Marketing Plan Project The marketing term project is designed to provide you with experience in analyzing a specific industry (Organic Goods Industry), researching the country’s cultural trend toward organic products, and developing a marketing plan for a specific product. YOU DEVELOP YOUR OWN PRODUCT – (organic coffee, tea, cookies, chocolate, fruit, pet food, baby food, beauty product, energy drink, t-shirt, wine, etc.) NO MEAT PRODUCTS PLEASE! Your own product has to be a consumer tangible product (NOT a service or an idea). It must also be for a specific market (people interested in eating healthy organic food and/or using organic products that are not tested on animals). I strongly suggest that you use your imagination, creativity, and knowledge of the material discussed in this class to enhance your presentation of the issues and fulfill each Rubric criterion. Before embarking on this project, make sure you understand the concepts presented in your book. Use the attached rubric and the outline below to complete your project. GRADE BREAKDOWN: Format (20 points) · 10-12 pages (NOT including Title page, Table of Contents page, and Works Cited page) · Write your full name on the project · Use the titles and subtitles outlined below to create your Plan · APA format · Use a minimum of 10 sources, both, secondary (physical or online books, journals, magazines, newspapers, and articles via the Library) and primary (for example, visiting supermarkets like Whole Foods, Greenwise, or Trader Joe’s to check their products) Outline SECTION I: SITUATION ANALYSIS (Big Overview of the Company) 1. Executive Summary and Organization Mission (20 points) What is your company’s mission? It is critical for you to emphasize why your venture will be successful. What is your niche? Why should a venture capitalist invest in your idea? Name a secondary resource fact about your industry that will have the “WOW” effect. 2. Environmental Scanning Research (20 points) Provide information on: a. Social/Cultural trends b. Political/Legal information: laws regarding organic products (USDA requirements) c. Technology d. US economic situation (GDP, GDP per capita, unemployment rate, etc.) e. Local environment that may affect the company 3. Sales Trends (20 points) Within the industry, what have been the overall trends in market share for organic products similar to yours (in percentages)? 4. Market Opportunity Analysis (Trends) (20 points) What are the opportunities/prospects for your product (after considering the social/cultural trends and the trends in sales and market share)? SECTION II: MARKETING STRATEGY 5. Target Market & Marketing Objectives (Description of the targeted market) (20 points) Indicate your basis for segmentation. How did you segment your market? a. Target Market b. Marketing Objectives Please write three goals using the S.M.A.R.T goal setting framework (at least one with a revenue objective) See the following article for more information https://www.projectsmart.co.uk/smart-goals-objectives.php 6. Consumer Behavior (Analysis of buyer behavior) (20 points) a. Types of consumer buying decisions b. Cultural influences c. Social influences d. Lifestyle analysis 7. The 4 Ps (20 points) a. Product · Description of your product – Ingredients – Quality – · Total product concept – including packaging with logo · Classification (Convenience, shopping, or specialty product) · Brand name · Warranty description · Positioning · Unique features and benefits of the product are unique? b.Price Select a pricing method for your new product. If you state the price in dollars, provide a justification. c. Place (Channel of distribution) Strategies: direct or indirect distribution? If indirect distribution, will it be intensive, selective, or exclusive? Why? d.Promotion/IMC · Advertising · Personal Selling · Sales Promotion · PR and Publicity (Indicate specific media placement of your main competitors.) SECTION III: ANALYSIS 8. Response of the Target Market (20 points) Indicate how this will be accomplished and assessed (i.e. How will you check if your customers buy your product?). 9. Competitive and Industrial Analysis (SWOT analysis) (20 points) You need to know your competitors and their products, and anticipate their next moves. a. Direct competition and its strengths and weaknesses (organizations selling similar organic products) b. Indirect competition and its strengths and weaknesses (organizations selling similar NON-organic products) Total Score: 200 points EXTRA CREDIT (1-5 points) Create a Product Flyer You are encouraged to be imaginative by creating a flyer for the product (set it as your Cover Page). It MUST contain your own unique product name. Remember to cite any images you use from the Internet.
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