Principles of Marketing

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Principles of Marketing

The executive summary is usually written last, after you have written, analyzed, and ironed out the details of your plan. So, once you have your plan written, come back to this section and write your executive summary. The summary should briefly cover the marketing overview, competitive overview, product overview, your SWOT (Strengths, Weaknesses, Opportunities and Threats,) goals and objectives, strategies, action plan and implementation schedule and evaluation methods. A one to two paragraph summary is typical.
THE CHALLENGE
Brief description of product to be marketed and associated goals, objectives include your new business name.
Describe your products and the ideal customers for each. If you are a service-based company, think of your clients as the ideal customers and your services as products. For each product or brand, include:
Ideal customer demographics such as: income levels; interests; activities; living environments; other geographic descriptions; psychological mindsets; political affiliations; family situations; age ranges; tastes; etc.
Industry or societal trends that affect those customers.
Your ideal customers’ needs and wants, and corresponding benefits received from products.
MARKETING SITUATION
Current market conditions
What are the current market conditions? This is an overview of the industry and key insights into competitors, suppliers, the environment, customers and the company’s place within the industry.
Competition
List the competition in the area you will be marketing your product
Target Customers
How you picked them and why
SWOT analysis
Discuss in detail the strengths, weaknesses, opportunities and threats in your industry
SHORT & LONG-TERM PROJECTIONS
First Year Objectives
Second Year Objectives
Issues
Marketing Strategy
Discuss the general strategies you will use to reach objectives and fulfill the mission statement
Value/Price – for your service / product sold
Compare the prices you charge compare to the value you provide.
Positioning
Relative to competitors and in the eyes of ideal customers
Marketing Mix (4 P’s)
Product
Discuss the product(s) themselves and any related changes, improvements, and issues
Place
Discuss the distribution channels (the various ways each product reaches customers and consumers).
Price
Discuss the pricing strategies for each product.
Promotion
Discuss promotional activities including public relations, Internet marketing and advertising, offline advertising, viral programs and other marketing programs you will be executing.
FINANCIALS AND BUDGETS
This information is not required, however if you would like to include any supporting information for your business including budgets, charts, etc. you will receive extra credit.
CONCLUSION / EVALUATION
Discuss how you evaluate your marketing plan and strategy. Build success metrics into your marketing strategy and how you will use them to monitor progress and adjust execution when applicable.
APPENDIX
List your resources use the APA format
Exhibits
Include the interviews under your exhibits FOR MORE INFORMATION ON THIS TOPIC CLICK HERE
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