In this Work Product Assessment, you will create a comprehensive marketing strategy to enhance the performance of products and/or services throughout their life cycles. ***PLEASE USE RUBRIC WHILE WORKING ON ASSESSMENT***
This marketing plan is to be based on a product of your choice sold by a company of interest to you. This might be a company in which you work or a publicly-held company whose mission statement, marketing objectives, and financial objectives can be accessed.
Part I: Executive Summary
Summarize the most important aspects of the proposed plan including a description of the product or service and how it is differentiated in the marketplace. Also, be sure to state what the target market looks like as well as the sales potential for the plan and , if possible, the return on the marketing investment (ROI).
Note: Although this will comprise the first part of your Work Product, you should write the Executive Summary after completing all other parts of the Assessment.
Part II: External Assessment
This part is comprised of several components. Before completing each component, describe the general situational context you have chosen for this Work Product (e.g., Company X is in its second year of operation in the mechanical industry, providing solutions in x, y, and z). Key elements to mention about the company are the “what” and “how.” Part 2 should include the following:
- Describe the market for the product you are working with.
- Provide an estimation of market size for years one, two, and three.
SWOT or PESTE Analysis
- In tabular form with narrative, describe the product’s strengths, weaknesses, opportunities, and threats (SWOT). If appropriate, explain any political, economic, social, technological, or environmental (PESTE) risks associated with the product.
Competition Using Porter’s Five Competitive Forces Model
- Who will you compete with and why? Describe the risks of competing with other brands using Porter’s model.
- Using Porter’s model, analyze the attractiveness and risk of at least one non-domestic market (of your choice).
Part III: Creating the Marketing Strategy
The marketing strategy should include the following:
Mission, Marketing Objectives, and Financial Objectives
Describe the company’s mission, marketing objectives, and financial objectives.
- Detail market demographics and other relevant information.
- Provide detail on how the product will be differentiated in the minds of prospective purchases/customers.
- Product Strategy
- If you are creating a new product or significantly modifying an existing one, indicate whether your product is competing with others within the company. For existing products, summarize the current product offering.
- Promotional Strategy
- Explain the use of traditional and digital marketing tactics.
- Pricing strategy
- What is price?
- How does it compare to competition?
- Distribution Strategy
- How is the product/service to be distributed?
- Explain the rationale for the strategy.
- Considering a changing marketplace driven by technology, describe the implications of altering one marketing mix variable on the entire strategy (e.g., move from traditional bricks and mortar to online retailing) including competitive response, customer base, marketing mix considerations, and core competencies of the firm.
Part IV: Financial Assessment
Summarize the company’s budget, schedule and monitoring in a spreadsheet, and include comments.
- Include a breakdown by product, segment, and region, if applicable.
- Include a breakdown by partner, segment, and region, if applicable.
Marketing Expenditures Alignment With Strategy and Tactics
- List strategy/tactics along with related expenditures. Explain the return on investment for marketing expenditures.
- Create a “Cost of Goods” estimate and determine the revenue required for break even.
Part V: Build Key Performance Indicators (KPIs)
What measures will you use to determine the progress and success of the Plan? Explain why each is important.
Establish a Timeline (Including milestones integrated with the KPIs)
- Create a set of at least four KPIs and a 12-month timeline.
Post Sale Customer Feedback
- Describe customer feedback mechanism to assure satisfaction and the minimization of product performance issues.
Create a Performance Dashboard
- Using a spreadsheet, provide a Performance Dashboard comprised of the timeline and the KPIs.
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