Working with the company you chose to create in the Module 1 Case assignment, develop a marketing plan for your first product.
Company selected was McDonalds.
The marketing plan discussed here is the same process used by Fortune 500 companies, but even if your goal isn’t to become an Apple or an AT&T, you can still market like one. The beauty of a marketing plan is that it’s completely customizable and based on your unique characteristics.
Prepare a Marketing Plan of 5-6 pages (at least 5 full pages) that covers the eight topics of your Marketing Plan. The page count does not include the cover or reference list pages. Your marketing plan will address the following eight sections, but you may have to be creative with some sections of your plan, such as financials:
Executive Summary (1-2 pages; do not begin the next section on the same page as the Executive Summary.)
Situation Analysis (begin a new page)
Performance Evaluation and Contingency Plans
A marketing plan is a formal business document that is used as a blueprint or guide for how a company will achieve its marketing goals. A marketing plan differs from a business plan in that it focuses more on market research, attracting customers, and marketing strategies, whereas the business plan covers much more than that and which you will complete in Module 4.
Marketing plans are important tools because they act as roadmaps for everyone involved in an enterprise. Writing a marketing plan forces you to specify goals and develop strategies to reach them, and encourages you to research markets and competition. A strong marketing plan encourages entrepreneurs to think deeply about their business and profit potential, helping them make better business and marketing decisions.
Keep in mind that normally the various parts of a plan do not need to be written in a certain order. Plans should also be seen as flexible guides rather than absolute rules; however, in this assignment you have to follow the assignment directions. Table 8.8 (Laverty & Little, 2020) provides the standard components of a marketing plan.
Sample Marketing Plan Sample (Table 8.8)
Marketing Plan Section Descriiption and Purpose
Executive Summary This is a brief summary of each section of the Marketing Plan. Begin the Plan with a descriiption of your company and its first product this Marketing Plan is for.
Situation Analysis Overviews internal and external environments related to the business and product; internal environments include company background and mission; external environments can include market needs, competition, market research, and an analysis of strengths, weaknesses, opportunities, and threats (SWOT)
Value Proposition) Validates the market opportunity being exploited by the business and articulates the potential gain for stakeholders
Marketing Objectives Specifies market share, distribution channels, inventory, and pricing
Marketing Strategies Explains target market (Who are your ideal customers and why do they need your product?), projected positioning, and strategies as they relate to the marketing mix (4Ps)
Marketing Implementation Activities, responsibilities, and timetable for completion
Financials Discloses sales estimates, projected budgets, and financials that will help readers understand the present and future economic condition of the company
Performance Evaluation Describes procedures for measuring results, monitoring goals, and adapting the plan as needed (contingency plans)
Check out this presentation from Entrepreneur.com on how to create a marketing plan: https://www.entrepreneur.com/slideshow/299487
Also, check out this file that you can print and use as a guide when writing your marketing plan:
Star Software. (n.d.). Sample marketing plan: Appendix C. https://college.cengage.com/business/pride/foundations/2e/resources/pf_found_sample_mkt_plan.pdf
Examples of Different Types of Marketing Strategies
Erhart, A, (2019, November 22). What is guerilla marketing? How does it work? [Video]. YouTube. https://youtu.be/xaZT2zCZRtA. Standard YouTube license.
Human marketing. (2019, February 7). Top 4 relationship marketing examples (Part 2) [Video]. YouTube. https://youtu.be/R9a2Q7WHMdE. Standard YouTube license.
Lorenzo, D. (2019, April 18). 5 entrepreneurial marketing strategies to improve your customer acquisition process [Video]. YouTube. https://youtu.be/AMIsCupO7YQ. Standard YouTube license.
Mix plate. (2020, March 29). Digital marketing examples. The best digital marketing campaigns [Video]. YouTube. https://youtu.be/PVq71fJVWIo. Standard YouTube license.
Neighborhood. (2020, May 29). How to engage clients with real-time marketing [Video]. YouTube. https://youtu.be/Ju7jcKrI6Kw. Standard YouTube license.
Spoof. (2020, February 10). 10 epic viral video marketing ads [Video]. YouTube. https://youtu.be/E12gnySyA7I. Standard YouTube license.
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