Individual Project: 30% – Designing a Marketing Plan Designing a Marketing Plan The objective of this project is to provide you with experience in applying the concepts and methods of marketing to a real-world marketing opportunity in a small / medium business. The project is done individually. A comprehensive marketing plan for a new product or service of the individual choice will be selected. It will involve the following: Choose a “new” product or service in an existing product/service category for your business. You are required to do the following to complete the project:
o Create a marketing plan following the outline provided at the beginning of the class. Description of the existing situation including target market (highlighting key customer learnings), company objectives and existing competitors in the marketplace.
o Identify the customers for the specific product or service and describe these consumers in relevant ways (demographics, lifestyles, knowledge of product, etc.). Explain why the new product/service would be appropriate for your target market. This step will involve market research (one-on-one interviewing of potential users of the product or service as well as a follow-up survey of a larger sample of potential users). Evidence of market research is critical for this project. There will be a 20 percent deduction of your final grade.
o Outline a marketing strategy for the new product/service. This discussion should include a description of the product/service and its benefits, pricing and positioning strategy, advertising and promotional plans, as well as a consideration of distribution channel(s).
o Final written report (your marketing plan), which consists of your recommendations on the marketing analysis and 4Ps (marketing mix)
Your document should be a maximum of 20 typed pages of content with 12-point font(Times New Roman), and should be accompanied by a Works cited page.