Purpose of Assignment
This is the fifth part of the marketing plan that you have been working in the last five weeks. We need to complete the executive overview, a discussion on the social/legal/ethical issues related to the product/service, as well as a measurement process for marketing performance.
The executive overview of the marketing plan is not a summary and conclusion, but an overview of what the plan entails and what it does not address.
The social, legal, and ethical issues that may arise with their product or service and the implications of decisions made within those frameworks are important to understand. Producing and marketing a product without regard to ethical, legal, and social considerations is detrimental to the overall success of any company.
The performance process helps us understand whether we have achieved important goals of the marketing plan. Note the metrics should be consistent with the strategic goals depicted in the executive overview.
Assignment Steps
I. Formulate a maximum 350-word executive summary including at a minimum the following elements to include in your marketing plan:
Required executive summary elements:
Strategic Objectives
Products or Services
Optional executive summary elements:
Resources Needed
Projected Outcomes
This should be at the beginning of the final draft of the marketing plan.
II. Assess in a maximum of 700 words the ethical, legal, and social issues affecting your product or service in two markets: the United States and one international market. Domestic market generally means the market where the company headquarters are located. If you choose a domestic market that is not the U.S., then your other market is required to be the U.S. marketplace. This will be added to the Target Market section of your Marketing Plan.
III. Develop a process to monitor and control marketing performance. This process could be a flowchart but a flowchart is not required (flowcharts do not count towards your word count requirement). Key performance metrics should be suggested. This will be the last chapter of the marketing plan.
IV. Integrate the previous weeks’ sections into the final draft of the marketing plan. You do not need to re-write everything. But please make sure to incorporate corrections and suggestions from the instructor’s weekly feedback. The marketing plan should be a minimum of 3,850 words and include the following:
Understanding Target Markets (Week 2)
Product Strategy and the Product Life Cycle (Week 3)
Price and Channel Strategy (Week 4)
Marketing Communication and Brand Strategy (Week 5)
Executive Summary, Legal, Social and Ethical Considerations (Week 6)
