Marketing Plan Assignment | Buy Assignments Online
IBM 3012 Mini Project Two and Presentation Updates
Mini project 2 report: Developing your marketing plan (10pts)
The goal of mini project 2 is to develop a comprehensive marketing plan for a new product that you identified in the mini project 1. Your marketing plan should be consistent with the STP strategy you laid out in project 1, and answer the following questions:
1. Product position statement (2pts)
a. Describe your target market
b. Conduct an in-depth analysis of the main competitors in the market.
c. Propose the position statement of your product highlighting how the product will be different from the competitors and why such differences will help the product fit better to the target market’s needs.
2. Pricing strategy (3pts)
a. Explore competitors’ product pricing strategies and specific ranges in the market
b. What’s your pricing strategy?
c. Provide argument to support your pricing strategy
3. Promotion strategy (3pts)
a. What will be appropriate media (TV, Newspaper, Printing magazine, social media etc.) to advertise your products? Why?
b.Describe your promotion plan
4. Distribution strategy (2pts)
a. Identify appropriate channels to distribute your product
b. Discuss the main strength and weakness of the channel
c. Justify the reasons of your channel choice.
1. Work in small groups on this project (up to 6/each group)
2. Prepare an executive summary with 2-3 pages (double space, 12-pt font)
3. Write your report in professional style. Avoid colloquial words/expressions.
4. Provide references when necessary (APA style or other well-established styles)
5. Please submit your project via Blackboard before the end of 11/13.
Mini project presentations (15pts):
a. Group 12-24 will make presentations for mini project 2 (presentation date: 11/13); Group 25 and above will present mini project 3 on 12/4.
b. Each presentation will last 5-7 minutes. Each group member should be well prepared to discuss the marketing plan and answer questions from the class. (Avoid reading notes as much as possible).
c. Before the class presentation, each group should submit the PowerPoint Slides to the Mini Project Presentation Link on Blackboard.
Class presentation tips:
|Copy your presentation file to the class computer||Go to your email account and search for the file|
|Elaborate and provide complementary information to what you put on a slide||Face the screen and read from your own slides|
|Be consistent in the font size and style of your titles||Inconsistent font size and styles|
|Keep each bullet as short as possible||End a bullet or title with a period|
|Use a diagram, chart, photo, or table instead of text||Write long sentences or paragraphs on the slides|
The business opportunity we identified was in the restaurant industry. We concluded on this as we saw a lot of unmet needs. However, we focused on customer convenience. We will be supplying foods for people with special diets; those sick e.g. diabetic and those with cancer. Therefor we will require our customers to make orders with the kind of food they want, where to deliver and by what time. Orders will be made online or through a text message. There is not restaurant we know that have been doing this and that’s why we chose to focus on it. For the longest time most restaurants in the food industry have been proving food for the healthy people.
To meet the needs of these people we will focus more on traditional and natural foods rather than processed ones. Some of the ingredients we will buy include vegetables, fruits, natural spices, yams, sweet potatoes, millet, maize, and potatoes among others. Most of the sick people cannot prepare food for themselves and therefore we think we could help much. We will prepare food on order as people are sick differently and therefore their diets are different. With all that we will have met their needs.
Of course we will use targeting and segmentation so that we can focus better in our population of interest. The segmentation variables we will focus on are gender, age and the specific chronic disease the customer is suffering from. Men need foods with much energy compared to men and therefore we will help them in choosing the best foods. Most of the people with chronic diseases are old and different ages have different needs. Finally diseases are different and therefore each has a diet for example foods taken by a diabetic are not similar to that of a person with high blood pressure.
We do not expect already existing competition as there is no restaurant offering the same services as ours to the old and the sick. However, as soon as we start it people will copy our idea and start offering the same services as ours. We intend to make our customers loyal by offering quality foods as per their prescribed diets, we will include a nutritionist in our staff for advices and offering our services at fair pieces. By creating customer loyalty we will not lose our customers.
We plan to differentiate our services in different ways as mentioned earlier. First many restaurants are offering food their main focus being entertainment while for us we are focused on health. For this reason we will be focusing on natural and organic foods. Another way to differentiate us from the rest is that most focus on youths and those with families while ours will be the old and the sick a segment that no one focuses on. We also have a plan to employ a nutritionist who will be advising us on what kind of diet one is subject to take considering their special needs. Most of the restaurants have chefs but no nutritionist this therefore will give us an upper hand. Finally we will provide our services at fair pieces considering our customers are the sick and the old who may not be earning a living.
Our positioning statement will be; the only restaurant that offers healthy and organic foods for the old and the sick who want to be stronger and improve their health in this age of junks. We choose this as it communicates what we do, to whom and why and therefore will market our brand enabling us to get more sales and greater profits.
Auty, S. (1992). Consumer choice and segmentation in the restaurant industry. Service Industries Journal, 12(3), 324-339.
Brody, A. L. (1999). Developing new food products for a changing marketplace. CRC Press.
Kandampully, J., & Suhartanto, D. (2000). Customer loyalty in the hotel industry: the role of customer satisfaction and image. International journal of contemporary hospitality management, 12(6), 346-351.
Lewis, R. C. (1981). The positioning statement for hotels. Cornell Hotel and Restaurant Administration Quarterly, 22(1), 51-61.