Congratulations! You are the Marketing Director for Cougar Corporation and have recentlybeen placed in charge of new product/service development. It is your responsibility to create amarketing plan for your selection.

PHASE 1: Introduction and PlanningSelect a product that interests you. This can be a existing product or one that you would like tocreate.

PHASE 2: Situation AnalysisIntroduce your product or service. Describe it in detail, including the reasons for your selection.Create a situation analysis and discuss your goals. Develop a short list of internalstrengths and weaknesses and external opportunities and threats. Focus on issuesthat you believe will be most important to your marketing planning over the nextyear or so.

PHASE 3: Identify Critical InformationIt is important to evaluate existing information (internal and secondary data) as well as newinformation gathered through primary research.

1. Catalog internal sources of information available to you inside the organization andwhat information you will receive from each source.

2. Identify secondary data sources and the specific information you need from eachsource.

a. List sources.

b. Date.

c. Assess the relevance of the data to the project.

3. List primary data needs to create the marketing plan. Then develop the specificinstruments (focus group questions, surveys) that you will use later in the marketingplan.

PHASE 4: Define Consumer MarketsFor those marketing products to consumers (or through a channel that sells directly toconsumers), understanding the purchase decision process of the target market is anessential element of the marketing plan.

1. Develop a demographic profile of the customer to includea. Ageb. Incomec. Occupationd. Educatione. Lifestyle (activities, interests, opinions)

2. Describe the motivation of the target consumer. Why is the consumer buying theproduct?

3. What external forces will influence the target consumer as he or she considers thepurchase? For example, will the consumer’s culture or subculture affect the purchasedecision? How?

4. Describe the consumer’s typical consumer purchase decision process. What is the likelyprocess a consumer will go through in making the decision to purchase the product?

PHASE 5: Identify Target MarketsYou should now realize that effective segmentation, target marketing, and positioning favorablyimpact marketing management.

1. Consider the various approaches to segmenting your market(s). What segmentationapproaches do you recommend? Why do you recommend those approaches over otheravailable approaches?

2. Evaluate your proposed segments against the criteria for effective segmentation. Whatdoes this evaluation lead you to conclude about the best way to proceed?

3. Systematically analyze each potential segment on your list: (1) assess each in terms ofsegment size and growth potential, segment competitive forces, and strategic fit of thesegment; (2) for the short set that emerges, develop profiles of each potential targetmarket, then identify each of your final set as primary, secondary, tertiary, orabandoned; (3) select the target marketing approach for each of your primary targets.

4. Identify the likely sources of differential advantage on which you will focus later indeveloping your positioning strategies.

PHASE 6: Define the Product StrategyDeveloping an effective marketing plan begins with an understanding of your product, its role inthe company’s overall business strategy, and, more specifically, where it fits in thecompany’s product mix. Additionally, it is important to establish a new productdevelopment process that ensures a new product pipeline of potentially successfulnew products.

1. Define the product to include:a. Value proposition.b. Characteristics.c. Nature of product (consumer versus business product, and what type of productit represents).

2. Identify the product’s position in the product line (if offered with other similar products)and, more broadly, the company’s overall product mix. Address the following:a. How would this product differ from other products in the product line (ifappropriate)?b. What price point would this product target and is there any conflict with existingproducts?c. How does the marketing message differ for this product from other products inthe product line?

PHASE 7: Define the Branding StrategyBuilding a strong brand is critical to a product’s long-term success. At the same time, it isimportant to understand how a product’s position in its life cycle influences marketing mixdecisions.

1. Create a package design for the product. Specifically, the design should includenecessary legal statements, marketing communications, and other informationconsidered important for the package.

2. Develop a warranty for the product. What elements are specifically covered in thewarranty? Does the warranty meet, equal, or fail to meet market expectations andcompetitor warranties?

3. Create a branding strategy to includea. National/store branding.b. Stand-alone/family branding.c. Possible licensing considerations.d. Co-branding opportunities.

PHASE 8: Price Your OfferingYour approach to pricing is an integral aspect of positioning your offering. Price sends a signalto customers about the offering’s quality and other characteristics. At the same time, effectivepricing ensures margins and profits needed for continued success.

1. Review the options for pricing objectives and strategies and establish an appropriate setfor your offering.

2. Review the various available pricing tactics and select a mix of tactics that you believe ismost appropriate for your offering.

3. Consider the methods of establishing an exact price. Use these approaches to develop acomparative set for review. Select a final price for the offering.

4. What channel discounts and allowances will you provide on your offering?

PHASE 9: Establish Distribution Channels for Your OfferingSelecting the most appropriate channels of distribution for your offering and then working outthe overall best approach to establishing and operating your supply chain is a critical element ofyour marketing plan.

1. Define and describe the value network within which you will operate. Develop anapproach to ensure that your supply chain operation is a nimble as possible.

2. Decide what type of channel configuration is optimal for you and what intermediariesshould be part of the channel.

3. Select what physical distribution functions you will accomplish in-house and how thesewill be set up. Then select what physical distribution functions you will outsource and towhom.

4. Identify what aspects of e-channels you must address.

5. Decide:a. What level of distribution intensity you seek within each channel.b. How much control and adaptability are required over the channel and itsactivities.c. The priority channel functions that require investment.

6. Develop your plans for the following logistics functions:a. Order processing.b. Warehousing and materials handling.c. Inventory management.d. Transportation.

PHASE 10: Promote Your OfferingThe promotion plan is an integral part of any marketing plan, and often carries a significantportion of the marketing budget.

1. Review the promotion mix elements and begin to develop goals for promotion and apromotional strategy utilizing the elements of the mix that are most appropriate foryour offering.

2. Link the promotional strategy to PLC stages as well as the stages your customers will gothrough on the AIDA model.

3. Decide how you intend to manage promotion for the offering. Decide on outsourcedelements versus elements that will be handled in-house. Establish a structure andprocess for promotion management.

PHASE 11: Building the Promotional Elements

1. What approaches to advertising will you take? Select and justify the media types to beused and discuss how you will execute each.

2. Make a decision on whether some forms of sales promotion will be part of yourpromotion plan to consumers and/or channel members. If so, select the salespromotion approaches you will employ and justify each.

3. Develop your PR plan.

4. Decide how you intend to manage promotion for the offering. Decide on outsourcedelements versus elements that will be handled in-house. Establish a structure andprocess for promotion management.

PHASE 12: Building the Interpersonal RelationshipA critical component of your company’s marketing communications is the interpersonalconnection to the customer. Developing an effective interpersonal communications strategy isessential and can include (1) sales force, (2) website, and (3) direct marketing.

1. Review the overall marketing communications plan and determine the role ofinterpersonal marketing communications in communicating with target customers.

2. If personal selling is part of the marketing communications plan, create a sales strategyto include nature of sales force (company sales force or external sales team), salesstructure, hiring/recruiting policies, and compensation program.

3. Determine the level of direct marketing for the company. Specifically, define the role ofdirect marketing in the overall marketing communications plan. Next, identify specificobjectives for the direct marketing effort. Finally, create a direct marketing campaignand follow-up plan.