Overview
For your midterm project, you will create a marketing plan for a company within the health and wellness industry. Your company must be original—please do not use an existing business for your company. You will, however, identify existing businesses as your competitors for the purpose of analysis. This project will apply key marketing principles from Chapters 1-13 in a practical, real-world scenario.
Project Scenario
You are the marketing manager for a company that produces health and wellness products targeted at younger, cost-conscious consumers. Recently, a new competitor has launched a similar product line but at a lower price point (your competitor(s) must be an existing company). Market research indicates that while your brand is perceived as higher quality, price sensitivity among your target audience is increasing due to increasing economic uncertainties.
Project Components
Your marketing strategy should include the following sections:
- Company Overview
- Company name
- Company purpose statement
- Company core values
- Description of your product
- Market Analysis
- Industry trends and key competitors
- Target market (overview of demographics, behaviors, needs)
- SWOT analysis using a traditional grid format
- Marketing Strategy
- Market segmentation strategy
- Branding and positioning for your company and product
- Pricing strategy and justification
- Distribution channels you will use
- Promotion Plan
- Integrated marketing communication strategy
- Identify and explain your strategies and tactics to support your promotion plan
- Performance Evaluation
- Key performance indicators (KPIs)
- Methods to measure marketing success
- Recommendations to ensure continuous improvement strategies
Project Requirements
- Minimum of 1,500 words (excluding references)
- Provide references and APA citations for all your research
- Be sure to provide clear, strategic rationale for all of your recommendations. Your rationale is an important part of your grade.
- Clear, structured, and professional writing using full sentences and narrative vs. bullets – Writing counts!
- Your midterm should be written as a paper, not a list of bulleted responses.
Final Notes
This project is an opportunity to apply marketing concepts in a realistic business setting. It is a significant portion of your grade, so be creative and strategic in developing your healthcare and wellbeing company’s marketing plan. Good luck!
This project is due by 11:59 pm March 2. You should submit your completed document to this assignment BEFORE this time. You may submit a Word document or an editable Google document link.