Proposed marketing plan deliverable
Now that your vision for many of the key aspects of your business is coming clear, it is time to develop your firms approach and key processes to ensure it will it hit mark with its first offering, continue to deliver significant and growing value moving forward, and remain the supplier of choice in a highly-competitive world. As soon as you become successful, others will notice you. The greater your success the more others will choose to compete in an effort to claim a piece of this growing opportunity. If your vision is to lead, how will you use the tools at your disposal to remain a market leader? If your vision is to follow, how will you ensure that there are distinctive benefits that warrant customers selecting your firm’s offerings over those of the market leader?
This deliverable requires you to find a relevant marketing plan template and use it to create this plan. Many good sources do not require you to create an account or pay money to see and benefit from their insights. Similarly, many marketing plan templates suggest that you need to provide all of the elements of a business plan. Clearly, business plan information is critical, but you only need to focus on the marketing aspect for this deliverable; you already have produced many of the key elements of a business plan in the prior deliverables, so do not duplicate it here.
a. How will your firm go about establishing actionable insights and developing a deep understanding of the needs of those who could benefit from what your firm will produce? How will your firm appreciate the changes the end customer and/or their firm must implement in order to truly benefit from your firm’s offerings? How will your firm understand the trends that might influence the concepts that drive the whole product that should be produced and help your firm prioritize work on the whole product, resolving issues with element of current products, and prepare for and work on future product?
b. What is the right mix of communication, advertising, promotion, and information gathering goals, methods, and processes, and how might they change as your firm goes from startup to a single product firm with no legacy products or services, to a more mature firm with an array of products and services at various stages in their life cycle? Does it make sense to provide self-assessment and performance improvement support materials as part of the advertising and promotional support in order to help improve the probability that the ultimate consumers will be successful using the products and services and realize the envisioned benefits? Are there cases where aspects of self-assessment, education, training, and practice support should be thought of as communication, advertising, and promotion as opposed to salable products and services?
c. Are there likely to be changes in the nature of the relationship between the firm and its customers as the business matures? If so, what might these changes be, why will they develop, and how should the firm prepare for them, should the firm be proactive to help shape these changes? If not, what is it about your product or service that makes you believe that the needs and requirements of more knowledgeable and sophisticated customers are the similar to those of first time buyers? Is such proactive manipulation of customers ethical?
Consider these questions and how you would answer them in the context of a market plan designed to convince your reader that the investment in realizing this marketing plan is a crucial aspect of making your firm successful.
Are there any potential changes to your vision based on any new insights from this week’s work? If so, be sure to capture them so you can address them at the end of the course.
This deliverable should be consistent in style and format with the others you have produced and should be 3 to 4 pages in length.
Proposed marketing plan deliverable