Understand the key components of a marketing plan.
Introduction
Completion of this portfolio work project will help you understand the key components of a marketing plan.
Scenario
The Vice President of Marketing at Allstar Brands has asked you to participate as a member of a marketing management team for the over-the-counter (OTC) cold medicine group for the company. Allstar Brands is one of five companies competing in the OTC cold medicine market. Your membership on the team will require you to work with your peers to make decisions regarding promotion, pricing, distribution, advertising, and product mix for OTC cold medicines.
Your Role
You will start out as a Brand Assistant and, if all goes well, will complete the simulation by making additional decisions at the level of Brand Manager at Allstar Brands. The decisions made regarding the OTC cold medicine market during the simulation will become the basis of a marketing plan for Allstar Brands.
Requirements
For the situation analysis, marketing strategy, and marketing mix plan elements, explain what the draft marketing plan indicated and what the end result was after completion of the simulation. Be sure to interpret each figure and table used and summarize the data results. Include the following in your marketing plan:
1. Business context.
2. Situation analysis. Incorporate your rationale for changes in the situation.
3. Marketing strategy. Incorporate a rationale for changes in the strategy.
4. Marketing mix. Incorporate a rationale for changes in the mix.
5. Social media and technology strategy. Recommend how social media and technology can be incorporated into your strategies. Include at least three specific recommendations that outline an implementation plan and expected results.
Deliverable Format
Requirements:
• Marketing plan is 15 pages (in addition to the title, reference, and appendix pages).
• Use at least two different types of figures and two tables to present the data. At least one figure should present data at a single point-in-time, and at least one figure should present data over time. Be sure to correctly label all elements of your figures and tables in the plan and appendix.
Related company standards:
• The marketing plan is a professional document and should therefore follow the corresponding MBA Academic and Professional Document Guidelines (located in MBA Program Resources), including single-spaced paragraphs.
• In addition, include the following in your marketing plan:
o Title page/slide.
o References page/slide. Use at least three scholarly resources, one of which must come from the Wall Street Journal, Forbes, or MIT Sloan Management Review.
o APA-formatted references.
Answer preview to understand the key components of a marketing plan.
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