MKT301 Principles Of Marketing

MKT301

Marketing Plan Guidebook

I. Introduction

Your marketing plan is the major project for the class and represents the largest part of your grade. Do well on this and you will probably do well in the class. Use this guide to plan your project and as a check list for what you submit for grading. Included in this guide you will find examples of what is expected for each component. While your project will benefit from following them, feel free to add your own ideas and expand on what we have provided you.

The primary objective for this project is for you to learn some practical and applied marketing. The principles covered in the class, and the project, can be used for many majors and careers other than marketing.

IMPORTANT NOTE ABOUT BEING REALISTIC:

As part of the objective noted above, it is important that you keep in mind that this project is to simulate the launch of a new firm or non-profit. Therefore, you are starting with very little in the way of resources or assets. It is very important that you be realistic about what your new firm has accomplished, what resources you have and the available budget. This is NOT to be a fantasy about a make believe company! Thus, statements such as these are not allowed:

“My firm has been endorsed by <insert celebrity name>

“Our product has won <insert award name>

“We have been named the leading product in our class”

ALL of these are false for your new company. However, all of them are things that you might aspire to and can include in your planning.

If your instructor sees statements such as these in your assignments s/he is required to deduct points for the assignment.

We understand that this project looks daunting and very time consuming. It is not, providing that you follow this guide, the examples and stay current. Other than quizzes, exams and the weekly discussions this is the majority of the course work.

Be sure that you retain a copy of your plan for your portfolio to use in interviews and future classes, especially for marketing majors.

II. Product Selection

You will be given the option of selecting one of six options for your marketing plan product or service. You will find those options in the PowerPoint in Module 1. Notice that we have provided you only a very general description of the product or service. You are allowed to select a name and to provide the details of your product. So, imagination is allowed and encouraged. Make the project your own! However, please make note of the guidelines in the selection PowerPoint.

III. The Process

For those of you who are experienced students, you know that the common approach to class projects is for you to procrastinate and then work like crazy on the project the day before its due. We are not going to do that. You don’t learn much and the project quality invariably suffers. Instead, we are going to do this the way you eat an elephant – in little bites with some breaks.

For each of the five components, you will submit a draft on the due date. The instructor will provide you with some verbal feedback in D2L and a verbal evaluation of 1-10. A lower score means you have some work to do, while a higher score means you may need nothing but a few minor corrections. If, and how, you make those corrections is up to you based on what you want your final grade to be.

The drafts DO NOT count towards your final grade. They are for feedback ONLY.

You should not expect detailed feedback – it may be as brief as referring you back to the requirements and this document. Grammar and spelling corrections are at the discretion of the instructor, but note that they will count for the final grade. You are expected to be able to write and spell at a college level at this point in your degree.

HINT: Have a study buddy proof your documents and consider an online helper such as Grammerly.com.

Your grade will be determined by the final product you submit, which is described below.

IV. General Requirements:

General:

• Collegiate level writing is expected
• You should make the corrections suggested by your instructor
• Well organized and professionally formatted
• NO spelling, grammar or punctuation errors
• Submitted as ONE Word document to D2L (Be sure you use the Chalk and Wire folder)

Plan Checklist:

• Cover page
• Flyleaf (optional) - just a place for art, pictures, images – not required, but nice
• Table of Contents
• Executive Summary (should also serve as your Introduction)
• Description Feature and Benefit Chart o Includes feature and benefit chart o Includes 4-5 SMART objectives
• SWOT with action plan
• Supply Chain Plan
• Segmentation
• IMC - these will vary somewhat depending on your specific plan, but this is typical: o A creative brief for each distinct part of your plan
• Examples of content

V. Modules Warning

NOTE: Never attempt any of the assignments for the marketing plan until you have completed the related module. Grading will assume that you have, and can apply, the information and skills contained in each module.

For many of the assignments there are additional materials in the related module. You CANNOT be successful in these assignments without reading the materials. They are brief and will provide you considerable help in successfully completing the assignments.

VI. Content for Written Plan:

There are two major deliverables for the plan:

The Written Plan

The written plan consisting of the five components that you will do throughout the course as follows:

M1: Product selection (not graded, but you are not allowed to submit any components until you make and post your selection.

M3: Product description with feature and benefit chart

M4: SWOT with action plan

M5: Segmentation

M6: Supply chain plan

M7: IMC with examples and creative briefs

M7: Narrated presentation

The Presentation

A narrated presentation to the class not to exceed eight (8) minutes in length. You should assume that you are presenting your plan to a potential investor or lender – a professional business audience (think TV’s Shark Tank).

