Question Details

Introduction

Product innovation and marketing are the only enduring competitive advantages that companies can use to survive and thrive in the marketplace. A marketing plan is a guide for those product innovations and marketing activities for a specified period of time, typically about 5 years. Marketing plans are used internally to guide marketing activities, or they can be used to communicate with external audiences to raise capital.

There are important things to consider as the plan is created.

1. Is the marketing idea valid?
2. What is unique or distinctive about the product that separates it from competitors?
3. Does a viable market exist for the product?
4. Is the target market large enough, accessible, and capable of purchasing your product?
5. Are the financial projections sound?
6. Is the management team competent?
7. How will investors get a return on their investments?

In order to help you answer these and similar questions, create your marketing plan utilizing the following course resources.

• Building an Effective Marketing Plan located in Appendix A of your textbook
• Financial Aspects of Marketing located in Appendix B of your textbook
• View the marketing plan outline

Week 1: Topic Proposal (20 points)

During Week 1, you will select a topic for the marketing plan, and thereafter, all related assignments (the draft in Week 4 and the final marketing plan in Week 7) must be on that same topic. You may not change your marketing plan topic without approval from your instructor.

Your topic must be for a new product (a good or service). Because this is an applied project and not a research paper, please be creative and do not select a new product for a large brand, such as Starbucks. If you are interested in coffee, for example, consider your own bistro as your topic and then use information from companies like Starbucks or Seattle's Best Coffee for ideas and competitive research as you work on your project.

For Week 1, write a two-page description of your product, including the following.

1. Information about ownership and company structure
2. A description of product
3. A mission statement
4. Marketing goals
5. Who a typical customer might be

Submit a copy of the Topic Proposal to the Week 1: Course Project Topic Proposal Upload module in Canvas for grading by your instructor.

Week 4: Draft Marketing Plan (100 points)

At the end of Week 4, you will submit a substantial draft to your instructor for grading and feedback. Be sure to read Appendix A in the text and use the marketing plan outline  (Links to an external site.)from the Files folder in Canvas. It is recommended that you start working on your draft in Week 2 after your instructor has approved your topic. Complete as much as you are able in order to get an initial draft (approximately 75% of the final paper). Remember, the more you complete on this initial draft, the greater the input that the professor can provide and the less work you will need to do for the final draft.

Submit a copy of the marketing plan draft to the Week 4: Course Project Draft Upload module in Canvas for grading by your instructor.

Week 8: Final Marketing Plan (220 points)

Submit a copy of the draft to the Week 8: Course Project Upload module in Canvas for grading by your instructor.