developing a marketing plan for a new product for the North American Market

Marketing 2430/ 3430 – Fall 2015  – Due  Nov 25, 2015
1    Abbreviated Marketing Plan – Planning Phase
PURPOSE: To develop a marketing plan for a new product for the North American Market.  The product must be one of the following:
– a car
– a non-alcoholic beverage
– an app

You can have some fun here and invent a brand new product that would solve a problem for consumers.
Make sure your choice of product is not too complicated. Please discuss your ideas with me if you have any questions on product choice.

Assignment Objectives:
As a result of this assignment, students should learn to:
•    Understand the elements of a marketing plan
•    Be able to determine the industry size, market size and target market size of a product
•    Understand the relationship between the target market, brand positioning, and the elements in the marketing mix.
•    Be able to write a concise business report
•    Identify, understand and use market intelligence and market research information

Group sizes:
•    Please select your own group of preferably 4 students.
•    Please try to ensure your group members share similar performance standards for this project. This will help ensure all group members have the same quality expectations. Group names must be submitted by September 23, anyone not in a group will be placed in one by the instructor.  I reserve the right to place a student in existing groups.

Format:
Your report should be:
•    Persuasive and interesting – it will convince the reader of the potential for this opportunity and keep the reader’s attention.
•    Be based on facts.  Support your statements with referenced data (i.e. This is a 10 million dollar industry in BC.) APA style (Smith 2014).  Research is key for this plan.
•    Have strong conclusions and recommendations for the positioning and marketing mix that relate to the information uncovered in the situational analysis.  The report shows you have researched the topic well and have outlined the best course of action.

This report will be in a business writing style as opposed to an academic paper. You are writing the report for a busy marketing executive, potential partner or a potential investor.  A business writing style is concise with little unnecessary information.  The information is presented in a way that the information can be conveyed quickly.  This means using bullet points, graphs and charts where appropriate.   Business writing has appropriate use of whites space, clear headings and subheadings and is single spaced. You can assume the reader is familiar with marketing terms and does not need the terms defined.

There are many sources for references on writing marketing plans and on business writing style.  Following are a few suggestions for a business writing style taken from the University of Oregon. http://www.uoregon.edu/~ddusseau/101/199/style.html

•    Has a logical and smooth flow of information
•    Is professionally presented. Your project will be marked for grammar and spelling, so please ensure both are correct and that your paper is clearly organized (Please follow the Table of Contents given).
•    Uses appropriate marketing concepts and terminology, such as type of distribution intensity, AIDA, positioning.
•    Is written from the point of view of the company.

Another site you may want to review for report writing and citations:
http://cobe.boisestate.edu/files/2009/05/writingstylesv12_0.pdf

Assignment deliverables:
•    Groups can submit the first draft – or at least the situational analysis of this assignment on the scheduled date approximately half way through our semester. This “in-process” check will help you ensure you begin to work on this assignment early and to understand expectations for a successful marketing plan.
•    A well presented marketing plan that is easy to read, grammatically correct, factually based and sells the reader on the idea.
This is an abbreviated This is an abbreviated marketing plan so when finished it will be approximately 13 – 15 pages in length excluding your table of content and appendices. Make your report succinct and comprehensive. The report will be single spaced with a font size 11.
•    A report which is well researched and all references are cited.  Plagiarised work will receive a grade of 0.
•    A promotional item that exemplifies the marketing message, showing product positioning
•    Both a hard copy and electronic copy must be submitted in word, no PDF’s. Promotional item can just be a hard copy.  These will be checked with plagiarism software and kept on file for future reference.

Note on working in teams:
The marketing plan will be done in teams of t four people as determined by the students. Team members should be certain to attend all meetings and complete any assigned tasks in a thorough and timely manner.

TRU Business School students are expected to work effectively in diverse groups and teams to achieve tasks.  They must collaborate and function well in team settings as both leaders and followers.  They should respect human diversity and behave in a tolerant manner toward colleagues and peers.  The ability to collaborate in teams is a necessary skill in virtually any work environment today.  TRU understands this and provides students with rich opportunities to further develop their team work skills.

