In order to become more familiar with and experienced in the construction of marketing plans, this group-based project involves you and your team developing a marketing plan.
Company Selection – Apple Health Monitoring Ring
Part One – Submit the following sections: • Situational Analysis • SWOT Analysis • Marketing Objectives – SMART (specific, measurable, attainable, relevant, time-based)
Final Marketing Plan – The marketing plan should include the following sections (be sure to incorporate feedback received from Part One):
Marketing Plan Components 1. Executive Summary (1 Page or less) Summary of the main goals and recommendations of the plan for management review, helping top management to find the plan’s major points quickly.
2. Situational Analysis Industry
Analysis gives the state of the current industry. Choose the industry that best describes your product. Be sure to include things like market share etc. The five environments, Sociocultural/ Demographic, Technological, Economic, Political/Legal and Ethical. Competition Review Identify at least three key competing solutions and offer a brief overview of their position in the market. Consider their market share, value propositions and strategies for product quality, pricing, distribution, promotion, etc.
*Note that substitutes from other firms or existing offerings from your firm are as valid as direct competition.
3. SWOT Analysis Assess major strengths and weaknesses of your product and company, as well as threats and opportunities that the product might face. Identify at least three considerations for each area of the analysis. This section talks about the COMPANY not the product itself.
*This should help you anticipate important positive or negative developments that might have an impact on the firm and its strategies.
4. Objectives The marketing objectives that the company would like to attain during the following year and any key potential issues involved. These come from your strategies. All objectives must be MEASURABLE. You must include the current state (make it up, you will not be able to find it.)
5 . Marketing strategy
The marketing strategy that helps you create customer value and relationships. How will the company create value for customers in order to capture value in return? What are your overall growth strategies? Choose them from the Product/Market matrix.
You have 3 to choose from – Market Penetration, Market Development and Product Development.You can choose 1, 2 or all 3.
Segmenting, Targeting and Positioning
Describe your segmentation strategy and analyze the target markets you will be including in your plan. Describe your positioning of the product. Write a positioning statement.
4 P’s Discuss the Strategies you will use in each area Overall Product Strategy: Consider long-term goals and possible considerations for the company to make within the next two years.
Pricing: Provide an explanation and rationale for decisions on pricing. What are your pricing Objectives? What type of pricing strategy will you use?
Place(ment): Describe the distribution strategy for this product.
Promotion: Identify at least three promotional tools to be used as part of this strategy. Do a short Promotion budget to assign different media.