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

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  

·         identify the elements of a marketing plan

·         assess methods of using social media to develop a market presence

Brief Description

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.

Submission Instructions

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

Activity/Competencies Demonstrated

% of Final Grade

Identified how market research will be completed using both primary and secondary methods.

/15

Analyzed the threats and opportunities in the market and the position the business would take.

/15

Described the product/service features and its benefits.

/15

Identified the target customer for this business.

/15

Research and analyzed the key competitors.

/15

Explain how the business will be marketed

/15

Demonstrates good organization, including a strong introduction and conclusion.

/10

Total

/100