed strategic marketing plan for a specific

product/service. Groups of three or four students will be formed early in the semester and each

group will select their own product/service and company. I will review each submission and

suggest areas for improvement, for more detailed study, or if acceptable, allow the students to

proceed to the next phase in development. After the formal approval of the product/service and a

company of choice, each group will analyze the marketing environment and prepare a strategic

marketing plan for that product/service. The final output will be a 50-page report that details the

marketing strategy that will be implemented in a particular market. At the end of the semester,

groups will submit their final reports and present their marketing plans in class. In short, each

team will:

1. Create a written strategic marketing plan,

2. Present the marketing plan in class,

3. Answer questions of fellow students during the presentation,

4. Complete and turn in a peer evaluation form after the team’s presentation.

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A GUIDE FOR DEVELOPING A STRATEGIC MARKETING PLAN

Your team is charged with designing a professional, 50-page strategic marketing plan including

references, appendices, tables/figures/charts, etc. Each plan will outline a marketing strategy for

entering into a particular market with a product/service. For this project, you need to follow

specific guidelines that are provided in this document. At the end of the textbook on p. A1 (Kotler

and Keller 2016), you have an Appendix that provides basic information on how to prepare a

marketing plan. An example of a simple marketing plan is also included in the Appendix. In this

project, you are required to use the conceptual tools that are covered throughout the semester and

in other courses in your efforts to propose an actionable and reliable marketing program.

There are five key components of a good marketing plan: (1) executive summary, (2) company and

situational analysis, (3) marketing strategy, (4) financials, and (5) controls. Your marketing plans

should have the following sections:

➢ COVER PAGE – This professional cover should include each of the author’s names, the title

of the course and your project. (1 page)

➢ TABLE OF CONTENTS – A list of each major and minor subsection of the paper and what

page the information can be found. The table of contents should also include the titles and

page numbers of any appendix or other additional material included in the plan. (1 page)

➢ EXECUTIVE SUMMARY – A summary of your report that includes a description of your

situation analysis, your marketing program and how you will implement it. This section

should be no longer than 300 words. It is best to write this section last. (1-2 pages)

➢ COMPANY AND SITUATION ANALYSIS – A detailed analysis of your company and the

situation of the product market with detailed information on the macro environment and

industry, your company and your potential customers. This section in the final report will

include a revised, corrected, and/or shortened version (if necessary) of your Company and

Situational Analysis report (16-17 pages):

a) Company Analysis (Internal Environment) – Describe your company (its history, corporate mission, structure and organization, value delivery process, core competencies, resources and assets, etc.) (See Chapter 2)

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b) Industry Analysis (External Environment) – A *BRIEF* description of the technological, economic, cultural, and political/legal environment of the market. Also, provide a strategic analysis of the key competitors already in your market, as well as potential entrants and substitutes for your products/services. (See Chapters 3 & 4)

c) Understanding Your Customers/Buyers (Customer Environment)- A detailed description of buyer behavior in your assigned product/service category. (See Chapters 6 & 7)

➢ MARKETING STRATEGY

A) MARKET SEGMENTATION – TARGETING – POSITIONING – This is the most

critical component of your strategic marketing plan. First, this section should detail how

you segment the market for this product/service (why do you choose this approach?) and

which segment(s) you are planning to target (why this/these segments). In this section,

draw a very deep and clear picture of your target segment(s) for the reader. How large is

this segment(s)? What are your estimations for demand by segment? Then, explain how

you position your product/service for this/these segments. Make sure that you compare and

contrast your product/services with your competitors’ products/services. Specifically,

explain what current product/service offerings do they have in the market or might possibly

bring to the market? Briefly explain their marketing strategy. Most importantly, make sure

that the STP framework proposed in this section is aligned with the proposed marketing

program in the next section (see Chapters 9, 10, & 12) (5 – 6 pages).

