Download Marketing Plan For A NEW PRODUCT

MARKETING PLAN FOR A PRODUCT OF YOUR CHOICE
Students will have the opportunity to develop and demonstrate their marketing knowledge through the
creation and marketing of a new product. You will:
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Identify an appropriate target market
Develop and create a new product for this market
Develop a marketing plan to accompany the product
Student teams will develop a new product while following the practice of the Marketing Mix - the 4P's:
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What is the Product? Who would want to buy it?
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What is the Price of the product? Why has that price been chosen?
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Place; where will it be sold? Why?
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Promotion; how will it be sold? What will the label, etc. look like? How/where will it be
advertised? When? Why?
In addition to developing a product and prototype, each group must create a brand name, logo and
slogan or jingle for their new product. The brand name, logo and slogan or jingle must be original.
Your report can/should include the following:
 Prototype of the final product.
 A brand name, logo, slogan.
 Full description of the product.
 Features of the product that will make it competitive with other brands.
 An overview of who your competitors are, and why yours is better.
 Overview of product market.
 Description of target market and identification of needs and wants your product will satisfy.
 Decision and explanation of where your product will be sold geographically and how consumers
will purchase your product. (ie. Grocery stores, convenience stores, etc.)
 Explanation of how products will be packaged and sold.
 Determining a selling price.
 Explanation of pricing strategies; why have you chosen your prices?
 Name and describe at least 1 sales promotion that will be used during the life of the product.
 Describe the promotion(s) fully including all details of the campaign. For example, decide where
it will be placed (which media), length of campaign, start date of campaign, reason for doing the
campaign, cost of campaign, rules or restrictions of the campaign, how to promote the
campaign, how to judge the effectiveness of the campaign, etc.
Marketing Plan For A NEW PRODUCT
Putting It All Together
Each team is to submit a 4-6 page marketing plan for their new product that they have created. The
marketing plan should be formatted in report style. Therefore you need to include a title page, table of
contents, headings, subheadings and any necessary exhibits (graphs, tables, illustrations, graphics, etc.)
to help the report. The report MUST be formatted full block (single spaced paragraphs, double space
between paragraphs, no indents) plus include a header and footer (that does not appear on the title
page, table of contents, or bibliography). Any reference or research material used in your report must
be referenced.
The following sections must be included and addressed in the Marketing Plan:
1. Title Page
A well formatted title page. It is the first thing a reader will see and should therefore leave a positive
impression. Ensure that the title page information is clear and visible. It should contain the following
information:
 Product (Product) Name
 Company Name
 Name
 Date of submission
 Course Code
 Teacher's Name
2. Table of Contents
Should list all the main elements of the marketing plan including appendices.
3. Introduction
Introduction, Mission Statement and Objectives
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Summary highlighting the key features of your plan.
State the goals that you have/are setting out for your product. Such things as market share,
market introduction/penetration and profitability should be included here.
4. Company Description
 Company Name, Brand Name(s)
 Background of your business.
 A description of your product (product). What needs or wants are you satisfying with your
product?
5. Market Overview
 A description of the current conditions in the marketplace for the product similar to what you
are proposing.
 A description of the companies (competitors) currently in the market: their products; their
features, their strengths and weaknesses. What products are directly and indirectly
competing with your company? How does your product compare to others in the market? In
other words what are the opportunities and threats that exist?
 A description of where you see your company and its product(s) fitting into the scheme of
things (niche).
 Any additional economic, legal, socio-cultural or technological analysis or information that
you deem appropriate.
6. Market Analysis
 Target Market – who is it and why was it chosen? Identify the demographic, psychographic,
etc. characteristics of the target market. Is there a primary and secondary market for your
product?
7. Marketing Strategies and Activities
 This is where you will provide all the details of what you are planning to do with your
product. You will need to describe in as much detail as possible your strategies covering the
"4 P's of Marketing"
What are your strategies for…
a) Pricing – price, strategy chosen and rationale. What do you anticipate your break-even
point to be? What type of pricing strategy would you suggest that your
distributors/retailers use? What do you anticipate the demand for your product to be?
b) Distribution - Where will your product be available for sale in the marketplace? What
type of distribution strategy and channel(s) will you employ? What is your rationale for
these strategies?
c) Product - Description of the type of product your team has created. What is the
product's unique selling position?
d) Advertising and Promotional Campaign – Outline the advertising and promotional
plans. What media and techniques will be used? What is the message that you wish to
send to your target audience? When will the advertising and promotional plans run and
with what frequency? What do you anticipate the cost of your advertising and
promotional campaign to be?
8. Other Relevant Information
 What risks do you anticipate? What are your contingency plans if any?
9. Appendices
10. Bibliography
Evaluation
MARKETING PLAN for a NEW PRODUCT
Putting it All Together
THINKING & INQUIRY (30 Marks)
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Introduction (3)
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Company Description (4)
Market Overview (4)
Market Analysis (2)
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Marketing Strategies and Activities (8)
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Other Relevant Information (3)
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Appendices (3)
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Bibliography (3)
APPLICATION (30 Marks)
Report Format  Title page – contains all parts (5)
 Table of contents - used the automatic table of contents; no header and footer present (5)
 Headers and Footers - page number, company and product name / logo present on all content pages (5)
 Use of sections – Document separated into sections (5)
 Headings – Headings used to format titles and subtitles
 Spacing and paragraph format – single spacing, paragraphs separated by a space, justify aligned (5)
COMMUNICATION (5 Marks)
 Spelling, grammar
 Quality of writing, effort
COMMENTS:
/30
/30
/5