Marketing Project

Objective

In this phase, students are tasked with the strategic development of their marketing plan. They will establish concrete marketing and business goals, provide an in-depth description of their product or service, precisely define their target market, and construct a detailed marketing mix strategy that encompasses the 4Ps (Product, Price, Place, Promotion).

Sections to Cover

• Marketing Strategy: A high-level overview of the approach to reach the business goals through specific marketing objectives.
• Marketing or Business Goals: Clear, measurable, and time-bound goals that the marketing efforts aim to achieve. These could range from achieving a certain market share within a specific timeframe to generating a set amount of revenue or profit.
• Detailed Description of the Product or Service: An expansion of the brief description provided in Part 1, focusing on the features, benefits, and the unique selling proposition of the product or service.
• Target Market: Identification and analysis of the specific segment(s) of the population that the business will serve. This includes demographic, psychographic, and behavioral characteristics of the target market.
  • This stage is critical for laying out the tactical approach to achieving the marketing objectives set forth in Part 1. PART ONE IS ATTACHED BELOW as a PDF
  • Rubric
    • Goals (10 Points):
      • 10 Points: Goals are specific, measurable, achievable, relevant, and time-bound (SMART), demonstrating a clear path to business success.
      • 6-9 Points: Goals are defined but may lack in one of the SMART criteria, showing room for improvement in specificity or realism.
      • 3-5 Points: Goals are stated but are vague and not fully measurable or realistic.
      • 0-2 Points: Goals are either not stated or lack relevance and feasibility.
    • Product/Service Details (10 Points):
      • 10 Points: Provides a thorough description that highlights unique features and benefits, effectively communicating the value proposition.
      • 6-9 Points: Adequate details are provided, but the description may lack depth in distinguishing the product/service from competitors.
      • 3-5 Points: Basic description provided with minimal details on features or benefits.
      • 0-2 Points: Description is vague or fails to articulate unique features and benefits.
    • Target Market (10 Points):
      • 10 Points: Target market is precisely defined with a detailed analysis of demographics, psychographics, and behaviors, showing a deep understanding of the audience.
      • 6-9 Points: Target market is identified, but the analysis lacks depth or breadth in certain areas.
      • 3-5 Points: Target market is mentioned, but the description is superficial, with little insight into their characteristics or needs.
      • 0-2 Points: Target market is not clearly identified or justified.
    • Marketing Mix (20 Points):
      • 20 Points: Demonstrates creativity and thoroughness in developing the 4Ps, with strategies well-tailored to the target market and product/service positioning. Each element of the mix is thoughtfully integrated into a cohesive strategy.
      • 14-19 Points: Good development of the 4Ps with some creative elements, but one or more aspects may not be fully developed or integrated.
      • 7-13 Points: Basic development of the 4Ps, with strategies that are somewhat generic or lacking in detail.
      • 0-6 Points: The marketing mix is poorly developed, with little to no creativity or understanding of how to effectively position the product/service in the market.