Assignment: Marketing Plan, Part I
Instructions

Recommended placement:
Due after the following modules are completed:
1) Role of Marketing,
2) Marketing Function,
3) Segmentation and Targeting, and
4) Marketing Strategy

Student Instructions: First, go to Discussions for Week 1 and select a product from the list. Complete modules 1, 2, 4, and 6. These modules are in sessions/weeks 1 and 2. Be sure to do the reading, the quizzes and the discussions before you tackle this assignment. You will be graded on the breadth and depth of your knowledge of the course content so be sure to base your plan contents on those marketing principles. You will also be graded on your ability to apply those principles to your product. You must have research to support your statements and you must attribute your sources. Use your creativity and your critical thinking skills.

Market Segmentation and Targeting

What problem (of your customer) does your product or service solve? This can also be expressed as what wants and needs do your target customers have that your product or service satisfies?
Describe the total market for your solution: Who are potential customers? This means your product's customers and not all customers in the market.
Identify and briefly describe 3 key segments that this product serves. This measures your knowledge of and ability to apply segmentation.
Which segment does your marketing plan focus on, and why? This assesses your knowledge of targeting. Why do you believe this segment will offer growth and profit opportunities? This is very important because you are choosing your target segment that your whole plan will be built around. Give this a lot of thought. This measures your knowledge of and ability to apply targeting. Give your chosen target segment a name and refer to that name throughout your plan.
Situation and Company Analysis

The following measures your ability to understand and apply the concept of environmental impacts on your target customers and your product. Successful companies take a wide view in order to avoid strategic mistakes and to capture opportunities.

Economic Environment

Discuss factors that affect your consumers' purchasing power and spending patterns. Some thoughts to consider: What is the economic environment that you are operating in? Is it a growth, recovery or recession? What is the current interest rate i.e. is it increasing or decreasing? What is consumer confidence like?

Technical Environment

The technological environment changes rapidly. You need to make sure that you are aware of trends in your industry and other industries that could affect your business. New technologies create new markets and can influence your customers and competitors.

Industry Environment

What are the trends in your industry? Are there new entrants in the market? Has a substitute product been introduced? Are there changes in industry practices or new benchmarks to use? Are there changes in communications technologies? Are there changes in other industries to which your product is related?

Competitive Environment

Name the top competitors in your industry. What are the key selling points or competitive advantages of each one.Is there anything in your industry that your customers want or need that is not being fulfilled by you or your competitors?

Political Environment

Consider the political environment for the areas that your business will trade and operate in. Consumer activists influence legislation. Are there any such groups or issues that might affect your product or service? Some other things to consider: Is there a stable political system? Are there any licenses and regulations that you should be aware of? Do you need to win support to be able to operate?

SWOT Analysis

The SWOT is a tool for decision-makers. It is an at-a-glance job aid that includes the most important points from the above analyses.

Instruction: Construct a SWOT chart. Using bullet point structure, put in the most important strengths, weaknesses, opportunities, and threats you need to consider as you construct your marketing plan. Typically, strengths and weaknesses are things that are within the control of your company. Opportunities and threats are things that are not in the control of your company. (In other words, if your company did not exist, these things would still be true.) If it is in the SWOT, you should have presented it within your analysis above. Quantity is not important. Understanding what should be in here and what should be left out is what is important. The reader should be able to go back to your analysis for complete information. The chart looks like this:

Strengths Weaknesses

Opportunities Threats

Mission, Objectives, and Goals

This is presented as a three-step process. It demonstrates your knowledge of the marketing principle, market-orientation, and your ability to recognize market-oriented mission statements, objectives and goals. It demonstrates your ability to re-state or create new mission statements, objectives, and goals. Each of the three should be marketing oriented. Goals should be specific action items with time frames and measurements.

From your research, state the mission or business purpose: what the organization wants to achieve. If this is a market-oriented mission, you are done. If it is not, say why it is not and fix it so that it is. (Example: Disney's mission could be, "We create happiness by providing the finest in entertainment for people of all ages.)

Next, based on that market-oriented mission statement, list 2 objectives that move the organization a step closer to achieving the mission. (Example: A Disney objective could be, "To be the most popular theme park for international visitors.") The objectives should directly apply to the mission. If you meet your objectives, you should accomplish your mission.

For the last step, convert those two objectives into specific marketing goals that are easy to measure and evaluate. (Example: Our goal is to increase market share of international theme park visitors by 10% in the next two years.") This is important. These will be your marketing plan goals. Carefully craft goals that are marketing oriented. These goals need to pertain to your target segment. Be specific. Include time frames. Include the number or percentages of what will be attained. Be realistic. These should be important enough to be in the marketing plan of a company as large as yours, but also something that can be attained. If met, these goals should help you accomplish your above objectives. These 2 goals will drive the rest of your marketing plan.

This is the end of the first part of your marketing plan.

The entire plan is worth up to 46 points of the 100 points for the course. Part 1 of the plan is worth up to 18 points. Points are awarded in three sections: 1)Segmentation & Targeting, 2) Situation & company Analysis, and 3) Mission, Objectives & Goals. Each of the 3 sections are worth up to 6 points. Points categories are: Exceeds expectations, Above expectations, Meets expectations, and Does not meet expectations.

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Assignment: Marketing Plan, Part I Instructions Recommended pl...