MBA FPX 5012 Capella Muscle Enhancing Dog Foods New Product Marketing Plan Develop a 10-page marketing plan based on research promotion, pricing, distribution, advertising, and product mix.
INTRODUCTION
Completion of this portfolio work project will help you understand the key components of a marketing plan.
SCENARIO
The Vice President of Marketing at MSH Brands (or at your employer or future employer company) has asked you to participate as a member of a marketing management team for the pet food group (or for their product line) for the company. MSH Brands is one of five companies competing in the pet food market. Your membership on the team will require you to make decisions regarding promotion, pricing, distribution, advertising, and product mix.
YOUR ROLE
You are a Brand Manager at MSH Brands. You are being asked to develop a marketing plan for a new pet food product (or new product or line extension at your employer or future employer.)
REQUIREMENTS
You are to develop a marketing plan including the following elements based on your research promotion, pricing, distribution, advertising, and product mix. Include the following in your marketing plan:
Business context. Describe the new product to be featured. What are the features and benefits? What is the company reason for bringing this to market? What are the corporate objectives for it?
Situation analysis. How will this new product complement the existing product portfolio or product line? Who is the target market? Who are the competitors? Use at least two different types of figures and two tables to present the data used for the situation analysis. At least one figure should present data at a single point-in-time, and at least one figure should present data over time. Be sure to correctly label all elements of your figures and tables in the plan and appendix.
Marketing strategy. What is the overall marketing strategy to support the achievement of the corporate objectives? What is the product positioning statement?
Marketing mix. What is the promotional strategy to support the achievement of the corporate objectives? What is the pricing strategy to support the achievement of the corporate objectives? What is the distribution strategy to support the achievement of the corporate objectives? What is the advertising strategy to support the achievement of the corporate objectives?
Effectiveness. How will you measure the effectiveness of this marketing plan?
DELIVERABLE FORMAT
Requirements:
Marketing plan is 10 pages (in addition to the title, reference, and appendix pages). Use the Marketing Plan Template [DOC] as a resource.
Use at least two different types of figures and two tables to present the data. At least one figure should present data at a single point-in-time, and at least one figure should present data over time. Be sure to correctly label all elements of your figures and tables in the plan and appendix.
Related company standards:
The marketing plan is a professional document and should therefore follow the corresponding MBA Academic and Professional Document Guidelines (located in MBA Program Resources), including single-spaced paragraphs.
In addition, include the following in your marketing plan:
Title page.
References page. Use at least three scholarly resources.
APA-formatted references.
EVALUATION
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
Competency 1: Apply marketing theories and models to develop marketing strategies.
Articulate the context of the business.
Competency 2: Evaluate the effectiveness of marketing strategies and methods.
Evaluate the effectiveness of marketing strategies.
Competency 3: Use data to support evidence-based marketing decisions.
Evaluate the situation including the product portfolio, target market, and competitive environment of the business.
Evaluate the marketing mix for a product.
Competency 4: Analyze the role of technology and social media in effective marketing strategies.
Analyze the expected effectiveness of the marketing plan.
Competency 5: Communicate marketing needs, opportunities, and strategies with multiple stakeholders.
Write coherently to support a central idea with correct grammar, usage, and mechanics as expected of a business professional. How to Use this Marketing Plan Template
There are many different ways to write a marketing plan and lots and lots of online resources to
help you do so. As such, there is not one single “right way” to write the plan.
This marketing plan template is intended to provide a framework for you as you prepare your
marketing plan in MBA-FPX5012. As mentioned above, there are many ways to write the plan.
However, the elements of this template align with the scoring guide, so it is recommended that
you use this template.
To use the template, read the information that is in [brackets]. This information tells you what
you need to address within each section of the marketing plan. After you have completed the
required information, delete the [brackets], delete this page, and submit your completed
marketing plan.
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Marketing Plan1
[Project Name]
[Your Name]
[Date Prepared]
Executive Summary
[The Executive Summary is a condensed and concise summary of your entire marketing plan.
The Executive Summary is the first section of your marketing plan and should provide the key
points of each section of the marketing plan. The Executive Summary is generally the last
section you write, because until the rest of the plan is finalized, you really do not know what the
contents of this section will be. Another way to think about the Executive Summary is that this
might be the only section of the plan that is actually read by your intended audience—so it
needs to be strong and compelling. Here’s a resource that might help form your thinking about
the Executive Summary:
•
Leonard, K. (n.d.). How to write an executive summary on a marketing plan. Retrieved
from http://smallbusiness.chron.com/write-executive-summary-marketing-plan43199.html]
Situation Analysis
[The Situation Analysis describes the current state of affairs in terms of the environment of your
marketing activities. The Situation Analysis should address your products, sales, competitors,
the marketplace for your products, et cetera. You will generally include a SWOT analysis,
PESTLE analysis, and other analyses, as appropriate, to frame the current context of your
market. You are encouraged to use figures and tables to summarize the presentation of relevant
data. Be sure to interpret the information in the figures and tables. Here are some resources
that might help you develop your Situation Analysis:
•
English, D. (n.d.). Key elements of a marketing plan situation analysis. Retrieved from
http://smallbusiness.chron.com/key-elements-marketing-plan-situation-analysis65457.html
•
Lorette, K. (n.d.). A situational analysis of a strategic marketing plan. Retrieved from
http://smallbusiness.chron.com/situational-analysis-strategic-marketing-plan-1474.html
•
Schieltz, M. (n.d.). How will a situational analysis help create the SWOT analysis?
Retrieved from http://smallbusiness.chron.com/situational-analysis-create-swot-analysis13204.html]
1
Adapted from Kotler, P. T., & Keller, K. L. (2016). Framework for marketing management (6th
ed.). Boston, MA: Pearson.
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Marketing Strategy
[In this section of your marketing plan, you should describe the overall marketing strategy for
your product. This discussion should include a description of your competitive positioning and
other factors relevant to your overall marketing approach. Among the factors you should
consider in this section are your overall strategy (for example, cost leadership, differentiation)
and other higher-level considerations about how you plan to be successful in the marketplace.]
Marketing Tactics
[Marketing tactics are the specific approaches you will take to implement your marketing
strategy. Consider, for example, pricing, channels, communications, and specific things you will
do to make your product successful in the marketplace.]
Financial Projections
[This section of your marketing plan will address some financial projections. You should discuss
your marketing budget and how you intend to allocate that budget. For your draft marketing
plan, you should be able to make some sales projections and discuss the expected financial
outcomes of these projections. You will gain more information throughout the first five units of
the course to further flesh out your final marketing plan. Presentation of financial data is
generally much easier if you use figures and tables to present the data.]
Controls
[No marketing plan is complete without identified controls to determine the effectiveness of the
marketing tactics. This section will generally include metrics such as the following:
•
Increase sales by 15% by Period 6.
•
Increase salesforce by 10% by Period 4.
The general approach to marketing controls is that the controls need to be specific and
measurable. As you move from your draft marketing plan to your final marketing plan, you will
develop a much better grasp of the controls that are important for measuring the effectiveness
of your marketing plan. Remember, your final marketing plan will be developed as you hand off
your brand to the new brand management team. As such, you need to be as specific as
possible in providing appropriate metrics—that have worked for you—to guide future
management of the brand.]
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Summary
[The summary should include a 3–4 paragraph summary of the plan that highlights the key point
of the plan. While a summary is general backward-looking, you should also include some
forward-looking statements that are compelling and supportive of the future success of the
product.]
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