17 Sep Develop a 5-page marketing plan based on research promotion, pricing, distribution, advertising, and product mix. Introduction Completion of this portfolio work project will help you
- Develop a 5-page marketing plan based on research promotion, pricing, distribution, advertising, and product mix.
Introduction
Completion of this portfolio work project will help you understand the key components of a marketing plan.
Scenario
The Vice President of Marketing at MSH Brands (or at your employer or future employer company) has asked you to participate as a member of a marketing management team for the pet food group (or for their product line) for the company. MSH Brands is one of five companies competing in the pet food market. Your membership on the team will require you to make decisions regarding promotion, pricing, distribution, advertising, and product mix.
Your Role
You are a Brand Manager at MSH Brands. You are being asked to develop a marketing plan for a new pet food product (or new product or line extension at your employer or future employer.)
Requirements
You are to develop a marketing plan including the following elements based on your research promotion, pricing, distribution, advertising, and product mix. Include the following in your marketing plan:
- Business context. Describe the new product to be featured. What are the features and benefits? What is the company reason for bringing this to market? What are the corporate objectives for it?
- Situation analysis. How will this new product complement the existing product portfolio or product line? Who is the target market? Who are the competitors?
- Marketing strategy. What is the overall marketing strategy to support the achievement of the corporate objectives? What is the product positioning statement?
- Marketing mix. What is the promotional strategy to support the achievement of the corporate objectives? What is the pricing strategy to support the achievement of the corporate objectives? What is the distribution strategy to support the achievement of the corporate objectives? What is the advertising strategy to support the achievement of the corporate objectives?
- Effectiveness. How will you measure the effectiveness of this marketing plan?
- Deliverable Format
Requirements:
- Marketing plan is 5 pages (in addition to the title, reference, and appendix pages). Use the Marketing Plan Template [DOC] as a resource.
- The marketing plan is a professional document and should therefore follow the corresponding MBA Academic and Professional Document Guidelines (located in MBA Program Resources), including single-spaced paragraphs.
- In addition, include the following in your marketing plan:
- Title page.
- References page. Use at least three scholarly resources.
- APA-formatted references.
- Evaluation
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria: - Competency 1: Apply marketing theories and models to develop marketing strategies.
- Articulate the context of the business.
- Competency 2: Evaluate the effectiveness of marketing strategies and methods.
- Evaluate the effectiveness of marketing strategies.
- Competency 3: Use data to support evidence-based marketing decisions.
- Evaluate the situation including the product portfolio, target market, and competitive environment of the business.
- Evaluate the marketing mix for a product.
- Competency 4: Analyze the role of technology and social media in effective marketing strategies.
- Analyze the expected effectiveness of the marketing plan.
- Competency 5: Communicate marketing needs, opportunities, and strategies with multiple stakeholders.
- Write coherently to support a central idea with correct grammar, usage, and mechanics as expected of a business professional.
- ePortfolio
This portfolio work project demonstrates your competency in applying knowledge and skills required of a MBA learner in the workplace. Save this activity to your ePortfolio for future reference in the workplace.
How to Use this Marketing Plan Template
There are many different ways to write a marketing plan and lots and lots of online resources to help you do so. As such, there is not one single “right way” to write the plan.
This marketing plan template is intended to provide a framework for you as you prepare your marketing plan in MBA5012. As mentioned above, there are many ways to write the plan. However, the elements of this template align with the scoring guide, so it is recommended that you use this template.
To use the template, read the information that is in [brackets]. This information tells you what you need to address within each section of the marketing plan. After you have completed the required information, delete the [brackets], delete this page, and submit your completed marketing plan.
Marketing Plan
[Team Name]
[Team Members]
[Date Prepared]
(title page)
Executive Summary
[The Executive Summary is a condensed and concise summary of your entire marketing plan. The Executive Summary is the first section of your marketing plan and should provide the key points of each section of the marketing plan. The Executive Summary is generally the last section you write, because until the rest of the plan is finalized, you really do not know what the contents of this section will be. Another way to think about the Executive Summary is that this might be the only section of the plan that is actually read by your intended audience—so it needs to be strong and compelling. Here’s a resource that might help form your thinking about the Executive Summary:
· Leonard, K. (n.d.). How to write an executive summary on a marketing plan . Retrieved from http://smallbusiness.chron.com/write-executive-summary-marketing-plan-43199.html]
(a paragraph on a separate page)
Business Context
Describe the new product to be featured. What are the features and benefits? What is the company reason for bringing this to market? What are the corporate objectives for it?
( ¾ of a page)
Situation Analysis
How will this new product complement the existing product portfolio or product line? Who is the target market? Who are the competitors?
