A marketing plan is a set of orderly actions aimed at achieving specific objective(s) within a given timeframe. First, you first must have a set of objectives when creating a plan. Second, you should specify a timeframe (usually a calendar year) within which to achieve your set of objectives. Therefore, a marketing plan is a strategic document outlining the actions/steps you propose to take to achieve your marketing objectives. A marketing plan helps you focus your efforts on maximizing profits for your business. It helps you to clearly define the product and/or service you are offering, to identify your customers and competitors, to outline a strategy for attracting and retaining customers, and to anticipate changes in the marketplace. While the actual document is of tremendous importance, the process of preparing that document is invaluable. Developing a marketing plan will help you spend your time, energy, and resources as efficiently as possible.
You are a Chief Marketing Officer (CMO) recently hired to develop a new product line or brand extension for a company’s product/brand (Note: students choose the company and brand/product). Based on the company’s mission and goals, status in the market, current target market(s), and brand power, you will develop a Marketing Plan for the new product/brand extension.
The organization you choose needs to be a publicly-traded company, thus allowing you to gain access to its financial data and market performance. It cannot be a privately-owned company, nor a start-up. The new product or brand should relate to the company’s mission and target market(s), or to a lucrative new market segment. The decision is yours!
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