Keys to a successful presentation:

• Professionally prepared slides
• Presentation skills count – enunciation and correct pronunciation is important
• Avoid background noise
• Do not read the slides - tell your story
• Be prepared for the discussion in Module 8 – your classmates will provide feedback on your presentation

Your slides should follow this format and sequence:

• Cover slide which includes your name and project
• You may have optional slide(s) with pictures or relevant images
• Product description with FAB – 2-3 slides
• Separate slide for your SMART objectives
• SWOT - 4 slides (one each factor)
• Segmentation – 3 slides (one each segment)
• IMC – will vary, but commonly 3-5 slides
• Closing
• Reference list - you are required to keep a list of all sources other than the course materials (text, module content, this guide) used to develop your plan. Include these as your final slide.

VII. Component Requirements and Examples

About the examples:

The examples are just that, examples. If you follow these closely you will typically do well. However, the examples cannot fit all products and services. You will probably need to alter some of the content to fit your product, service or non-profit. Use the examples as a guide, not a straight jacket.

Note that the examples are NOT for the same product. We have provided you with a variety of products and styles so you can see how other students have completed the assignments. The examples all come from student projects.

Product description with feature and benefit analysis

This section of your marketing plan has THREE parts, both of which are required.

Part One - Product Description

Describe your product or service concisely, but specifically, in no more than three (3) double spaced pages and written in formal business style. The most important requirement for this assignment is that after reading it your instructor has a clear understanding of your product/service/non-profit, what it does for the consumer and how it works or functions.

This is NOT a sales pitch. Do not use this section to promote or advertise your product. Product descriptions which do so will be penalized in grading. Rather, this is a factual and objective description of your product. Some information you typically include:

• The name of your product
• What it does
• How it works (functionality).
• What it looks like
• Key design elements
• What makes it special or unique

Note: for services you should adapt the above list to fit an intangible product. Your concentration will be what services you provide for your customers.

Example:

Product Description with Feature and Benefit Analysis

NOTE: This example is for a dog training device called Invisible Leash. Your description and FAB chart may vary depending on your product or service. Note the formatting and double spacing.

Problem

The active dog owner has a number of options when selecting a dog training or containment system that best fits their needs. Do they want a physical leash? Are they concerned about harming the dog? Is the product as mobile as they are? Dog owners want the comfort of knowing that wherever they are, they can still have control of their dog.

They want to jog at the park and take their “best friend” on trips with them. To this end, we believe that although the many invisible fences available fulfill a niche on the market, research suggests that our product is better equipped for a mobile, active person.

Team Dog Collar recognizes that our product will not replace the traditional leash.

Therefore, we will focus our promotion on people with active lifestyles, early adopters and

“techies”. Since we are a providing a unique product in a broad market, direct competition is limited. “Invisible Leash” will, however, be up against higher end pet products that compete for the consumer’s pet related discretionary dollars.

The specifications of The Invisible Leash, such as weight, quality, and ease of use are of prime importance to our customers. Our customers are active people and want a small, sleek, quality device that will fit into their active lifestyle.

The Invisible Leash will be of top quality, in workmanship and choice of materials. The product will not be limited due to the nature of the building materials. Product quality control will be implemented from the initial design of the product to production. The Invisible Leash will have a product warranty on all parts and labor.

Product Functionality and Design

The product consists of two components. The human element is a phone-sized unit that functions as the control and the pet attachment is an electronic collar similar to those employed by existing pet management products.

The control unit offers settings that allow the owner to set the “roaming distance” and the desired reinforcement, either a sound or, for more stubborn breeds, a mild electric shock. The control unit can also be set for an audible tone or vibration. When the pet strays more than the proscribed distance the unit signals the collar, executing the reinforcement and alerting the owner.

Both units are available in a number of colors and sizes to fit any breed and compliment the owner’s personal style. We also offer a smart phone app that tracks the use of the unit, how far the dog has traveled in a day and other functionality that might be typically expected in an app. It is compatible with most major platforms, including many tablets.

Invisible Leash is, of course, a product both newly designed and new to the consumer. Consequently, there are limited current issues of any significance with regard to product performance, customer satisfaction, market presence, or warranty concerns.

Team Dog Collar has completed the design of Invisible Leash and is in the process of securing patents for both the design of the overall product and for the EPROM that contains the firmware used in the core functionality. Additionally, the product name has been Trademarked and the tag line “The Only Thing Visible About Invisible Leash… Are

The Results” has been copyrighted.

