Description
To complete this project, you must submit the following:Template: Marketing Plan Strategy Template Word DocumentSubmit this template as a Word document. Your submission should be no more than 4 pages in length. Sources should be ed scholarly articles and cited according to APA style.
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1. Product Selection: Begin by selecting which product you want to be the basis of your
entire project. Specifically, choose one of the following products:
•
Gourmet truffles with fruit, herb, and flower extract infusions
•
Semisweet chocolate baking chips
•
“Healthy” carob (chocolate substitute) bars
2. Persona (Target Market): Research the target market (potential buyers) for your chosen
product to develop a persona. Specifically, address the following:
a. Conduct target market research to identify
key demographic and psychographic characteristics.
b. Develop one persona that represents users of your chosen product. Use the Module Two
Milestone Worksheet in your Soomo webtext to create your persona.
c. Draft this portion of the project as part of the Module Two milestone, and after you receive
feedback from your instructor, revise your persona as needed for inclusion in your project
submission.
3. Promotion: Recommend marketing communication channels for your chosen product.
Specifically, address the following:
a. Recommend two marketing communication channels for your chosen product.
Briefly describe each and explain why they are appropriate based on your
persona.
b. Draft this portion of the project as part of the Module Four milestone, and after
you receive feedback from your instructor, revise your marketing communication
channel selections as needed for inclusion in your project submission.
4. Price: Consider how pricing for your chosen product should be set. Specifically, address
the following:
a. Explain how one of the following is used to determine the approach to
pricing for any offering.
i. Company profitability
ii. Competitor pricing
iii. Target market price sensitivity
b. Identify which one of the four basic pricing strategies you feel is most
appropriate for your chosen product and persona from the Module Two milestone.
Describe the general advantages and drawbacks of that pricing strategy.
c. Draft this portion of the project as part of the Module Four milestone, and after
you receive feedback from your instructor, revise your pricing strategy selection
as needed for inclusion in your project submission.
5. Place (Distribution Channels): Consider how decisions on distribution channels should
be made. Specifically, address the following:
a. Describe how one recent change in the marketplace (e.g., purchasing habits or
social, economic, and political events) has affected distribution of products.
b. Recommend one potential distribution channel for your chosen product and
explain why it is appropriate, given your persona.
c. Draft this portion of the project as part of the Module Five milestone, and after
you receive feedback from your instructor, revise your distribution channel
selection as needed for inclusion in your project submission.
6. Product: Identify considerations for the ways in which your chosen product should be
marketed. Specifically, address the following:
a. Explain, in one to two paragraphs, how your chosen product should
be marketed in relation to meeting the needs and wants of your persona (e.g., the
features and benefits of your chosen product that directly address your persona’s
needs and wants).
i. Consider how a product you regularly purchase is marketed in terms of
consumer needs and wants. What is the marketing message, and what
other methods are used to convey the benefits of the product? Use this as a
guide to describe how you would suggest marketing your chosen product
to your persona.
b. Describe, in one to two paragraphs, how bringing this product to the marketplace
can help support and build the company’s brand.
i. Describe the Chocolate Bliss brand based on the scenario. Explain how
offering your chosen product is in alignment with the brand, and how
bringing the product to the marketplace will help the company increase
awareness of its brand.
7. Evaluation: Identify how you would evaluate the effectiveness of the marketing plan.
Keep in mind that you need to collect data on the target market and the competition.
a. Identify two specific quantitative data-collection tools you should use and
explain, in two to three paragraphs, how they can help you evaluate the marketing
plan. Quantitative data comes in the form of numbers.
b. Identify two specific qualitative data-collection tools you should use and
explain, in two to three paragraphs, how they can help you evaluate the marketing
plan. Qualitative data comes in the form of words and sentences.
MKT 205 Marketing Plan Strategy Template
Complete this template by replacing the bracketed text with the relevant information for your
marketing plan strategy.
Product Selection
[Insert text.]
Persona (Target Market)
Demographic Characteristics
[Insert text.]
Psychographic Characteristics
[Insert text.]
Persona
[Insert text.]
Promotion
[Insert text.]
Price
Approach to Pricing
[Insert text.]
Pricing Strategies
[Insert text.]
Place (Distribution Channels)
Recent Change in the Marketplace
[Insert text.]
Distribution Channel
[Insert text.]
Product
Marketed
[Insert text.]
Brand
[Insert text.]
Evaluation
Quantitative
[Insert text.]
Qualitative
[Insert text.]
References
[Insert text.]
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