Marketing Plan DUE IN 24 hours!!!

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Marketing Plan Spring 2017

Section: XXXXX

Place Your Company Name Here

Place Your Product Name

Marketing Plan

Date

Your name:

Introduction to Marketing

Section: 31158

Orange Coast College

Spring 2017

Page Layout:

Typed - 12pt New Times Roman at 1 line spacing with 1” margins all around. The format must be strictly followed while the questions within each section are guidelines and servers as a minimum requirement. To get a better grade, you must thoroughly answer the questions and ask yourselves further questions that others that support your product and marketing might ask. These questions and answers might be specific to your product.

The motto for business writing is . . . brief, clear, and direct.

1. Executive Summary (Introduction in video or class presentation)

One half to one page Executive Summary

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2. Current (Marketing) Situation

2.1. Product Situation

[Single line between heading and first paragraph]

(Chapter 8) Start with a few sentences about what your product is and what problem it solves. Then briefly explain the core benefits, actual product, and augmented products.(what is the product, what does it look like, ~~what does it do~~, describe the features, etc.) Please give a full description of the actual product, which should take one paragraph to describe. Discuss how your product works. Use the terminology (words in underline above) when you explain your product - that way I know that you know how to use the terminology. You are being graded on CORRECT usage of the terms and their application to your product. What are the services and experiences surrounding the product? ~~How does it work?~~ What is the product category? You can make the product category anything you want as long as it is within reason (ex. lumber would be in the construction supply product category or Coke would be in the soft-drink category). What is the product type and explain? See your Ch 8 for product types and description. Again, why did you choose that product type – it needs to match the charateristics in Ch 8. Knowing the product type will help you with the section 5.7, distribution; and 5.8, promotion. If the product is a service, address the issues of intangibility, inseparability, variability, and perishability. Do you have trademarks, copyrights, patents, trade secrets? What is the brand name? What do you want the association of the brand name to be? Add anything else you think is appropriate in understanding your product: what it looks like, how it works, what it is made of, etc. You must place picture, drawing, and other illustration in the appendix. (You will delete this paragraph when presenting a draft and/or final)

Lorem ipsum (See definition and generator - http://www.lipsum.com/)

(A word about the following text/language. Actually, the text below is not a language. The configuration of letters below is called Lorem Ipsum. Lorem Ipsum allow designer and other page layout people to see what a brochure, website, etc. looks like when the real text is not ready.

So… this lorem ipsum provides two purposes. 1) to show you what the text would look like and 2) to give you an idea of about how much I want you to write)

Paragraphs are typically 3-5 sentences long. You certainly can have more sentence but for readability, please do not get carried away. Paragraphs help with identifying separate ideas and topics.

[Single line between paragraghs]

[Double lines between paragraghs]

2.2. Company Situation

(Group portion of project) - most likely, you are a startup company, so state that the company is a startup. When was it started or founded? Is it a parent company or subsidiary of a larger company? Who are the significant members (name your team members) and what expertise do they bring to the company and the product? How will they assist the company and product in being successful? To provide your service, will you partner with another company, outsource part or all of the manufacturing, or produce it your self.

2.3. Market Situation

(Ch 1 – could also see ch 5 and 7 for identifying customers). State the industry your product is in (you already mentioned it in section 2.1. as your product category). Briefly mention what stage you think your product industry is in: introduction, growth, mature, decline or you could use the terms cash, dog, star, question mark as well (Do not discuss the product stage because it is automatically in the development stage because you have not put it in the marketplace yet. If you discuss the product, the point will be zero) . In a sentence state a reason for selecting that stage by using the characteristics of the PLC (see Ch 9 textbook/lecture) or market share/growth matric for the Boston Consulting Group (see Ch 2 textbook/lecture ) .What needs and/or wants will your product fulfill or problems will your product/service solve. Who are your current and potential customers? How did you determine the need/wants/problems of your market? How did you validate your assumption or hunches? Hint: you did some kind of market research (Real research, not made up). At this point in the plan, speak in real terms. How did YOU come up with the idea. Who did you talk with about the idea to determine it was good or not? If you did not do some kind of research, you need to. What did your friends, family, or strangers say? Tell the truth. Negative responses can be as important as positive ones

2.4. Competition Situation

(Ch 2 and 3) Start this section with a general statement of the industry and the companies within the industry.. Who are your competitors (real company names) – current and potential? How many are there? How powerful are they? What products do they have that are similar to your product? How quickly could they catch up to you (make a guess, which would depend on how similar their product ares to your product? Are you a true threat to them? If you are successful, you will have competition. If you say you have no competition, you will receive -0 points for this section

2.5. Micro-environment Situation

(Ch 3) State 2 actors that will and/or can impact your product. These actors should support the marketing of your product. It is also health to state at least one actor that could negatively impact your company or product. Be specific! (Chapter 3. There are 3 micro-environment actors to choose from – you cannot discuss company, customer or competitors)

2.6. Macro- environment Situation

(Ch 3) State 2 forces that will and/or can impact your product. These forces should be reasons to market your product. It is also health to state at least one force that could negatively impact your company or product. Be specific! (Chapter 3. Tthere are 6 macro-environment forces.)

