Throughout this class you have examined the product or service of a company and addressed market segmentation, pricing strategies, the micro and macro-environments, and the important role customers play in the success or failure of a given product.
Thinking about the company and product or service you have explored during this class, imagine that you are now a competitor of that company. You are responsible for promoting a product that is in direct competition with the product or service you have been exploring.
Develop a marketing plan for your new company’s product or service.
The plan should be indicative of how your company’s market share will increase and include the following:
- Create a mission statement that best defines your company’s goals and objectives and recognizes the company’s responsibilities to its customers, its employees, and the environment.
- Describe the company’s target market for the product or service and how it differs from the company you have been exploring. Include any secondary markets that you see as a potential target market.
- Describe at least three micro-environment factors and at least three macro environment factors that may have an impact on the company’s marketing of this product.
- What pricing strategy will you use for your product or service? How will you implement that strategy?
- Describe three promotional efforts you could use to promote this product or service to your intended consumer.
- Describe at least one additional product or service the company might add to the product mix that would compliment the current product or service.
- A summation of why you believe your plan will succeed and put your product in the lead. Be sure to cite examples from the company and product or service you explored throughout the modules and compare them to your plan for your new company and product or service.