Throughout this course, we have explored various strategies employed by organizations to market their products or services. For our final assignment, you will be asked to use all of this knowledge to develop a marketing plan for a product or service of your choice.
develop a marketing plan for a product or service of your choice.
Evaluation:
Report 60 marks
Completion of Parts A to G below.
PART A: Introduction (2 marks)
- This is your opening sales pitch — your ‘hook.’ Introduce your product/service and your Marketing Plan in a creative and memorable way. After reading this, I should ‘want’ to read more. If I am listening to your presentation, I should be edging forward on my seat!
PART B: Company and Product Information (5 marks)
1. Company:
- Who started the company?
- What is the product or service being offered?
- Where is the company located?
- When did the company start?
- Why did the owners/founders start this company?
2. Product:
- What is the product exactly?
- How does it fit in to the company’s product mix?
- What need is the product satisfying?
- How much does the product contribute to overall sales?
- What is the product’s market share?
PART C: Product Mix (5 marks + 10 marks)
- Product Development & Packaging (5 marks)
a. Product: (3 marks)
- Describe your proposed product or service in detail.
- What does it do?
- How does it work?
- What are its features and benefits?
b. Packaging: (2 marks)
- Provide a description of the current product packaging.
- Why is it packaged the way it is — safety, eco-friendly, colour, etc.?
- What will your new packaging look like? Why have you made the changes you did?
- Branding (10 marks)
a. Image
- What is the image your product/service attempts to convey? Low cost or high end; speciality or for the masses; environmentally focused; etc.? How does it achieve this image? What image will your new product try to achieve? How will you do this? (2 marks)
b. Slogan and Logo:
- Give the current slogan and logo. Create an entirely new slogan and logo to represent your new brand image. Explain each of the elements of your work. (5 marks)
c. Song or Original Jingle:
- Is there an existing song or jingle associated with your product? Select a new song (or create your own original jingle) that represents your product. Explain the message behind your song choice (or jingle), i.e., how does it represent your product? (3 marks)
PART D: Place, Price & Promotion (10 marks + 10 marks)
1. Place:
- Where will customers purchase your product/service? Is this different from the current outlets for this product? Explain the experience you want customers to have when buying. (3 marks)
2. Price:
- What is the current retail price of the product/service? What is your proposed pricing? Why? (1 mark)
- Will there be seasonal pricing? Discounts? Might Payment Plans be helpful? Explain. (1 mark)
3. Advertising:
- What type of media are currently used? What type of media will you use? Why have you chosen these? (2 marks)
- Create two sample ads — a print ad and a video ad — to show how you will advertise the product. How do your ads support the image your brand represents? How do your ads satisfy the AIDA Formula? (10 marks)
4. Promotions & Contests:
- What will you offer/do to attract customers and create brand awareness? Give at least three distinct ideas. Be creative and explain each of your ideas. (3 marks)
Part E: Customers (10 marks)
1. Target Market (5 marks)
- Who is your target market?
- What is your target market’s psychographic profile? (beliefs, opinions, interests)
- What is your target market’s demographic profile? (age, income, gender, family life cycle, income, ethnicity, culture)
- What is your target market’s geographic profile? (where do they live — urban, rural, suburban)
2. Research (5 marks)
- Survey or talk with members of the target group about your product or service. What does the target market think about your product or service? Summarize your findings based on your research of the target group.
PART F: Competition (5 marks)
- Who is/are your main competitors?
- How are their products or services similar and how are they different from your product or service? Use a chart to illustrate your analysis.
- What makes your product better than the competition? What do you offer that is different or more in demand?
- Give 3 different positioning maps which illustrate your product’s position in the competitive marketplace. Explain your maps.
PART G: Conclusion (3 marks)
- Your report/presentation should end with a powerful and memorable final message. Highlight your product’s strengths and benefits. Emphasize the overall strengths of your marketing plan.
