Using the same company that you selected in Assignment 2, you will prepare a brief marketing plan outlining how the company will launch its new product or service line. Use the numbered headings and answer the questions associated with each heading to create your marketing plan. Make sure you apply the various marketing concepts and terminologies discussed in this course within your answers. You must also reference at least 3 credible sources within your marketing plan.
1. Marketing Overview
a. Describe the industry, market, and any trends.
b. Describe the new product or service line and the classification the product or service will fit into. Remember, the product or service line must be new to the company!
c. Which segmentation strategy best describes the target customer?
d. Describe pricing, distribution, and promotional strategies for your new product or service line.
2. Positioning and Differentiation
a. Describe 2 competitors for the new product or service line that you proposed for your selected company.
b. Identify how the company’s new product or service line will be differentiated and positioned relative to the competition.
3. Situational Analysis and Business Environment
Select 1 business analytical tool and use it to describe the business environment for the company’s new product or service line that you proposed.
4. Marketing Objectives
a. Explain how the new product or service line aligns with the company’s vision and mission statements.
b. Create 2 marketing objectives for your new product or service line. The marketing objectives should be written using the SMART goal formula.
5. Controls and Measurement
Describe 4 key performance indicators that the company should use to evaluate the performance of your marketing investment.
