MARK 201 GROUP PROJECT

Developing a Marketing Plan for Strategic Product Development

PURPOSE
For this project, you will create a new product and develop a marketing plan for the product. A marketing plan
encompasses all marketing planning activities, such as a situation analysis, a description of the target market,
marketing objectives, development of the marketing mix, implementation strategy, and evaluation methods.
The purpose of this project is twofold: 1) to demonstrate your ability to apply marketing concepts and 2) to
gain experience in developing a strategic marketing plan. This project is to be done collectively, as a group.

PART 1: STEPS TO GET STARTED

Step 1: Choose a Company

Choose an organization or brand from the 2019 or 2020 (if available) list of Fortune’s Most Admired
Companies (http://fortune.com/worlds-most-admired-companies/). FYI: some companies own multiple
brands.

Step 2: Conduct Preliminary Secondary Research

Do some digging on the company you chose. What is its current product mix? Who does it currently
target? What opportunities might exist for new products or new markets?

Step 3: Develop a Product

As a group, brainstorm and develop an idea for a new product for your selected company. Your new
product could be a product line extension, a sub-branded product, a brand extension, a co-branded product,
or an entirely new innovation. Remember, products include goods, services, and ideas. A tangible good is
likely the simplest choice; however, you’re free to develop and service or an idea. Your product should be
strategically selected and should solve a problem that consumers face in the marketplace. A
PRODUCT PROPOSAL (TEMPLATE AT END OF THIS DOCUMENT), IS DUE 11:55pm, Friday,
February 24th, 2023, Submit in Assignments in Sakai

Brand Wal-Mart
Product Wal-Mart Flip Flop Stop
Description A flip flop vending machine targeted toward Millennial party girls (ages 18-29)
who don’t want to walk home barefoot after a long night of dancing in heels.

Brand General Electric – Housewares Division

Product GE Lift n’ Look Toaster
Description A toaster with a peek-a-boo lever that allows consumers to periodically check on
their food as it is cooking.

Step 4: Market Research

Primary and secondary research are critical to any marketing plan. Research provides the foundation upon
which marketing strategy can emerge. For this project, you must collect some form of primary data to

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 provide insights from your target market. You could distribute a small survey, interview potential
consumers, or conduct a focus group. Your questions should relate to the product you are developing – for
example, let’s say you chose Nutella as your company and you want to develop a brand extension of Nutella
ready-to-eat cookies. You might:
1) Go to the Nutella counter at Eataly and interview customers about their experiences with Nutella and
with cookies.
2) Distribute a short survey asking customers questions such as how much they’d be willing to pay for
Nutella cookies and where they shop for cookies.
3) Conduct a focus group where you actually create three different types of Nutella cookies and ask
participants to taste test them.
You should also conduct secondary research about the target market and the industry environment (e.g., key
competitors, average price point, industry trends). This research should be incorporated into your final
report – particularly throughout the SWOT analysis.

Part 2: Developing the Marketing Plan

Now that you have selected a company and developed a product, it’s time to get to work on the marketing plan.
Developing and writing your marketing plan will be an ongoing process. The project is due on the date of your
final exam session; therefore, you have about 8 weeks to complete the project. Do not procrastinate. Your
marketing plan should include the following:

TITLE PAGE
Include the company logo, the product name, the words “Marketing Plan,” and all group members’ names

TABLE OF CONTENTS

EXECUTIVE SUMMARY
The executive summary introduces the marketing plan campaign by providing a brief one-page summary of
all of the information included in the plan. It should summarize your plan in a succinct but thorough way.

BUSINESS OVERVIEW
Discuss the company or brand you have selected in terms of its mission, vision, corporate values, and
overall organizational background. This provides a context for how your new product fits with the
company’s goals. Use reputable resources such as annual reports and business trade media.

SITUATION ANALYSIS
A situation analysis is the foundation of your marketing plan. It includes a thorough examination of internal
and external factors affecting a company or brand and creates an overview of the marketplace. There are
several methods for conducting a situation analysis. For this project, you should use the SWOT analysis
method. A SWOT analysis consists of analyzing internal strengths and weaknesses and external
opportunities and threats. Refer to Ch. 2-3 for more guidance.

The Internal Analysis of strengths and weaknesses focuses on internal factors that give a brand certain
advantages and disadvantages in meeting the needs of its target market.

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  Strengths – things the company does well; core competencies
 Weaknesses – things the company does not do well; limitations

The External Analysis examines opportunities and threats that exist in the environment, independent of
the brand itself. The way to differentiate a strength or weakness from an opportunity or threat is to ask:
Would this issue exist if the brand did not exist? If the answer is yes, it should be considered external to
the firm.