It is suggested that groups organize themselves with definitive roles and responsibilities.
Member            Role                    Responsibility
Individual “A” – Group leader                         Scheduling and project management.
Assist members with research
Individual “B” – Marketing environment researcher      Collects environmental trends & information
Individual “C” – Marketing mix researcher         Collects market and 4P’s information ,
Individual “D” – Writer & designer    Promotional item, Designs slides, amalgamates     writing & proofreads     work

As you may know, working in groups is often more difficult than working alone.  Be prepared to face the challenges of working with people (something you will do throughout your career). If you experience difficulties working with your team, you are expected to resolve them within the team.  However, please feel free to contact me for guidance if you have concerns in this area.

During the term, if a student feels their team mate(s) are not making a fair contribution, they should notify the instructor.  Those who are found not to have made a fair contribution (below 3 on evaluations) may have their grade significantly reduced possibly to a mark of zero for the project. This will be done as long as team members have notified the instructor within a reasonable time period of this lack of contribution prior to submitting the assignment.  A team member cannot be surprised with a low evaluation at the end.

Format
There are many examples of marketing plans on the web and an explanation of the marketing plan from the text at the top of Moodle

1)    Title Page: Only include course number, date, instructor, and your student names and numbers on this page.

2)     Executive Summary – 1 to 1.5 pages
The executive summary is a short and concise description of the main points of your plan.  A well written plan will make the busy reader want to read more and “sells” the idea to the stakeholder who could include corporate executives, bank managers, investors, employees or business partners.  This section is usually written last.

3)    Table of Contents – 1 page

4)    Product Description – What is the solution this product is providing? – 1/2 page
If doing an existing product highlight current target market(s) and marketing mix (pricing, product, promotion and distribution)

5)    Situation Analysis –  4 – 5 pages
•    Industry Trend Analysis and Environmental Analysis
What environmental factors and trends are happening that affect the success of this product?

Provide a clear description and a statistical analysis of your industry. How big is the industry? How big is the market? What trends are occurring that affect your product, market and industry? Why? Are sales of this type of product going up or down? Why?

What are the key environmental factors that influence your market  in regards to political, legal regulations, economic, social, demographic, cultural and technology?  Which of these factors are most relevant to your product or service?
•    Competitive Analysis
Who are you’re main competitors. What is their market share? What products and services do they offer that directly compete against yours? How do they promote/ distribute/ price these products and services? How are they positioned? How are your competitors likely to react to a new competitor?
•    SWOT analysis S/W Internal (control to change)     O/T External (no direct control)
Strengths what the product or company do well and gives them an advantage
Weaknesses – what places the company or product at a disadvantage
Opportunity – What could the company exploit to its advantage
Threat – What could cause trouble for the company
At the end of the Situational Analysis

6)    Marketing Objectives – Set two realistic market/ product objectives – ie market share, sales volume – indicate if short term or long term.

7)    Segmentation and Target Market Analysis – 1 to 1.5 page
What one key market segment will you target? Explain why you have selected it and quantify it.
For example, how many people are in this segment? Determine market size (if not in situational analysis) and target market size. What percentage will use/ buy your product or service? Give your target segment a name and develop an in-depth profile of the characteristics of the people in it, including a discussion of their consumer buying behaviour.  Ensure you reference your sources.

8)    Positioning – 1/4  to 1/2  page
Create a one sentence positioning statement.  This positioning statement develops your brand and what image you want for your product in the consumers’ mind.
– Remember create a positioning statement for your brand that separates it from competitors in the mind of your target market.  In this section clearly define your products point of difference from existing competitors and what is your competitive advantage.

9)    Marketing Mix – 3 – 4 pages
To achieve your marketing objectives, develop an in-depth marketing mix (4Ps) that shows the positioning for your product. Be sure to include any further information on your product and how you will price, promote, and distribute.  Every part of the marketing must give the same brand message.

