For Option #1, you will provide a promotional plan that communicates the business’s benefits based upon needs of buyer. The plan must be logical and convincing plan, with a strategy to communicate the company’s benefits in such a way that it will persuade buyers or clients about the worth of your business’s product or service.
The success of a small business is based on its ability to communicate and to meet the needs of its target market. One of the most important ways to do this is with a promotional plan. In the past, promotional plans were seen as short-term ways to boost revenues and market share. Current research has shown that promotion is a direct link to customer loyalty and retention. For this reason, small businesses should produce a promotional plan.
The objective of the promotional plan assignment is to gain experience applying a promotional strategy to help a firm gain competitive advantage. This assignment will help you apply and integrate all of the course objectives for MKG425. The promotional plan assignment will be completed in sections (these will be Portfolio Milestones that are due throughout the course. See below for a list of these deliverables.) The final plan is due in Module 8.
Preliminary Deliverables (Portfolio Milestones) for Option #1
The following pieces of the plan will be due throughout the course for those of you who chose to complete Portfolio Project Option #1.
Module 2 Milestone: Identifying the organization and plan for Portfolio Project
- Begin researching a small business of interest for the Portfolio Project
- Evaluate the business and its needs
- Examine the difference between a Promotional Plan and a Public Relations Plan
- Identify which plan is most crucial for the success of the small business
- Identification of the promotional activity or public relations used in the plan.
Module 4 Milestone: Branding the organization
- Communicating the importance and objectives of the organization
- Develop a statement for the Portfolio Project based on the image of the organization (brand)
Module 6 Milestone– Identify Target Market and Needs
- Identify the specific individuals in need of your business’s product or service
- Discuss decision criteria and the people involved in the decision-making process
- Match the business’s objectives with the customer’s needs and wants
- Determine the financial implications of the plan
The Final Promotional Plan for Option #1
Your final plan must contain the following elements:
- Promotional statement – Succinctly state your plan’s overall objectives (purpose and need).
- Target market – Identify your target market and develop the optimal marketing mix to reach your potential customers.
- Statement of goals and objectives – Explain the advantage your business will have with the integration of the promotional plan. Goals should be specific and measurable.
- Promotional strategy – Identify the specific promotional activities the business will use to reach customers (advertising, sales promotion, personal selling, and direct marketing).
- Implementation – Explain the stages and key success factors that are necessary for a successful plan.
- Timeline – Provide the timelines for the specific promotional activities to occur.
- Budget – Provide a budget and 12-month income statement (revenues and costs) on the proposed promotional plan. Show how your plan is feasible based on financial projections.
- Evaluate – Provide details how this plan is evaluated from success to failure. In other words, provide scenarios or key drivers to help determine the plan’s success.
Your paper must meet the following requirements:
- Be 8 -12 pages in length, not including the cover page and reference page.
- Support your answers with readings from Modules 1-8 and at least three scholarly journal articles (at least one of which is peer-reviewed). The CSU-Global Library is a great place to find these resources!
- Be sure to follow the CSU-Global Guide to Writing and APA Requirements. Your paper must include an introduction, a body with at least two fully developed paragraphs, and a conclusion.
- Your paper must be well written using excellent grammar and style techniques. Be concise. Be logical. You are being graded in part on the quality of your writing. If you need assistance with your writing style, start with Tools for Effective Writing at the CSU-Global Library, accessible from the Library’s homepage.
Refer to the Portfolio Project grading rubric available in the Module 8 Folder for information on grading details.