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Module 3 Assignment

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8 views8 pages

Module 3 Assignment

Uploaded by

Daniel Obadaye
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Module 3 Worksheet: New Venture Marketing Plan Worksheet

Olatunde Daniel Obadaye

MBA, Nexford University

BUS6140

Dr.Felix Hernandez

9th March 2025


BUS 6140: Capstone - Entrepreneurial Focus
Module 3 Worksheet: New Venture Marketing Plan Worksheet
Part 1 Sales Strategy
What customers are you trying to focus in
your target market segments?
What seasonal/geographic characteristics in
your market analysis are you trying to address
in your sales strategy?
Briefly discuss how your sales strategy will
address specific market/environmental
conditions
List your unique features, benefits, established
market position/presence based upon your
assignment in module 2 that you plan to
market through the sales strategy
Positioning
How will customers perceive your company and
product, relative to the competition?
What are your customers’ perceptions towards
your products?
What is your product/business/industry
leadership?
What is your product’s unique advantage
(technical, quality, performance)?
Any user focus groups may provide product
information needed to position your product?
Please use the statement below when
answering the question.
What can you use (upscale consumers, ethnic
appeal, etc.) to arrive at a winning position
here?
How will you set prices? Is there a policy?
Is your pricing competitive?
Is there perceived value (it costs more
therefore it must be better) inherent in higher
prices?
Are prices based on costs—standard markup?
Are your prices higher or lower than your
competition? If so, briefly explain why.
How elastic (the effect of pricing on demand for
product) is the market for these products? How
does consumer preferences affect elasticity?
The prices for your products are determined
first and foremost by what (i.e.,competition,
costs, suppliers, manufacturers, package
deals)?
What is essential to your market profile (such s

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sliding scales, volume, regulated, competitive,
or perceived value)?
What are your prices, compared to your
competition?
List examples of competitive pricing
Discuss how different seasonal aspects of your
market (such as selling seasons) affect your
pricing.
List your customers’ purchasing rationale (i.e.,
we feel that our customers will pay $[x]
because [purchasing rationale])
Margin Structure
Retail Ask friends/customers in retail
management about quantities they are likely to
buy. What discounts would entice them to
order more?
Distributor Ask about quantities their
customers are likely to order and their Gross
Profit Margins/Percentages.
Manufacturer's Representative What
percentage commissions do they make? (The
norm is usually between 5% and 20%)
Direct Sales Determine cost of each sale—time
and expense involved, package deals.
Frequency How often do you plan to plan to
review your pricing and product/service margin
(such as every x months)
Should a new pricing policy be investigated?
Are potential profits being lost?
Activities List all activities you plan to conduct
to sell your product or service
Methods List methods you are planning to use
to promote your product or service: direct
calling, telephone, advertising, mail, radio,
television, or other
Margins of Safety List margins of safety
allowed in sales forecasts.

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Part 2: Distribution Channels
What company’s marketing department plans
to sell your product?
Customer Profile Discuss your customers’
profile
Geography Discuss targeted geographical areas
for your products
Seasonal variations Discuss seasonal variations
for your target market
Efficient use of funds Discuss how you plan to
use your funds efficiently
Feasibility Discuss the feasibility of using
channels of similar products already on the
market
Determining Factors What are the determining
factors in choosing these channels above?
Key competition What similar channels are
being used by your key competitions?
Competitive Advantages List all the advantages
your mix of distribution channels that you will
have over your competition
Potential Customers List top 5-10 major
possible customers
International Market
Target countries It is important to consider
your worldwide opportunities from the start.
List target countries in order of priority.
Rationale Briefly explain your rationale for
selecting these countries
Language What are the primary spoken
languages for these countries?
Usage of product What is the usage of product
in these countries?
Method of Distribution
Primary Distribution What are the primary
means of distribution (direct, executive sales,
manufacturers’ reps, distributors, retailers,
OEMs, direct-response mail, or telemarketing,
etc.)?
Distribution Method How your products are
(can be) distributed.
Access to end-user consumers Make a chart to
show how you can get to the end-user
consumer.
Additional Channels Any additional channels?
Customer Service

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Advertising and Promotion
List any tools and methods to increase your
customers' awareness of your product(s).

Explain your purpose (i.e., how to enhance,


promote, and support the fact that your
products perform better) *Remember:
Advertising and promotion is an investment,
not a cost.
Your company recognizes the key to success at
this time requires extensive promotion. This
must be done aggressively on a wide scale. To
accomplish your sales goals, you will require an
extremely capable advertising agency and
public relations firm. Which major trade
magazines are you planning to advertise
Objectives
Position How would you position yourself in
the market (i.e., what services and industries)
List the retailers, buyers, and customers that
you are targeting to increase your company's
awareness and brand recognition
What position are you trying to support (such
as better taste, lower fat, or more fun) by
creating these product advertising programs?
Describe how your advertising/promotion
objectives fit together to maximize the impact
of your overall promotional campaign
Advertising Campaign
Basic premise The best way to reach your
potential customers is to develop an intense
advertising campaign promoting your basic
premise. What is your basic premise (your
selling basis, theme, position in the market)?
Delivery and tone of your statement What will
the delivery and tone of your statements
(understated elegance, hard-driving
excitement, excellence, glamour, reality, slice
of-life)?
Image Describe the image you are trying to
convey through your advertisement
Immediate Needs What will your
advertisement address (such as
known/anticipated objections, difficulties with
product acceptance, how to own/use product
immediately) in order to eliminate the biggest
objections to immediate actions?
Contrast Explain how your message will

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contrast with others (i.e., competitors’
advertisements)
Competition What if your competitions run
similar ads?
Promotion
How can you use the following programs and methods to gain recognition?
1. Trade programs (trade advertising for
product)

2. Press releases (if product is justifiably new


and innovative).

3. Include budget and rationale.

4. Social Media
Advertisement budget
For the next [months/years] advertising and
promotion will require [$figure] about
[percentage of sales] the first year.
On an ongoing basis we will budget our
advertising investment as [x]% of total sales
Goal Definition Define the goal you are trying
to achieve through this figure

Part 4: Public Relations


How will you position your company at the
industry’s leading edge in providing a product
for industry? What market segment will you
target?
How will you increase your company’s
reputation and name/brand recognition with
specific people and entities?
Name three target publics your company will
communicate with on a regular basis.
Publicity Strategy
During 20[xx] [Company] will focus on the
following publicity strategies:
Develop a sustained public relations effort, with
ongoing contact between key editors and top-
level personnel (including plan/facility
visitations). Develop a regular and consistent
product update program for the major target
media, keeping key editors abreast of [x]
enhancements and [x] new product
introductions.
Develop an internal newsletter that can cover key sales successes, significant marketing and manufacturing

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events, technical support and product development stories. Internally, the newsletter would be targeted at all
company personnel and sales representatives; externally the piece would be targeted at key customers and
prospects
Develop a minimum of [x] technical articles
written by key executives or engineers to be
placed in [list publications] within the next [x]
months.
Establish contact with editorial staff for the purpose of being included in product "round-ups"—product
comparisons in [publications such as Consumer Reports], where competing products are compared. This
exposure builds credibility and market acceptance.
Produce a complete company backgrounder on
[Company] to be used as the primary public
relations tool for all target media editorial
contact. This will also be effective for inclusion
in press kits, dealer kits and sales packages.

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REFERENCES

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