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Assignment – My Marketing Plan
Total Value in Course: 20 % (2 x10%)
Purpose:
The purpose of these assignments is to provide students with an opportunity to:
1. Apply market research skills
2. Evaluate market research information
3. Develop an appropriate Marketing Plan for yourself using theory from the course.
4. Receive instructor feedback on your ability to develop an environmental scan and SWOT, set objectives and develop and appropriate Marketing Mix.
Format:
Your assignments should be presented in the template provided in class. Use single spacing, point form, and cite sources where appropriate. (Use APA format for sources) Check for correct grammar and spelling. Subtitles should be used where appropriate.
You will submit your template two times. Complete only those sections of the template you are assigned for each submission. Expand the template as you need to, or delete extra space. Each time you submit your template, it will be returned to you, with instructor’s comments that you are expected to address. You will then continue with the next section. Upon completion of all sections, you will have a Marketing Plan for yourself!
In the appropriate Dropbox on the D2L course website, submit your assignments as a WORD document, using the template provided, followed by a reference page. Use your surname as the first word of your WORD file title.
Submission #1 (Value in Course: 10%)
Planning Phase: Situation Analysis (SWOT)
Before conducting research, choose the goal for your marketing plan. Some examples of the use of a marketing plan include:
Being hired for a first career position
Be chosen for a promotion in a current organization
Being hired for a Co-op position
Being chosen to take a leadership role within a not-for-profit association or club
Being chosen for a position on an athletic team or to represent your sport at an event
Gain credibility with existing employees in a family-owned organization you will be joining at a management level
Gain entry into an advanced level or certain program of study of post-secondary education
Be accepted for funding or a loan for a self-employment business start-up
Once you clearly decide what the purpose of the plan is, you can begin your research and complete the template. Start with the Situation Analysis section of the template.
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Internal (Me) – My Strengths:
List what personal strengths you currently have that are a benefit towards achieving the specific goal you have chosen. Examples of personal strengths include (not all might apply to your goal – these are just examples):
Education already completed
Skills and knowledge from past work experiences
Skills and knowledge from personal hobbies and interests
Flexibility in where you live
Flexibility in the days and hours you are available
Languages you speak
Cultures you are familiar with
Internal (Me) – My Weaknesses:
List what aspects you perceive you need to be successful with the specific goal you have chosen that you still haven’t achieved, or limitations you have that you will need to improve or cope with. Examples of personal weaknesses are (not all might apply to your goal – these are just examples):
Work experience you don’t yet have
Education not yet complete
Industry credential not yet attained
Limited flexibility as to where you can, or are willing to, move to live
Languages you are not fluent in
Technical skills you don’t yet have
Family responsibilities you have that restrict hours you are available
Other commitments you have that restrict hours you are available
External:
Conduct secondary research to determine factors in each aspect of the external environment. Look for opportunities and threats in each factor that apply to the specific goal you have. Examples of External Opportunities
Please cite all sources of information in the body of the document (in each point made), as well as include a reference page at the end of the template. All sources must be credible. Wikipedia is NOT a credible source!
Economic
Analyze the economy. Factors include among additional factors, changes in taxes, interest rates, the employment situation, and exchange rates. As economic conditions change continuously and can change rapidly, it is very important to analyze this environment carefully.
Technological Environmen
t
Technology affects the way some industries and organizations communicate with suppliers, employees and customers. You should look at the technology being used at all levels to determine technology skills expected in the specific goal you have. Only identify technology issues in the industry or market in general – do NOT discuss your future plan regarding your need to have technical skills.
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Political and Legal Environment
Identify political or legal, or the activity of any special interest group, which might affect the specific goal you have. Special interest groups can have a major political influence on regulations that are put into place. Any issues that are likely to be raised by such groups which will affect the industry, such as the effect on the environment, consumer protection or trade unions.
Social and Cultural Environment
Many variables make up this environment, such as population trends, the language spoken, educational levels, religious beliefs, views on the family, lifestyle. A shift in attitudes such as concern for buying locally made products, or concern for the environment, may impact the success of an organization or group of products or services.