3. SWOT Analysis: Strengths, Weaknesses, Opportunities and Threats (SWOT)

(Ch 2) In bullet point form, list minimum of 3 specific strengths, weaknesses, opportunities, and threats. Refer back to the online case pilot exercise completed at the beginning of the semester for understanding the SWOT.

3.1. Strengths

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3.2. Weaknesses

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3.3. Opportunities

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3.4. Threats

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4. Marketing Objectives (What do you want to achieve?)

Write objective in SMART format. 4.2 and 4.3 are bonus point objective, but these objectives must follow SMART format as well.

4.1. (Insert your name) will conduct a(n) (insert your research objective here: exploratory or descriptive) research using (insert your research technique here: observation, ethnography, or survey)techniques to (insert what you are researching here: determine product features, target market, pricing, or other) Research will include written description of research and video taped segments (result) with results analyzed by (insert due date of video here).

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4.3. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Morbi euismod eros ut arcu. Fusce pharetra lacus eget nunc. Maecenas sed nisl ut tortor tincidunt placerat. Cras eget purus vel tortor bibendum fermentum. Cras non lacus a sem consectetuer convallis.

5. Marketing Strategy (How will you get there? Use the 4 Ps)

5.1. Identify possible market segments

(Ch 5 and 7, mainly ch 7) Write about the possible market segments that might be interested in your product. Make sure each segment is distinct from the other segements (Go back to Ch 7 to see Definistion of Market Segments). Describe the segment as it applies to your specific product. In addition, Make sure the segment is meaningful and specific to your product. This segment would have a specific need, want and/or problem that your product would meet or solve. To get more specific with the segment, ask yourself, “will a majority of the people in this segment really buy this product. If I sold a can of liquid that would promise (and could deliver) 10 extra miles per gallon for your car, would that group really by it? Or to narrow down a segment, Who would NOT buy it? Go back to the textbook and/or lecture to understand the definition of segment. One or maybe two of these segements will beome your target market(s), which you will discuss further in the next section. So, make sure your target market is included as one of the segments in this section. Give minimum of 3 possible segments. Briefly describe each segment – what do that segment look like, what do they do. What are the specific needs, wants and/or problems that your product will meet or solve for each segment? Go beyond just identifying age, income, and gender as a segment. Possilble segments could be found you’re your Ch 7, assignment when you researched VALS and Claritas. (Example 1: Possible segments for a drill can be hobbists ,trade professionals (i.e. carpenter), do-it-yourselfers, prosumers (between consumer and professional), or anyone else who wants a hole or attach devices that go in a circular motion (i.e. polishing wheel). (Example 2: Possible segements for a car can be family, commuter, performance enthusiast, environmentalist, status seeking, utilitarian, work (i.e. salesman), safety, comfort, etc.). Again, look back at Ch 5 and mainly Ch 7 along with the accomplying assignments for ideas of segments and their descriptions. Use the terminology when you explain.

(Note: Make sure the three segments are truly different. Why are these segments considered different and apply to your product? What is different about them? Dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes.You may have student, teen, family, or professional segments, but work hard to go beyond these stardard segments.)

5.2. Target Market

(Ch 7) Of the minmum of three segments above, what one or two segments will be your target market? Why are these segments your best choice? Describe your target market in more detail. Create one or two personas. Think of the exercises with VALS and Claritas. Personas are composite descriptions/pictures of your market market along with descriptions of how/why they use the product. See vignette Real Marketing 9.1 (p. 265) on how Electorlux created Catherine, Anna, and Maria. When building your persona, think of your VALS and Claritas reports. Also go back to the Claritas assignment where you entered your ZIP Code. The persona would include many of the descriptors in the resulting website (examples: hobbies, lifestyles, careers, etc.). The creation of the personas should be fun, but you do not need to get too cared away with your creation.

5.3. Position Strategy – (include Position Statement)

(Ch 7) How will you position your product among the competing products or potential competing products? What is your competitive advantage/edge – your differentiation in terms of product, service, channels, people or image? What is your value proposition?

Positioning Statement: (Must have in your paper)

To (target segment and need) our (brand) is (concept) that (point-of-difference).

Positioning Map (Must have in your paper)

Guide: http://www.segmentationstudyguide.com/understanding-perceptual-maps/a-step-by-step-guide-to-constructing-a-perceptual-map/

Examples: http://www.perceptualmaps.com/example-maps/

5.4. Market Research (This section of the plan you do not complete. Please leave the section number and title in your plan. You can either delete the paragraphs below or keep them in.)

