Kujo Marketing Plan

Final Project: Marketing Principles (MK-301)

 

Preface:

We all know what the book says, so do not spend time writing a book report. Strong final projects will focus beyond just recommendations and provide detailed “how-to” to the organization leaders on what they could do that they are currently not doing. The goal is to add value to the organization by providing concrete, non-obvious, actionable suggestions. When writing the project, put yourself in the role of a marketing employee in the organization you have been assigned to. Write it like a business report – clear and concise. As this is a course in an academic business program, I am looking for evidence that you’re using the theory you are reading about and discussing and applying it in a practical manner. So use it and use the terms. Don’t waste space defining terms; we all have the book.

 

Your Assignment:

Your book contains an outline of a Marketing Plan. Other examples of Marketing Plans will be available under “Files”, “Final Project”, “Plans”. One of your key responsibilities as a product or brand manager is to draft a Marketing Plan. Typically, these documents are based on years of data and analysis and run 30 pages or more, plus exhibits. The objective of the plan is to architect a strategy to build brands (thus creating profits), and to provide a vehicle for others in the firm to have input into that strategy.

 

Given the short duration of the term and the difficulty inherent in obtaining real market data, the market plan you will draft will be i) only ten double spaced pages (approximately) plus exhibits and ii) based on data obtained from your assigned project and additional research. Nonetheless, the goal of the exercise is to offer you some valuable experience in drafting a Marketing Plan.

 

The marketing planning outline below is from your book along with a few of my own components I feel are important to consider.

 

 

The Marketing Plan

Your marketing plan will consist of five key sections (the plan should include all these sections, but there will likely be slight variations based on what is relevant to your assigned project, therefore it is critical that each team meet with me to discuss your specific project):

1.   Part 1: Business Mission & Objectives

2.   Part 2: Situation Analysis (SWOT)

3.   Part 3: Identifying Opportunities

4.   Part 4: Marketing Strategy and Programs

5.   Part 5: Evaluating Performance

There will be a sixth component added at the end; the Executive Summary. We will discuss this further as we progress through the project.

 

Part 1: Business Mission & Objectives

A well-thought-out marketing plan will contain both the foundational mission statement and supporting objectives. The purpose of the mission statement is to express the business’s overarching vision—what is its purpose and what are its goals? Objectives should outline the measurable and attainable subsets of the mission. At this stage, you are crafting this section without much interaction with the organization, therefore, it serves as a place to document your impressions and assumptions. You will come back to this section and revise as you are more familiar with the company however. This is a living document to some extent so I expect that what you submit will vary from your final paper. This section will include: company mission statement, their objectives, and a summary of your understanding of the problem / challenge at hand.

 

Why This Matters: A well-written mission statement serves individuals and businesses as a foundation for their overall business vision and strategy. When companies reorganize or go through some type of strategic planning, the mission statement provides the positive vision.  Objectives outline general steps or goals for achieving, monitoring, and outlining the mission. This process helps the business establish its “why” for starting/changing its business and provide the navigational compass for major business decisions.

 

Deadline:

M/W class: October 8 

T/R class: October 9

 

 

Part 2: Situation Analysis (SWOT)

SWOT is an acronym which stands for Strengths, Weaknesses, Opportunities, and Threats.  Companies conduct a SWOT analysis as a critical strategic step in developing a Marketing Plan.  SWOT analysis may be completed for an individual, a product or company.

 

Why This Matters: A SWOT Analysis helps individuals and businesses discover their own unique qualities and gain insight on what differentiates them from competitors.

 

Deadline:

M/W class: October 17 

T/R class: October 18

 

 

Part 3: Identifying Opportunities

Understanding the Segmentation, Targeting and Positioning (STP) approach to your marketing plan is a critical step for developing successful reaching the right buyers with the right products and ultimately, continuing to have a successful business. To help make the overall marketing process more manageable, it’s useful to divide large target markets into smaller “segmented” groups. These segmented groups allow the marketing efforts to have a more unique appeal when positioning specific products toward these segmented targets.

 

Why This Matters: The STP process helps you to identify your most suited customers for your marketing efforts and then focus on or develop products that are customized for that segment. As a result, your products and customers are uniquely matched and your marketing campaign is even more personalized to your customers’ wants and interests, ultimately creating a more successful campaign and selling more products or services.

 

Deadline:

M/W class: October 24 

T/R class: October 25

 

 

Part 4: Marketing Strategy and Programs

Customers have more access to information, reviews, competitive products than ever before. A good marketing plan frequently uses the process of reviewing some form of the four Ps—product, place, price, promotion (four Cs) to enhance the marketing mix. Considering each aspect of the four Ps will help you better define your options and ultimately make better marketing decisions. Understanding the four Ps helps business owners and entrepreneurs really speak to the right audience with the right message to solve the right problem and reach them in the right way.

 

Why This Matters: Consider an analogy of shopping for the perfect outfit for a major interview at a company that you really want to work with. Do you want to wear your own favorite outfit because you like it, or do you look for an outfit that captures the company’s values and style and also expresses your strong points? Your best customers are looking for that “outfit” (product) to express their values and style in a unique way. You owe it your customers to design the outfit that truly fits them in your special style.

 

Many experts define marketing as the activities involved in creating an exchange. Specifically, the process of building relationships is what determines whether that buyers/client will trust you, your company and your product enough to find value from interacting with you. Understanding how each component of the four Ps will inform you on the best method for developing and improving the relationship you have with your current and future clients.

 

Deadline:

M/W class: October 31 

T/R class: November 1

 

 

Part 5: Evaluating Performance

One aspect of the overall marketing plan that is frequently overlooked or minimized is the evaluation. Without that piece it is difficult to determine how successful the campaign has been. Knowing the R.O.I. on a campaign helps businesses make more fiscally informed decisions on where to put their marketing efforts.

 

Why This Matters: When companies spend money on marketing campaigns, it may be viewed as non-essential funds – or even sometimes frivolous spending. Setting up performance metrics allows the marketing team to monitor and evaluate the outcomes of the marketing plan. It’s also important to be able to measure what’s really happening with the marketing plan to know when/if to make modifications as well as determine future spending in each of the measured areas. With budgets becoming increasingly tight, it is imperative to use metrics that demonstrate the benefits, or return on the investments of marketing dollars.

 

Deadline:

M/W class: November 7 

T/R class: November 8

 

 

Part 6: Executive Summary

One aspect of the overall marketing plan that is frequently overlooked or minimized is the evaluation. Without that piece it is difficult to determine how successful the campaign has been. Knowing the R.O.I. on a campaign helps businesses make more fiscally informed decisions on where to put their marketing efforts.

 

Why This Matters: When companies spend money on marketing campaigns, it may be viewed as non-essential funds – or even sometimes frivolous spending. Setting up performance metrics allows the marketing team to monitor and evaluate the outcomes of the marketing plan. It’s also important to be able to measure what’s really happening with the marketing plan to know when/if to make modifications as well as determine future spending in each of the measured areas. With budgets becoming increasingly tight, it is imperative to use metrics that demonstrate the benefits, or return on the investments of marketing dollars.

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