Hello, I am responsible for certain sections of the marketing plan (highlighted in yellow). I have added other sections by my peers to assist in the plan. I am in need of paperhelp.com’s help with my sections. The innovation is called the “Box Spring” and our company’s name is Mattress Mart. Please provide separate spreadsheet for any calculations.
Marketing Plan Assignment Instructions
This is a semester-long team project focused on developing a marketing plan for an innovative product/service. Each team will come up with one innovative product/service and develop a comprehensive marketing plan, following the template provided in this Assignments Conference (under the Marketing Plan Template main topic heading). Each week your team is responsible for completing sections of the marketing plan corresponding to the week’s topics. Although individual team members may take on certain management and editing tasks in the Team Work Plan, all team members are collectively responsible for understanding and preparing materials for this assignment. Peer evaluations will be administered at the end of the course.
Step 1: Coming up with Innovative Product/Service
In developing your idea for your team Marketing Plan for a new product/service, assume that you are presenting your product/service idea to the New Product Development (NPD) department of an existing organization. This is not an “entrepreneurial” exercise, but rather a “marketing management” one consistent with the AMBA 650 course title, Marketing Management and Innovation.
The organization you choose may be your own, but it must be an existing, well-known, and easily researched organization (usually one can find more information on publicly traded companies). The NPD Committee of the organization has asked you to come up with an innovative, imaginative idea that upon further review can lead to a new avenue of growth for the organization. This NPD Committee organizational review takes the form of The New-Product Development Decision Process as discussed in K/K, Managing New Products, pages 573-579 (see Figure 20.1, page 573). You are only responsible for generating the idea (Step 1 in the Figure 20.1), but it would be helpful for you to gain a perspective on how the NPD process would play out in any well-run organization.
Keep in mind that the products/services ideas have to come from one of the following categories:
New-to-the World (new products/services that create an entirely new market)
New Product/Service Line (new products/services that allow a company to enter an established market for the first time)
Additions to existing product lines (new products/services that supplement existing brands and product lines)
The really creative, “premium,” new product/service idea should ideally come from the “new-to-the-world” category, but your particular organizational situation might warrant considering other categories.
NOTE: Improvements and revisions of existing products/services, repositioning, or cost reduction alternatives should not be considered.
To successfully generate viable ideas for your organization, make sure you first know and understand the organization and its position in the marketplace. Start your research by looking at the existing services and product lines that your organization currently carries. Consider the target market for each product and service line while thinking of the proposed new offerings. There is no need to report on this now as your proposed product/service idea will reflect your understanding of the company and environment it operates in. Note that you will also need much of this information in the team Marketing Plan you will be developing this term.
In addition to screening your proposed organization, new product ideas can come from interacting with various groups and from using creativity-generating techniques such as Attribute Listing, Forced Relationships, Morphological Analysis, Reverse Assumption Analysis, New Contexts, and Mind-Mapping. Ideas can come from interacting with others such as customers, scientists, competitors, employees, channel members, and top management.
Customer needs and wants are the logical place to start the search. One-on-one interviews and focus group discussions can explore product needs and reactions. Technically oriented organizations can learn a great deal by studying customers who make the most advanced use of the organization’s products and who recognize the need for improvements before other customers do. Employees throughout the company can be a source of ideas for improving production, products, and services.
Organizations can also find good ideas by researching competitors’ products and services. They can find out what customers like and dislike about competitors’ products. They can buy the competitors’ products and take them apart. Company sales representatives and intermediaries are a particularly good source of ideas. These groups have firsthand exposure to customers and are often the first to learn about competitive developments. New-product ideas can also be gleamed from inventors, patent attorneys, university and commercial labs, industrial consultants, advertising agencies, marketing research firms, and industrial publications.
When you have a viable new product/service idea, please post it, along with a short description of your reasoning for choosing it, into your team Study Group conference. The entire team will then discuss the merits of each idea and choose the one idea to use in developing the team marketing plan assignment. You have to agree on your new product/service by end of W2. Please let your faculty member know your idea and listen carefully for his/her feedback.
Step 2 – Developing a Marketing Plan for a new product/service – your semester long team project
By start of W3 teams have to agree on product/service selection and confirm it with their faculty. For the rest of the semester–W3-W10–teams will be working on developing a marketing plan for that product/service (template is posted in this Assignments conference). Each week your team is responsible for completing the sections of the marketing plan corresponding to week’s topics. Although individual team members may take on certain management and editing tasks in the Team Work Plan, all team members are collectively responsible for understanding and preparing materials for this assignment. Peer evaluations will be administered at the end of the course, and faculty will review individual inputs to determine if the team grade is appropriate for all members.
Below are some resources that may be helpful. Additional resources are posted in the class Webliography; and your faculty member or FA may point you to additional sources. You should also feel free to add to these resources as you discover some new links.
Sample Marketing Plans and Resources
K/K text Appendix A (A1-A13), Sonic MArketing Plan and Exercises gives valuable background on many sections of your Marketing Plan.
Also seeK/K Chapter 2 on Product Planning: The Nature and Contents of a Marketing Plan.
IN addition, these are links to several good marketing plan examples or templates.
Sample plans and good resources: http://www.mplans.com/
How to write a marketing plan (good info including Porter, SWOT) – http://articles.mplans.com/category/how-to-write-marketing-plan/
The Hurdle Book of Business Planning is available for free for online reading
(Special thanks to Ms. Anita Schmied for finding these resources.)
Your final paper should be approximately 20 pages in length, excluding cover page, references, and appendixes. (When in rough draft mode, it’s generally better to write longer and edit down at the end than to try to write short and have to come up with more material at the end; so don’t worry too much about length until you’re putting together your final draft. That is when you can edit to present your ideas more succinctly.) Please include all contributors’ names on your cover page; and please remember to number your pages.