Marketing Plan

Individually you will create a Marketing Plan for a business idea, product or service of your choice. You are creating this new business or product. You may not use an existing one currently sold in the market place. You can improve upon a current product but you most show how this is different than what is currently being sold.

You will focus on identifying a target market (consumer or business) whose needs are not currently being met, not being met satisfactorily or even recognized. You should also think about competitive offerings, and how your offering will be communicated and delivered.

Follow the sample marketing plan outline below when completing your project. Make sure you title the sections.

Sample Marketing Plan
1. Executive Summary
2. Company & Product or Service Description
3. Identifying the mission/vision and core competencies of your company should help in creating your new product.
4. Goals: marketing goals for the business, product or service. Make sure goals are measurable.
5. Situation Analysis (factors affecting both your company/product/service) – This is an external environmental analysis and you should include at least 3 different factors with good detail. You will also discuss current competitors in the marketplace (do not say you do not have any competitors – every product/service does. It may not be a direct competitor but if consumers don’t buy your product/service what would they buy (or not buy))
6. SWOT analysis for your business/product/service
7. Segmentation factors (at least 2 different categories) leading to defining the Target market.
8. Positioning Plan –what position will the product take in the marketplace?
9. Marketing mix plan in good detail:
1. Product
2. Price
3. Place
4. Promotion
10. Implementation Plan (for your new product)
11. Evaluation and Control (for your new product)

Supporting information you may want to include (may be integrated within text or included as appendices): mock-ups of packaging/product, advertising, promotions, any helpful tables, charts, graphs, etc. You do not have to include all of these things – only what you feel is important to your plan.