You will create a Product or Service Marketing Plan for a brand of your choice. You will also need to conduct your own research. Note: Use the below Word document as your template and read the entire document before starting, so you understand what is required.
Download 6.5 Product or Service Marketing Plan-1.docSituational Analysis (What is the current situation of the business?)
Business/Brand Overview (this section should be minimum of 3 paragraphs)
Nature of business
Current business goals
Current Brand Strategies
What are the current brand strategies of your business?
Describe your brand equities.
Does your brand have an overall theme? Look and feel (traditional, outdoors, funny, serious, colors used, warm, cool, etc.)?
Marketing Objectives (Where do we want the business to go?)
Marketing Objectives (remember objectives are SMART (Links to an external site.) specific, measurable, actionable, and attainable)
Based off of your brand’s current business goals, create two SMART objectives. (What does your brand want to achieve? Increase in sales? Increase in brand awareness? Better consumer engagement? Increase of market share within your category? Increase in social responsibility awareness?)
Example: Increase sales of Pepsi Zero 5% to women in the United States by the end of 2021.
Example: Increase Brand Awareness on Social Channels 3% to non-followers by the end of 3rd Quarter 2021.
Strategy (How can we achieve our objectives?)
Target Consumer Strategy
Define your target consumer (include age-range, gender, income level, education level, location, behaviors, etc.). Explain in detail why you chose this target and why this target makes sense to help achieve your marketing SMART objectives.
Choose a product or service for your target consumer described above (make sure this product or service helps to work to achieve your SMART objective)
Clearly describe your product/service components.
Does your product/service include any unique added value?
Define and justify your product or service selection based off of all your research and SMART objectives stated prior in this plan. Why does this product/service make sense?
Define a pricing strategy you will use (reference the textbook and course materials) and explain why you chose this strategy for your product or service. Include justification of price, based off of current products/services, similar products/services or competitor pricing. (Do your research.)