Assignment 3
This assignment builds on Assignment 2. It requires recommending a new product or service line and developing a brief marketing plan to launch the new product or service line in the stores of the same company that you selected in Assignment 2.
This assignment provides you with an opportunity to demonstrate the achievement of the following course learning outcomes:
Comprehend the components of an organization’s marketing program including how to plan, price, promote, and distribute goods, services, or ideas.
Identify the marketing relationships both internal and external to an organization.
Explore how external factors, such as the economy, competition, suppliers, distribution channels, and political-legal groups affect the marketing function.
Recognize why and how customers are considered in strategic marketing plans.
Comprehend the concepts of value, quality, customer service, logistics, and supply-chain management.
Identify current challenges and opportunities such as information technology, globalization, marketing ethics and social responsibility, and their impact on marketing practices.
Instructions
Using the same company that you selected in Assignment 2, you will prepare a brief marketing plan outlining how the company will launch its new product or service line.
Use the numbered headings and answer the questions associated with each heading to create your marketing plan.
Make sure you apply the various marketing concepts and terminologies discussed in this course within your answers. You must also reference at least 3 credible sources within your marketing plan.
Marketing Overview (8 marks)
Describe the industry, market, and any trends. (1 mark)
Describe the new product or service line and the classification the product or service will fit into. Remember, the product or service line must be new to the company! (2 marks)
Which segmentation strategy best describes the target customer? (2 marks)
Describe pricing, distribution, and promotional strategies for your new product or service line. (3 marks)
Positioning and Differentiation (4 marks)
Describe 2 competitors for the new product or service line that you proposed for your selected company. (2 marks)
Identify how the company’s new product or service line will be differentiated and positioned relative to the competition. (2 marks)
Situational Analysis and Business Environment (4 marks)
Select 1 business analytical tool (e.g., PESTEL, SWOT, or Porter’s 5 Forces) and use it to describe the business environment for the company’s new product or service line that you proposed.
Marketing Objectives (4 marks)
Explain how the new product or service line aligns with the company’s vision and mission statements. (2 marks)
Create 2 marketing objectives for your new product or service line. The marketing objectives should be written using the SMART goal formula.
(2 marks)
Controls and Measurement (4 marks)
Describe 4 key performance indicators (KPIs) that the company should use to evaluate the performance of your marketing investment.
