Select a client – a toy, video game, beverage, food product or consumer electron
Select a client – a toy, video game, beverage, food product or consumer electronics company in the United States. You work for a marketing agency and you’ve been asked to develop a comprehensive marketing plan including financial projections and video presentation with appropriate visual aids for your client. Your marketing plan will focus on introduction of a new or existing product for a new target market over a 1-year time frame. Your plan must be based on accurate marketing research and market analysis information and must clearly present marketing strategies and implementation that show budget details. You have a $300,000 budget for promotional activities. It is important the client understand the rationale for your business recommendations and believe the proposed marketing strategies and implementation will be successful.
The comprehensive marketing plan with financial projections should be written as described in the course section on Developing & Evaluating a Marketing Plan. The project should be formatted as a PDF document in standard, 12-size business font with page numbers and appropriate charts and graphs including section headers as noted below. Use at least 10 outside and credible sources in APA format. List these on a Works Cited page at the end of the marketing plan.
A marketing plan is composed of front matter, 10 major sections, and a Works Cited page. The 2500-word marketing plan should include the following sections:
Title Page – Include writer name, type of report, company and submission date
Table of Contents – Page with major section headers and associated page numbers
1. Executive Summary – Is a 1 to 1.5-page summary explaining the client project, business goals, marketing plan highlights, and key recommendations
2. Introduction – This includes 4 sections: a) Business overview, current situation, and state of business, b) Mission statement that should be approximately five to six sentences stating the goals, function, values, and objectives of the business, c) Detailed explanation of products and services sold, and any concerns or issues the company currently faces, and 4) promotional strategies used by the firm
3. Current Audience – Describe the group or individuals that use the client’s products and include average age, the percentage of females and males, and demographics of consumers, and motivation for purchase
4. Market Research and Analysis – This should include an industry overview (size of market, rate of growth, trends in the industry, potential opportunities) and competitive analysis including marketing review of the client company and their top 3 competitors, including a SWOT analysis, and cultural and legal regulations. Use environmental scanning tools to evaluate the external environment.
5. Product/Target Market Opportunity – Based on the market research and analysis, identify a new or existing product opportunity for a new target market. Describe in detail the product, target market selected, and why this is a fit. Explain how this fills a customer need and has potential to significantly increase revenue. Make sure to provide external resource information that supports your claims.
6. Financial Projections – Discuss the amount of money the company is currently spending and profits. Project the amount of profit that the company anticipates in generating over the next year by implementing this marketing plan. Include a best case, break-even, and worst-case scenario.
7. Marketing Strategy – Describe the recommended marketing strategies to be utilized in the marketing plan. Consider the product opportunity, new target market, and 4 p’s in this section (price, product, placement and promotion).
8. Marketing Implementation – Define the company’s short term promotional goals and objectives and state how the company will accomplish them. Consider different IMC strategies – traditional media, advertising, social media, electronic, video and mobile in the plan.
9. IMC Campaign – Describe the company’s IMC campaign message, creative brief, and promotional budget uses. Show ad examples for the media channels to be included.
10. Evaluation – Determine which marketing metrics will be used to measure market plan performance and improve company success during the marketing implementation phase of the project. Be specific.
Works Cited – Page to include all research information used from articles, books, websites, and other sources in APA style.
The 5-minute video presentation should be professionally presented and include marketing plan details and recommendations that will convince the client the plan will be successful. It may be helpful to refer to the last section of the course entitled Effective Presentations for this section. Imagine the audience includes important executives from the company you selected. You may wish to use PowerPoint with video capability or Zoom to record your video presentation. Make sure to include appropriate visual aids with 7-10 slides of relevant information and major sources are referenced appropriately.