mkt HW
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MKT 220: Module 6 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.
THE MARKETING MIX
MARKETING SEGMENTATION
Market Segmentation
Divide the market for your product into workable market segments: age, income, product type, geography, buying patterns, customer needs, or other classifications. Define your terms and define your market using at least 3 of these segments.
Profile your product’s most likely and preferred customers by analyzing the market segments. Explain where customers differ. For example, do customers differ in the following areas: geographic area, demographic characteristics, social class, stage in family life cycle, personality, self-image or benefits sought. Use at least 3 methods to differentiate your target market. Or if you are using an undifferentiated strategy, explain why it is appropriate for your product.
If your product has a potential to be sold to the business market, segment the business market.
Describe how you will position your product to appeal to your target market
Marketing Research
Discuss what kind of market research you may need to conduct. How are you going find out if your presumed target market will really buy your product before you spend all the money to make it? Consider the impact of the Internet and social networking. Would you use the Internet to conduct market research? Consider the limitations of the internet (older populations, children, etc.)
The first step in market research is identifying what you really need to find out. Do you need to obtain general information about how your target market thinks about your product or service, or will you need an analysis of the general trends in your industry? Will you conduct a survey or use some other method to conduct the research?
References
