Specifically, your marketing plan should contain an in-depth analysis that addresses the following critical elements:
Product Idea and Mission Statement – Formulate an idea for a new product or service to be offered by an existing company. Show how your
product is aligned with your chosen company’s mission statement.
A. Overview – Give an overall description of your chosen business and proposed product/service, specifically defining the marketing
environment, the intended target markets, and the benefits sought by potential customers.
B. Mission Statement – Analyze the mission statement of your chosen business. Does the company’s mission statement focus on the
market or markets that your new product is attempting to serve? Is it broad enough to adequately describe the company focus
and core values? Is it too broad? Does it encompass minute details?
II. SWOT Analysis – The SWOT analysis, sometimes referred to as a situational analysis, identifies an organization’s internal strengths and
weaknesses, as well as external opportunities and threats. For your company, perform a SWOT analysis, detailing the elements below:
A. Internal – Determine the internal components (strengths and weaknesses) of the marketing environment. Make sure to consider
production costs, marketing skills, financial resources, company or brand image, employee capabilities, and available
technologies.
B. External – Determine the external components (opportunities and threats) through an environmental scan. Make sure to consider
political, economic, social, and technological events, as well as trends and expectations.
III. Marketing Objectives – Before the specific details of a marketing plan can be developed, objectives for the plan must be stated. Without
objectives, there is no basis for measuring the success of your marketing plan activities. Marketing objectives are statements of what is to
be accomplished through marketing activities.
A. For your company, formulate at least five marketing objectives related to the new product/service that are realistic, measurable,
time specific and comparable to a benchmark.
B. Discuss the objectives as they relate to commercial, legal, and cultural aspects of a global business environment.
IV. Marketing Strategy – The marketing strategy involves all of the activities of selecting and describing one or more target market segments
and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.
A. For your new product, recommend a detailed marketing strategy that describes your target market. Possible variables include
demographics, psychographics, geographies, and behavioral segments. You may also choose to describe the market in terms of
anticipated growth, revenue opportunities, past performance, etc. The strategy needs to be measurable, sustainable, accessible,
and reachable. Describe your rationale for selecting the target market(s). Why are these markets attractive from a marketing
standpoint?
B. Provide a detailed description of the marketing mix, including product, place (distribution), promotion, and pricing strategies.
C. Does the recommended marketing strategy specifically relate to the company’s strategic focus, culture, and current business
processes? Discuss how each component is addressed.