Discuss your market research. You may restate your objectives here. Give the specifics of the research – how did you conduct the research, what difficulties did you have, what was expected or unexpected, and what were your results. What were your interpretations of the results?

5.5. Product Strategy

(Ch 8 and 9) See chapter 8 & 9 and lecture slides. Describe future plans for line filling ~~and/or line stretching~~ . Discuss any plans for future new product lines, product mix, and or brand extensions. Make sure you use the terminology when you explain and make sure you use it correctly. Discuss future product line and/or product mix. Discuss brand extensions if appropriate.

5.6. Price Strategy

See chapter 10 & 11 and lecture slides

New product pricing strategy: market-skimming price or market-penetrations pricing. What other pricing strategies can you use that were in the pricing strategy chapter. What is the price and how did you arrive at this price? What pricing approach did you use? Use the terminology when you explain.

5.7. Distribution Strategy

Start here – see chapter 12 & 13 and lecture slides

Bring this into the plan for Spring 2014. Knowing the product type will help you with the distribution strategy (unless it is unsought): Intensive, selective, or exclusive, and what channel or channels will you use and why. Think about Wholesaers and what they can do for you. (see the list) (Can draw a picture)

5.8. Promotion Strategy (Only need cost of one media)

Start here ~~– see chapter 15, lecture slides, and Crash Course slides. Discuss your promotional mix: which do you use and why. Discuss your strategy on push or pull, and why.~~ Need cost of one media buy. Research and show actual costs for placing an advertisement. You do not need to explain it; just provide the detail per the media organization. The media could be broadcast (TV, newspaper, magazine, billboard) or other (sponsored event, internet, Adwords, etc.). Please provide all the information for an actual media source. Best place to look is on their website. The presentations of the rates vary considerably. Do not worry if the media you choose does not look exactly like the samples below. Television and raido price is difficult to obtain. In these cases, tell me contact information or show research that may come from other sources than the specific TV/radio station. Trade shows are also other possible avenues for promoting your product. Certain Google, Facebook and social-networking website are sources, but for these sources you need to show how the pricing works.

Sample: Rate Card/Advertising Rates

Cycle World Magazine

6. Action Plan

List 4-6 action items with completion dates. These actions and completion dates can be a time beyond this schedule.

7. Budgets

Start here – General budget numbers for development and marketing. Give me a SWAG on the numbers. Include the costs and details for the one media buy that you are to research.

8. Controls

· Bullet point 3 – 5 things that you will monitor and will take action if they are not in your target range. It is always best to set hard dates to call meetings for review of control items and action plans.

Appendix A

Product Concept Testing:

This section comes from your assignment during the semester. In this case, the product concept test needs to be 2 or 3 paragraph promotional and factual description of your product that you would present to a focus group. It can also include a photo or sketch that represents your product. If you have a real prototype, please include the picture of the real prototype.

Response to Concept Test

(Suggest the you do a small focus group or survey (i.e. surveymonkey.com)

Spring 2014

Possible Product Concept Testing Questions:

· Do you understand the concept of the product?

· Is the description complete enough for you to understand what the product does?

· Any suggestions to make it better.

· What are some similar products?

· What would be the benefits of this product over those other similar products.

· Who would use this product?

· State any overall suggestions (constructive) you will have regarding the product.

· Would you purchase this product?

· What price do you think is reasonable for the benefits this product provides?

This section comes from your assignment during the semester. Include a few responses to the Product Concept Test statement. Then, briefly summarize and discuss whether these responses confirmed your beliefs about the product and/or what you migh change based on the comments. (You need to present the product concept test to REAL people to get their responses.) You presented questions to the focus group afther presenting the product concept.

Appendix B

(Picture, drawing, graph, etc.)

Works Cited

(Sample of MLA style)

(Magazine or Newspaper)

Mather, Victoria. "In Tiger Country." Photos by James Merrell. Town & Country Travel Fall 2004: 102-111.

(Book)

Bell, Stewart. The Martyr's Oath: The Apprenticeship of a Homegrown Terrorist. Mississauga, ON: Wiley, 2005.

(Website)

Internet citation for an article from an online magazine, journal, periodical, newsletter, or newspaper with author stated:

Bezlova, Antoaneta. "China to Formalize One-Child Policy." Asia Times Online. 24 May 2001. 10 Oct. 2005 <http://www.atimes.com/china/CE24Ad02.html>.

Internet citation for an article from an online magazine, journal, periodical, newsletter, or newspaper with no author stated:

"Taiwan: A Dragon Economy and the Abacus." BrookesNews.Com. 8 Dec. 2003. 10 Oct. 2005 <http://www.brookesnews.com/030812taiwan.html>.

Internet citation for an article from an online encyclopedia:

"Ho Chi Minh." Encyclopædia Britannica. 2005. Encyclopædia Britannica Premium Service. 9 Oct. 2005 <http://www.britannica.com/eb/article-9040629>.