The core competency of the company and its staff is sales, marketing, and product innovation. Consequently, most other functions have been contracted to third party providers. Manufacturing will be outsourced to a Mexican firm, Matamoras Electronic Manufacturing, who has significant experience in small item consumer electronics. The firm has a good reputation for quality and there is substantial American investment and oversight. MEM is also equipped to package the product on sight.

Part Two - Features and Benefits

You will find an in-depth introduction to features and benefits in Module Three. You MUST read this before attempting this assignment.

Using a chart, similar to the one in the example below, list no less than FIVE features of your product with at least TWO customer benefits for EACH of the features.

Feature and Benefit example

Part Three: SMART Objectives

You can find a detailed description and instructional content on SMART objectives in Module 2.

You are required to create no less than four (4) SMART Objectives for your product or service.

1. Grow sales by our Website and current retailers by 20% in calendar 2018
2. Add 200 new members to our loyalty club by November of 2018
3. Hold our first annual dog rescue fundraiser in November 2018 with no less than 500 attendees
4. Launch Doggie Birthday promotional campaign in February 2018 (free snacks for people and dogs)
5. Conduct awareness surveys in January 2018 And December 2018 to measure marketing effectiveness

SWOT Analysis

You will find an extensive introduction to SWOT in Module Three and an example below. There are also extensive resources available online, including videos in YouTube.

Your SWOT should contain no less than five factors in each of the four categories. If you cannot identify 5-6 legitimate factors for each category you may not have given your product or service adequate consideration and thought.

You will also create a SWOT action plan.

SWOT Action plan

The concept behind a SWOT Action Plan is that, as business managers, we like to get things done! Our job is to fix problems and capitalize on opportunities. SWOT is a very useful tool for analyzing our business and the business environment (see Module 2 for more on this). However, the best analysis is useless without action to apply the information. The SWOT action plan does just that. It apples the information you uncovered in your analysis.

You will select ONE item from each of the four categories and write a very brief action planned based on the following:

Strength: What will you do to take advantage of this strength? How will you make the most of it?

Weakness: What will you do to minimize the negative impact on your business?

Opportunity: Much like a strength, how will you capitalize on this opportunity? How can you use it to generate revenue, build you brand or improve your competitive position

Threat: How will you avoid this threat or minimize its impact on the business?

You will find an example of what is expected for your Action Plan below.

SWOT Example

NOTE: You have the option to vary your layout, format, use of color and other stylistic devices. This is ONLY an example, however the use of chart of some type is required.

SWOT ANALYSIS: LEO TREK

Leo Trek is a student owned and operated business located near Saint Leo University. The firm provides small van transportation on Thursday through Sunday to high demand locations in Hillsborough and Pasco counties, such as Wiregrass, The Grove Shopping Center, downtown Dade City and Ybor City. The firm aims to reduce student driving, thus providing a safer campus, while generating revenue and creating student employment.

Action Items:

As a result of this SWOT analysis, The Leo Trek team has identified four areas requiring particular attention.

A key Strength is the positive perception this service will have among Saint Leo parents.

Driving is always a concern for parents, especially during “party time weekends” and we believe that they will be willing to pay a reasonable fee to our firm to relieve that anxiety.

A Weakness of particular concern is the firm’s liability. This is inherent in any firm providing transportation, and of particular concern given the youth of our drivers. We plan to minimize this Weakness with driver screening, regular training and insurance.

We believe an important growth Opportunity is student perception of the service. If we can properly promote the service as being convenient, safe and “cool” we can leverage the natural buzz found on any campus and expand our ridership.

The Threat that most concerns the Leo Trek team is lack of scheduling flexibility. While our vans will run regular schedules, allowing students to plan their trips, we lack the spontaneity of being able to go “where you want, when you want”. This will be hard to minimize as the vans can only travel so often, however we believe we can offset the inconvenience with advertising emphasizing safety and fun.

Segmentation

We will spend a week in class discussing segmentation. For this component you will be required to identify and define the market segments you will target in your plan. It is vital to your success in this assignment that you complete Module Four, including all the activities and the Elder Care Scenario.

You must have a minimum of TWO segments for your project.

Your analysis should include:

1. A narrative description of each of the segments. You are required to give each a name.

For example, if I were segmenting older consumers for a pet product I might have "Empty Nesters" or "Little Old Lady Cat Lovers". This narrative is usually a one paragraph summary of the segment’s profile.

2. How you are segmenting the groups (demographics, psychographic, geographic or other criteria) including the characteristics of your target segments. Be VERY specific and use no less than four demographic and four psychographic variables for each of your segments.

You may use any combination of text, charts and graphs you wish to accomplish parts 1 and 2. However, be sure that it is clear what, and who, comprise your segments.

