Components of a Marketing Plan Part 1: Product, Target, Strategy Planning, Positioning, and Brand

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Business Finance

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Purpose of Assignment

Marketing plans help coordinate an organization's departments and activities toward a mutual benefit between the organization and the consumer. Well thought out marketing plans contain both internal and external research aimed at understanding who the customer is, what they want, and any barriers the company may encounter in meeting customer demands. This research and information allows the company to create strong strategies and realistic goals. Part 1 of this two-part learning team assignment is designed to place students in the role of a company marketing team demonstrating to the CEO and Stakeholders why and how their new product/service should be launched. This assignment assesses the company, the target market and product, and identifies potential obstacles a company may face when deciding to launch a new offering will be identified.

Assignment Steps

Resources: Marketing: Ch. 1: pg. 4-10; Ch. 2: pg. 40-46 and 54-69; Ch. 3: pg. 72-92; Ch. 11: pg. 292-309; Week 1 video

Scenario: Your team has been chosen by the CEO to lead the development of key marketing strategies for the marketing plan for your company's launch of a new and unique product/service (not already offered). Your marketing team's mission is to prove to the board of directors and investors through research, strategy development, and reasoning, that this product/service is viable and will meet the company's goals. In this first half of the project, you will be reporting to the board and CEO about the target, the product's strengths, a SWOTT (Strengths, Weaknesses, Opportunities, Threats and Trends) analysis, and the brand's position in the competitive environment.

Create a company name and decide what real business world industry it operates in.

Create a new and unique (not already offered) commercial drone product the company will be launching.

Obtain your instructor's approval for the team's product or service before beginning this project by having one team member private message the instructor what the team has decided on.

Create a minimum of 1,050-word report covering the following:

  • Describe the organization, who are they, what industry they operate in, their mission and values, as well as what makes them different from other organizations.
  • Explain your new and unique product/service and include packaging, labeling, and warranty if applicable. How will this add value and differentiate the brand and product from the competition, while encouraging the target market to buy?
  • Identify your target market and what segmentation criteria you use to identify it.
  • Prepare a SWOTT analysis.
  • Identify and describe the top three real business industry competitors for your company and how your company's brand is positioned in comparison.

Cite a minimum of three peer-reviewed sources. One must come from the course textbook or videos and one from the University Library.

Format your paper consistent with APA guidelines.

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MARKETING PLAN

1

Marketing Plan

Name
Course
Date

MARKETING PLAN

2
Marketing Plan

People today get exposed to advertisements averaging 5000 per day in the United States
alone. The statistic indicates how companies have invested in the marketing function which plays
a massive role in targeting the customers and notifying them of their products. For an
organization to introduce a product, a marketing plan is vital to the success of the product in the
market. Companies use marketing plans in this process to determine their readiness and in
targeting a niche in the market based on a set of factors.
Company Profile
TechSols is a technology- based company located in the United States that provides
technological solutions in security through the creation of drones. The company developed a
long-range drone that can be used to man pipelines and assets of organizations in remote
locations. The drone developed can inspect the pipeline systems to identify areas of weaknesses
such as leaks, accidents associated with the pipes, and other hazards that may be detrimental to
the pipeline system. The industry this drone will operate and be useful is the oil and gas industry.
The company's mission is to reduce the costs associated with the surveillance and monitoring of
the pipelines. The vision is to be a world leader in the provision of products that the customers in
the oil and gas industry associate. The product is unique in the fact that it can fly at lower
distances, collect data and at the same time analyze and provide solutions that can then be
transmitted to the customers. Other organization's drones are limited to collecting data without
delivering r...

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