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Marketing Plan Project Mid Term Paper
Mid-Term Report Paper (Minimum 7 pages and APA) Due end of Week 5
In your mid-term report paper, describe the following. Stay focused use only the information that is directly relevant to your marketing plan.
Business: Start by selecting a business. Creative thinking is encouraged, but your plan must be realistic and executable for the company. Respect reasonable constraints (i.e. resources) and environmental forces (i.e. the economy). Articles in Business Week, Forbes, and the Wall Street Journal may help you to choose an interesting and relevant business that has potential for success. Also scan the marketing environment to look for opportunities. Once you discover a consumer need and a target market, describe what good(s) or services(s) you offer to satisfy this need.
Market Situation: Collect data on target market(s), including the size and growth of the market(s). This will give you an idea of how profitable your business is and will be in the future. Present the data on consumer needs, perceptions, and buying behavior trends.
Environmental Forces: Describe the social, economic, technological, competitive, and regulatory trends that may help or hurt the performance of your business, both currently and in the future.
Competitive Forces: Specifically for competitive forces, identify and describe the major competitors that offer goods or services that satisfy similar needs. In your descriiption include the competitor’s size, market share, perceived product quality, marketing strategy, and positioning.
Organizational Directions: Describe the size, structure, and overall strategic plan of the company, including its mission statement, company objectives and goals.
Also provide marketing research plans (or research outcomes if you already have some results). Apply what you learned in the Marketing Research. See guideline below:
Carefully develop the research plan for collecting the information necessary to successfully create and execute your marketing plan. Marketing research can and should be used in multiple stages (discovering a consumer need, product development, pricing decisions, etc). Use a mix of primary and secondary data. What information (primary and secondary) would you need to formulate your marketing strategies? Examples of such information include: information regarding consumers (e.g. demographics, lifestyles, psychographics, behavioral patterns, purchase patterns, etc.) and competitors (e.g., positioning, loyalty, etc.).
Develop and describe the following elements in your research plan: (ie.. How successful the company will be in the future? A product or service the company is not offering that others in the industry is in fact offering.)
Research question: What is your marketing question?
Data Collection Methods: What method will you use to answer this question, and why is this method the most appropriate? Use both primary and secondary data. Examples of primary data include surveys, experiments, observations, and focus groups. Secondary sources (i.e. historical data and/or statistical databases) can be found in the library, on the Internet, electronic databases, business magazines and journals, annual reports and other reports. When presenting secondary data, ALWAYS specify the source clearly.
Data Collection Plan: How, when, and where exactly will you collect this data? For example, for surveys you should specify the following:
Contact Method: Examples include mail, telephone, face-to-face, over Internet.
Sampling: What unit of analysis will you be collecting data on (individual consumers, households, procurement manager)? What sample size are you aiming for? What do you expect the response rate would be?
DISCOUNT CODE FIRST25