Product Category Options

Product Category OptionsIt is recommended that you focus your marketing plan on a product that falls into one of the following product categories: Dental Hygiene ProductOver-the-Counter Pain RemedySnackfoodSunscreenExercise EquipmentGardening ProductYou may invent a new product idea or you can select a product that already exists. However, you may not select an existing brand. For example, you can write a plan for a potato chip, but you may not write a plan for Pringles. If you have an idea that does not fit into one of these categories, please let me know. The list here is designed to help you chose a product that would be easy to conceptualize and research. If you have experience or knowledge in another product category, I am very open to making this marketing plan assignment relevant to your situation.

Section II. Market-Oriented MissionRemember the examples of market-oriented definitions from Chapter 2. Focus on the need being fulfilled by your product, not the product itself. This should be one, maybe two sentences. This is not a slogan or a tagline. This is something that should help to keep a marketing department focused on what’s important – customer needs.

Section IIII. Conceptual Overviewa. Product Descriptionb. Customers i. Factors Influencing Behavior ii. Buying Decision Behavior The product description should be brief – only one or two sentences. You will provide more depth about actual features later in the plan.You should be able to apply at least three factors influencing behavior. Be careful not to talk about your product here, stay focused on the customer. Keep in mind that the work you do in identifying the factors influencing your consumer’s behavior should ultimately influence the bases for segmentation that you select. Use your text for guidance. Figure 5.2 in Chapter 5 is very useful to consider when you are identifying the factors influencing your consumer’s behavior. Focus on an individual factor, like “reference group”, instead of a whole category like “social”. Buying Decision Behavior types are also discussed in Chapter 5 of your text. Be sure to consider both level of involvement and perceived differences between brands when you are explaining which one applies to your product or service. On a cautionary note, don’t let using these handy visuals replace the actual reading of the chapter. Sometimes the terms used in the figure or table mean something a little different than what you expect – the chapter text provides some much needed context and explanation to support those visuals.

Section IIIIII. Marketing Intelligencea. Macro-environmental Factorsb. Competitive Analysis i. Direct Competition ii. Indirect Competition iii. Strengths and Weakness of Leading Competitor For macro-environmental factors, provide good coverage of at least three. Keep in mind that this is about your environment, not your product. This is not the time to talk about how you will respond to that environment – the rest of your marketing plan does that.Your list of direct competition should be comprehensive and should be organized in a logical way.Indirect competitors are those products that compete for space in the consumer’s wallet. For example: an indirect competitor for a nail salon is a massage therapist. Consumers have a budget for pampering themselves – they decide how they want to do that and so they could easily chose to get a massage over a manicure or pedicure.Your most threatening competitor should come from your list of direct competitors. Focus on just ONE competitor – depth is important here.

Submission 1 – Sections I-III Your first submission of Sections I, II, III must be submitted as a single MS Word document.

Section IVAttached Files: SegmentationandTarget (23 KB)IV. Market Segmentation, Targeting and Positioninga. Bases for Segmentationb. Target Marketc. Positioning Strategy Chapter 7 is a critical resource for this section of the marketing plan. First you must select the bases for segmentation. Table 7.1 on page 193 is an excellent place to help you identify some good choices. You should plan to select at least three bases for segmentation and the should come from at least two different categories (geographic, demographic, psychographic, behavioral). At least one basis for segmentation should come from the psychographic or behavioral categories. Your target market is defined using your bases for segmentation. Please see the attached Word document for a sample to follow for this section.

Submission 2 – Sections IV Follow the format provided (the plan outline). This will ultimately be incorporated into a single marketing plan document. Make sure that you submit corrects to part I with this submission.

Section VV. Product Plana. Product Classificationb. Individual Product Decisions i. Attributes ii. Branding iii. Packaging iv. Labeling v. Support Services Be sure to explain your choice of product classification (convenience, shopping, specialty or unsought). Connect all individual product decisions back to your target market(s). Explain why these decisions will resonate with your target market.

Section VIVI. Pricing Plana. Internal Considerationsb. External Considerationsc. Pricing Strategies This plan should connect with your target market and also support your positioning strategy.

Submission 3 – Sections I-VI Sections I – VI must be submitted as a single MS Word document. Be sure to apply the feedback you received on previous submissions.

Section VIIVII. Distribution Plana. Channel Designb. Retailers (if appropriate) This also needs to connect back to your target market.

Section VIIIVIII. Promotion Plana. Advertising Concept i. Message Appeal ii. Message Execution iii. Mediab. Sales Promotion Toolsc. Public Relations Tools Remember that all these decisions must clearly connect back to the target market. Explain why your message will resonate with the target market. Explain why your proposed sales promotion tools are the most relevant for your target market…

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