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MARKETING PLAN INDIVIDUAL PROJECT

The Product is Tutoring App, similar to Uber AppHelp student in colleges and Universities to find help in variety of subjects with affordable price.Introduction to the Project:You have created a new product and have been seeking venture capital to back your small company and product roll-out. The presentation you did to a well known and respected V/C firm has gone well and they have expressed their interest and belief in your company and product potential. But before a deal can be finalized and they will commit the capital you need, they have asked you to provide them with a detailed, comprehensive Marketing Plan to illustrate to them: a.) that a market exists for this product and b.) how you will take a strategic integrated marketing approach to launching and sustaining your new product into the marketplace. COMPONENTS OF YOUR PLAN SHOULD INCLUDE …PART 1: COMPANY OVERVIEWIn this section, the plan provides a description of the company, its product(s), and competitive advantages. A company mission statement, which sets out the organization’s basic purpose for being, is also included here.Example: Virginia Tourism Corporation Marketing Plan Mission Statement:The Virginia Tourism Corporation is a highly productive, creative and dynamic organization blazing new paths in tourism and film marketing. The VTC strives to attract More People – Staying Longer – Spending More Money.PART 2: SITUATION ANALYSISIn this section, the plan describes the market environment and company’s position in it, including information about the market/industry, product performance, competition, and distribution. Section includes:– A Market/Industry Description: major consumer segments; consumer needs; factors that affect consumer purchasing (i.e. key consumer economic, psychological, social influences on buying).– Competitive Review: identifies major competitors; assesses their market positions; summarizes their marketing mix – product offerings/pricing/distribution/advertising-promotion.– Any macro-environmental issues: political/legal/economic/social/technology– SWOT Analysis: section concludes with an analysis describing the strengths, weaknesses, opportunities and threats facing the company. SWOT is derived from and a result of the situation analysis.PART 3: OBJECTIVES/GOALSIn this section, a clear/ specific/detailed statement is made regarding what the company wants to achieve during the plan’s term. Objective(s) should be realistic & achievable, and this section includes discussion of key issues that will affect company’s attainment of goals. For example, if the goal is to achieve a 15 percent market share within 12 months, this section looks at how this goal will be achieved.MARKETING 304: MARKETING PLAN TEAM PROJECT – Page 2Example: Virginia Tourism Corporation Marketing Plan Mkt. Objectives:1.) Work collaboratively with Virginia’s tourism industry to increase the economic impact of tourism by 5 percent annually.2.) Expand and extend the “Live Passionately” campaign by working with a minimum of 50 communities and agencies to adopt and implement plans that strengthen the campaign and increase frequency and target reach.3.) Leverage marketing dollars at least 5:1 by working with strategic tourism partners.4.) Attract domestic and international film, television, video and multi-media production to the state and increase the economic benefit by 3 percent.PART 4: SEGMENTING/TARGETING/POSITIONING– Define/Describe Your Target Market(s):Demographics/Geographics/Psychographics/Benefits/Behavioral all leading up to … Where Is Your Consumer & How Does Your Consumer Behave?What are their needs, wants, motives; purchase behavior; purchase influence; role of brand; how/where do they shop; attitude factors; social factors; lifestyle factors.Based on your new product, its risk profile, etc., do you define your target consumer as more of an innovator/early adopter-type, or more of a broad majority-type consumer?– Develop Positioning Strategy: What is your Value Proposition to your target market (your “Power Idea”; “Unique Selling Point”) that will act as your primary benefit and point of differentiation to set your product apart and be motivating in the minds of the target consumer vs. the competition?– What is your brand name – and what does it communicate?– Develop a “Product Space” (also called Perceptual Map): based on X & Y axes criteria of your choosing, visually show your competition vs. your desired product positioning.PART 5: MARKETING STRATEGY / IMPLEMENTATION PLANIn this section, the plan outlines specific strategies and tactics for how each marketing mix element (Product/Price/Place/Promotion) will be implemented such that:a.) each marketing mix element works together synergistically.b.) each marketing mix element directly ties back to the overall marketing plan objective.MARKETING 304: MARKETING PLAN TEAM PROJECT – Page 3Example: Virginia Tourism Corporation Marketing Plan Mkt. Strategies:1.) Sell Virginia’s tourism product by building upon the well-recognized “Virginia Is For Lovers” logo and slogan through the “Live Passionately” campaign.2.) Develop and execute collaborative statewide Live Passionately marketing programs.3.) Continually educate elected officials and key opinion leaders about the economic importance of tourism and encourage investment in the industry.4.) Advance the use of technology in marketing and tourism promotion.5.) Market existing tourism product of all sizes, including high revenue-generating destinations, and support the development of new tourism product.6.) Promote Virginia’s existing and expanding meeting, sports and convention facilities.7.) Market Virginia’s Film assets to the film and video industry through the Virginia Film Office.THE MARKETING MIX:PRODUCT. Regarding your new product, be sure to address:– Whether your product is a “good” or a “service” – provide a complete product description including features and benefits.