Project Marketing Plan Assignment
- Your goal is to design a marketing plan that will convince people that they would like to invest in your project; toward this end you need to formulate a marketing plan that is feasible and coherent and looks likely to be profitable. You are expected to use your class materials and whatever outside source information you like (be sure to reference it appropriately), but even more critically you are expected to use your brains, sources can guide your thinking and support your ideas but you will need to bring them together into a plan suited to this product.
The chosen product for this is :
C. Product Plans (Stage 1)
- In this section you will design the product planning aspect of the marketing mix. This should lead to a better definition of what you are selling, whom you are selling it to, how you will position it in the marketplace.
C-1: Product Concept:
- Describe your product concept in detail.
- What is your core product and how will you augment it?
- What features will be most critical to success? (without these you will be sunk)
- What are the features that key features that differentiate your product? What makes you stand out from the competition?
- What features are ‘wow’ factors? (these are the ones that will catch the eye, set you apart from competitors, allow branding hooks) e.g., cool colours, modern design, cup holder.
- What are your points of parity and points of difference from competitors?
- What is your unique selling proposition?
- How will service help define your brand?
C-2: Market Segments
- Describe the market segments in the direct competitive market.
- What characteristics define these segments? (e.g., what market business/consumer/govt., if consumer, what demographics, geographics, psychographics, lifestyles, values, behaviours)
- Who is currently serving each segment in your market?
- What segment(s) will your product serve best?
- How well do these segments meet the criteria for good segments? (measurable, substantial, actionable, accessible, differentiable)
- Describe your target market.
- Why is this an attractive market to serve?
- How will you identify your target market?
- How will you reach them?
- What will your positioning be?
- How does this relate to the positioning of your competitors?
- A perceptual mapping exercise might be helpful
C-3: Customer Behaviour:
- Run through the likely customer behaviour for your product, when would they use it, how would they use it, what would it replace, how would their behaviour changes with this product.
- What factors are likely to influence their behavior? (Cultural, Social, Personal, Psychological, Perceptual)
- What are the risks involved in purchasing or consuming your product?
- How will you help the customer overcome these risks?
- How would customers decide to purchase your product?
C-4: Market Research:
- What is the most critical market information would you like to have?
- How would you design market research to get this information if you had a big budget?
- How would you design the market research if you had a tiny budget?