Your First Draft Of The Paper For The Course Project Is Due

Your First Draft Of The Paper For The Course Project Is Due This Week

Your first draft of the paper for the Course Project is due this week. For details, please review the Course Project Overview in the Introduction and Resources Module, and contact your instructor if you have any questions. This is a project you have to do as part of each week.

This Marketing Plan assignment gives you the opportunity to develop an integrated marketing strategy for a product or service of your choice. This activity will make the course "come alive" through application of the principles from the textbook, course materials, and discussions. Assignments such as this also help you develop business-oriented communication skills. The development of this Marketing Plan is an integral part of the course.

It will enable you to demonstrate a good understanding of a typical marketing problem through a clear identification of the problem and careful analysis, to implement steps that are sufficiently clear and detailed for effective execution, and to demonstrate how your plan would work. Developing the plan will require several weeks of research, critical analysis, critical thinking, and writing. Remember: The only way to do well on this project is to begin early and work on it consistently throughout the entire course.

Overview of Assignment

The MKTG525 Course Project involves creating a strategic Marketing Plan (including paper drafts and final version) and a summary presentation. You will conduct research online or in the DeVry Library and write a comprehensive strategic Marketing Plan by following these steps:

  • Read Appendix 1 in your textbook to understand the structure and components of a strategic marketing plan.
  • Identify a company that has a diverse portfolio of products and/or services that you regularly purchase or are interested in.
  • Recommend a new product or service to add to the company's portfolio.
  • Conduct a Porter's Five Forces analysis.
  • Perform a SWOT analysis.
  • Conduct a market analysis.
  • Establish strategic objectives.
  • Identify issues in the marketing environment.
  • Recommend marketing activities and programs.
  • Establish a budget and determine the break-even point (BEP).
  • Recommend controls to monitor and measure success.
  • Capture a self-reflection on this assignment.

Additional details on these deliverables can be found in the Paper and Presentation sections below the Milestones section.

Milestones

The Course Project includes deliverables in Weeks 2, 4, 6, and 8. Maintain a single working draft throughout the course—resubmitting it each time with corrections and new content added, especially for the current week's section.

Week 2: Marketing Plan, Draft 1

Your initial draft must include the following components:

  • Portfolio Review
  • Porter's Five Forces Analysis
  • SWOT Analysis

This constitutes Part 1 of the assignment. Next week, Part 2 will be provided to guide further development.

Paper For Above instruction

The importance of developing a comprehensive marketing plan cannot be overstated in today’s dynamic and competitive business environment. For this course project, the first draft is due in week two and focuses on laying the foundation through a detailed portfolio review, Porter’s Five Forces analysis, and a SWOT analysis for a selected company. These initial components are crucial as they provide insights into the company's internal strengths and weaknesses, as well as external opportunities and threats, which are essential for strategic decision-making.

The portfolio review involves analyzing the company's current product or service offerings, understanding market positioning, and identifying potential areas for expansion or improvement. It requires evaluating product performance, market share, competitive advantages, and customer perceptions. This assessment helps in understanding the company's core competencies and strategic fit within its industry.

Following this, Porter’s Five Forces analysis examines the competitive landscape to assess industry attractiveness and identify strategic challenges. The five forces include the threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products or services, and competitive rivalry among existing competitors. This analysis enables a nuanced understanding of the industry dynamics, which inform strategic planning and resource allocation.

Complementing this is the SWOT analysis, which systematically evaluates internal strengths and weaknesses alongside external opportunities and threats. Accurately identifying these elements allows for developing strategies that leverage strengths and opportunities while mitigating weaknesses and threats. For example, a company might capitalize on its brand reputation to introduce new products or address weaknesses such as limited digital presence.

The culmination of these analyses sets the stage for developing strategic objectives, which are specific, measurable, achievable, relevant, and time-bound (SMART). These objectives guide subsequent steps in the marketing plan, such as market analysis, marketing activities, budgeting, and control mechanisms. The process underscores the importance of a strategic, data-driven approach to marketing that aligns operational activities with overarching business goals.

Overall, the early stages of the marketing plan—portfolio review, Porter’s Five Forces, and SWOT analysis—serve as the backbone for informed decision-making, risk assessment, and strategic positioning. Initiating this process early and iteratively refining it throughout the course ensures a comprehensive and actionable marketing strategy that can be effectively implemented and measured for success.

References

  • Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
  • Porter, M. E. (2008). The Five Competitive Forces That Shape Strategy. Harvard Business Review, 86(1), 78–93.
  • Hill, C. W. L., & Jones, G. R. (2012). Strategic Management: An Integrated Approach (10th ed.). Houghton Mifflin.
  • Dyson, R. G. (2004). Strategic Development and SWOT Analysis at the University of Newcastle. European Journal of Operational Research, 152(3), 631-640.
  • Armstrong, G., & Kotler, P. (2017). Marketing: An Introduction (13th ed.). Pearson.
  • Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2017). Strategic Management: Concepts and Cases (12th ed.). Cengage Learning.
  • Ferrell, O. C., & Hartline, M. (2014). Marketing Strategy (6th ed.). Cengage Learning.
  • Grant, R. M. (2016). Contemporary Strategy Analysis (9th ed.). Wiley.
  • Mauborgne, R., & Kim, W. C. (2005). Blue Ocean Strategy. Harvard Business Review, 83(10), 76-84.
  • Barney, J. B., & Hesterly, W. S. (2015). Strategic Management and Competitive Advantage: Concepts and Cases (5th ed.). Pearson.

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