Business Plan of a Product – any product

Business Plan of a Product – any product

Order Detail:

A Marketing Plan for a product (not a service or idea) is required for
this class. Below you will find the approved outline for this project.
In the Learning Modules, the link for Marketing Plan also has other
resources to assist you.

1. Executive Summary

The Executive Summary “sells” the marketing plan to readers through
its clarity and brevity. The summary should present a description of
the product/service, its target market, and its need within the
market. The summary should also provide an overview of the main points
of the plan and should emphasize an action orientation.

2. Company Description

The company description should highlight the recent history and
successes of the company or organization.

3. Environmental Analysis (includes 6 parts)

Economic Analysis: The economic analysis section should provide the
backdrop for a more detailed analysis of the economic situation of the
region the company operates in. The emphasis should be on the business
cycle of the industry. An in-depth analysis will give both internal
and external readers of the plan confidence in the company’s ability
to understand its own industry.

Political Analysis: Provide the analysis of political forces that
affect your decision making process.

Legal and Regulatory Analysis: You company’s management should be
aware of all the federal and local regulations that form a framework
for your company’s operations.

Competitor Analysis: An effective analysis of the competition should
demonstrate that the company has a realistic understanding of its
major competitors and their marketing strategies. As in with the
industry analysis, a realistic assessment makes readers feel confident
that the marketing actions in the plan are well grounded.

Technological Analysis: The technological analysis provides details of
a company’s use of new technologies that will enable it to achieve its
marketing goals.

Socio-Cultural Analysis: A thorough social and cultural analysis
answers the question: “Who are our customers?” Understanding your
customers, trends in social development and what your target markets
want is critical in satisfying them and providing genuine value.

4. SWOT Analysis

The SWOT analysis is an effective short-hand summary of the
environmental analysis. The acronym is used to describe an
organization’s internal strengths and weaknesses and its external
opportunities and threats. This analysis provides a solid foundation
as a springboard to identify subsequent actions in the marketing plan.
The SWOT analysis can be effectively presented in a tabular format
(bulleted list).

An analysis to identify internal strengths and weaknesses usually
includes the following areas in an organization: management experience
level, management style, size; product uniqueness, quality, price;
quality and experience of workforce; sales revenues; quality and
dependability of suppliers; plans for continual product improvement, R
& D budget.

An analysis to identify external opportunities and threats usually
includes the following factors: size and stability of market; number
and size of competitors; the effect of technology on any facet of the
business; current and projected economic situation of market; the
effect of legal and regulatory factors on any facet of the business.

5. Marketing Objectives

Setting marketing objectives and identifying target market segments
significantly increases the chance that a product will be successful.
The objectives and goals should be stated in measurable terms so that
they can be measured during the program implementation and control
phases of the marketing plan.

6. Marketing Strategy (Target Markets and Marketing Mix)

Target Markets

Since an organization cannot satisfy the needs of all consumers, it
must concentrate its marketing efforts on the needs of specific niches
or target markets. In describing the target markets, consider why a
particular target market was selected and how the product or service
meets the needs of the target market.

Marketing Mix

Everything that has gone before in the marketing plan sets the stage
for the marketing mix actions—the 4 Ps—-covered in the marketing
plan. Product, price, promotion, and place (distribution) strategies
are all detailed in the Marketing Strategy section of the plan.

Product: Three layers of a product (Core Product – basic product
platform, Actual Product – features, brand name, packaging, etc., and
Augmented Product – service, warranty, etc.)

Price: List price, discounts, allowances, credit terms, payment period.

Promotion: Advertising, personal selling, sales promotion, public
relations, net relations.

Place: Outlets, channels, coverage, transportation.

7. Implementation Plan

The implementation plan shows how a company will turn plans into
results. To implement a marketing program successfully, hundreds of
detailed decisions are often required. These marketing tactics are
detailed operational decisions essential to the overall success of
marketing strategies. Unlike marketing strategies, marketing tactics
involve actions that must be taken immediately.

For each strategy describe what has to be performed to carry it out.
For example, if the plan calls for adding television advertising,
implementation might involve contacting an ad agency and arranging a
meeting, agreeing on objectives, targeting audiences, and scheduling a
flight of advertisements. If the plan calls for increasing the price,
a break-even schedule of alternative prices might be performed.

8. Evaluation and Control

The purpose of the control phase of the strategic marketing process is
to keep the marketing program moving in the direction set for it. In
the control phase, the marketing manager compares the results of the
marketing program with the goals in the written plans to identify
deviations. The marketing manager then acts on the deviations to
correct the negative and exploit the positive ones.

9. References (Works Cited)

In this section you need to provide a list of your sources of information.

10. Appendixes

Enclose any tables, graphs, pictures of your product, samples of your
print ads, TV and/or radio commercials, etc. that illustrate and
support your ideas.

Pre-Written Pages: 2

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