NOTE: Segmentation is discussed extensively in Module 4. Do NOT attempt this assignment until you have completed all of Module 4.

Segmentation example

NOTE: This example is written for a product called Staycation.com. It is an online vacation planner for consumers taking their vacations at home. This is a common phenomenon in the current economy.

You are required to have TWO segments. This example has four. The chart is only an example – you may set yours up differently.

Childless Couples (Young Adventurers)

The Young Adventurers group is comprised of young adult couples who are mostly just starting out on their own. Young couples are typically known to have financial hardships (even without children) for various reasons. These reasons might include young people being typically employed in entry-level positions with corresponding salaries. On top of this, some may have bills and debt from various sources such as vehicles and student loans. They may neither possess the finances nor the large amounts of vacation time from their jobs to take a conventional vacation.

Demographics for Young Adventurers

Psychographics for Young Adventurers

Entertainment and socially oriented (restaurants, bars, clubs and activities and important)

Money Conscious (on a budget)

Adventure Seeking

Tree-Huggers (Environmentally conscious)

Single Parents (Jugglers)

Jugglers have it pretty rough. They have to balance the time between caring for their loved ones and providing for them. Throughout the year, Jugglers do not have a lot of time to bond with their children because they are essentially doing the work of two parents, even though there is only one of them. At the end of the day, Jugglers can be wound to the limit. Taking the time to connect with members of a Juggler family can be of great benefit when it comes to avoiding dysfunction. Familial bonding creates memories that show that there is more to life than the programmed rat-race existence that the Juggler family members may be used to.

Psychographics for Jugglers

Money Conscious (On a budget)

Overworked (Need to take time to decompress)

Family oriented

Children are their primary concern

Dual Parents (Tag-teamers)

Tag-teamers do not have it quite as bad as Jugglers, but that doesn’t necessarily mean they have it easy. Some families may have started out young. That means the kind of work available for the young parents may often be blue-collar jobs (mid-level-paying jobs that do not require a college degree or any specialized training). In other families, only one of the parents may be employed, in which case the other parent also becomes one more mouth to feed in the family. While juggling the time between caring for their children and providing for them is not as big an issue in most Tag-teamer households, it is still important for family members to socialize and have fun together, especially while children are young.

Demographics for Tag-teamers

Psychographics for Tag-teamers

Family oriented

Money Conscious (On a Budget)

Overworked (Need to take time to decompress)

Strong sense of responsibility

Children are a priority

Close ties to grandparents and other extended family

Older Couples (Empty-Nesters)

Of all the target couples, Empty-Nesters probably enjoy the most freedom. This group is composed of older adults who either never had children, or no longer have children under their care. Given the proper financial resources, Empty-Nesters can pick up and leave just about any time they like. The only thing that stands in between Empty-Nesters and a

good time is money. A lot of times, getting the kids out of the house frees up all kinds of finances. However, there are other cases when people really have to milk the budget. They may have personal financial situations. They might be living off of pension funds, or due to an inability to work, relying on Social Security, disability, or some other form of supplemental income.

Demographics for Empty-Nesters

Psychographics for Empty-Nesters

Money Conscious (On a Budget)

Adventure Seeking

Lots of free time

SUMMARY CHART

Supply Chain

Begin by reading the do first activity in Module 5 and the material immediately below. You should also review the supply chain PowerPoint in Module 5. Although Wikipedia should be used cautiously, in this case their SCM article may be helpful.

Supply Chain Management

The global economy, advanced planning techniques, and technology have changed what we once called “logistics” into the science of SCM. SCM is managing both the upstream (where a firm finds materials and supplies) and the downstream (where it sells and/or ships products) “chain” of suppliers, sellers and partners. Some firms, such as Wal-Mart owe much of their success to SCM and logistics. Wal-Mart is considered a world leader in managing their supply chain using advanced logistics and IT systems.

A major change in SCM is the emergence of “third-party logistics suppliers” aka “3PL” firms. The most widely known of these is UPS, whose new tagline is “what can Brown do for you” focuses not on delivering packages, but on SCM.

Product Adaptation

How about a KFC Shrimp Burger?

Truly global firms find that they must adapt the products they sell to meet local market conditions, which may include legal, cultural or physical requirements. This often requires developing new products or components to meet local needs. Product adaptation is changing the physical product, creating a new product or changing other parts of the marketing mix to meet local needs and requirements.

