BBUS 3430 Abbreviated Marketing

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BBUS 3430 Abbreviated Marketing Plan

Abbreviated Marketing Plan

This project requires the preparation of an abbreviated marketing plan for a new product for a new or existing company to launch.

A product can be a physical good, a service, a new retail location, an event (concert) or a new travel destination, for example. When considering your product please ensure you can identify and find research information for the situational and market analysis.

You can have some fun here and invent a brand new product that would solve a problem for consumers.

Make sure your choice is not too complicated product and is part of a category where market research or industry information is available. Please discuss your ideas with me if you have any questions.

Assignment Objectives:

As a result of this assignment, students should learn to:

• Understand the elements of a marketing plan

• Be able to determine the industry size, market size and target market size of a product

• Understand the relationship between the target market, brand positioning, and the elements in the marketing mix.

• Be able to write a concise business report

• Identify, understand and use market intelligence and market research information

1) Title Page: Only include course number, date, instructor, and your student names and numbers on this page.

2) Executive Summary – 1/2 page to 1 page

The executive summary is a short and concise description of the main points of your plan. A well written plan will make the busy reader want to read more and “sells” the idea to the stakeholder who could include corporate executives, bank managers, investors, employees or business partners. This section is usually written last.

3) Table of Contents – 1 page

4) Product Description – What is the solution this product is providing? – 1/2 page

5) Situation Analysis – 5 pages

• Industry Trend Analysis

Provide a clear description and a statistical analysis of your industry. How big is the market? What trends are occurring that affect your industry? Why? Are sales going up or down? Why?

• Environmental Analysis

What are the key environmental factors that influence your market (political and legal regulations, economic, social and demographic, cultural, technology)? Which of these factors are most relevant to your product or service?

• Competitive Analysis

Who are you’re the main competitors. Who are your major competitors? What is their market share? What products and services do they offer that directly compete against yours? How do they promote/ distribute/ price these products and services? How are they positioned? How are your competitors likely to react to a new competitor?

6) Marketing Objectives – At least two objectives – indicate if short term or long term.

7) Segmentation and Target Market Analysis – 1.5 page

What one key market segment will you target? Explain why you have selected it and quantify it.

For example, how many people are in this segment? Determine market size and target market size. What percentage will use/ buy your product or service? Give your target segment a name and develop an in-depth profile of the characteristics of the people in it, including a discussion of their consumer buying behaviour. Ensure you reference your sources.

8) Positioning and Marketing Mix – 3 – 4 pages

Clearly define your products point of difference from existing competitors. Create a positioning statement for your brand that separates it from competitors in the mind of your target market.

To achieve your marketing objectives, develop an in-depth marketing mix (4Ps) and positioning for your product or service. Be sure to include a clear description of your service/ product, how you will price, promote, and distribute.