MARKETING PLAN: PART 1
New Product Launch for an Existing Company
- Company Description
- This section includes a brief description of the company, including its mission statement, background, and competitive advantages.
- Mission Statement
- Use the existing company’s Mission.
- Product Description
- Detail what your new product is, key features, benefits, and what problem it addresses for the customer.
- Market Analysis
- Discuss what advantages do you have over your competitors?
- A competitive advantage is something the company does better than its competitors and that competitors cannot easily replicate. Actions that initially appear to be a competitive advantage but can be easily replicated often become common practices.
- Create a SWOT Analysis— using a 4-quadrant chart with 2-3 Strengths, 2-3 Weaknesses, 2-3 Opportunities, and 2-3 Threats facing the company.
- Goal and Objectives
- Clearly define what the goal of your plan.
- Create 2-3 bulleted objectives (these should be action items to achieve the goal).
- Make objectives measurable and quantified.
- Marketing Strategy
- Be clear on your strategy and rationale for choice: market penetration, market development, product development, and diversification.
- Marketing Mix using the 4P’s.
- Price (what is the pricing structure and strategy you are using and why)
- Place (discuss how will you customer get the product)
- Promotions (discuss how will they find out about your product; any special promotions you will use)
- Positioning Map and Strategy
- positioning strategy of the product or company
- Positioning map (image showing how it fits in the competitive landscape)
Be sure to review the Portfolio Project description and rubric for details. Be sure you incorporate any feedback given from your instructor for this portion as this will be included in your final Portfolio Project.
Your paper should be 5-7 pages in length excluding cover and reference pages and conform to APA guidelines in the CSU Global Writing Center (Links to an external site.). Include at least two scholarly references in addition to the course textbook. The CSU Global Library is a good place to find these references.