• Changing the name of the product is often not enough, in many cases the product itself needs to be modified. Some examples:
• McDonald’s has burgers in India – but no beef. It’s consumption is taboo. Instead, you’ll find tofu or chicken.
• Wal-Mart sells live fish, turtles and frogs in their China stores – not as pets but for dinner tables.
• American appliance manufacturers had to adjust the size of their home machines – many urban European kitchens were too small for our large appliances.

Assignment requirements:

You will follow a format similar to the “do first” assignment at the beginning of Module 5. Make sure that you have completed that exercise before attempting this component of the marketing plan.

There are TWO parts to this component.

Part One:

In about 2-3 paragraphs provide a high level view of your supply chain. Consider what you will need to successfully take your product to market and where you might encounter breaks or obstacles in the chain.

You should also address the issue of what type of suppliers you might need and where they are located. What issues do you anticipate? Do not forget to consider political, trade and social issues. If you need a steady supply of coffee or chocolate, will you buy only Fair Trade? Are there child labor issues? Import restrictions?

Part Two:

You will create Word chart with three columns:

Up stream

Mid-stream

Down stream

If you are not familiar with these terms, visit the activity in Module 5.

For each of the columns, identify 4-5 items that you will need for a complete supply chain. Bullets are fine, but make sure that you are clear.

In the last row, list your typical end user. Are you direct to consumer or are you selling to a retailer or wholesaler? In some cases, you may have an entirely different end user.

Your chart will look similar to this:

Integrated marketing communication

This is the culmination of your marketing plan and will carry more weight in the grading. In this section you will detail the advertising and promotional activities you will use in your project.

You have many options regarding what IMC plans you create for your project and should select those that best fit your product/service/non-profit. You should also select those that interest you personally or professionally.

You are required to complete TWO advertising or promotional IMC items for your product or service.

DO NOT ATTEMPT THIS UNTIL YOU HAVE COMPLETED MODULE 7! THE GRADING WILL ASSUME YOU HAVE THE KNOWLEDGE AND

INFORMATION FROM THE MODULE AND ELDER CARE SCENARIO.

There are two parts to your IMC assignment.

First, you will complete a creative brief for each of your activities. There is an example below.

Second, you will create an example or mock-up of your activity. You will find some examples in Module Seven. These examples will not cover all the options you might select for your IMC activities. They will, however, give you some ideas regarding what is expected of you. Generally, everything you need to do can be created in PowerPoint or similar applications.

BE SURE THAT IF YOU USE ANY GRAPHIC PROGRAM OTHER THAN MS OFFICE YOU SUBMIT YOUR EXAMPLES OR MOCKUPS AS PDFs SO YOUR INSTRUCTOR CAN VIEW THEM.

Note that you are not expected to be a graphic artist or Website designer. Nor are you expected to create an entire social media campaign. You ARE expected to demonstrate that you have a basic understanding of the IMC activities you have selected.

Some IMC Options:

Here are just some of the options you have for an IMC activity. Select any TWO of these or add ideas of your own. You may use any one option ONCE. You must select two different activities. NO “flyers” allowed. Flyers are not marketing, they are wat you use to announce the school dance. These are ONLY suggestions – feel free to use your imagination.

Magazine print ad

Radio ad

TV commercial

Social media

YouTube ad

Guerilla campaign

Direct mail

Direct email

Press release

Outdoor ad (billboard, bus ad, car wrap)

Coupons

Trade show or event

Web site (create your landing page)

Regardless of which options you select, you will be required to complete a Creative Brief using a format similar to the one below.

Creative briefs:

Creative briefs are used as a standard template to communicate between those involved in a marketing communication project. This might be between an ad agency and their client or between marketing staff members and their director. The exact information and the template will vary from organization to organization, but the one below is fairly common.

In our class, you will use the brief to describe the IMC portion of your marketing plan. These will be included in your final written project and your presentation.

Your brief will not include the middle column.

The example below is for Puppy Palace, an upscale dog daycare faculty (yes, there are such things).

Examples or mock-ups

See the PowerPoint in Module 7 for examples.

VI. References

Any references you used other than the course materials and the text (you DO NOT need to include those as I assume you will use them).

References

Aaker, D.A. (1996). Measuring brand equity across products and markets. California Management Review, 38(3). 102-120.

Bacdayan, P. (2002). The public business school in economic development: Preferences of chamber of commerce leaders. Journal of Education for Business, 78(1), 5-10. Retrieved from

http://search.proquest.com.ezproxy.saintleo.edu/docview/202820425?accountid=4 870

Chapleo, C. (2010). What defines "successful" university brands? The International Journal of Public Sector Management, 23(2), 169-183.

doi:10.1108/09513551011022519