341 Marketing Plan Guidelines

341 Marketing Plan Guidelines - The Marketing Plan BusM 341...

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The Marketing Plan BusM 341 - Professor Huff Introduction One of the objectives of this course is to assist students in applying marketing theory to everyday challenges faced by marketers. Throughout this semester, your team will develop a marketing plan for a product (or service) of your choice given the following guidelines: The product should not be a successful, national product in a mature or growing market. This would limit learning. Instead, the product should fall be: A discontinued product or an existing product that is in decline or struggling. A new product (i.e., not yet launched or launched less than a year ago). Model updates do not count (e.g., iPhone 4 is an update of the iPhone). A local product; some students prefer to do a real plan for someone local who will give them insights and data that may aid them in their analysis. The offering must be real and feasible (e.g., no hover-boards requiring anti-gravity or green cars running on cold-fusion). I caution against using a business idea that has not yet been started or vetted. Don’t use not-for-profit organizations unless they are actually selling something. Don’t choose fund-raisers or other single events. Teams must submit a marketing plan and present that plan at the end of the semester. Before delivering the final plan, you will be able to hand in drafts of the individual sections of the plan (i.e., milestone reports) for feedback. These are an opportunity to correct at early stages some conceptual mistakes or weakness in your work. Then, you should include all corrections made to previous reports in the final plan you submit. A good marketing plan clearly communicates a recommendation and gains support for it. It should describe key objectives and the resulting strategies and tactics. A marketing plan is a recommendation, not a review of the facts, not a venue for brainstorming or idea generation, and not a reference document containing everything you know about the business. Don’t include all of your analysis. Only include the facts, data, and analyses that will help you gain support for your recommendation (note that this necessarily includes the risks and weaknesses associated with your recommendations to show that your recommendations account for these issues). The textbook contains a sample marketing plan in Appendix 1. While the format of the plan does not follow exactly the structure I outline below, it is a good resource to study as you create your own marketing plan.
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Milestone Report 1: Background and Problem Overview The objective of this report is to provide an insightful, concise analysis of the current marketing situation and convince me that you understand what the problem or opportunity is. In particular, cover the following issues: Company Description Declares your chosen product, service, or brand and briefly describes relevant background information about it and the company or organization that is offering it. A brief history of the
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