– What is your product’s class – are you working with a more highly targeted “specialty” product, “shopping” type product, or a frequently purchased “convenience” type product.?– What stage in the product life cycle your product is in and how that affects your planning.– How will packaging help in the marketing of your product? Be sure to address a.) how it will functionally protect, keep fresh, etc. your product; b.) how it will communicate what the product is; c.) how it will position the product in the minds of the consumer – branding, logo/graphics/materials used, etc.; d.) how it will conform to any industry shipping, regulation or retail shelf issues.– Include an image/drawing of your product and its packaging.MARKETING 304: MARKETING PLAN TEAM PROJECT – Page 4PRICE– How will your pricing strategy interact with the other mix variables to create value?• What is your cost structure; competitive pricing; company objectives; what will your consumers pay; your stage in life-cycle, different distribution channels influence on your pricing.– Are you assuming your target consumer is “Price Elastic” for your type of product (relatively small changes in price will generate fairly large changes in qty. sold) or “Price Inelastic” (relatively small changes up or down in price will not generate changes in qty. sold)?– Based on above, what is your pricing strategy:• Profit-oriented: are you pricing your product based on the fact that it must meet a specific profit margin/goal in the plan timeframe?• Sales-oriented / Competitor-oriented: are you pricing very competitively for maximum sales, taking sales & share away from the competition and/or discouraging new players from entering the market – even at expense of margin?• Status Quo-oriented: do you want to stabilize prices, or meet competition, or even avoid competition using this “don’t rock the pricing-boat” approach?PLACE(DISTRIBUTION)– What degree of market exposure and customer service level is required?– What are the types & numbers of other channel members, wholesalers, etc. required?– What types of retailers will your product be sold in – Specialty shops, department stores, supermarkets, mass merchants, club stores, convenience stores, door-to-door, direct mail/DRTV, catalogs, internet?– Are you considering a multichannel distribution strategy?– How will marketing functions be shared? For example, how will you work closely with other channel members to coordinate advertising efforts to get the best results – use of advertising allowances, cooperative advertising, etc.MARKETING 304: MARKETING PLAN TEAM PROJECT – Page 5PROMOTIONWhat is your advertising/communication objective? Per your Unique Selling Proposition that defines your key point of product/benefit differentiation leading to your positioning, what do you want to say to your target audience? And how will you say it? In your author’s terms, what will be your “copy thrust?” Define how you will build each stage of your communication process.– Source: Use a Celebrity? Industry Expert? The Company Itself? Other?– What type of message will create favorable attitudes and clearly communicate – Informative? Persuasive? Reminder?– Based on your type of product, your target consumer, and your distribution, what media or combination of media should you use – Television? Radio? Magazines? Newspapers? Internet? Outdoor, Direct Mail? Please give a detailed explanation of your selected Media Channel Mix.– How will you use Publicity and Public Relations?– Based on your type of product, your target consumer, and your distribution, what type of Sales Promotion is appropriate as part of the marketing campaign for your product? What do you plan to use and why – Coupons/Rebates? Premiums? Contests/Sweepstakes? Sampling? Loyalty Program? POP? Product Placement?– In addition to a consumer “pull” strategy, do you also need to use promotion to help sell and get channel member cooperation for the marketing mix via a “pushing” strategy in the channel? If so, how.NOTES:• For this plan, you are not required to include an “Implementation and Control” Section.• For the “Situation Analysis” section, many secondary public sources of information are available ranging from company annual reports to US Bureau of Census and Labor Statistics data, company/industry information on the internet, trade association websites*, electronic databases, business magazines and journals, etc. Please cite your sources. Also, looking at competitive products and their marketing mixes via retail store checks and company website reviews is helpful to determine how they are targeted/positioned, priced, branded, how & where merchandised, packaged, advertised and promoted.*Every industry has a trade association. Examples: CEA: Consumer Electronics Association; TIA: Toy Industry Association; AAFA: American Apparel & Footware Association.: