Unit II Essay Marketing Plan: Part I
Throughout this course, you will compile a comprehensive marketing plan using one of the product/service scenarios listed below. (Note: You will use the same scenario throughout the course.) This scenario will be the basis of your start-up company and will be the catalyst for the three parts of the marketing plan that you will compose in Units II (Part I), IV (Part II), and VII (Part III). The company that you choose to submit a marketing plan for is a fictional start-up company (not an existing company). Scenarios for your start-up company are explained below. (Note that these descriptions are basic, and you will need to be creative and develop the business idea/model for your selected scenario.)
Scenario #1 Travel Supreme is a start-up travel organization with the mission of assisting customers with travel planning. While today's customers enjoy developing their vacations themselves, Travel Supreme believes there are travel services that are still in demand. Initial research needs to develop what types of travel services are in demand by this target market.
Scenario #2 IT to Seniors is a start-up company interested in ensuring a positive experience for seniors (65 and older) with respect to the use of technological gadgets, software, the Internet, and/or any additional aspects of technology. Initial research will provide an idea of the business model that would be in most demand for this target market.
Scenario #3 Galaxy Restaurant is a start-up restaurant developed with the idea of providing the customer with a unique dining experience. This could extend from the product offering, service offering, atmosphere, or a host of other unique experiences. Initial research will provide an idea of what this unique dining experience would look like.
Scenario #4 Women on the Go is a startup company targeted at women who need assistance with the selection and purchasing of their clothing/accessories. This service is aimed at the more affluent customer who simply does not have the time and/or knowledge to dress to the business or social setting that they are expected to fulfill. Initial research will provide insight into the types of services that this particular target market would be interested in.
Remember to choose one of the aforementioned scenarios to use for the entire course. Submissions will be completed in Units II, IV, VI, and VII and, together, will comprise a full marketing plan.
This unit's submission should consist of the items listed below.
Include an introduction/overview of the company. This section of the marketing plan should introduce the company and business model along with a brief description of the products/services.
Discuss market research strategies. This section of the marketing plan should discuss the research strategies that will be used by your company to understand the target market(s), industry, competition, and/or any other aspects of the company that will provide valuable insight into profitable operations.
Describe the macro environment through a political, economic, social, and technological (PEST) analysis. In this section, you will compile a PEST analysis of your company. You will analyze how the changes in the macro environment as described in the PEST will impact the company and, specifically, the marketing decisions. The format of the submission should be in essay format using subheadings. Use APA format. Additionally, you need to include a minimum of five sources, three of which must be peer-reviewed, academic sources that are no more than 5 years old. The submission should be a minimum of three pages length (not counting the title and reference pages). Information about accessing the grading rubric for this assignment is providedbelow.
Marketing Plan: Part II
Throughout this course, you will compile a comprehensive marketing plan using one of the product/service scenarios listed in the Unit II assignment. (Note: You will use the same scenario throughout the course.) This scenario will be the basis of your start-up company and will be the catalyst for the subsequent marketing plan that you will compile. The company that you choose to submit a marketing plan for is a fictional start-up company (not an existing company).
This unit's submission should consist of the items listed below.
Provide a segmentation and target market analysis. In this section of the marketing plan, you should identify the four criteria useful in segmenting the market, and apply them to your company.Explain how identifying the target market is more clearly defined once a marketer has conducted segmentation on the population. Explain several target markets for your company using detailed explanations.
Include a competitive and industry analysis. This section of the marketing plan should identify three or four competitors of your company. These can be direct or indirect competitors. (Note: Not all companies have competitors.) Differentiate each competitor based upon multiple criteria. Additionally, conduct an industry analysis by looking at the health of the industry in which your company resides. Identify whether the industry has grown or shrunk in the last 5-10 years. Explain why understanding the competitors and the health of the industry are important elements of the marketing plan.
Provide a SWOT (strengths, weaknesses, opportunities, and threats) analysis. In this section, you will compile a SWOT analysis of your company. The internal strengths and weaknesses as well as the external opportunities and threats need to be identified and explained (include at least 2-3 elements under each area of the SWOT). The value proposition will be demonstrated through a strong showing in the strengths section of the SWOT analysis. Reference the SWOT analysis explanation in the Unit I Lesson for additional insight on how to compile this analysis. The format of the submission should be in essay format using subheadings. Use APA format. Additionally, you need to include a minimum of five sources, three of which must be peer-reviewed, academic sources that are no more than 5 years old. The submission should be a minimum of three pages in length (not counting the title and reference pages). Information about accessing the grading rubric for this assignment is provided below
Marketing Plan: Part III
Throughout this course, you have been compiling a comprehensive marketing plan using one of the product/service scenarios listed in the Unit II assignment. (Note: You should have been using the same scenario for Parts I-III.)
This unit's submission should consist of the items listed below. 1.
Product
a. This section of the marketing plan should include a description of the products and services offered to the consumer. Remember that this product section should also identify services, warranties, and installation features. Additionally, brand, logo, and other identifying characteristics should be discussed in this section as they encompass part of the product offering.
b. Examine whether your company has a competitive advantage relative to its product offering (i.e., only address the product here).
Place
This section of the marketing plan should explain the entire distribution channel (see Unit VII Lesson). As a reminder, this is the flow of the product from the manufacturer or creator of the product/service to the final consumer (the entire process-not just the retailer at the end of the process). Describe a physical facility associated with your company. This can be a unique manufacturing or distribution center, retailer, or even a merchandising technique. The idea here is to describe what it looks like to the consumer and the value that this atmosphere brings to the buying experience. Examine whether your company has a competitive advantage relative to its place offering (i.e., only address place or distribution here).
Price
This section of the marketing plan should describe the pricing strategies used by your company. Include theoretical aspects of pricing (see Unit VII Lesson) in your discussion here. Examine whether your company has a competitive advantage relative to its pricing strategies (i.e., only address pricing here).
Promotion
This section of the marketing plan should address the promotional methods used by your company. This should not only include social media/Internet marketing but also traditional marketing and advertising used (e.g., personal selling, advertising, sales promotion, publicity). Examine whether your company has a competitive advantage relative to its promotional strategies (i.e., only address promotion here). The format of the submission should be in essay format using subheadings. Use APA format. Additionally, you need to include a minimum of five sources, three of which must be peer-reviewed, academic sources that are no more than 5 years old. The submission should be a minimum of three pages in length (not counting the title and reference pages). Information about accessing the grading rubric for this assignment is provided below.