Working in a team, you will complete a marketing plan for a new product of your choice, as if you are starting a small business together. The marketing project is separated into two components: Final Paper (150 points) and Shark Tank Pitch (50 points).
Note
To prevent free riding, each member of the group will assess their team members’ contributions to the project (both the paper and the presentation) at the end of the semester. Individuals will receive deductions from their final exam grade if their team members indicate a lack of contribution. Peer evaluation instructions will be available on Blackboard at the end of the semester.
Important Tips
1. Provide evidence of creative and critical thinking throughout the paper. Use of AI is not acceptable.
2. Incorporate the marketing knowledge, terminology, and concepts that you learned in class into your project. I expect to see course content and terminology throughout the paper, lack of integration of course content will result in a lower grade.
3. Stay focused: ONLY present directly relevant information in your paper and the Shark Tank Pitch. Do not define terms or explain marketing concepts in your paper.
4. The paper must be professionally written. If you need assistance with your writing, please visit CBE’s Writing Lab for help.
5. Be as specific as possible. For example, instead of saying the shipping prices will differ based on order size, give specific numbers (1 item = $10 shipping, 2 items = $18, shipping, etc.)
6. Provide an argument, logic and support for your decisions. For example, if you are going to charge $20 for your service, tell me WHY you think that price is reasonable or optimal.
Creating a new product:
A completely new to the world good or service would be optimal, but at the bare minimum, your team needs to create and market something for which there is not an identical existing product/service. You may create a new product using the continuous innovation strategy.
Marketing Plan Paper
Format
· Maximum 15 pages
· Title page and Appendices (Charts/Tables/Figures/References) are NOT included in page limit
· Line height: double, Font size: 12, Margins: 1 inch
· Reference page and in-text citations (APA preferred) are required. For each element missing, a 25-point deduction will be incurred up to a 50-point deduction. Submitting a paper without citations and references is plagiarism and could result in a violation of the Academic Integrity Policy. Need help, use your resources!
Paper Contents
Opportunity
· Opportunity – what is the unsatisfied consumer need/want (hints below)
· Start with the problem – maybe one you (or someone you know) have faced – What is the need that you have as a consumer that is not met by any product in current market?
· Think small and be specific. This will help you be more focused and make it easier for you to apply marketing concepts
· Origin story – once you discover a consumer need and a target market, describe the product’s origin story. Whose idea was it? How did the idea come to be a product? How did the team contribute to the product’s evolution?
· Next, briefly describe the new product/business you created to satisfy the unmet need.
· Creative thinking is encouraged – but remember that your plan must be realistic and executable. Respect reasonable constraints (i.e. resources) and environmental forces (i.e. the economy).
Environmental Forces
Discuss the social, economic, technological, competitive, and regulatory trends that may be pertinent to the performance of your business, both currently and in the future and address how these forces impacted your marketing plan and its execution. Pay attention to the news, this is where you will identify these trends, in addition to those we discussed in class
· Include a SWOT analysis (can be placed in a table)
Marketing Strategy: STP
Describe your target market in detail and discuss the segmentation strategy utilized in determining your target
· What segmentation and targeting strategies did you use to segment the market and ultimately choose your target?
· Who is your target market? What are they like? What do they do? What are their needs? What specific unmet need is your new product/business satisfying?
· Discuss the size and growth of the target market
Discuss how you would position your product
· Create a detailed perceptual map – label your axes with the two most important attributes for your product for your target audience
Marketing Research Plan
· What marketing research will you conduct during the new development process?
· What data would you need to collect during the process
· What are your research objectives; remember keep them 1) concrete and 2) measurable
· How would you fulfill these objectives?
