MKT2317 Comprehensive Project (CP) Overview:
Critical Components
This assignment relates to the following Course Learning Requirements:
CLR #1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11,12,13,14 and 15.
This project is a critical component of the course, meaning all parts of the project; the affiliated comprehensive project Parts 1-6 and Part 7 the final presentation, must be completed in order to receive credit for the course.
Objective of this Assignment:
· To allow students to demonstrate a comprehensive understanding of marketing concepts by applying what they have learned throughout this course to a product/service scenario of their choice.
· To foster an entrepreneurial mindset that includes creativity, innovation, solution-oriented leadership and strategic thinking.
· To provide students with a performance-based culminating assessment of their course work.
Introduction:
This cumulative project will cover all the marketing concepts introduced in the course. Throughout the term students spend time developing specific deliverables, regarding a product or service business they may wish to start upon graduation. Students taking the course may already have a product or service-based business which may be the ideal platform for further development in the Comprehensive Project. The selected product/service-based business provides the focal point around which students will analyze, evaluate and apply the lessons learned each week.
The lessons form the infrastructure of a marketing plan and cover;
· Creating a mission statement, developing key objectives and determining the right competitive advantage strategy
· Developing the segmentation, target market characteristics and positioning for both the business to consumer and business to business markets
· Assessing the potential impact of the external marketing environment on the plan
· Determining the ideal marketing mix by exploring the product, price, promotion and distribution concepts important to these decisions.
Value of the Project to Course Grade:
The Comprehensive Project is broken into eight (8) parts:
Comprehensive Project Part 1– Product/Service selection; Comprehensive Project Part 2 – Segmentation, Targeting and Positioning Strategies (5%); Comprehensive Project Part 3 – Marketing Plan SMART objectives, competitive advantage and Mission statement (5%); Comprehensive Project Part 4 – External Marketing Environment (5%); Comprehensive Project Part 5 – Product and Pricing Decisions (5%) ; Comprehensive Project Part 6 – Promotion and Distribution/Place (5%); and the culminating, Comprehensive Project Part 7 – Presentation (20%). Finally, Comprehensive Project Part 8 – Peer Feedback (5%)
Please submit as a Word document through the Assignment function in Brightspace. Identify this and all your assignment submissions by giving it a file name that is your first and last name as it appears in the course class list.
Comprehensive Project Parts:
Comprehensive Project Part 1 – Product/Service selection
Think carefully about this selection as you will be working with this product/service for the entire course culminating in a presentation. There are a number of idea websites that you might use to help provide a product/service business idea such as: and . You may also choose to imitate aspects of a company that is already doing business (but you may not directly use an existing company for the project) in the marketplace or you may have your own business or business idea you wish to work with. The key is to use that product/service business to apply the lesson concepts and terminology to develop key components of a marketing plan.
· Briefly describe your chosen product/service business. Provide some rationale for your choices.
· Your facilitator will provide approval/feedback before you proceed to Comprehensive Project Part 2.
Comprehensive Project Part 2 – Segmentation, Targeting and Positioning Strategies (5%);
1. State your chosen product/service business. Identify the top 3 competitors you may face in the marketplace. Provide some rationale for your choices.
2. Your business may be better suited for business to consumer (B2C) or business to business (B2B) but for this activity please provide choices for both markets as follows:
a. Using the Bases of Segmentation from the lesson provide a detailed description of the (B2C) consumer segments for your product or service (i.e. Geographic, Demographic, Psychographic, Benefit, and Usage Rate).
b. Provide a detailed description of how your product or service will be segmented for the B2B market (i.e. Firmographics, Company Characteristics, and Buying Processes).
3. Describe your target market strategy (i.e. Undifferentiated, Concentrated, Multi-segment)
4. Describe how you would position your product in the consumer market using the Positioning bases (i.e. Attribute, Price and Quality, Product User, Product Class, Competitor, Emotion).