B) STRATEGIC MARKETING PROGRAM - A detailed marketing program specifically

developed for your product/service (including product/service, pricing, distribution, and

integrated communication strategies). (14 – 15 pages).

a. Product/Service – Fully describe and explain the product/service that you will introduce to your market. (Remember that product packaging is a part of the product strategy). You might decide to not bring in one single product/service but a product line, with each product in the line geared to a specific market segment. When discussing more tangible products, also provide information regarding production and supply- chain activities (Where will your product be produced? Why? Are there available suppliers for your product/service production?, etc.). For services, provide details about how you are planning to manage service quality and consistency. Explain why this plan is well-positioned and properly targeted for your potential target segment(s). What branding strategy are you going to employ in this market? What will be the brand

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image in your market? Why? What are the key attributes associated with you brand in your market? (See Chapters 13 & 14)

b. Price – What pricing strategy do you recommend? Be as specific as possible. What kind of price discounts and allowances will you use? If you decide to bring in a product line rather than just one product into your market, you might need to determine different prices for the products aimed at different target segments. (See Chapter 16)

c. Place (Distribution) – Describe and explain in detail how you are planning to deliver the value that you propose to provide to the customers in your market. For products, how will you get the product from the factory into the customers’ hands? Describe your distribution channels and the role of each intermediary (using specific companies, wherever possible). What distribution costs will be involved? Remember that you might have different channels for different target segments. Also, provide details about channel management decisions, such as selecting, training,, motivating, and evaluating channel members, For services, how many locations will you have? Where? Why? Be as specific as possible. What criteria will you use for selecting potential locations? (See Chapters 17 & 18)

d. Integrated Marketing Communications – Describe and explain in detail how you are planning to communicate the value that you propose to provide to the customers in your market. What is the proper IMC mix for your products/services in your market? Why? Which target segments are these ads aimed toward? Describe and explain which elements of the integrated marketing communications your company will use in your market. Which target segments are these activities aimed toward? Be as detailed as possible. For instance, what kind of advertising will you do for your products/services? What media will you use and in what proportion? Why? What creative ideas do you have for advertising in this country? How important is sales promotion, advertising, personal selling in stimulating demand? (See Chapters 20, 20, 21, & 22)

➢ FINANCIALS AND CONTROLS – Using the demand estimates obtained in STP section

above, provide information about the financial projections for the product/service in terms of

sales and profitability. At a minimum, this section should include a marketing profitability

analysis that involves identifying the type and amount of major revenue and cost items that

result from the introduction of the product/service to the market for the company in the first

year of operations. Also, explain how you will evaluate the extent to which your marketing

plan is “successful” at the end of the first, second and third years (what are your expectations

in terms of profitability, market share, return on sales etc. (i.e., your criteria of success)? (see

pp. 689 – 692 for more details) (2 – 3 pages).

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➢ CONCLUSION & RECOMMENDATIONS – A brief conclusion statement that includes

specific recommendations for your company regarding the product market you have been

assigned, followed by a full description of next steps you think the company should take before

making a final decision (1 – 2 pages).

➢ REFERENCES - Use the APA style to list all of your resources. For more information, please

consult: http://webster.commnet.edu/apa/apa_index.htm. A detailed, in-print bibliography

consisting of a diverse mix of newspaper reports, academic and trade journals, books, personal

interviews, websites, and pamphlets is required for full credit for this project. A list of

resources that you may want to use is provided on Angel.

➢ APPENDICES – Include any material (e.g. tables, figures) that provides additional

information that supplements your report. An appendix gives useful additional information, but

even without it the rest of the book is complete. Appendices are typically ordered by letters

(e.g., Appendix A, Appendix B, etc.).

Format Guidelines:

• All projects should be double-spaced and typed on only one side of the paper.

• Your final project must be limited to a maximum of 50 pages (including references, appendices, tables/figures/charts etc.).

• Margins should be one inch at the top, bottom, and sides of the page (using 12 point Times New Roman font).

