Directions: For this multiple-part paper, you will need to think of an original product or service that you could develop into a business within the next 18 months with the proper financing. This product or service does not need to be completely revolutionary, but it does need to be new and differentiated from what is currently on the market. This business idea could include anything from a unique coffee shop to a new app, to an original piece of technology. However, for this project, it is often better to keep your business idea narrow in scope rather than broad and grandiose. Think about ideas you could create in your garage or as a sole proprietor or LLC.
create the following sections of your marketing plan. • Environment o Business Description: Briefly describe your company, product, or service. o Marketing Environment: Analyze the impacts of the following marketing environmental areas on your business. Not every force may have an impact, but be specific for those that do. Outside research is required and needs to be cited.
♣ Competitive ♣ Economic ♣ Political ♣ Legal and Regulatory ♣ Technological ♣ Sociocultural
Target Market: How are you going to segment this market? What segment or segments will you target? Why?
• SWOT o SWOT Analysis: Construct a SWOT grid for your new product, service, or company that reflects the current market situation. Two or three elements under each category are sufficient. Remember, "Opportunities" and "Threats" are facts that are going on outside of your organization (environmental trends), not strategies. SWOT Strategies: Attempt to match internal strengths to external opportunities and convert internal weaknesses into strengths and external threats into opportunities.
List three brief strategies that could be developed further based on the information in your SWOT Analysis. • Objectives o Marketing Objectives: List three to five SMART Marketing Objectives.
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Directions: For this multiple-part paper, you will need to think of an original product or service t...
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