 Opportunities – favorable conditions in the external environment

 Threats – unfavorable conditions or barriers that may prevent the brand from reaching its objectives

PRODUCT OVERVIEW
Give a brief overview of the proposed product. Based on your situation analysis, discuss the problem your
product will attempt to solve. How does this project fit with the strategic direction of the company, the
department organization, the line of business or product line? Don’t go into too much detail here. You can
be more descriptive and specific in the marketing mix section.

POSITIONING STATEMENT & OBJECTIVES

You should provide a positioning statement for your product. Use the format below:
For (target market), the (product name) is the one (type of product) that (key customer benefit) unlike
(competitors and differentiators).

Example: For the sophisticated snacker who is always on the go, Nutella cookies are the only cookie
brand to provide the distinct natural hazelnut-cocoa flavor combination unlike other ready-to-eat cookies
which contain artificial colors and preservatives.

Develop 3 marketing objectives  what do you want to accomplish? Remember, objectives should be
S.M.A.R.T. Your objectives may relate to sales, product awareness, product trial, market share, product
recognition, distribution, promotions, profit, etc. Examples of IMC objectives are provided below.

 “To increase awareness of Nutella cookies by 50% within two years of introduction.”
 “To generate a 20% profit within 6 months introducing Nutella cookies.”
 “To gain 10% market share in the cookie industry by December 2019.”

MARKETING STRATEGY
What is the overall strategy for marketing your product? Highlight the key strategic points of your
marketing plan.

Target Market Strategy

The target market strategy provides a detailed description of your target market, including its
demographics and psychographics. Choose your target market strategically and purposefully - not just
out of convenience. Consider if you want to reach an existing market with a new product or if you want
to target a new market. Be thorough and clear. The better you understand your target market, the more
effectively you can tailor marketing choices to it.

Product Strategy
Provide a more thorough description of the product, potentially including:
 Quality/Materials
 Design

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  Features
 Brand Name
 Packaging
 Production Method
 Product Mock-up (if applicable)

Promotions Strategy
Develop an integrated marketing communications (IMC) program that supports your overall marketing
strategy. At a minimum, you must produce two promotional items (e.g., print ads, special events,
viral videos, loyalty programs, in-store display, online banner ad, social media ads, billboard, direct
marketing, guerilla marketing event, contests, sweepstakes). Produce means you need to actually create
them. Do your best to create professional, high quality creative pieces. Think through all parts of each
item. For example, let’s say you are marketing your Nutella cookies and you want to set up a “Go Nuts
for Nutella Cookies” tasting event at grocery stores. You cannot just describe the event in general, you
need to think in specifics. Which grocery stores will you target and why? How would you publicize the
tasting event? Who would manage the event on site? Would you collect customer information at the
event? Would you give away discount coupons at the event?

Distribution (Place) Strategy

Discuss the distribution channel strategy for your new product and how this fits in with the company’s
current distribution strategy. Things to consider:

 Geographic Coverage
 Retail Locations
 Inventory
 Logistics/Transportation

Pricing Strategy
Establish a price point for your product. This should be based on your primary and secondary research.
You must include a breakeven analysis. You may want to consider:
 List Price
 Allowances
 Incentives
 Markups/Markdowns
 Production Costs

IMPLEMENTATION & EVALUTION

Obviously, you are not expected to implement your marketing plan in reality. Your implementation plan
should consider timing and resource allocation. When will you implement your marketing plan and how
much will it cost? Then, you should revisit your objectives and describe how you will evaluate the success
of your marketing plan. How will you monitor the marketing plan? Consider long-range goals, such as
introducing a complementary product or expanding distribution. You must calculate your expected return
on investment.

REFERENCES
Be sure to cite references throughout your marketing plan. Include a list at the end.

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PRESENTATION
All final projects will be presented during your scheduled final exam session. Each group will give a 10-
minute, professional, presentation (e.g., Prezi, PowerPoint) summarizing its marketing plan. Your
presentation should include a clear introduction, background information, review of product, specific
marketing strategies, and future modifications. A written copy of your Marketing Plan is due on the day of
presentations by the beginning of class in Assignments in Sakai. One minute late to class = your project
will not be accepted. NOTE: You must be present in class for ALL of the presentations in order to receive
full credit for your own. Your presentation grade will be based on organization, preparedness, topic
knowledge, and verbal and non-verbal delivery. Professional attire is encouraged, but not required.

