Comprehensive Project (30%)
Comprehensive Project Part 1 (2 Pages) – Product/Service selection; Segmentation, Targeting and Positioning Strategies (10%);
There are a number of idea websites that you might use to help provide a product/service business idea such as: Springwise.com | New business ideas, trends and innovation and Entrepreneur.com. You may also choose to imitate a company that is already doing business (but you may not directly use an existing company for the project) in the marketplace or you may have your own business or business idea you wish to work with. The key is to use that product/service business to apply the lesson concepts and terminology to develop key components of a marketing plan.
1. Describe your chosen product/service business. Identify the top 3 competitors you may face in the marketplace. Provide some rationale for your choices.
2. Your business may be better suited for business to consumer (B2C) or business to business (B2B) but for this activity please provide choices for both markets as follows:
1. Provide a detailed description of the (B2C) consumer segments for your product or service (i.e. Geographic, Demographic, Psychographic, Benefit, and Usage Rate).
2. Provide a detailed description of how your product or service will be segmented in the business B2B market (i.e. Firmographics, Company Characteristics, and Buying Processes).
3. Describe your target market strategy (i.e. Undifferentiated, Concentrated, Multi-segment)
4. Describe how you would position your product in the consumer market (i.e. Attribute, Price and Quality, Product
User, Product Class, Competitor, Emotion).
5. Provide a perceptual map of your product/service business using the top 3 competitors and your business.
6. Explain your choices and provide some rationale for your work in items 1 – 5 above.
7. It is expected that some secondary research will be evident in your submission. Use the APA format for in-text
citations and references (bibliography).
Additional Materials to help with Phase 1
• video Marketing: Segmentation and Targeting Brian McCarthy https://www.youtube.com/watch?v=H52WGQYEfbM&t=76s
• video https://www.tutor2u.net/business/reference/marketing-segmentation-targeting-positioning-video
• Global Generational Lifestyles Report FINAL.PDF Nielsen 2015. See how 5 generations responded to the survey and what it says about us.
Comprehensive Project Part 2 (2 pages) – Marketing Plan and the External Environment (10%)
This piece of your comprehensive project will focus on the Understanding your industry, setting your Competitive Advantage strategy, developing your Mission statement and setting SMART Objectives.
A: This piece of your comprehensive project will focus on elements of the market plan.
1. Using NAICS Identify the industry which your product/business is part of
2. Select a source of competitive advantage that you recommend for your product or service (i.e. Cost,
Product/Service Differentiation, and Niche)?
3. Develop a Business mission statement for your product/service and provide a breakdown as per the four
essential questions your company’s mission statement must answer: What do we do? How do we do it?
Whom do we do it for? What value are we bringing?
4. Develop at least three (3) SMART Marketing Objectives.
5. Explain your choices and provide some rationale for your work in items 1 – 4 above.
B: This piece of your comprehensive project will focus on examining the external marketing environment.
1. Develop a brief description of each external marketing environmental factor (i.e. CREST- Competition, Regulatory, Economic, Social, and Technological) as they apply to your product/service.
2. You are expected to provide evidence of secondary market research using a minimum of 2 relevant sources for each factor.
3. Based on your secondary research, comment on whether these factors present an opportunity or threat to your plan. Provide some rationale for your assertions. In-text citations (footnotes) to support your position are required.
Comprehensive Project Part 3 (2 pages)– The 4 Ps Product, Pricing, Promotion and Distribution (10%)
A: This piece of your comprehensive project will focus on product concepts.
1. How would you classify your product or service (i.e. Convenience, Shopping, Specialty or Unsought)?
2. Describe the type of packaging and labeling you would use.
3. Describe the global issues in the branding and packaging of your product or service.
4. Provide some rationale for the points you are making.
B: This piece of your comprehensive project will focus on pricing decisions.
1. Describe the pricing objective that you would use for your product or service (i.e. Profit-Oriented, Sales Oriented, Status Quo).
2. Describe how 3 (your choice) of the determinants of price (i.e. Stages in the Product Life Cycle, Competition, Distribution Strategy, Internet, etc.) will impact.
3. Provide some rationale for the elements you chose.
C: This piece of your comprehensive project will focus on promotion decisions.
1. Describe which elements of the promotional mix (i.e. Advertising, Public Relations, Sales Promotion, and Personal Selling) you would choose for your product or service.
2. Develop a “brand promise” tag line.
3. Provide some rationale for the elements you chose.
D: This piece of your comprehensive project will focus on and distribution/place.
4. List your sources at the end in references (bibliography).
