MarketingFinalGroupProjec

MarketingFinalGroupProjec - ADV112 and Marketing...

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Unformatted text preview: ADV112 and Marketing Essentials Final Group Project Assignment Description: Imagine if you will… You’re driving your car along the highway not far from your home. You see an older man on the side of the road, struggling to get the flat tire off of his Jaguar (his car, not his wild animal). You stop to help him. As you work to get him back on the road and driving, he strikes up a friendly conversation with you and you find that he lives just a couple miles from you and frequents the same coffee shop. Your assistance is successful, you both get back on the road, and the day passes on by. Then, over the next few months, you run into your new acquaintance at the coffee shop. He’s a kind, friendly guy, so you often stop to talk for a bit with him. You come to realize that this older man is a wealthy, retired business man. One day, as you’re having one of those café chats with your new friend, you mention that you’re in school and planning to eventually and hopefully have a successful career. He expresses very genuine interest and after talking about it a while, he encourages you to go into business for yourself. In fact, he’s so interested that says he’s willing to invest money in you to help you start your business. All he requires from you is that you prepare a business outline and marketing plan that will give him a very good idea of how you intend to start and grow the business. How will you market your business and products or services? How will you make money for yourself and for him? You decide to go for it and agree to provide him with the plan. Rejoicing all the way home, you quickly call together your friends and soon ­to ­be business partners, and put together an outline covering the series of steps you will take for your business. The stage is set. Your task is to complete, with your group, a basic business outline and a marketing plan for your business. There will be two parts for this assignment, including a written report and a group presentation. Each is worth a maximum of 50. You will work closely with your group to succeed (or not). Everyone in each group will receive the same grade as their fellow group members for both parts. Exceptions will only be made when all other group members assert that a single group member is not contributing. Total points possible will be 100. Helpful hints about how to work with your group: • See yourselves as colleagues in a job. Assume your instructor is your boss. He or she doesn’t want to manage you and your group, so do your best to work together successfully without putting the responsibility back on your boss (or prospective investor). • Communicate regularly and frequently. • Share all your work with your group members and make sure everything is reviewed both your peers before you turn it in to the instructor. • Clarify roles and the process you’ll use to work together early. • Put yourself in the position of a prospective investor. Ask yourself, “Does this business plan provide me with enough of the right kind of information that I’d want to invest my own money in this business?” Be ready with financial info including the initial investment needed, how much your investor will get back and when they’ll get it back. Now, here’s what you’ll need to do with your group to create your business outline and marketing plan… 1 STEP 1: DUE WEEK 9 Choose an industry in which to start a business (see the list of pre ­approved industries below, or seek instructor approval for the business of your choice). What kind of business will you begin? Then, Develop a thorough survey of the _____________ industry as it exists today to determine the scope of offerings that are typical and to gain knowledge of the alleged competition. DELIVERABLE: Document with: 1) Industry Research – Including how you researched your industry, the resources you’ve used for that research, and what you learned. 2) Industry Analysis – based upon your research, what have you learned about the industry that is relevant for your business? What will you do as part of your business, based upon the findings from your research? Use your research to make a compelling case for your investor and show how you know the industry is ripe with potential for you. STEP 2: DUE WEEK 9 Interview consumers who use the products/services to determine the possibilities and opportunities supporting (or conversely, not supporting) your opening a new business in this industry. DELIVERABLE: Document with: 1) Your survey(s); 2) Survey responses (What did your survey participants tell you?); 3) Your findings (What you’ve learned from your surveys and responses) 4) Your survey analysis (What do your findings mean for your business? Do they support your business case?) STEP 3: DUE WEEK 10 Conduct a strategy session with your team to determine the entire scope of your new business. What products and services will you offer your customers? Consider the 4Ps AND include a socially or environmentally responsible component. Define your value proposition. DELIVERABLE: Document with: 1) A summary of your business and what you offer; 2) Where you’ll be located; 3) How large or small you are; 4) What you feel your competitive advantage is; 5) Your value proposition (the collective set of values/benefits you’re promising customers) 6) Anything else you think you should share with your prospective investor that might help compel them to invest in your company. STEP 4: DUE WEEK 10 Conduct a thorough investigation into the micro and macro environments for you new business. DELIVERABLE: Summary report with your research findings and analysis. Makes sense of the info you learned from your research. STEP 5: DUE WEEK 11 Complete a SWOT analysis as an exercise in strengthening your value proposition. DELIVERABLE: A complete and thorough SWOT analysis. STEP 6: DUE WEEK 11 Create a name, purpose, and set of values for your organization. 2 DELIVERABLE: Submit in the document with your SWOT analysis: 1. An updated version of your business summary 2. Your company’s mission statement STEP 7: DUE WEEK 12 Identify company goals and objectives. Consider long term (5 to 10 years) and/or short term goals (1 ­2 years), depending upon what you think will make your business proposition most compelling for your prospective investor. Tip: It’s probably best to have one or more goals representing both the long and short term. DELIVERABLE: Document listing (and clearly labeling): 1. a minimum of 3 goals for your organization 2. a minimum of 2 objectives for each goal STEP 8: DUE WEEK 12 Segment your markets in order to determine who your target audiences will be. Then, clearly define your target markets and how you plan to reach and communicate with them. DELIVERABLE: Document with segmentation and market targeting information and analysis. STEP 9: DUE WEEK 13 Build your initial marketing plan. DELIVERABLE: Marketing plan including: 1. Describe your product(s) or service(s) in detail; 2. Where will you make the products/services available to customers. 3. How will you price your offerings? Which pricing strategies will use you to launch the product? 4. Describe in detail how you plan to promote your business and products/services. What are your key messages? Who is your target market? Which forms of media will you use? Be thorough. STEP 10: DUE WEEK 13 Develop your implementation timeline. Look back at all you’ve put together and outline when you’ll be carrying each item out. What are the highlights of those things you’ll be doing between the time you receive your investment money and the point at which you plan to pay him the return you promise. DELIVERABLE: Document with a timeline (as described above). STEP 11: FINAL GROUP PROJECT PLAN AND PRESENTATION DUE – Bringing it all together FINAL DELIVERABLES DUE WEEK 14: 1) Submit your final business outline and marketing plan. 2) Formally present your business and marketing plan to your prospective investor(s). Pre ­approved options for your business (if you select another business, please consult your professor for approval first): • Arcade or Public Gaming Center • Clothing store • Art supplies store or other student store • Art gallery • Vacation town souvenir and gifts shop • Pet shop • Niche sports shop (surf, bike, skate, etc.) • Restaurant / Café / Coffee shop • Photography services / studio • Toys / Hobby store 3 ...
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