5. Provide a perceptual map of your product/service business using the top 3 competitors and your business.
6. Include your rationale or explanation for your choices in items 1 – 5 above.
7. Use the course terminology from the lesson when developing your work.
8. It is expected that some secondary research will be evident in your submission. Use the APA format for in-text citations and references (bibliography).
9. Use the Algonquin College standard APA format for both 3 and 4 above.
Comprehensive Project Part 3 – Marketing Plan (5%)
This piece of your comprehensive project will focus on the Understanding your industry, setting your Competitive Advantage strategy, developing your Mission statement and setting SMART Objectives.
This piece of your comprehensive project will focus on elements of the market plan.
1. Using NAICS Identify the industry which your product/business is part of
2. Select a source of competitive advantage that you recommend for your product or service (i.e. Cost, Product/Service Differentiation, and Niche)?
3. Develop a Business mission statement for your product/service and provide a breakdown as per the four essential questions your company’s mission statement must answer: What do we do? How do we do it? Whom do we do it for? What value are we bringing?
4. Develop at least three (3) SMART Marketing Objectives.
5. Explain your choices and provide some rationale for your work in items 1 – 4 above.
6. Ensure you have used the course terminology in your responses.
Comprehensive Project Part 4 – Marketing External Environment (5%)
This piece of your comprehensive project will focus on examining the external marketing environment by providing a brief Environmental scan.
1. Environmental Scanning:
· Research key events and trends within each factor Competition, Regulatory, Economic, Social and Technological (CREST) for your industry/marketplace.
· Identify the trends likely to have the greatest impact on the organization. Describe the impact you see as negative, positive, or neutral and give your rationale for your conclusions.
· Provide evidence from secondary research.
· 2 in-text citations for each Factor analysis as a proof or support.
· Forecast the future direction of these trends and possible implications that may affect your marketing plan .
· In-text citations (footnotes) to support your position are required.
· List your sources at the end in references (bibliography). Use the Algonquin College standard APA format
Comprehensive Project Part 5 – Product and Pricing Decisions (5%)
A: This piece of your comprehensive project will focus on product concepts.
1. How would you classify your product or service (i.e. Convenience, Shopping, Specialty or Unsought)?
2. Describe the type of packaging and labeling you would use (for services be sure to review applicable readings).
3. Describe the global issues in the branding and packaging of your product or service.
4. Provide some rationale for the points you are making.
B: This piece of your comprehensive project will focus on pricing decisions.
1. Describe the pricing objective that you would use for your product or service (i.e. Profit-Oriented, Sales Oriented, Status Quo).
2. Describe how 3 (your choice) of the determinants of price (i.e. Stages in the Product Life Cycle, Competition, Distribution Strategy, Internet, etc.) will impact.
3. Provide some rationale for the elements you chose.
Comprehensive Project Part 6 – Promotion and Distribution Decisions (5%)
A: This piece of your comprehensive project will focus on promotion decisions.
1. Describe which elements of the promotional mix (i.e. Advertising, Public Relations, Sales Promotion, and Personal Selling) you would choose for your product or service.
2. Develop a “brand promise” tag line.
3. Provide some rationale for the elements you chose.
B: This piece of your comprehensive project will focus on and distribution/place.
1. Describe the marketing channels that you would make use of (i.e. Direct, Retailer, Wholesaler, Strategic Partner etc.).
2. Provide some rationale for the elements you chose.
NOTE: As in other sections of the project. Some evidence of research is expected. Use the APA format to complete the in-text citations and bibliography (references)
Comprehensive Project Part 7 – The Presentation (20%)
Instructions:
Your context for this portion of the assignment is to demonstrate your marketer expertise through persuasive, informative and creative promotion of the marketing plan for the product/service business you have developed over the term. Your audience – your classmates and facilitator – are prospective investors whose buy-in you seek to move forward with the plan. This is the purpose of your presentation.
You are required to prepare a 15-minute presentation outlining each step of the comprehensive work completed throughout the semester that should be thought of as the marketing plan.
Presentation Requirements:
Is this the question you were looking for? Place your Order Here