Below is a structure which follows that of a marketing plan. If you want to use the structure in a book and/or adapt it to suit your plan, feel free to do so. This is guidance so adapt as appropriate
Remember the main purpose is for you to show your knowledge, understanding and use of the theory. Use and integrate the marketing terms, models and references to support the points and justify the decisions you are making in your plan. There is no need to explain what things are, it is all about what you will do and why.
Also look at the rubic on the assignment brief.
- Introduction
Short introduction stating what is your new product, who your company is and the key product / service features that differentiate your new product (i.e. the Key Distinguishing Features (KDFs)). - Situation analysis.
This is your SWOT. A SWOT is just a way of presenting your situation analysis. You don’t need SWOT headings. Instead have headings such as the existing brand, capabilities, competitors, market and others that are appropriate. The aim under each heading is to discuss why your company will be strong in the market, and/or why the market is attractive (opportunity). E.g., Apple has a strong brand image and high brand loyalty which will help it launch its new phone. The high level of competitive intensity makes the market unattractive for new competitors.
It is for you to select the most appropriate areas to discuss for your product, e.g. political drivers may affect demand for sugar free sweets, the economic situation is unlikely to very relevant. So, think through what are the most relevant factors affecting the successful launch of your new product.
Apply models such as the 5 forces to the competitive situation. Your discussion and conclusion should link to the directional policy matrix showing that overall, it is an attractive market, and your business will be strong in it. - Marketing objectives
Write 3 – 4 clear marketing objectives in a SMART format, e.g. To achieve a 10% market share by 2022 - Target market, and positioning
This should be a short section.
KDF – Highlight your KDF which will be your customer benefits
Target market – Segment by those customer benefits. So, all you need is one clear sentence on who your target market is based on the customer benefits.
Positioning – Then another sentence stating your positioning (a positioning statement) and perhaps another sentence or two if you want to add references. This should be based on the customer benefits
You can include a positioning map.
Think back to the seminar when we segmented the holiday market. - Pricing.
Justify why you are using a skimming or penetration strategy. State and justify your launch price, how will it change with your strategy and why. This can link to the early stages of the product life cycle. - Distribution
Justify your intensive, selective or exclusive strategy. Where will you distribute your product, how might your distribution strategy change as sales grow?
If you are doing a festival or event then distribution might not be relevant, so there is no need to discuss it. - Communications
Comms Objectives
Use the high or low involvement buying process to help set your comms objectives which must be written in a SMART format, e.g. To build awareness to 60% of the target market within 6 months. Look at the seminar work on this.
Think through who is your target audience(s).
Methods
Structure your work around how you will achieve each communications objective. You may use a range of comms methods to achieve each objective.
The seminars on communications discuss the setting of comms objectives and how to achieve them.
If appropriate discuss the launch of your product at a show, e.g. car, fashion show.
The comms is a large section and can easily be 30-40% of your assignment.
You should be able to use and refer to models such as the diffusion of innovation process which links to your target audience as well as the use of opinion leaders and word of mouth comms. There are other models e.g. the elaboration of likelihood model of how consumers process information, e.g. buyers of new foods will process peripheral cues, e.g. the pictures on Pringles crisps. For some the decision-making unit may be appropriate and/or the Theory of Reasoned Action model. So, bring in what you feel is appropriate to support your points. Your ideas can be justified by the practical aspects e.g. the media watched / used and by referring to models and references.
For high involvement products an objective will link to forming attitudes to the product/brand and purchase intention. So, look at how you will build the brand and you can refer to the brand identity prism as per seminar.
Integrate marketing terminology into your discussion
- Control
Here just do a short paragraph about the importance of controlling your plan i.e. so you can adjust your plan to achieve your objectives.
For pricing, distribution and comms the aim is to use theory and references to justify your marketing decisions. People launching similar products may decide to market the product completely differently, that’s fine as long as the decisions are justified and that you demonstrate your knowledge of the subject.
Likewise, if you want to amend the structure to suit your plan then do so.
Look through the lecture and seminar work. Most weeks will be applicable. You don’t need to use the work on new product development processes for this assignment 1.