Marketing Plan Project

 

Purpose of this?

  1. to improve understanding of marketing through application of the concepts and content of the course
  2. to learn more about the marketing strategies and business for a chosen or assigned company/organization
  3. to learn how and what research is needed to develop marketing strategies and plans
  4. to learn how to write a professional and properly cited business research report

 

Preliminary Situation Analysis

  1. Choose your company/organization.

First, you need to select a company/organization to analyze.  This can be a company or organization that is (1) for- profit or not-for-profit, and (2) local or national. You will use this company/organization as the foundation for the situation analysis and for your final marketing plan.  Note: if you choose a well-known for-profit national company, it will be easier to find information and research to complete this project.

Later this situation analysis along with other analyses will be used to support a new product or product line (either physical/tangible good or an intangible service) that you will recommend that the company/organization should develop and market.

You may choose any of the top brands/companies mentioned here:  https://www.businessinsider.com/top-100-millennial-brands-2018-9.  It is best to choose a company that you are most familiar with, can find research about, and will have fun being creative with a marketing plan for them.  If you prefer a company that is not on this list, then you should email the professor for advance permission to use by the end of week 3 in the course.  Be sure to include the company’s website link so a judgement for approval can be made.

For your chosen company, you will complete a preliminary situation analysis (including a SWOT analysis) to understand: (1) what the company currently has to offer in the form of products, services, and resources, etc. (the controllable), and (2) what are the forces in the marketing environment (the uncontrollable or 5Cs) that provide guidance for future marketing decisions.  This will be the requirement for the preliminary situation analysis so the professor can provide you feedback to determine if you are on track with the project (20 points).

After receiving feedback for the preliminary situation analysis, you will improve this part of the assignment and use this research to identify a market need to fill by developing a new product/product line for your chosen company.  Then you will complete the final marketing plan project with your marketing strategic decisions (STPs, 4Ps) for this new product/product line

While the content from your reading/study, quizzes, mid-term, and final exams can provide you with the needed knowledge to complete this project, it is your further study/reflection for understanding and application of the important concepts and processes that will guide you in completing the marketing plan project.

If you have any doubts about the quality of application about a potential company or a new product/product line, then email the professor at least one week before the due dates.

 

  1. Begin Your Company and Situation Analysis Research Immediately.
  2. You should cite current research from credible and reliable sources.

Most of your content can be found in three to five research sources.  Be sure that you use current research sources (with cites/research no older than 3 years).  Beyond 3 years would not be considered up-to-date.

Note: if you cannot easily find the date of a research source, then it is not a source you should use in this project.  Without a current and proper date of the source, the quality of the research cannot be judged, and this will negatively affect your project grade.

Company Research Guide http://libguides.unco.edu/business/company

  1. Your research citations should be complete and of proper style (e.g., APA).

As you find the information needed to complete this assignment, you will also need to record the source of your research for citation.  The web links below are provided to guide you in judging quality research sources and for properly citing those sources.  Proper and complete citations are a major part of your grade for this project and failure to cite properly will likely earn a C or lower grade on the project.

Citation: http://libguides.unco.edu/content.php?pid=85068&sid=1024771

More about the APA Format for Reference Citations (for citing sources within your pager and on the reference page): http://library.duke.edu/research/citing/

Pay attention about how to properly cite research from: (1) a Full Text Article from Library Databases (Electronic) or (2) a web page.  If your citation is only a web address, then it is considered incomplete and not acceptable.  What is most important is that your reference citations are complete and with consistency of style (i.e., APA).

Note 1: If using a database to find research sources, make sure that the web link provided works and links directly to the original source (a permanent link).  While signed into a database, the link found in your browser is often a temporary link and does not work for others not signed into your database.

Note 2: GMID Passport is an excellent database for your project.  But, make sure you have a separate citation for each report used in this database (see Citation link above).  A single citation for GMID does not provide adequate detail for judging the date and source of specific data used in your paper.

Note 3: Research citations from web sources need two dates: (1) date of the source, and (2) the date retrieved or downloaded (see APA style).

Note 4: If you do not have a date for a source, then you should not use it because its quality and currency cannot be judged.  Sometimes when you cannot find an immediate date, you can look at the bottom of the page and find the copyright date.

Note 5: you may use a Bibliography Maker, such as EasyBib or BibMe, but you will need to make sure you have input the extra information often needed.

Every citation should include some or all of the following (just fill in all the missing information requested by the Bibliography Maker): (1) the author, (2) the source (e.g., name of magazine, newspaper, web site, book, database, etc.), (3) title (article title, web page title, film title, report title, etc.), (4) date published or created, (5) date accessed or retrieved (for web sites only), (6) page numbers (for printed sources only), (7) direct permanent link to the specific article (for web sites only), (8) publisher (for books or web sites only), and other information, depending on the type of source and format style.

  1. You should cite your research sources where used in the written presentation.

This is called an in-text citation.

The most common way to reference a research source in the body of the presentation is to present a citation in parentheses, by author and date, and may include page numbers.

For example, if the content from this paragraph came from research source by authors McDonald and McDonald, then it is indicated as it is here (McDonald and McDonald 2018). Two references are separated by a semi-colon, e.g., (Engel and Blackwell 2010; Stocker 2011).  Page numbers are indicated by a colon, e.g., (Engel and Blackwell 1982:7), which means reference found on page 7.  Page numbers are only needed for direct quotes.  In most cases, paraphrasing should be used instead of direct quotes. Excessive use of direct quotes will count against you.

  1. Complete Preliminary Situation Analysis of the Marketing Plan Project (Part 1).

You must include cover page, table of contents, headings, sub-headings, proper spacing, intext citations, reference page, etc.

  1. The format for your project is as follows:
  2. Cover Page that includes the title of paper and your current name, address, phone, and email. Note: I will not share your personal contact information with anyone, though it is important that I know how to reach you in case of a problem with your project submission. Make it look professional.
  3. Table of Contents page that includes all headings, subheadings, and their related page numbers aligned on the right side of the page (see any book Table of Contents for an example; hint: use tabs for alignment).
  4. Content:
  5. Write in paragraph form, not with bullets. This is a formal report and not an outlined presentation as done in past semester classes. You do need to explain yourself as with writing a formal report.
  6. 12-point font, Times New Roman recommended for easier reading.
  7. Use all headings and subheadings from the project outline. Be consistent in their indentations/alignment. Note: in the outline below, the numbers represent the 1st level headings (1, 2, 3, 4), the capital letters represent the 2nd level headings/sub (A, B, C, D), and the lower case letters represent the 3rd level headings/sub (a, b, c, d).
  8. Use single spaces within paragraphs and double spaces between paragraphs, headings, and subheadings.
  9. Cite sources where used in the paper (in-text citation) using a footnoting method by author and date (see citing reference sources section above).
  10. Include visuals (images, videos, etc.) in the body of your paper to liven up the written presentation (show and tell). Be sure to provide headers/captions/labels and reference cites for all graphics/pictures used in the paper. All graphs, tables, charts, figures, etc. should be numbered and discussed in the body of the paper.  Be sure to explain any visuals that are used, and do not use the visuals as a substitute for your written content.  Note: do not cut and paste tables, charts, etc. from the web.  This is considered plagiarism.
  11. Include web links to demonstrate something important, such as an advertisement or video for your brand/company. Be sure to explain any links that are used, and do not use the links as a substitute for your written content.
  12. References Page.

 

  1. Expected minimum length for Part 1 of the Project:

2,500-5,000 words (or about 5 to 10 total pages of content, not including cover page, table of contents, visuals, and reference cites; and with formatting explained in section 3A above)

You will upload your paper under the module for Preliminary Situation Analysis so that VeriCite can be used.

 

  1. Content for completing Part 1 of the Project (Situation Analysis):

The 5Cs provide the heart of the “situation analysis” (see textbook Chapter 17 and Appendix for guidance). The first step in planning is to understand about the company/brand’s current situation.  That assessment requires our nailing down characterizations of our company, customers, context, collaborators, and competitors (the 5Cs). The ideal result of a situation analysis is to answer every part of every question as comprehensively as possible, using secondary data and research citations as extensively as possible (required). Please note that the creation of marketing plans is not perfectly linear – when you find the answers to 1 of the Cs, you might need to adjust another C.

To complete this assignment, you need to begin with a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis of your company/brand.  While not required to turn in with this paper, a SWOT will guide you in completing the situation analysis.  SWOT is described in Chapter 4 on Targeting and Chapter 16 on Marketing Strategy.  Some researchers recommend that you carefully examine linkages between the four SWOT elements of strengths, weaknesses, opportunities, and threats and that you consider designing objectives that either help to maximize the impact of the linkage or minimize the impact of the linkage in to the future.  Please note, objectives are not required for the completion of this assignment.

This section draws from information gathered from the 5Cs marketing framework outlined in your textbook.  The 5Cs consist of Company, Customer, Context, Collaborators, and Competitors. The textbook chapters mapped to the marketing framework are found in Figure 1.4 in Chapter 1.  An example spreadsheet of the 5Cs is in Table A17-1 (click full book button in Cengage to get there).

 

Below outlines topics that fall under each one of the 5Cs.  A SWOT analysis is used for several aspects of the situation analysis, so it is best to work on this first to guide you in summarizing the information below.

 

 

 

 

  1. Company (4 points)

Describe its origins, brief history, sales, product lines or mix, etc.

  • What are we good at? Known for?  Do a SWOT to determine this!
  • What do we want to become? Future strategy.

This requires research about your chosen company.  Visit their web pages.  Google search for more.  Refer to the research resources mentioned in 2B above.

This comes from the strengths and weaknesses of your company (SW of SWOT).

  1. Customers (4 points)

 

The company tries to understand its customers by collecting data on them.  The company starts with studying secondary data to know the background trends, and then as an option collects fresh data on customers and potential customers.

