marketing hw
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marketing_hw_1..rtf[INSERT TITLE HERE] 1
Running head: [INSERT TITLE HERE]
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Student Name
Allied American University
Author Note
This paper was prepared for [INSERT COURSE NAME], [INSERT COURSE ASSIGNMENT] taught by [INSERT INSTRUCTOR’S NAME].
MKT 220: Module 1 Homework Assignment
Marketing Plan for: ____________________
Directions: Each section will be 1-2 paragraphs. Be sure you have cited your sources. You MUST use the text book and any internet sources that you used to conduct your research. Please utilize the References page, which is located at the end of this file.
EXECUTIVE SUMMARY
[NOTE: Complete this section in your Final Project.]
The executive summary outlines the who, what, where, when, how, and why of the marketing plan. Your product needs a formal marketing plan to obtain additional financing from a bank or private investors for expansion and the launch of new products. You may also have to convince a company to buy your product and manufacture it. You will complete this section when you submit your final project but it belongs at the top of your plan.
COMPANY DESCRIPTION AND INTRODUCTION OF NEW PRODUCT STRATEGY
The company description summarizes the history of your company—how it was founded and by whom, what its products are, and why they are unique. It begins to “sell” the reader on the growth possibilities. It is important to state a firm’s mission and goals, including financial and nonfinancial goals.
The new product will be introduced and explained. Include your plan for marketing the product. BE SURE YOU IDENTIFY which marketing strategic alternative you will use: market penetration, product development, or diversification (note: it is unlikely that you will use marketing development for a new product).
CORE COMPETENCIES
This section reminds employees as well as those outside the company (such as potential lenders) exactly what YOUR COMPANY does so well and how it plans to achieve a sustainable competitive advantage over rivals. Note that here and throughout the plan, your company should focus on relationships.
Be sure you define your product in terms of one of the three types of competitive advantages: cost; product/service differentiation; or niche strategy.
SITUATION ANALYSIS
The situation analysis provides an outline of the general marketing environment. It considers such things as the legal and political environment, the economy, and the customer’s needs. A SWOT analysis helps marketers and others identify clearly a firm’s strengths, weaknesses, opportunities, and threats. Again, relationships are a focus. Conduct research on your product market, competitors, and consumers to determine how best to attract and keep customers.
Each section should have 4-6 bullet points and then you need 1-2 paragraphs to discuss them. How can you overcome threats and take advantage of opportunities?
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Weaknesses
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Opportunities
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COMPETITOR ANALYSIS
The competitor analysis identifies your direct competitors and discusses how your product will take them head on. It fully explains the competitors’ strengths and weaknesses. It is at this point that you show how your product will be able to excel in the competitive landscape.
CORPORATE SOCIAL RESPONSIBILITY
This analysis discusses the legal, ethical, and sustainability issues that your product will have to overcome in order to be successful. It fully explains how you plan to address each problem that you may encounter and demonstrates your understanding of corporate social responsibility for your company and your new product. Identify at least three (3) ways that your company is socially responsible.
GLOBAL ENVIRONMENT
This analysis discusses whether you plan to take your product global. If you do not plan to go global, explain why the global landscape is not right for your product. If you do plan to go global, explain how your product is right for the global market. Be sure that you choose at least one country that you could use for your product and explain its culture and why your product would be a good fit.
References
