Review individual marketing plan assignment. The major written assignment for this course is to write a marketing plan, utilizing the resources and examples of The Marketing Plan Book. Students will work on this project individually. Students will develop a hypothetical company that operates in the US and one or more foreign markets. The marketing plan needs to involve a product that has a service component to the product. As students determine whether they will offer an existing product or a new product, consider the following questions:
o Is there a current product on the market that could benefit from updating or enhancing it? o Are there market trends for which a new product will satisfy the needs and wants of prospective customers?
o Establish marketing goals and objectives.
o Additionally, you may want to ask yourself the following questions:
▪ Does the product fit with your interests? ▪ Is this a business product or a consumer product? ▪ 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 individual marketing plan will be developed in separate graded segments; Foreign Market Analysis, Market Analysis and Product Strategy, Pricing Strategy, IMC Strategy, and Marketing Channel Strategy. The requirements for each component are outline in Assessment 2, 3, 4, 5, and 6, respectively.
The presumption is made that each company is currently operating in the U.S. Students may decide to either select one or more countries for market expansion of the hypothetical company. Students need to conduct research on a country for potential expansion, identify market opportunities, and include that information in the marketing plan. See Assessment 2. • Assessment #1: Marketing Research Plan. (Due no later than 1/26)
This is not part of the individual marketing plan. Prepare a 4-5 page research plan. Read Appendix B & C in The Marketing Plan. Create a research plan to support introducing a new product (the instructor will specify the product and market area, or determine if you can select the product). In addition to stating your research objectives, the 4-5 page plan should include:
o Data sources and why used (secondary and/or primary); o Research approaches and why used (observation, focus-group, survey, behavioral data, and/or experimental research); o Research instruments and why used (questionnaires, psychological tools, mechanical devices, and/or qualitative measures); o Sampling plan (i.e., who will be surveyed, how many people will be surveyed, and how will the respondents be selected); o Contact methods and why used (mail, telephone, in person, or online). Support your recommendations with at least 2 reference sources that discuss the nature of your product, use of market research methods related to the product, or considerations in conducting research, and cite your references using APA style.
• Assessment #2. Foreign Market Analysis. (Due no later than 2/9)
This activity is part of your marketing plan. Prepare a 3-4 page report that evaluates the market environment of a foreign country (technological, economic, political, legal and regulatory, and social/cultural) and identify potential market opportunities and threats. Assess the potential effects of the...