MKT 245 – Principles of Marketing – Marketing Canvass/Project
Each student will create/prepare a marketing project for a new product offering. As this is an accelerate class, students are expected to work on each phase of the product throughout the 8 weeks of the course.
Additionally, because MGT111 is a prerequisite for the course, it is further assumed that students understand the Marketing process. Major concepts will be repeated as reinforcement of Marketing, however students are encouraged to work ahead to ensure the project is completed on time.
The project is based upon personal creativity and ingenuity – you will have to think outside of the box. While the project is completed in parts, there must be a seamless transition of logical thoughts. Your role is to lead me through your plan (must have headings, transitions, and conclusions). My role is to navigate you through the process and not give you the answers – the learning is in the doing.
The project must contain a title page (be creative) and a list of sources used and citations as appropriate.
Each major components will be completed in a 2-8 page written narrative (for a total of 15-25 pages).
Students are not to count the pages, but to focus on the detail that each section is to be given. If each section is completed with less pages, this is considered an incomplete project, and will be reflected in the final grading for the project.
The final written project is due Friday, December 5, 2016, 9:00 p.m.
The major components you will accomplish are as follows (each class will include discussions about the project. Students are to work on each part weekly, however the points to be earned will be calculated
at the time of final submission.
- Identification of the Product – Week 2
Students will create a 2-page narrative of the product/service to be used for the marketing project. This section should include an overview of the company for which the product is being offered. NOTE: Students will have to create the background for the company, to include company name, location, and mission statement. This is considered your ‘Introduction to the Project’.
Students will identify the product/service offering, and provide rationale (discussion) for the product selection, i.e. why this product meets market (customer) needs/demand; product benefits, and product features that will meet customer needs/wants/desires (demand).
Students will include a preliminary profile for the target market for the product or service (include specific demographical information) and a target marketing strategy.
This section should be titled ‘Product or Service Offering’ (whichever applies for your marketing project, with appropriate sub headings. Do not put all of the information under a single heading.
- Market Research and Pricing – Week 3 (75 points)
This section contains two major sections: Identification (research methods used) of target market (market profile/demographics)
- Students will create a 3-5page narrative that identifies the marketing research methods to be used, the target market (include demographic profile, geographic location, population and target number of customers. Students are required to conduct external research (internet) to develop this section. This section should contain two major headings: Market Research and Target Market, with appropriate sub-headings.
- Product Pricing Strategy
Students will create a 3-5 page narrative on the pricing strategy to be employed. This section will include the pricing strategy, the suggested retail price, a monthly sales projection (expanded to a 2-5 year sales plan), and a break-even analysis. SUGGESTION: create an Excel spreadsheet or table to graphical display the contents of the pricing strategy. The spreadsheet is used in addition to the narrative created for the strategy. This section should be titled Pricing Strategy, with appropriate sub headings. Do not put all of the information under a single heading.
- Product Retail Strategy (distribution and sales outlet for product) – Week 5 (25 points)
Students will create a 5-8 page narrative that identifies the retail strategy that will be used to effectively distribute the product to the market.
This section should be titled Product Retail Strategy, with appropriate sub headings. Do not
put all of the information under a single heading.
- Integrated Marketing Communications Strategy (to include marketing type, schedule and cost)
– Week 6 (75 points)
Students will create a 5-8 page narrative that identifies the components of marketing, advertising and or promotions to be used to market this project to the mass public. Students must select a minimum of three (3) marketing elements.
This section will also include the schedule of frequency for each component and a projected price for each marketing element/media. Provide copies of the media to be used. Feel free to use clip art, stock photos to represent each marketing element.
SUGGESTION: create an Excel spreadsheet or table to graphically display the contents of the pricing strategy. The spreadsheet is used in addition to the narrative created for the strategy. This will help establish the budget to market the project.
This section should be titled Integrated Marketing Strategy, with appropriate sub headings to represent the media used, frequency, cost and placement. Do not put all of the
information under a single heading.