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Objectives On successful completion of this assignment, students should be able to: · explain the importance of establishing a position in a chosen market · segment a target market
On successful completion of this assignment, students should be able to:
· explain the importance of establishing a position in a chosen market
· segment a target market
· identify the elements of a marketing plan
· assess methods of using social media to develop a market presence
The Marketing Plan is critical to your business idea as it will lead to success or failure of your venture. A great idea is meaningless if you cannot find customers. Carefully drafted and logical financial projections will not be met unless you have customers to buy your product/service.
You will prepare the key components of your marketing plan, a vital part of your final business plan. Using the SCORE Business Plan Template pages 11 through 18. Prepare a document addressing market research, barriers to entry, threats and opportunities, product/service features and benefits, target customer, key competitors, positioning/niche, promotional budget, and pricing, You may include the worksheets found in the template.
Evaluation and Feedback
% of Final Grade
Identified how market research will be completed using both primary and secondary methods.
Analyzed the threats and opportunities in the market and the position the business would take.
Described the product/service features and its benefits.
Identified the target customer for this business.
Research and analyzed the key competitors.
Explain how the business will be marketed
Demonstrates good organization, including a strong introduction and conclusion.