The students must think of a group that could be a good target market for a new product or service and write a brief marketing plan. Some target markets you might wish to consider could be Dominicans, Polish-Americans, Haitians, Hassidic Jews, Vietnamese, etc. Alternatively, you can consider a group that has some form of disability (arthritis, people in wheelchairs, legally blind, those using canes, hard of hearing, etc. The students must discover opportunities to develop a product that satisfies the needs of those groups. The students want to examine a group and provide as much information as they can find. Be imaginative and come up with an exciting new product. To write the paper the students must follow this structure:
I. Marketing Background
Overview of the Industry
Market Size (Volume / Value)
Market Trends (Past 3-5 years)
Market Profile (General purchase and usage habits)
Environmental Analysis
Analysis of Opportunities and Threats
Key Success Factors
II. Competitive Analysis
A. Competitive Positioning
B. Market Shares/ Sales Volume / Sales and Profit Trends
C. Marketing Strategies (for each of the 4 Ps)
D. Strengths and Weaknesses of Competition (in terms of 4 Ps)
III. Company Background
A. Company Profile
B. Current Position of the Company/Brand in the Market
C. Company/Brand Strengths and Weaknesses Analysis
D. Brand Consumer Profile
1. Identified Market Segments
2. Market Needs Being Addressed
3. Buying Patterns
4. Usage Habits
E. Present Marketing Strategy
1. Segmentation, Targeting and Positioning
2. Marketing Mix (Four Ps)
3. Competitive Strategies Employed
IV. Identified Market Opportunity
V. Proposed Target Market
A. Demographics
B. Psychographics
C. Behavioral
D. Geographic
VI. Marketing Objectives
A. Overall Marketing Objectives
(A Brief Description of the Plan’s Short Term Goals, i.e. 3 years)
B. Specific Objectives and Targets (3 years)
1. Market Shares
2. Sales (Volume and Value)
3. Profits
4. Distribution
VII. Overall Marketing Strategy
(A Brief Description of Overall Strategy for the Brand – Positioning Statement)
VIII. The Marketing Mix
(Should always be in comparison to competition)
A. Product
1. Product Strategy
2. Product Description / Features / USP
3. Packaging
B. Pricing
1. Pricing Strategy
2. Detailed Product Costing
3. Selling Price Index vs. Competition
C. Distribution
1. Distribution Strategy
2. Trade Channels
3. Distribution Scheme
D. Promotions
1. Overall Promotions Strategy
2. Advertising
3. Consumer and Trade Activities
4. Merchandising / Point of Purchase Materials
5. Publicity / Public Relations / Events
IX. 3-Year Financial Forecasts
A. Sales Volume/Value Projections
B. Detailed Marketing Budget and Marketing Timetable
C. Income Statement
X. Attachments / Appendices
