Community College of Rhode Island

Introduction to Business – Fall, 2009

Marketing Team Project

 

This project is to be completed in conjunction with the Marketing chapters in the textbook (Chapters 12, 13 and 14).  Using the information you have gathered, complete the following:

You will be developing a Marketing Strategy/Plan.  Your product, Footware, may be "new" or perhaps "better" than what is currently available.  The offering and subsequent strategy will address some "real" unmet need. Your objective is to gain financial support for your marketing plan.  You will be presenting your ideas and plans to a “virtual” group of private investors (your peers). 

The outcome of your research efforts will take the form of a presentation (a PowerPoint presentation) designed to gain financial support for your marketing strategy.

Instructions:

  1. Review Market Segments (see textbook pages 374-376) and select a segment(s). Discuss the strategy with your team.
  2. Review Project Outline; assign roles and responsibilities. 
  3. Research your Market Segment(s), Here are a couple of links regarding the monitoring of trends:  Consumer Trend Institute - Reports, TRENDWATCHING.COM .  Complete individual assignments.
  4. Design the product to “meet the needs” of your customer segment.  You may want to consider a brand name, package design and logos.
  5. Develop at least two promotional pieces to help you promote your product/service.  (These may be print, web, TV, radio etc.)
  6. Identify the appropriate place arrangements for reaching your target customer.  If you need to gain support from retailers, how will you go about getting it? 
  7. Determine your pricing strategy. 
  8. Develop a Work Cited Page identifying all sources of information you used to develop your plan.

 


 

Marketing Strategy/Plan Outline

Executive Summary/Introduction

The introduction should contain a description of the firm’s mission, scope and an analysis of the marketing environment (addressing economic, social, technological trends, competition as well as customer needs).  This section is an overview; a summary to set the stage for the plan.

Marketing Environment

Before entering a market, it is imperative that you know your competition as well as external factors that would affect your marketing strategy. Analyze trends in the economic, social, technological and competitive environments. Identify firms offering comparative goods/services, how does your offering differ?  What market share do they have?  Are they meeting all the needs?  Can you meet them better?  Where? How do your prices compare with your competition?  What is the nature of the competition?  Do you have a new and innovative good/service?  Are you going head on with another company? 

Marketing Strategy

Target Customer(s): a clear description of your potential customer(s).  The descriptions should be such that your target customers can be visualized (gender, age, how do they dress, where do they live, how much money do they earn, what cars do they drive, how do they spend their leisure time?).  What needs are you meeting for each segment of your target market?  You should know your customers very well.  Any market research should be included here. You should discuss the questions studied, the methodology used and the results. 

Marketing Mix:

Product Strategy: Describe your product along with its packaging, labeling, features, warranties, etc.  Identify the key benefits customers will enjoy by using your product.  Do you have any sketches, samples?  How will you package it?
 Pricing Strategy: How will you price this product?  Do you offer any discounts?  Will your price change over the product’s life cycle?  How does your price compare with comparable products?
 Distribution Strategy: Describe where the product will be available.  Describe the physical environment (lighting, colors, atmosphere) if being offered in a physical location.  If available through the Internet or other forms of non-store selling, describe how the product will get to the customer.
 Promotion Strategy: What are your promotion objectives?  Where and when will you advertise?  Which medium(s)?  Will you offer promotions?  Will you seek free publicity?  Will you seek endorsements?  What is your message?  Sketch out two (2) promotional activities for the PowerPoint presentation.