- This project will take the form of a Marketing Plan for a new frozen snack business.
- It must be developed within an appropriate theoretical/conceptual framework and must focus on Marketing Management.
- It should show adequate marketing research, an understanding of the relevant academic concepts and excellent design and literary skills.
1. Description of your product / service: What product or service are you offering? Articulate your vision, mission and core values/philosophy.
2. Market Analysis and Research: Research is the backbone of the marketing plan. Identify consumer buying habits in the industry, market size, market growth or decline, and any current trends. This is where you describe your business’s target audience. If you’re planning to sell your products to different audiences, include a complete analysis of all the market segments and a customer profile. Your analysis should answer the following:
Defining factors. What are the factors that define your target market?
Appeal. Why will your products or services appeal to your audience?
Goals. What are your customers’ goals?
Motivations. What motivates your target audience?
Problems. What are your target audience’s biggest problems?
How your product fits in. How does your product or service help your target audience reach its goals or solve a problem?
3. Advertising Plan and Market strategy. Your marketing strategy is your path to sales goals. Ask yourself "How will I find and attract my most likely buyers?" This is the core of what the strategy should explain. It should look at the entire marketplace and then break down specific tactics including such as events, direct mail, email, social media, content strategy, street teams, couponing, webinars, seminars, partnerships, and other activities that will help you gain access to customers. This is the heart of your marketing plan. Your advertising plan should outline how you plan on reaching out to your target audience and its different stages. You might want to discuss how you plan on using all of the following advertising methods:
Social media. Which platforms do you plan on using, which is the priority and what types of targeted ads do you intend to use?
Online campaigns. Describe any banners or other online ads you intend on purchasing and why.
Email. Explain who you intend on reaching through email, describe the content and why you chose this method.
Ads in public space. List any billboards, subway advertisements and other ads that appear in public space and how that would best reach your target audience.
Television or radio ads. Which TV channels, stations or streaming services do you plan on advertising on and what will the ads contain?
Also, discuss any other strategies you might use to promote your company/product, such as special events, community service, articles and testimonials.
4. Marketing Budget.
In this section, you’ll break down the costs involved in each stage of your advertising plan. This will help you determine your exact financial needs for thorough marketing and advertising of your products.
You should also break down costs depending on the media you’re using for advertising, such as social media campaigns or paid online ads. And include a budget for initial promotional activities when you first launch your products, as well as for continued advertising once you have established yourself in the market.
Develop a month-by-month schedule of what you plan to spend on marketing. Also include a "red light" decision point. For each activity, establish a metric that tells you to stop if it’s not generating sufficient return on investment (ROI).