Term Paper/Marketing Plan
The major written assignment for this course is to write a marketing plan. Students can work on this project individually, or on teams of no more than three (3) people. Students will develop a hypothetical company that operates in the US. The marketing plan needs to involve a product or a service. As students determine whether they will offer an existing product or a new product, consider the following questions:
Is there a current product on the market that could benefit from updating or enhancing it?
Are there market trends for which a new product will satisfy the needs and wants of prospective customers?
Does it have market potential and is this market profitable? Is there a high likelihood for its success?
Is it unique? What competitive advantages will this product have over existing products on the market?
Is it feasible? How practical will it be to sell and distribute the product to the market?
Initially each student will need to choose a company name, write a brief strategic mission statement (Focus and the purpose of the hypothetical company), and decide on possible countries for market expansion and methods of market entry.
The presumption is made that each company is currently operating in the U.S.
MARKETING MANAGEMENT
MBA 503 – SUMMER 2020
SAMPLE MARKETING PLAN OUTLINE
1. Executive Summary
Answer “who,” “what,” “when,” “where,” and “how” with respect to marketing objectives and strategies; forecasts; marketing and product finances; etc. The Executive Summary should be done last, after all marketing plan analysis and details have been completed.
2. Industry Analyses
This is an overview of the industry and key insights into competitors, suppliers, the regulatory environment, customers and the company’s place within the industry.
SWOT Analysis: Detail the strengths, weaknesses, opportunities and threats in industry. For more on completing a basic or expanded SWOT analysis, see:
Porter’s 5 Forces analysis: Analyze the dynamics between and activities of current and future competitors; your own company; substitutes for the products your company markets; the industry suppliers; and customers.
3. Products and Corresponding Target Markets
Here, describe your products and your target customers for each. For each product or brand, include:
Target market demographics such as income levels; interests; activities; living environments; other geographic descriptions; psychological mindsets; political affiliations; family situations; age ranges; tastes; etc.
Industry or societal trends that affect your customers.
Your target customers’ needs and wants, and corresponding benefits received from products.
4. Marketing Strategy
Include overall marketing objectives and mission statement in this section, and for each product address:
The product’s positioning relative to competitors and in the eyes of target customers.
The general strategies you will use to reach objectives and fulfill the mission statement.
The product’s marketing mix, including specific marketing programs. Address all of the “four P’s”:
The products themselves and any related changes, improvements, and issues.
Pricing strategies for each product.
Distribution channels (the various ways each product reaches customers and consumers).
Promotional activities, including public relations, Internet marketing and advertising, offline advertising, viral programs and other marketing programs you will be executing.
5. Measurements
Build success metrics into each marketing program, including intermediate measures, and how you will use them to monitor progress and adjust execution when applicable.
6. Forecasts and Financial Analyses
Explain the size of your target markets, market shares and growth projections by month. Also include financial analyses:
Pro-forma profit and loss statements (P&L’s), which detail:
units and dollar forecasts
cost of goods
marketing budgets
fixed overhead and variable expense projections
other expenses
profit margins
Breakeven analysis, showing units and dollars needed to make a profit for each marketing program (or new or changed product).
“What-if” scenarios (sensitivity analyses) showing what happens if forecasts and profit margins are lower or higher than expected.
Contingency Plans to respond to “What if” scenarios