You should look for relevant situations that pose either an opportunity that can be utilized, or a threat, which may affect your success
Ecological/Natural Environment
In some industries the effect of seasonal or climatic factors or the availability of necessary natural resources can have a substantial impact. Factors such as raw material availability, impact of weather, global effect, or local environmental degradation should be identified whenever their effect will have to be taken into account.
Competitive Environment
It is vital that your current competitors be identified and that those competitors’ strengths and weaknesses be understood. Although it is impossible to control these factors, it is important to be aware of the competitive situation so that you can develop strategies with your competition in mind.
It is also important to be able to recognize where new competition is likely to come from so that appropriate strategies can be put in place.
The competitor profile should include as much information as possible on each major competitor type, such as location, size (for example how many other students will graduate from your program at the same time you graduate; how many similar programs exist in the marketplace) reputation, skills and knowledge. Your evaluation should be based on their ability to be successful with your specific goal. Identify direct and indirect competition.
Even in a market where there are no rivals offering similar skills and knowledge, it is important to identify others who might also be vying for the same specific goal from a different background.
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Planning Phase: Focus & Goal Setting
Use the information from your Internal aspects of the SWOT (both Strengths and Weaknesses) to identify the following:
My Goals
Describe the goal you set when starting the Marketing Plan project.
My Desired Position
Identify the expected tasks you will be doing (for example if your goal includes a specific career, identify the aspects of your position. Use a format similar to a job description.)
My Target Industries or Organizations and My Target Locations
Identify details about your target “market”
My Uniqueness (Points of Difference)
Identify your personality strengths that will result with you standing out to the target “market”. Identify your unique combination of education and experience (both work and life experiences). Identify any other point of difference you have.
My Positioning
Identify how you compare to the competition.
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Submission # 2 (Value in Course: 10%)
Planning Phase: Marketing Mix Elements
In this section you determine how you will market yourself to your target group. What is the most effective way to reach them? Specifically, for each marketing activity how will you reach your target, when, how often, how much will it cost and what exactly will you do? Marketing is about developing a consistent and detailed strategy.
Product Strategy (Actions to improve my Marketability)
Use the information from your Internal aspects of the SWOT (both Strengths and Weaknesses) to identify the following:
Formal Education / Courses / Training
Work Experience / Projects Completed
Extra- Curricular / Volunteer Activities
Obstacles to Overcome
Price Strategy
It
is important to have a clear understanding of what compensation you want, if any. Conduct research to determine what is the usual compensation in the industry and what compensation will your competitors expect. If your specific goal does not involve compensation describe the non-monetary benefits you will receive if you achieve your goal.
Promotion Strategy
List the most effective strategies and methods to reach your target group to achieve your goal. Provide specific details.
Place Strategy
Identify places you will network for contacts and references. Identify places you hope to achieve your goal (for example, if your goal is to be hired for a Co-op position, what geographic location do you hope that will be located in?) Identify any know costs to get to or reside in the location.
Implementation Phase: Schedule / Budget
Examine your promotion activities, prioritize them and list details on implementation (including costs).
Primary Marketing Activity (the activity that will be the most effective)
Secondary Marketing Activity (the activity that will be the next most effective)
Supporting Marketing Activity (the activity that will be the next most effective).
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For each key marketing activity answer these questions:
How and where will this take place?
How much will it cost and when will it be spent?
What support materials will you will need?
Example:
Primary Marketing Activity:
Networking events include
Riverdale Share Community Association
o once per month
o luncheon cost $20 each; year total $240
Danforth Business Improvement Area
o once per month
o dinner meeting cost $25 each; year total $300
Concerned Parents Association
o once per month
o no cost
The support materials on hand will be business cards and bookmarks.
1,000 book marks cost $500
250 business cards cost $40
Business attire for networking events
o Cost $400
.
Control Phase
Evaluation
For each promotion strategy, identify the evaluation tools that can be used to measure the success of implementing the strategy.
What is the follow-up/measurement system?
When will you do this and how often?
Control
Provide alternate options that can be used to modify the promotion strategy. Briefly identify a alternate choice of strategies that can be considered if the planned promotion strategies do not result in success or factors in the “environment” change.
ScholarMatic: Explanation & Answer
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