Entrepreneurial / New Venture Marketing Project (Group): This is a team project in which your team will learn about a company in some depth and develop a marketing plan for that company. This will be a comprehensive research project in which your team will do at least the following:
1) Develop an understanding of the company, its mission, objectives and goals, product lines, and current markets.
2) Develop an entrepreneurial marketing strategy & plan for the firm and its products/services. This strategy may or may not be consistent with its current strategy, but it should be innovative. Components should include marketing objectives, target market, marketing positioning and strategy, marketing mix tactics, business model generation, recommendations.
3) Develop at least two marketing inventions for the firm. An invention is defined in this case as a truly unique and innovative approach to an element of the marketing mix. For example, it could be a totally new approach to pricing or a completely different method for distribution, etc.
4) The marketing plan will also include a creative hands-on project component of your choice that you consider relevant to the new venture. This might be a web site design, shooting an infomercial, creating a promotional literature package or a trade show display, or other creative innovation. Discussion with the instructor is highly recommended prior to launch
5) The team will also write a formal report targeted to the founder/management team (and your instructor) and create a professional PowerPoint presentation (10-minutes). The formal written report will be professional in appearance and content and will be documented with proper citations and references. The report should be 15-20 pp. in length (including tables, appendices). Individual team members will be evaluated by peer reviews. Therefore, it is important for each member to contribute to the overall team project to the best of their abilities.
Entrepreneurial / New Venture Marketing Plan
Purpose of Assignment: To develop a customized Marketing Plan and Business Model for your assigned project. Using materials from the course and consulting with your new venture entrepreneur (and instructor) you should:
1) Gain an in-depth understanding of the company, its mission, objectives and goals, product lines, and current markets
2) Develop entrepreneurial marketing strategies and an overall plan. These may or may not be consistent with the company’s current strategy but should be innovative and forward thinking
3) As part of your overall Plan, consult with your new venture entrepreneur on a specific ‘go deep’ initiative critical to the future direction of their company
4) Develop at least 2 marketing inventions and 1 creative hands-on project addressing strategic needs of the company
· Choose one issue to research, analyze and summarize key learning
Issues: budget, more planes, pilots
· Based on your analysis, recommend specific marketing strategies
· How do your marketing strategies fit with the organization’s overall objectives?
· Recommend a Marketing Positioning and Value Proposition for your company
· Describe how the organization adds value for its target market, to its partners, channels, employees and other stakeholders
· What is the impact of this business on the environment and its competition?
· Define the target market including creating a segmentation analysis and provide justification for your target selection
· Estimate the size of your target market
· Include any primary and secondary market research/recommendations