For your distribution plan, ensure you have clearly identified at least three distribution points for your product.  Be specific if selling through a retail store, which retail stores and locations.

For your pricing, be sure to identify your pricing strategy such as competitive, premium, low cost etc. Also include a recommended retail pricing and all other pricing options available.

For Your Promotion – be specific in how you will promote your product, if at tradeshows, which trade shows, do not just say magazines but which magazines. Use social media – how and which.
How will your promotional campaign solidify your products brand.
1.    One promotional material – In addition, to the marketing plan you will produce one promotional material which is in keeping with your marketing plan and your target market.  This can be a brochure, rack card, 1 or 2 page website, or a video clip for use on your product website
10)    References/Bibliography – must be included to be marked

11)    Appendix

For Your Information:
Items missing from Marketing Plan which are usually included but are not necessary for this project.

1)  Company Description
•    Mission
•    Goals
•    Core Competency

2)  Financial Analysis
•    Marketing Budget
•    Sales Forecasts
•    Projected financial statements
o    Income statement
o    Cash flow
o    Break Even analysis
3) Human Resources and Action plan
•    Timeline and actions required to implement the plan.
•    Organizational charts and breakdown of who is within the company to accomplish the plan.
4) Evaluate Performance
•    How will the performance of the plan be measured?  Smart objectives
•    After implementation you would compare the actual performance against planned goals or objectives.  Ascertain reasons for performance gaps for both underperformance or over performance.

Evaluation and Team participation
Appendix A has an evaluation sheet on how the plan will be marked.

Appendix B is a peer evaluation. Each group member must submit to me an evaluation form of all their group members. A group mark will normally be provided for the project, but the instructor reserves the right to allocate marks on an individual basis.   Confidential team peer evaluations will be handed in with mid-point progress and final project for all the teams and team members.   This evaluation may also be used for student participation mark.  However concerns about lack of participation by a member must be reported in a reasonable time BEFORE the plan is handed in.
2    Marketing Plan Presentation
Each group will do a 15 minute presentation on their marketing plan. This presentation will highlight key points of your marketing plan to “sell” the idea to your audience.  Evaluation form is Appendix C

3    Appendix A – Marketing Plan Evaluation
Description    Marks    Marks Awarded
Format and Presentation
?    The plan is easy to read, flows well, and is concise –  little unnecessary information
?    Correct grammar, spelling, and punctuation
?    Clear organization and use of headings
?    Appearance, language, and level of formality appropriate for target audience
?    Title page, table of contents, appendixes, attractive and secure binding, and page numbers
?    Appropriate font size, margins, and length no more than 20 pages (excluding title page, TOC, and Bibliography)    25
Citation and reference list
?    External sources are fully documented and cited
?    Appropriate use of quotes    5
Content – Research and Planning
?    Complete – all major sections presented, including: research of – competitive analysis, consumer decision making; segmenting, and targeting.
?    Relevant material is presented with sufficient depth of analysis
?    Logical progression of arguments
?    Facts/examples support plan
?    Appropriate use of external sources for support
?    The plan “sold” the idea to the reader    45
Content – Positioning and Marketing Mix
?    Consistent with above research and planning and is congruent with positioning and Marketing Mix.
?    Promotional item included
?    All material is an original work, well thought out, and presented in good form
?    The marketing mix is appropriate and will “sell” to the target market (s)    25
Total out of:    100
Out of 20