• Headings/subheadings should be bolded and clearly formatted.

• Page numbers should appear at the bottom right-hand corner of each page except the coversheet.

• Make sure to incorporate visual summaries of data, such as tables, charts, and graphs wherever necessary. However, every time a visual summary is used, it must be explained fully within the text itself. Tables/figures/charts should be numbered separately and be embedded in the text.

• Use correct punctuation and spelling functions on your computer (use Spelling and Grammar Option under Tools in Microsoft Word): Writing marred by punctuation or spelling errors is not acceptable.

• Vocabulary used in the paper must be formal, acceptable standard business English.

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Make sure to edit your paper VERY CAREFULLY. The final text product should reflect your

team’s BEST PROFESSIONAL EFFORT. All of the text included in your marketing plan must

be written in your team’s own words. In cases where your team deems it necessary to quote from

an individual or a print resource, quotations must be used and a full attribution of the source

included in the document. When stating an idea or statistic that is not generated by you or someone

on your team, you must cite the source of this information. Academic dishonesty as defined by

MSU’s Graduate Honor Code will result in a failing grade for the assignment and/or course.

SUBMIT YOUR REPORTS AND YOUR PRESENTATIONS ONLINE (D2L) ON THE

ASSIGNED DUE DATE (SEE SYLLABUS FOR THE DUE DATE).

NO LATE ASSIGNMENTS -UNDER ANY CIRCUMSTANCE- WILL BE ACCEPTED.

Peer Evaluation

Each group member will evaluate all members of the group on their contribution to the project. These evaluations are absolutely confidential and will affect the grades of individual members. The Peer Evaluation Form is at the end of this document. Complete and submit this form INDIVIDUALLY in an enclosed envelope on the due date of your project or e- mail the form back to me as an attachment.

Teams should plan to meet and communicate regularly. This is a six-to-eight week project and

cannot be done quickly. Each part of the project builds on the next, so group communication and

brainstorming are ESSENTIAL. Teams should have explicit goals for each team meeting and

should plan to set and meet small objectives.

Presentation

Your team will get a 15-minute time slot to present the highlights of your marketing plan to class

via a PowerPoint presentation (plus another three minutes for Q&As). Each team member should

participate in the preparation of the presentation but you may choose one, two or three members of

your team to make the presentation in class. Although you need to emphasize the main points of

your project due to time constraints, be prepared for specific questions that check out whether you

have considered other points from the guidelines. We will have a three minute Q&A session after

each presentation. Because there is very limited time to get presentations completed in each class,

you will not—under any circumstances—be allowed to go longer than 15 minutes for your

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presentations (As a rule of thumb, you should spend at least 1 minute per slide in your

presentation). Nevertheless, presentations must include at least the following information:

1. Brief overview of your company and situational analysis.

2. Your recommendations for market segmentation-targeting-positioning.

3. Your recommendation for your strategic marketing program.

4. A marketing profitability analysis and criteria for “success”

MANAGING GROUP DYNAMICS

An essential part of a successful marketing plan project is successful management of group

dynamics. Sometimes this comes easy to a group. In other instances, it is extremely difficult.

This is always true—inside the classroom and in the real world. It is a key business skill to learn

how to navigate difficult group-dynamic problems.

Up until three weeks before the project is due, I will play the role of consultant/manager with

groups that are having trouble making progress or coming together as a team. It is not unusual for a

team to have problems getting off the ground, and I will make every effort—if contacted before the

deadline—to help your group to meet its objectives.

In some cases, one of the team members does not meet the expectations of others. In such a

situation, I would advise you to try to manage this particular team member. However, as a team

you may opt to fire someone on your team up six weeks before the project is due if they are

not contributing to group efforts. Fired team members must either persuade another group to

hire them or must write a business plan individually. After the six-week horizon, no changes can be

made to group composition. Groups in trouble after the tix-week horizon must do whatever is ! 8

possible to meet the deadline. IT IS IN YOUR BEST INTEREST TO GET TO KNOW YOUR

GROUP MEMBERS WELL AND EXPECT DELIVERABLES FROM THEM IN

ADVANCE.

