Marketing Plan For A New Product Essay

Marketing Plan For A New Product Essay

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Marketing Project

You will design a marketing plan for a new product or service for a company that you would like to start or you can assume the role of a consultant and evaluate the marketing strategy of a small local business (this may include a local church) in the Chattanooga or Collegedale area that is of interest to you and make suggestions for improvement. Please email me with your business prior to the first deadline for approval.


Step 1: Submit your business idea to your Professor by February 8th. This should be a brief overview. You will include the type of business, where it is located, number of employees, product offering etc. This should be about 2 paragraphs double spaced.

Step 2: Write a Mid-Term Report – Due March 18th. Format: The paper should be 6 to 8 pages in length, double-spaced with a font size of 12 (Font Style is missing for example Times Roman, Arial). It should include at least 5 references – APA style.
The paper should include the following sections:

A. Business Background: Discuss the good or service you plan to offer and who you plan to offer it to. What are the benefits? Are these benefits offered by potential competitors in the market? Discuss the setup of the business, location and owners (Include a brief background and experience of the owners.) In this section you will discuss the company’s overall strategic plan including the company’s mission statement, goals, objectives etc.

B. Situation Analysis:

a. Internal Review: Given what you know and assume about your company and/product, and describe briefly what you see as the company’s three to four key strengths and weaknesses. Focus mainly focusing on the product’s or company’s standing in the market place and its characteri...


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(2) Price: Describe changes that should be made to the pricing if any and why or why not. If it is a new product, discuss price your product(s) and why.
(3) Promotion: (Existing product – is the currently strategy effective – what should they do differently etc?) New product -What is your promotion strategy and why? What promotional tools will be used
(4) Place (Distribution Situation): How will your company deliver its goods/services to its customers (e.g., stores, direct mail, online, etc)? Why? Present concrete plans on the size and importance of each distribution channel.

Implementation: Specify how each element of the marketing strategy will be executed. What will be done? When will it be done? (Discuss this for changes to existing products as well.)

The report will include: a cover page, table of contents, and executive summary as well as reference page.


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