Description
Assignment must be written in APA format, double spaced.
Section 7: Competitive Analysis
List who your major competitors are, and describe how they market their products. Your analysis should cover the competition’s size, market share (and growth), comparative quality, brand image, target markets and marketing strategies, and any other features that are relevant.
(STP) Segmentation, Targeting and Positioning
Identify your target market for your line and how you intend to fill the needs of this target market. Describe the target market using demographic, psychographic and behavioral information. Explain why you chose this particular market. Describe your position in the marketplace. Write a 3-4 page report describing this target market, how you chose this segment and your position in the market relative to competitors.
Section 8: Positioning Strategy
Based on what the major product attributes are and how your product and your competitors’ product are situated relative to these attributes, determine a strategy for positioning your product in the marketplace and in the minds of your consumers.
Section: 9 Product Strategy
The product or service is the central piece of your marketing plan, especially when your marketing plan is proposing a new product/service. This section should contain a detailed description of what is being offered – size, shape, design, structure, etc. Provide sketches or photos if possible (you can be put in an Appendix). Flesh out the product’s features (durability, reliability, etc.). Remember that all the characteristics of the product should stem from a deep understanding of what the customer needs and wants are. Describe the product that you intend to market. Describe fabrication, style and how this product differs from competitors’ products. How will the product meet the needs of your target market?
Your product strategy should describe the product/service as an entire package that you offer to the consumer. In addition to the core benefits outlined in prior sections, describe your augmented and potential product offerings (which will tie in with the Product Description section). Describe your product assortments, packaging, warranties and guarantees, customer service etc. If your marketing plan is focused on innovative service, describe the category of service and service-quality management strategies.
Section 10: SWOT
SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. This four part analysis is meant to succinctly outline the following points:
The internal strengths of your organization/product/service (e.g., strong brand name)
The internal weaknesses of your organization/product/service (e.g., inefficient distribution channels)
The external opportunities open to your organization/product/service (e.g., growing market)
The external threats (mainly, ones that your organization is not likely to have any control over) your organization/product/service may encounter (e.g., strong competitors)
This section can be written in bullet-point form; as long as you make sure each point is sufficiently explained.