 

  • Demographics (e.g., age, income, household composition)
  • Psychographics (e.g., attitude to product, attitude toward brand)
  • Current levels of customer satisfaction
  • Describe loyalty programs and other efforts at Customer Relationship Management (CRM)
  • Buying behavior (e.g., what they buy, when they buy, what channel do they prefer, sensitivity to price?)
  • Other customer issues (e.g., What changes have we seen with these customers, why don’t non-buyers buy?)
  • See more in the Appendix

This requires research about your company’s customers or target markets.  Visit their web pages to find their typical customers and research the trends or growth segments for these consumers.  You may also research their competitor’s customers to identify segments that are overlooked by your company. Google search for more.  Refer to the research resources mentioned in 2B above.

This comes from the strengths and weaknesses of your company and opportunities and threats from the market (SW and OT of SWOT).

 

  1. Context (4 points)

 

The Company assesses the uncontrollable macro-environmental issues that affect it.  Sample questions that the company should pose help with understanding the business context.  The company revisits these questions when it sees changes in its environments or when it changes its brand or target segments.  The following topics should be included in this section as follows.

 

  • Is the economy a factor? Is it stable? Growing? What’s the consumer mood?
  • Are politics a factor? Are our partners stable?
  • Is legal a factor? Are any consumer laws looming?
  • Is technology a threat/opportunity? Machines? IT?
  • Any societal concerns? Demographic shifts? Attitude shifts?

This requires research about your company’s industry.  Visit their web pages.  Google search for more.  Refer to the research resources mentioned in 2B above.  This is about your research as support and not about your opinion.

This comes from the market opportunities and threats to your company and its marketing (OT of SWOT)

  1. Collaborators (2 point)

 

The company should also study the relationship it has with its providers in the supply chain.  The following topics should be included in this section as follows.

 

  • Good relations with supply chain providers?
  • Good relations with distribution channel members?
  • Want any modifications?

This requires research about your chosen company’s supply chain and distribution channels.  Visit their web pages.  Google search for more.  Refer to the research resources mentioned in 2B above.

This comes from all areas of the SWOT.

  1. Competitors (2 point)

 

Using a SWOT analysis helps the company determine its strength relative to other providers in the marketplace. The following topics should be included in this section as follows.

 

  • Who are your major competitors?
  • What are our competitors’ strengths? (these are threats in a SWOT analysis)

This requires research about your company’s competitors.  Visit their web pages.  Google search for more.  Refer to the research resources mentioned in 2B above.  This is about your research as support and not about your opinion.

This comes from the market opportunities and threats to your company and its marketing (OT of SWOT).

 

 

 

  1. Summary (2 points)

 

Summarize the key conclusions about the situation analysis that will serve as the foundation for future analysis and formation of marketing strategies for a new product/product line.

 

  1. Format, spelling, and grammar (2 points)

 

Be sure to follow the formatting instructions provided in this assignment.   Failure to do so could result in an overall grade reduction of 10%.


  1. Grading Rubric for Part 1 of the Project:

This assignment is worth 20 points as outlined above for the 5Cs.  Points will be earned based on grammar and completeness of response.  Since the SWOT is the basis of some of the Cs, it would behoove you to spend some quality time on the formation of this tool.

 

Situation Analysis Very strong evidence

 

 Moderate Evidence

 

 Evidence is lacking
Company / worth up to 4 points Clear and engaging description of company and what it wants to become (4 points). Some evidence of clear and engaging description yet a minimal amount of confusion or missing information (2 points). Evidence is unclear and not very engaging with a lot of confusion or missing information (1 points).
Customers / worth up to 4 points Clear and engaging description of demographics, psychographics (if appropriate), customer satisfaction, buying behavior, and other customer issues (4 points). Some evidence of clear and engaging description yet a minimal amount of confusion or missing information (2 point). Evidence is unclear and not very engaging with a lot of confusion or missing information (1 point)
Context / worth up to 4 points Clear and engaging description of economic, political, legal technological, and societal issues (4 points). Some evidence of clear and engaging description yet a minimal amount of confusion or missing information (2 point) Evidence is unclear and not very engaging with a lot of confusion or missing information

(1 point)
Collaborators / worth up to 2 points Clear and engaging description Modifications needed with either supply chain partners or distribution channel partners (2 point) Some evidence of clear and engaging description yet a minimal amount of confusion or missing information (1 point Evidence is unclear and not very engaging with a lot of confusion or missing information (0.5 point)
Competitors / worth up to 2 points Clear and engaging description of SWOT and who are the main competitors and their threats to us (2 point). Some evidence of clear and engaging description yet a minimal amount of confusion or missing information (1 point). Evidence is unclear and not very engaging with a lot of confusion or missing information (0.5 point)
Summary / worth up to 2 points Clear and engaging description of key conclusions about the situation analysis that will serve as the foundation for future analysis and formation of marketing strategies (2 points). Some evidence of clear and engaging description yet a minimal amount of confusion or missing information (1 point). Evidence is unclear and not very engaging with a lot of confusion or missing information (0 point).
Format, Spelling, and Grammar / worth up to 2 points Format, spelling, and grammar are perfect

(2 points).

 Format, spelling, and grammar show a lot of errors (1 point) Format spelling, and grammar show an overwhelming amount of errors (0 points).