What is the price point at which your competitors are selling, and what segment of the market are they aiming to reach?

Marketing
Plan

Expectations:
· All papers are due on 4/27
· Presentations start 4/27 to 5/9

Details:
You will be responsible for creating a Marketing Plan for a
product or service that you will Market.
· The
paper should be 5–7 pages.
· The
paper should be doubled spaced with one-inch margins
· You
will also be responsible for an oral presentation.
· MLA
citation format for references.
· Your
presentation should include 1-2 PowerPoint slides summarizing the information about
your product or service.

Components
of a Marketing Plan
1. Market research. Research is
the backbone of the marketing plan. Identify consumer buying habits in the
industry, market size, market growth or decline, and any current trends.
2. Target market. A well-designed
target market description identifies your most likely buyers.
3. Positioning. What is the
perception of your brand in the marketplace? For example, if your restaurant
sells burgers, do customers see you as the place to go for gluten-free or
healthy options or the place to go if you’ve got an appetite for a double
cheeseburger? The difference in how the target market sees you is your
positioning. Develop compelling branding and marketing messages that clearly
communicate how you want to be perceived.
4. Competitive analysis. You need to know
who your competitors are and how your products and services are different. What
is the price point at which your competitors are selling, and what segment of
the market are they aiming to reach? Knowing the ins and outs of your
competitors will help you better position your business and stand out from the
competition.
5. Market strategy. Your marketing
strategy is your path to sales goals. Ask yourself “How will I find and attract
my most likely buyers?” It should look at the entire marketplace and then break
down specific tactics including such as events, direct mail, email, social
media, content strategy, street teams, couponing, webinars, seminars,
partnerships, and other activities that will help you gain access to customers.
6. Budget. Develop a month-by-month schedule of
what you plan to spend on marketing. Establish a metric that tells you to stop
if it’s not generating sufficient return on investment (ROI).
7. Metrics. Track your marketing success with Google
Analytics for website conversions and a simple Excel sheet to compare your
budget against the actual ROI. Repeat any programs that are delivering sales or
sign-ups to your email list and get rid of anything that’s not.

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