Marketing Principles: Preparing a Marketing Plan for an Innovative Product

Overall Rationale for the PMKT Assessment

Influenced by the key skills and attributes of the working marketer in its curriculum design, Marketing Principles requires you, the student, to work on a Marketing Plan for an innovative product from the first to the last session. Working individually, you will choose a product on which to conduct marketing research and analysis for the entirety of the module, culminating in a Marketing Plan.

Your task is to research and prepare for your overall Marketing Plan using the Preparatory Notes for the designated topics found in at the end of every chapter slides. You will be assessed on the quality of the analysis and application of theory and concepts from course content/material as well as the persuasiveness of your arguments/ideas.

You are required to prepare a written report based on credible research (e.g. using Proquest and Newslink on the Elearn LMS) describing the proposed marketing activities of the product and making recommendations on the marketing strategy and mix to the parent company. Your report will include a detailed explanation of the following sections:

1. Introduction: Company, Brand and Product (15 marks)

The introduction should describe the company and brand very clearly. You should Include accurate, up-to-date and honest information about the current operations of the company. Following this, provide a description of your new product idea together with justifications as to why this idea is deemed to be viable.

2. Internal (Micro) Analysis: Customer, Competitor and Company (15 marks)

This is all about the marketing elements related to the current situation internally and with direct competitors and existing customers over which the company could potentially exert some control or influence. It presents and describes research from relevant, up-to-date and credible sources (like Newslink) on customers and competitors and builds on research on the Company from section 2. Competitors' Strengths and Weaknesses (relative to ‘your’ company/product) are presented. Customers' Social and other media feedback on the company is described and analysed in relation to company/ product's strengths, weaknesses, opportunities and threats.

3. External (Macro) Analysis: PESTEL (15 marks)

This section presents and describes research from relevant, up-to-date and credible sources (like Proquest) on all parts of the external environment or matters over which the company has no direct control. The analysis will come in the form of the PESTEL Analysis. PESTEL stands for: Political, Economic; Socio-cultural; Technological; Environmental (Natural Environment) and Legal issues. These findings are to be applied to the product in question. Opportunities and Threats for the product/ company that come from the research need to be explored.

4. Marketing Strategy (S,T, D and P) and Recommendations (15 marks)

This section outlines the proposed segmentation, targeting, differentiation and positioning of the product and moves on to provide recommendations for the future. Chapter 4 of the module is a good source of knowledge to understand what is required here. Market segments should be clearly defined using the various bases of segmentation (e.g. Psychographic Segmentation) and based on research presented in earlier sections. Ensure the target market/s is/are measurable and accessible and that a clear picture of the ideal customer emerges. The product should be clearly differentiated from its competitor set and a positioning statement analysed or recommended. Recommendations demonstrate innovation and relate the product to market and come from research.

5. Marketing Mix (the 4 P’s) and Recommendations (15 marks)

This section outlines the proposed Marketing Mix – Product, Place, Price and Promotion - of the product and moves on to provide recommendations for the future. Product branding, packaging, labelling and support (augmented) services should be succinctly and clearly described. A recommendation on strategy for sustaining the product life is well made. The key attributes of the product/product category/ levels of product and stage in the Product Life Cycle need to be introduced here. Channel types and levels need to be described with a clear diagram. A recommendation on a more effective channel shows relationship of product to market to channel. The proposed pricing strategy (one of the 5 main) is defined with examples. Recommendations might argue for another pricing strategy or defend the current one. Promotion analysis uses examples to outline the Theme and Appeal of proposed promotions. A recommendation on a new promotion can be provided instead of one of the recommendations suggested above.