Over the next weeks of the course
you will be developing a venture of your own. Though realistically this is not expected to be a viable venture, choose an idea that
you have for a venture that you would like to develop or would like to see
developed. You may use a product of service to provide for your clients.
Using the information from this week’s lectures and
research, develop a marketing plan for your company.
1. Business Summary
In a marketing plan, your Business Summary is exactly what
it sounds like: a summary of the organization. This includes the company name,
where it's headquartered, and its mission statement --
all of which should be consistent with the business as a whole.
Your marketing plan's Business Summary also includes a SWOT
analysis, which stands for the business's strengths, weaknesses, opportunities,
and threats. Be patient with your business's SWOT analysis; you'll
write most of it based on how you fill out the next few marketing plan elements
2. Target Market
Here's where you'll conduct some
basic market research. If your company has already done a thorough market
research study, this section of your marketing plan might be easier to put
Ultimately, this element of your marketing plan will help
you describe the industry you're selling to, an
analysis of your competitors, and your buyer persona. A buyer persona is a
semi-fictional description of your ideal customer, focusing on traits like age,
location, job title, and personal challenges.
3. Market Strategy
Your Market Strategy uses the information included in your
Target Market section to describe how your company should approach the market.
What will your business offer your buyer personas that your competitors aren't already offering them?
In a full-length marketing plan, this section can contain
the "seven Ps of marketing." These Ps are product, price, place,
promotion, people, process, and physical evidence. (You'll
learn more about these seven sub-components inside our free marketing plan
template, which you can download below.)
4. Marketing Channels
Your marketing plan will include a list of your marketing
channels. While your company might promote the product itself using certain ad
space, your marketing channels are where you'll
publish the content that educates your buyers, generates leads, and spreads
awareness of your brand.
If you publish (or intend to publish) on social media, this
is the place to talk about it. Use the Marketing Channels section of your
marketing plan to lay out which social networks you want to launch a business
page on, what you'll use this social network for, and how you'll measure your
success on this network. Part of this section's purpose is to prove to your
superiors, both inside an outside Marketing,
that these channels will serve to grow the business.
Businesses with extensive social media presences might even
consider elaborating on their social strategy in a separate social media plan
template -- which you can download below.
Lastly, include the Conclusion.
This paper should have a title page, abstract (the elevator
speech), body, and reference page. Points will be deducted
if any of these four sections are missing.
Make sure papers are written in
correct APA style.
All papers should be written in the
third person (he, he, it, and they). Make every effort not to shift to second
person (you, your) as in, “When starting a company you need money.” Try to
avoid shifting to the first person (I, we) as well. It is distracting to the
reader and bad style to shift persons in a paper—students often do it in the
middle of a sentence.
The marketing plan should be between 750-1000 words (not
including the Title Page and References section), double spaced, and use The
Times Roman font size 12. Structure the paper along the lines advised above.
Make sure that your paper is formatted
using the APA