Promotion plan
Promotion Plan MBAF501 – Promotion Plan Assignment Guide Once you know what your product/service will be, it is time to create a promotion plan. For this task, you will have the opportunity to demonstrate your finance and accounting knowledge and strategic vision to present your products/services marketing plan. You will work with your group to provide the following information about the products/services you will focus on. This marketing plan is a component of your Signature Assignment. A marketing plan is essential when starting a new company. A mission statement must be created that contains the definition of the company's goals and objectives and recognizes its responsibilities to its customers, employees, and the environment. The company also needs to determine the target market for the products/services and show how it differs from the competition. Product/Service Strategy: You will describe your product or service. Where is it in the product life cycle? What recommendations do you have for improving the offering to fit your target market's needs? Questions to consider: • What level of quality and consistency does your product/service have? • How many features does it have, and can be removed or added? • How well does your product or service deliver what the customer values? • What improvements would help your product/service compete more effectively in the market? Pricing Strategy: You will describe how your product/service will be priced. How does this compare to competitors? Analyze pricing alternatives and make recommendations about pricing going forward based on the following questions: • How sensitive are your customers to changes in price? • What revenue will you need to break even? • What does the price says about your product/service in terms of value, quality, or prestige? MBAF501 – Promotion Plan Assignment Guide Place Distribution Strategy: You will make recommendations about your future distribution strategy based on the following questions: • What are the best distribution channels and methods you will use? • Where will the retail outlet be located if you need one? • In what geographic areas will your product/service be available? Promotion: You will describe the target segment for your campaign. Questions to consider: • What the goal do you want to achieve with your promotion campaign? • What is your call to action? • How do your goals follow the SMART framework? Important to know: Proper APA style and formatting must be followed in your Promotion Plan with correct references to any research/course materials used. Your Promotion Plan will be evaluated using the written assignment rubric as well as the instructor evaluation form provided. This assignment is worth 10% of your final grade and will eventually become part of your Signature Assignment. The Promotion Plan needs to be submitted via MyUCW portal no later than June 6.