[The Situation Analysis describes the current state of affairs in terms of the environment of your marketing activities. The Situation Analysis should address your products, sales, competitors, the marketplace for your products, et cetera. You will generally include a SWOT analysis, PESTLE analysis, and other analyses, as appropriate, to frame the current context of your market. Here are some resources that might help you develop your Situation Analysis:
· English, D. (n.d.). Key elements of a marketing plan situation analysis . Retrieved from http://smallbusiness.chron.com/key-elements-marketing-plan-situation-analysis-65457.html
· Lorette, K. (n.d.). A situational analysis of a strategic marketing plan . Retrieved from http://smallbusiness.chron.com/situational-analysis-strategic-marketing-plan-1474.html
· Schieltz, M. (n.d.). How will a situational analysis help create the SWOT analysis? Retrieved from http://smallbusiness.chron.com/situational-analysis-create-swot-analysis-13204.html ]
(2 pages)
Marketing Strategy
What is the overall marketing strategy to support the achievement of the corporate objectives? What is the product positioning statement?
[In this section of your marketing plan, you should describe the overall marketing strategy for your product. This discussion should include a description of your competitive positioning and other factors relevant to your overall marketing approach. Among the factors you should consider in this section are your overall strategy (for example, cost leadership, differentiation) and other higher-level considerations about how you plan to be successful in the marketplace.]
( ¾ of a page)
Marketing Tactics
What is the promotional strategy to support the achievement of the corporate objectives?
What is the pricing strategy to support the achievement of the corporate objectives?
What is the distribution strategy to support the achievement of the corporate objectives?
What is the advertising strategy to support the achievement of the corporate objectives?
[Marketing tactics are the specific approaches you will take to implement your marketing strategy. Consider, for example, pricing, channels, communications, and specific things you will do to make your product successful in the marketplace.]
( 1.5 pages)
Effectiveness
How will you measure the effectiveness of this marketing plan?
[No marketing plan is complete without identified controls to determine the effectiveness of the marketing tactics. This section will generally include metrics such as the following:
· Increase sales by 15% by Period 6.
· Increase salesforce by 10% by Period 4.
The general approach to marketing controls is that the controls need to be specific and measurable. As you move from your draft marketing plan to your final marketing plan, you will develop a much better grasp of the controls that are important for measuring the effectiveness of your marketing plan. Remember, your final marketing plan will be developed as you hand off your brand to the new brand management team. As such, you need to be as specific as possible in providing appropriate metrics—that have worked for you—to guide future management of the brand.]
( 1 page)
Summary
[The summary should include a 3–4 paragraph summary of the plan that highlights the key point of the plan. While a summary is general backward-looking, you should also include some forward-looking statements that are compelling and supportive of the future success of the product.]
( ¾ of a page)
There should be at least 7 full pages of content, plus the title page, Table of Content, references, and appendices.
References (subheading not bolded)
Include at least 3 references, formatting per APA
(on a separate page)
If you follow these APA key examples you will be in good shape.
Published Book
Knowles, M. (1975). Self-directed learning: A guide for learners and teachers. New York, NY: Association Press.
Szostek, L., Szostek, J., & Graves, L. (2011). Essentials of finance (5th ed.). Sudbury, MA: Jones & Bartlett Learning.
Chapter in an Edited Book
Nakata, C., & Antalis, E. P. (2018). In L. C. Leonidou, C. S. Katsikeas, S. Samiee, & B. Aykol (Eds.), Advances in global marketing: A research antholology (pp. 147–168). Cham, Switzerland: Spring International Publishing.
Chapter in an e-book:
Author, A. (date). Title of chapter. In E. Editor (Ed.), Title of book (pp. xx–xx). Retrieved from http://xxxxxxxxx
Author, A. (date). Title of chapter. In E. Editor (Ed.), Title of book (pp. xx–xx). doi:xxxxxxxxxx
Journal Article
Kotter, J. P. (2007). Leading change: Why transformation efforts fail. Harvard Business Review, 85(1), 96–103.
85(1) is volume 85 issue 1
Szostek, L. (2012). Applying performance methodology to reducing medication errors in healthcare settings. Journal of Six Sigma, 23(2), 215-267. doi:10.23456.abcd/x
Szostek, L. (2012). Applying performance methodology to reducing medication errors in healthcare settings. Journal of Six Sigma, 23(2), 215-267. Retrieved from http://jss.html
There are two DOI formats, as per the APA 6th edition manual and additional supplement. These are: doi:10.1999/12345 and http://dx.doi.org/10.1999/12345
Newspaper Article
Elder, K. (2017, December 19). At least we still agree on one thing: Bacon makes everything better. The Washington Post, p. A12.
Online Magazine or Newspaper Article, including articles on websites
Grossman, L. (2009, June 17). Iran protests: Twitter, the medium of the movement. Time. Retrieved from http://www.time.com/time/world/article/0,8599,1905125,00.html
Online Government Report
U.S. Department of Commerce, U.S. Department of Education, NetDay. (2005, August). Visions 2020.2: Student views on transforming education and training through advanced technologies. Retrieved from http://www.technology.gov/reports/2005/Visions2020-2.pdf
Government or Corporate Websites
American Hospital Association. (2013). American Hospital Association guide to the health care field. Retrieved from http://AHA.org/hcfield1234.html
· If there is no author, the article title comes first.
· If there is no date, use the abbreviation n.d.
Websites
Author, A. (date). Title of document [Format description]. Retrieved from http://xxxxxxxxx
Format description example: Blog post.
Video
Author, A. A. [Screen name]. (year, month day). Title of video [Video file]. Retrieved from http://xxxxxxxxx
Video file example: YouTube.
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