Completing a fully functional marketing plan for your entrepreneurial venture.
Introduction to the Entrepreneurial Marketing Plan Project
In Unit II, you will begin the first step toward completing a fully functional marketing plan for your entrepreneurial venture. Project deliverables are due in Units II, IV, VI, and VIII. The Unit VIII submission will be the complete marketing plan and include all previous stages with refinements.
To help with time constraints, the product for the project will be assigned. It is assumed that you have decided to market a bulletproof backpack. View the videos below to give you some background on this opportunity. You are encouraged to customize an offering to add value for the consumer. This can include adding features that will increase the benefits consumers expect.
Today. (2019, August 13). Bulletproof backpack sales up 200% after mass shootings | TODAY [Video]. YouTube. https://c24.page/8hupyrq653qkphzf4n82zfhbes
A transcript and closed captioning are available once you access the video.
A transcript and closed captioning are available once you access the video.
NBC4 Columbus. (2018, August 29). Testing the effectiveness of bulletproof backpacks [Video]. YouTube. https://c24.page/crmgxh42anv7845vtwdhg5rpm
A transcript and closed captioning are available once you access the video.
Try to keep the venture realistic and feasible. You have limited resources as an entrepreneur, including financial limitations. Approach this project as if you were sitting around the dining room table with your partners trying to figure out how to launch this idea. You should also develop the plan knowing that it will be instrumental in securing investment funds, which are limited at this time. The Unit II submission should include the following sections:
- Venture Name and Location
- Opportunity to Exploit
- Needs Satisfied by the Offering
- Value Proposition
- Positioning
- Segmentation and Target Markets
- Situation Analysis and SWOT Analysis
- Product Strategy
- Pricing Strategy
Section Review
- Venture Name and Location: State the venture name and where it will be based.
- Opportunity to Exploit: Provide a brief paragraph describing the opportunity you are exploiting. Describe how it will add societal value, environmental value, and economic value.
- Needs Satisfied by the Offering: Explain the needs satisfied by the offering.
- Value Proposition: Develop a value proposition that is clear, concise, compelling, and impactful.
- Positioning: Describe the product positioning that has been selected to align with the value proposition. Explain how the positioning creates differentiation and competitive advantage. Create a perceptual positioning map to visually represent the positioning of your product in relation to industry competitors.
- Segmentation and Target Markets: Illustrate the target market based on the categories of demographic, psychographic, geographic, and behavioral segmentation. The target market should be narrowly defined with specificity, such as country, region, county, state, city, zip code, neighborhood, race, ethnicity, religion, age, gender, generation, occupation, education, lifestyle, beliefs, attitudes, usage, income, social class, family, marital status, and any other relevant ways.
- Situation Analysis: Use the PESTLEC model to scan the external environment. Scan the internal environment by referencing the list of internal factors that were detailed in the Unit II study guide.
- SWOT: Conduct a SWOT analysis informed by the situation analysis. Move only the most important internal and external factors that were identified in the situation analysis to the SWOT matrix. As a general rule, there should be two to four factors in each quadrant of the SWOT matrix, and there should be a few sentences below the matrix explaining how resources will be used to exploit opportunities and strengths and mitigate threats and weaknesses. Use the SWOT matrix template .
- Product Strategy: Describe the benefits that will deliver value to the consumer. This description should include core benefits, generic benefits, expected benefits, and augmented benefits.
- Pricing Strategy: Describe the pricing strategy based upon the perceived value of the offering.
Assignment Instructions
The length of your response to each requirement will vary. Responses should always be substantive and fully address the project requirements.
Please write objectively from the third person point of view. Avoid writing in the first person voice (e.g., I and me) and second person voice (e.g., you and your). In addition to serving as an internal road map, the marketing plan may be presented to investors or financial institutions, so writing in a professional and objective voice is important.
Academic work should always be supported with credible sources. You are expected to perform extensive secondary research as you complete the various elements of this plan. This deliverable should be supported with at least five credible sources. You should complete this project with the same due diligence you would use to reduce risk for your own entrepreneurial venture.
Please use APA formatting and style guidelines (i.e., indentations, spacing, font, citations, references, etc.).
Please use section headings and subheadings that align with the plan requirements. This will serve as an outline to ensure you complete all requirements, and it makes for a professional presentation.
The Unit II project deliverable should be no less than five pages of double-spaced text. Minimum length requirements exclude block quotations, references, graphs, tables, lists, extra spacing, and headings.
Finally, please review the grading rubric so you are aware of all the grading criteria.
Requirements: 5 pages
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