YOUR INDIVIDUAL GRADE WILL REFLECT THE GROUP DELIVERABLE,

CONSULTANTS’ EVALUATION OF YOUR TEAM’S PERFORMANCE, AND YOUR

PERFORMANCE EVALUATION COMPLETED BY YOUR FELLOW TEAM MEMBERS.

IN EXTREME CIRCUMSTANCES I RESERVE THE RIGHT TO ASSIGN INDIVIDUAL

GRADES TO THIS ASSIGNMENT. IT IS IN YOUR BEST INTEREST TO KEEP YOUR

GROUP HAPPY!

Teams should plan to meet and communicate regularly. This is envisioned to be a major project

and cannot be done quickly. Each part of the project builds on the next, so group communication

and brainstorming are ESSENTIAL. Teams should have explicit goals for each team meeting and

should plan to set and meet small objectives.

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GROUP PROJECT FORM

First, decide whether you will form a group or prefer to be assigned to a group by me. If you want

to form your own group, put the names of your group members and indicate your preferences in

the space provided below. When you consider your choices, make sure that you propose products

for a new geographic market or segment and explain why you think that is an appropriate choice

for your group. If you list your name only, I will assign you to a group and you will work on the

project chosen by the group you are assigned to work with.

Examples of Companies and/or Products/Services (Successful projects from last year):

Chobani - Frozen Yogurt (store format) Bell’s Brewery - Chicago Shinola – Grand Rapids

Zingerman’s Detroit/Chicago MLS Team in Detroit

Your company and product (provide three alternatives) ………………………………….……………………… ………………………………….……………………… ………………………………….………………………

Name(s) Phone number E-mail

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FINAL PROJECT AND PRESENTATION

Your performance for this project will be determined based on the content of your report, your

presentation as a team and, your contribution to the team as evaluated by your team members.

Specifically, your projects will be graded according to the following criteria:

Presentation Grade

Summarizes the main points presented in the report? 20

Well organized? (Agenda, clear purpose, general structure, visuals) 20

Good speaker(s)/presenters, full-room eye-contact, voice projection, body posture/gesture, and speech clarity of each presenter? 20

Answered questions adequately and professionally? 20

Finished within the allotted time? 20

Total 100

Content

Good executive summary? 5

Company analysis 5

Industry analysis 5

Customer/Buyer analysis 5

Segmentation-Targeting-Positioning 15

Product/Service component of marketing program 10

Price component of marketing program 10

Distribution component of marketing program 10

IMC component of marketing program 10

Financials and controls 5

Is the marketing plan integrated (does it make sense as a whole)? 5

Is the report well organized, clearly, and easily readable? Separate sections for company, industry, cutomer analysis, marketing program components, financials/controls, recommendations etc.? 5

General Guidelines (Double-spaced, one-side, margins, headings bolded, page numbers, visual summaries? 5

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Used a diverse set of sources for the project in the references and appendices? 5

Total 100

PEER EVALUATION FORM

MKT 460

Please rate your team members' performance/contribution in each of the five categories listed below. Rate each team member on a scale from 0 (I strongly disagree) to 5 (I strongly agree) per category.

Evaluator's Name:

Team Number:

Scale: (0) I strongly disagree … (5) I strongly agree

Names

Increa sed the Overal l Qualit y of Work

Attend ed All Group Meetin gs Regula rly

Carrie d Fair Share of Workl oad

Met Group Deadli nes/ Showe d Initiati ve

Added Signifi cant Value

Total (0-25)

1.

2.

3.

4.

5.

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Notes:

These evaluations are absolutely confidential, therefore;

* Turn them in individually on due date for group project submissions.

* Place your evaluation in an envelope and put your name and team number on the outside as well.

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