Select a new product idea for your current employer or for a company that you know well to develop parts of a marketing plan for it.
Section 1: Customer Analysis/Market Potential
a. Customers: What underlying needs are you trying to satisfy? What benefits do customers seek? What cultural, social, and personal factors are likely to most influence consumer behavior and attitudes about your product/service? b. Define the potential market for this product in terms of profits and sales and briefly describe how you arrive at these numbers.
Section 2: Segmentation Analysis a. Target markets: What segmentation alternatives exist? What variables should your firm use to segment the market. Choose an appropriate segmentation scheme and profile each segment. Which segment(s) will you choose to target and why? Are there any trends / changes in these needs that you especially need to consider? b. Should your firm pursue a full market coverage, market specialization, product specialization, selective segmentation, or single segment concentration and why?
Section 3: Competitor/SWOT Analysis a. Competitors: Who do you see as your primary competitor(s)? What do you expect them to do and how do you defend against those moves? b. Examine the strengths, weaknesses, opportunities and threats your firm faces.
Section 4: Marketing Strategy/Tactics For your selected firm, what are the: a. Product strategies: Brand name, branding strategy, packaging, etc b. Pricing strategies: What are your costs? (Production, promotion, employees, etc)? What price will you charge (Show first how this is affordable for the consumers)? c. Promotion strategies: Describe how you will market to your consumers; Have one creative piece done as a demonstration of how you will market (Ex: an outline of a print ad or TV clip, a scenario of what your sales person will say, a description of how your event will play out, etc.) d. Distribution strategies: How will you distribute your product in this market? Who helps you create and deliver value? How do you motivate them to help you achieve your goals?
