Posted: September 6th, 2023
Assignment 2: Developing Marketing Plan
Assignment 2: Developing Marketing Plan
(Using Marketing Model Canvas)
Course Title: Entrepreneurship
Course Code: MRKT-310
Program: Undergraduate Academic Year: 2022-2023
Maximum Marks: 15
Assignment Brief: Throughout the world developing and implementing marketing plans is the hallmark for marketers. As a result, most corporations see developing and managing marketing plans as an essential prerequisite for the top marketing slots. In addition, most of the current CEOs are also known for their ability to plan and execute marketing plans.
Recommended Tool: Marketing Model Canvas
Suggested Reading: Siddiqui, K., (2021). Developing Marketing Model Canvas as an Assessment Tool for Marketing Curricula, Universal Journal of Educational Research, 9(6), pp. 1333-1339 DOI: http://doi.org/10.13189/ujer.2021.090623
Key Deliverables: You are required to develop a marketing plan for the assigned product/service/brand using Marketing Model Canvas. The report must be in the following format:
Page 1 Title Page (Brand Name + Your Name)
Page 2 Marketing Model Canvas (MS Excel; One page only – color)
• Customer Segment – Target Customers (geographic, demographics-psychographics, behavioral)
• Customer Profile –User/Buyer Profile (Age, Gender, Income, Social Status, Preferences etc)
• Customer Needs – Top 3 customer problems
• Customer Wants – Top 3 must have features
• Buying Process – Customer path to purchase
• Competition – Alternate solution Providers
• Value Propositions – (Unique selling point)
• Positioning (Perceptual Map)
• Product Strategies (Product Line Strategies)
• Pricing Strategies (Price-Adaptation Strategies)
• Place Strategies (Distribution Strategies)
• Promotion Strategies (Advertising, PR, Sales Promotion, personal Selling, Direct, Digital)
• Branding Strategies
• International Marketing Strategies (Export, Joint Venture etc)
Marketing Model Canvas
Customer Segment – Target Customers: Define your target market by demographic, geographic, psychographic, and behavioral factors. For example, if you are selling a new line of athletic wear, your target market could be women aged 18-35 who live in urban areas and are interested in fitness and wellness.
Customer Profile – User/Buyer Profile: Create a profile of your typical customer including age, gender, income, social status, preferences, and other relevant information. For example, your typical customer may be a 25-year-old female who earns $50,000 per year and is interested in yoga and pilates.
Customer Needs – Top 3 customer problems: Identify the top three problems or needs that your target market is facing that your product or service can address. For example, your athletic wear line may address the need for comfortable, functional, and stylish workout clothes that perform well during high-intensity activities.
Customer Wants – Top 3 must-have features: Determine the top three features or benefits that your target market desires in your product or service. For example, your athletic wear line may feature moisture-wicking fabrics, seamless construction, and trendy designs.
Buying Process – Customer path to purchase: Map out the steps that a typical customer takes in order to purchase your product or service. This may include researching options online, visiting a physical store, trying on products, and making a purchase.
Competition – Alternate solution Providers: Identify your direct and indirect competitors, their strengths and weaknesses, and what sets your product or service apart from theirs. For example, your athletic wear line may compete with brands such as Nike, Adidas, and Lululemon, but differentiate itself through its unique designs and eco-friendly materials.
Value Propositions – Unique selling point: Determine the unique value proposition of your product or service that sets it apart from competitors and resonates with your target market. For example, your athletic wear line may focus on sustainability, performance, and style as its unique selling points.
Positioning (Perceptual Map): Determine the position of your product or service in the market compared to competitors, based on factors such as price, quality, and features. For example, your athletic wear line may be positioned as a mid-range option that offers high-quality and stylish designs.
Product Strategies (Product Line Strategies): Develop strategies for your product or service that align with your target market and value proposition. This may include expanding your product line, improving existing products, or developing new features.
Pricing Strategies (Price-Adaptation Strategies): Determine your pricing strategy based on factors such as production costs, target market, and competition. This may include setting a premium price point for high-end products or offering discounts for bulk purchases.
Place Strategies (Distribution Strategies): Develop a distribution strategy that meets the needs of your target market and aligns with your product or service. This may include selling through online marketplaces, partnering with retailers, or opening physical stores.
Promotion Strategies (Advertising, PR, Sales Promotion, personal Selling, Direct, Digital): Develop a promotional strategy that reaches your target market and effectively communicates your unique selling proposition. This may include social media advertising, influencer partnerships, or email marketing campaigns.
Branding Strategies: Develop a branding strategy that aligns with your product or service, target market, and unique selling proposition. This may include developing a brand voice and identity, creating a brand story, and establishing brand guidelines.
International Marketing Strategies (Export, Joint Venture etc):