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MKTG631 Major Project

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Major Project – Entrepreneurial Application Content: Find a small business owner that is willing to let you work with their small business. This can be your own business, a family member’s business, or even the company for whom you are currently employed. Write a detailed advertising and promotions plan for a specific product or service that is currently sold by this small business. . It should be written as a recommendation to the small business owner with specific steps as to how to implement the plan you are recommending. It should also indicate when the campaign should launch, and the period of time of the advertising campaign. Your advertising plan recommendations should include (hint—use these as section headings in your paper) the following: Who are you trying to reach? The target audience you want to reach is your target market. To determine your target market, you will need to do a little research. Location - Where does your consumer live? Urban or rural environment? Out of State? In a specific city? Far away or close by? Age - Is your consumer between the ages of 25-54 or 34-54? Are they younger or older? Marital/Family Status - Are they married? Single? Do they have kids? How many? What ages? Income - Does your consumer make $30,000 per year or $100,000? Lifestage - At what stage of life are they? Are they newlyweds just beginning their life together, empty nesters (children are grown and gone), retired? What do you want to say about the product/service? Now that you’ve narrowed your target audience, you can begin the process of deciding what it is you want the consumer to know or think about the product/service. Why would the consumer purchase the product/service? What does the consumer need to know about the product/service? What does the consumer want to do with the product/service? What benefit are you promising; what’s your selling proposition? Who are you making the selling proposition to? Why should they believe you? How do you intend to reach your audience? What are your media choices? The media you choose will depend on what your target audience will see and where they turn to for information, as well as your budget constraints. When are you going to reach your audience? Timing is an important aspect when placing advertising. If you place an ad too soon, people may forget about your event. If you place an ad too late, people may already have purchased another product. How do you time the advertising? There is no correct schedule to advertise a product or service, but two factors should be considered. The first is the purchase frequency—the more frequently the product is purchased, the less repetition is required. Secondly, you need to consider the forgetting rate, the speed at which buyers forget the brand if advertising is not seen nor heard. What will your advertising campaign cost? Your budget will determine when and where you can advertise. How will you evaluate if the advertising is successful? How do you know if your campaign worked? Format the document in a manner that makes it look as professional as possible. Include photos and other visual media where appropriate. You can add more sections, or remove some listed above depending upon the business, the product/service, and other logistics of the product or service you are actually working with. Be sure to support all of your assertions/recommendations. This is not an opinion paper. An advertising and promotions plan will take far more than 24 hours to create from scratch. We assume that the bulk of your research will have been completed in the periods leading up to this period. Even so, you will probably spend more than 24 hours assembling and polishing the plan.

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Write a four to six (4–6) page paper in which you: Specify the nature, structure, and types of products or services of your company, and identify two (2) key factors in the organization’s external environment that can affect its success. Provide explanation to support the rationale. Sugg ...

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