Since each of the three assignments is dependent upon preceding one, students are required to attend and contribute during all (online) classes and labs. In this way, each student can demonstrate individual progress, and can receive assistance when needed. Accordingly, missed time will result in significantly lower grades on the mark for this marketing project evaluations.
The Marketing Plan Proposal is a brief business document that “proposes” what is planned for the marketing project. The proposal should also provide students with some directions and idea about the scope of their assessment. The Marketing Plan Proposal must be approved by the instructor or Teaching Assistant.
Course name, number, section number, semester (i.e. MRKT1001, Spring 2023, section1), Team Name, Student name and ID, Instructor’s name
It describes briefly the company (or the brand), the industry, and the product(s) to be investigated for the Marketing Plan (i.e describes briefly the good or service for the marketing plan).
NOTE: This semester the Marketing Plan Business Categories are the following:
1. Fashion and Beauty
2. Home & Kitchen
3. Garden & Outdoor
3. The Marketing Issue
It provides rationale for this Marketing Plan. This part also demonstrates the student’s motivation and interest in the topic.
Following points are important to be introduced in this section:
- What problem/opportunity is the organization facing and has to address and/or to solve
- What problem/opportunity is the product (good or service) meant to address and/or to solve
- What is the management doing, what are the decisions to capitalize on the business opportunity or to recover
4. The Geographic Area
It describes the intended geographic location the team intends to market the selected
product.
Part 2 - Marketing Plan (25%):
The Marketing Plan is a business document that “reports” on the marketing research and analysis conducted. Most important, it includes findings and makes clear and specific marketing recommendations for a business solution. The findings in the Marketing Plan and business recommendations should help management understand how to approach a specific business problem, challenge, or opportunity. The Marketing Plan must also demonstrate how the product can generate revenues and the business solution is self-sustaining.
Each team of students prepares a well-written, keyed Marketing Plan (business document) of no more than 15 pages in length (minimum 5,000 words).
Students work in teams, but only one Marketing Plan Proposal is submitted for marking.
The template for the Marketing Plan can be used to complete all sections required for the Plan. The Marketing Plan should include the following sections:
- 1. Cover Page and Table of Contents (corresponding to your subtitles)
Course name, number, section number, semester (i.e. MRKT 1001, Fall 2023, section1), Student name and ID, Instructor’s name, Business and product name
- 2. Executive Summary
It should summarize the key components of the marketing plan in a page. Begin with what the product or service is, why it is needed, and who the target market is. Then stress key points from each section of the marketing plan. The section also includes the claims or assumptions made within the marketing plan.
- 3. Business Background/Introduction
It describes briefly the company (or the brand) and the product(s) investigated in the plan. The organization’s mission, corporate values and goals are introduced.
This section also details the opportunities and challenges that the business has come across along the way. Can include any relevant historical information.
Following points are important to be discussed and reflected upon in this section
-What problem/opportunity is the organization facing and has to address and/or to solve
-What problem/opportunity is the product (good or service) meant to address and/or to solve
- 4. PESTLE - Environmental Analysis
The environmental analysis includes information about the company’s current situation with respect to the marketing environment. Include information about the competitive, economic, political, legal and regulatory, technological, and sociocultural forces. The external environmental analysis is to identify potential opportunities and threats facing the organization. Opportunities and threats that are external to the organization.
By systematically investigating factors within the external macro-environment, (data and trends), a manager can take advantage of changes, or stay away from changes in the external environment. Either way managers can formulate strategies that ‘align’ or ‘fit’ the organization with its environment.
- 5. Competitor Analysis
This analysis can suggest the competitive advantage, based on identification and understanding of the competitors in the marketplace.
- 6. Market Analysis
It is a comprehensive analysis and presentation of the target market(s) that includes market size considerations, segmentation variables and possible target markets (buyer groups), identification of the primary, secondary and tertiary target markets, and a summary of critical constrains/limitations that would restrict from moving forward with implementation of the marketing plan.
- 7. Marketing Strategy
The marketing strategy should define your target market(s) and how your marketing mix will satisfy the needs of the target market. Be sure to explain your targeting and segmenting strategies and why these are best suited for your product. For the marketing function, competitive advantage means that an organization has a marketing mix that the target market(s) sees as better than a competitors` mix. The marketing mix is tactical in nature. In other words, it is developed at the operational level and describes ‘how’ the plan will be carried out by creating strategies of action.
Following points are important to be discussed and reflected upon in this section
Identify the target market, the market positioning statement, and the marketing objectives
SWOT Analysis
The product mix
The placement mix
The promotional mix
The price structure
- 8. Financial Feasibility
A financial break-even analysis is critical to determining how long it will be before the product or product line that will be offered will turn a profit and at what price. Typically, the break-even analysis framework is applied. It is an invaluable business tool for developing the sales forecast and developing the pricing strategy.
- 9. Marketing Implementation
This section of the marketing plan should discuss plans for how to implement the marketing strategies. Include information on how the marketing department is organized. Additionally, provide a detailed timetable on how specific activities will be implemented.
10. Performance Evaluation
To ensure ongoing improvement, it`s critical to test and measure the results of the marketing activities. Formal methods of evaluation and monitoring will help to understand the effectiveness of the marketing and return on investment.
This section will include an explanation of how the company will evaluate the performance of the implemented plan. Details performance standards for relevant areas of the marketing plan and how each performance standard will be measured. Includes information on how you will measure the success of promotional efforts and price strategies. Additionally, it describes how the company will make changes if performance standards are not met.
11. Summary & Recommendations
Summary of the marketing plan with demonstration how the product can generate
revenue.
12. List of References
13. Appendixes
Part 3 - Team Presentation (10%)
Each team will prepare a structured, but brief, PowerPoint presentation of the Marketing Plan. This is a business presentation of no more than 10 to 15 minutes in length. Additional 5 minutes are allowed for taking questions from the audience, about the Marketing Plan. Students work in teams, all team members will present, only one presentation is conducted for marking (team members receive same mark).