· Research methods you would utilize
· Type of data you would need/collect/generate
Marketing Mix (4Ps)
Specify and describe in detail each marketing mix element
1. Product
· Need satisfaction. Describe how your product does a better job than existing alternatives at satisfying your consumer’s unmet needs
· Since you have already described product in earlier sections, add more detail in terms of product/features/benefits here (consider visual elements/appendices)
· Consider packaging elements/logo
2. Price
· Describe how you will price your product(s) and why, explain your strategies and rationale for choosing your strategy/strategies over alternates
3. Promotion
· What is your promotion strategy and why
· Provide details about your promotional mix and budget allocations
· Taking it to the next level, provide mockups of your promotional pieces (add to appendix if necessary)
4. Place
· How will your company deliver its goods/services to its customers (e.g., stores, direct mail, online, etc.) and why
Grading Rubric for Paper
|
Element |
Points |
Expectations |
|
Opportunity |
20 |
Identify the market, unmet need, new product including origin story Suggested pages: 1-2 pages |
|
Environmental Factors |
20 |
Correctly and succinctly discuss each of the macro-environmental factors as relevant to your new product Suggested pages: 2-3 pages |
|
Marketing Strategy: STP |
30 |
Segmentation, targeting and positioning Suggested pages: 3-4 pages |
|
Marketing Research Plan |
10 |
What research is necessary, research objectives, data, etc. Suggested pages: 1-2 pages |
|
Marketing Mix: 4Ps |
30 |
Correctly identify marketing mix elements – chosen to capitalize on/minimize the opportunities/threats identified in the macro-environmental analysis. Suggested pages: 5-6 pages |
|
Conclusion |
10 |
Persuasive pitch for new product – why does the world need this product? And why should we invest? Suggested pages: 1 page |
|
Creativity/theory |
10 |
Evidence of original thought and application of course marketing concepts |
|
Professional writing and critical thinking |
20 |
See detailed rubric below (writing rubric applied to entire paper) |
|
Total points |
150 |
|
1 – Developing |
2/3 – Acceptable |
4 – Effective |
5 – Exemplary |
Points |
|
|
Analysis (5 points) |
Unclear and undeveloped ideas; Analysis simply involves restating information. |
Some analysis done but somewhat shallow; Some supporting evidence. |
Careful analysis; Good supporting evidence for conclusions. |
Clear and effective support of central idea; Detailed analysis providing insights. |
|
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Organization (5 points) |
Lack of focus with few ideas around a central theme; Does not lead up to any clear conclusions. |
Some of the ideas are presented well; Others are lacking; offers plausible conclusion(s). |
Ideas are well organized and help the reader move along; The key points are presented but does not demonstrate in-depth understanding. |
Logical arrangement and smooth flow. Introduction and conclusion present. Relevant, quality details give the reader important information. |
|
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Research (5 points) |
Collects minimal information; Weak or no link between main idea and evidence. |
Collects adequate information about the theme but not much about related ones. |
Collects adequate information about the theme and demonstrate link between evidence and theme. |
Substantial support of ideas through varied and appropriate details; Includes exhaustive information including all the background. |
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Writing Style (5 points) |
Problems with word choices and sentence structure; Distract the reader with unprofessional tone. |
Words and sentences are adequate but lack energy; Reader has to struggle to keep reading to the end. |
Good writing style; Sentences flow smoothly and evenly. |
Compelling writing style; Connects strongly with the reader and keeps him or her engaged right to the end. |
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Total: |
Shark Tank Pitch – LIVE
· FINAL EXAM DAY –
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Presentation |
Group |
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During your pitch, you must convince the audience to invest in your product. During the presentation the new product development protocol must be clear; what is the unmet need, the target audience, and the way the product satisfies that need?
· 5-minute maximum pitch
· Dr. Steffes and the rest of the groups will be evaluating the presentation and determining whether (or not) they would invest
· Group can decide who presents (must be at least 2 team members)
· Think about the transitions between speakers and professional presentation expectations (including dress)
· Grab the audience’s attention
· Creativity is key
· Think about your visuals – PPT, video, prototype etc.
· Keep in mind the evaluation of your presentation essentially depends on how convincingly you argue that your product will be successful in the market
· You are asking for an investment from the audience
· Watch an episode of Shark Tank for inspiration!