4    Appendix B – Team Assessment
To be handed in with first submission and final submission.
Team Member rating     0-2    Does not meet expectations    3 – 4      Meets expectations   5 – Exceeds expectations
Team Member Name
Question    Contribution
Description    This covers the overall effort put in by an individual during the project.
Range    0-5
Score    0    no help at all – no input into discussions and did not work on the assignment
1
2
3    Occasionally added input to discussions and did minimal work on the assignment
4
5    Added input regularly to discussions and contributed fully to the assignment.
Guideline for rating team members  – Teamwork Rubric
TRAIT    Does Not Meet Expectations    Meets Expectations    Exceeds Expectations
Preparation    There is no evidence that group members have prepared well for the team exercise.    Most of  the team members seem to be well  prepared for the team exercise.    All the team members are well prepared for the team exercise.
Cooperation    Members do not listen to each other and have difficulty working together.     For the most part, listen to each other and work well together.    Group encourages all members to present ideas and builds on them.
Coordination/timing of work    There is no strong effort to develop a reasonable schedule that will allow goals to be achieved on time.
Does not hand in assigned work  in the required time frame    A reasonable schedule is developed that will allow goals to be achieved on time but there may be some gaps.
Hands in assigned work  in the required time frame    Effective schedules that will allow goals to be achieved on time are created.
Hands in assigned work  in the required time frame and assists others to complete
Team Member initiative    Group members show little individual initiative.    Group members show some individual initiative.    Group members show high levels of individual initiative.
Quality of Work    A major portion of goals/objectives are not achieved.
Group products are not acceptable in quality and reflect little creativity and effort.    Goals/objectives are accomplished.
Group products are of acceptable quality and show some creativity.    Goals/objectives are accomplished.
Group products are outstanding, both creative and high in quality.

5    Appendix C – Presentation Evaluation

PRESENTATION
Description    Marks    Marks Awarded
Delivery –
?    Easy to understand
?    Natural gestures
?    Appropriate rate and volume
?    Eye contact / appropriate use of notes (no reading!)
?    No use of fillers (um, like uh)
?    Speakers are poised and enthusiastic about the subject
?    Speech is relevant to audience, easy to follow, and engages the audience    25
Use of audio visual aids
?    Audio visual aids are used to support and enhance presentation
?    Uses the slides effectively
?    No spelling errors and easy to read
?    Appropriate amount of information on slides    15
Organization – Speakers are well prepared
?    Clear Introduction, presentation  and conclusion
?    Listener can follow the line of reasoning
?    Objectives of the presentation have been fully addressed within the allotted time    25
Quality of Analysis – demonstrate understanding of material
?    Relevant material is presented with sufficient depth and breadth
?    Arguments follow a logical progression
?    All claims are supported by examples/facts
?    Have a persuasive argument  – sold the listener on the plan     35
Total out of:    100

Comments:

Oral Presentation – Considerations
TRAIT    Does Not Meet Expectations    Meets
Expectations    Exceeds Expectations
Organization     No opening statement or irrelevant statement. Listener can follow presentation only with effort. Some arguments are not clear. No sequence of information.     Has opening statement relevant to topic, and gives outline of speech. Presentation is clear, logical, and organized. Listener can follow line of reasoning.     Has a clear opening statement that catches audience’s interest. Stays focused throughout.
Delivery    Often hard to understand what is being said. Voice is too soft, or too loud. Pace is often too quick or too slow. Use of filler words (such as umm, uh, like). Inappropriate movements (such as: fidgeting, rocking back and forth). No eye contact with members of the audience.      Can easily understand — appropriate pace and volume. No use of filler words (such as umm, uh, like). No inappropriate movements (such as: fidgeting, rocking back and forth). Eye contact with members of the audience. Use of gestures/body language (when needed).     Excellent delivery. Uses grammatically correct and appropriate language. Modulates voice, projects enthusiasm, interest, and confidence.
Use of media     Relies heavily on slides and/or notes. Slides contain too much text. Slides contain spelling and/or grammar errors.    Looks at slides (from time to time) to keep on track with presentation. Slides/notes are used as a guide (no reading). Appropriate number of slides. Slides contained no spelling and/or grammar errors.    Slides are used effortlessly to enhance speech.  Speech could be effectively delivered without them.
Synthesis / Quality of analysis     Missing or poor. No analysis of content. No synthesis of points that brought the speaker to the conclusion.     Synthesizes presentation’s main points, and draws conclusions based upon the analysis of these points.     Goes beyond “average” in delivering a content that is very well documented and persuasive. Appropriate synthesis of main points. Bottom line is clearly identified.