GROUP DYNAMICS
You will be required to evaluate yourself and all other team members on the quality and quantity of
contribution to the project. As the project progresses, remember that your grade will be adjusted based on
your fellow team members’ evaluations.
 Share telephone numbers and e-mail addresses.
 Settle upon a time to meet outside of class.
 Note the scheduled class times for meeting.
 Contribute equally.
 Be professional, responsive, and respectful.
 Work as a group – each group member is responsible for the entire assignment.
 NO steamrollers.
 NO free riders.

HELPFUL HINTS FOR WRITING THE MARKETING PLAN

Each group is responsible for completing a professional looking, high quality, well-written report. The
report should conform to the following guidelines:
 Page numbers on bottom right of each page
 Well-organized, including title, table of contents, headings and subheadings, a reference page, and
an appendix, if necessary
 Include tables, charts, graphs, and visual elements where appropriate
 Edited for typos and grammatical errors
 Proper citations throughout the paper

Note  there is no page limit or requirement. A page limit only hinders your work. If it is set too low, it is
limiting. Set too high, your professor ends up reading a bunch of BS meant to fill space. Use your best
judgment.

Points will be deducted as needed due to errors in Style, Organization, and Grammar, such as the following:
 Awkward sentences, misused words, inappropriate language
 Grammatical and mechanical errors
 Lack of a central idea or thesis
 Lack of organization or logical flow
 Rambling sentences with few transitions
 Irrelevant details or lack of supporting evidence
 Failure to follow general instructions provided here

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DEADLINES
Tuesday, February 28th, 2023: Deadline to submit Product Proposal Template, submit in Assignments in
Sakai by 11:55pm. One Product Proposal per Group-please make sure you list all group members’ names

Thursday, March 30th, 2023: Deadline to submit Progress Report Template, submit in Assignments in Sakai
by 11:55pm. One Progress Report per group-please make sure list all group members’ names.

Thursday, April 20th, 2023: Group meetings (to finalize/practice your presentation.)

Tuesday, April 25th, 2023, and Thursday, April 27th, 2023: Group presentations of projects performed
(schedule to be announced during the semester). Written Presentation of Marketing Plans due in
Assignments in Sakai by the beginning of class on the date your group is scheduled to give your oral
presentation.

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 PRODUCT PROPOSAL TEMPLATE
DUE ON Tuesday, February 28h, 2023
by 11:55pm
(Submit in Assignments in Sakai)

Group Number_____

Group Members’ Names (enter below):

Company Selected:

Potential Product Name:

Anticipated Target Market:

Product Description: [This should be no more than one paragraph. Give a brief overview of the proposed
product. Discuss the consumer need your product will fulfill. How does this project fit with the strategic
direction of the company and the existing product line?]

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 PROGRESS REPORT TEMPLATE
DUE ON Thursday, March 30th, 2023
by 11:55pm
Submit in Assignments in Sakai

The progress report gives you an opportunity to 1) get feedback on your project and 2) to avoid procrastination. The progress report
will not be graded for content; however, the more work you put into it, the better feedback you’ll get.

Group Number_______

Group Members’ Names (enter below):

Product Summary
Provide a short description of the product you are introducing. You may want to include marketing mix details such as
product design, dimensions, packaging, retail channels, price point, etc.

Market Research
Provide an update on the firsthand primary data that your group collected or is in the process of collecting. For example:
“We collected data using an online survey distributed to…” “Survey questions included…” “Preliminary results
suggest…”

Situation Analysis
Provide a draft of your situation analysis, including the following: internal analysis (e.g., strengths, weaknesses) and
external analysis (e.g., opportunities, threats). Cite evidence of background research where necessary.

Timeline
Provide a timeline stating what has already been completed and what still needs to be done. Include deadlines for
completing each of the remaining tasks. These tasks might include: develop pricing scheme, create social media mock-
up, research distribution channels, calculate production costs, develop objectives and evaluation methods, write the
executive summary, revise the paper, create the presentation, practice the presentation, etc. You should assign each of
these things to specific team member(s), so that nothing falls through the cracks. See the example below; however, yours
should be MUCH more specific than the example.

Example: Task Due Date Group Member(s)

Company Research Done Sue and John
Situation Analysis Done Everyone
Objectives Done Sue and Jill
Market Research March 26 Bob and Sue
Create “Free Gift” Promo March 28 Bob
Develop Social Media Plan March 30 John and Jane
Create Mock-Up Examples of Twitter April 2 John and Jane
Calculate ROI April 6 Jane
Deadline for EVERYTHING April 11 Everyone
Compile and revise final version April 13 Sue
Practice client pitch including PowerPoint April 20 Everyone