UNIVERSITY OF CENTRAL PUNJAB

FALL 2020

UNIVERSITY OF CENTRAL PUNJAB

FALL 2020

Fall 2022
Course Title: Marketing Management
Course Code: BAMK 3113
Term Project
Course Instructor: Faiza Khan Burki
Section: C
Program: BBA
Date: Nov 27, 2022
Submission Date: Jan 13, 2022
Maximum Marks: 15
Program Objective: PO1, PO3
Course Objective: CO1, CO4, CO5, CO6
Course Learning Objective: CLO1, CLO3, CLO3
TO BE FILLED IN BY THE STUDENT
Student Name:
Registration No:
Sr. No:
Instructions:
• Project can be done in a group of five students.
• Submission date is (Friday Jan 13, 2022, from
8:00 am-11:00 am)

Project Topic & Details:

MARKETING PLAN
An effective way to help learn about marketing management is
by creating a marketing plan for a product or service. This
project is designed to accomplish such a task.
Each group selects the consumer product or service they wish to
bring to market through the “Fortune 500” magazine. Students
can use the computer program Marketing Plan Pro in creating
their proposals and submissions and in their final
presentation(s). At the end of the semester, each group is to
present its entire marketing plan to the class.
Marketing Plan Pro:
• Any company in this day & age needs a
marketing plan -- it's a strategy for standing out from the
crowd. With Marketing Plan Pro, you have over 70 sample
plans to draw from
• Use the Easy Plan Wizard to produce an outline
that suits your needs, no matter what industry you're in
• Include your full-color graphics or develop 3D
charts and spreadsheets
• Get expert guidance to better understand your
customers and meet their needs
• Works well with Word, Excel, Business Plan Pro,
and many other powerful business & office applications!
The following is an outline of this process:

WHY DEVELOP A MARKETING PLAN?

Your marketing plan is an essential part of your overall
business. When you are starting a business or introducing new
products or concepts, this plan can help you:
• Assess the needs of your customers and
develop a product or service to meet these needs.
• Communicate the attributes of the product or
service to the customer.
• Establish distribution channels to get the
products/services to the customer.
Developing your marketing plan will help you identify aspects
of marketing that are easy to overlook. To produce a sound
plan you will need to outline who your customers are, how
they will buy your product or hire your services, and why.
Your banker or lender will also want to see the marketing
section of your business plan before considering lending your
money.
Styles, markets, and goals change and so should your plan.
Revisit your marketing plan regularly to keep it current, and
adjust it according to changes in your business activities or
predictions of new trends.
BEFORE WRITING YOUR MARKETING PLAN

Market research
Before you develop your marketing plan, research the
potential market for your product or service. Use the numbers,
facts, and findings to back up statements in your marketing
plan.  You can also design a questionnaire, create an online
survey, and search available databases and other resources to
find the information you need to build your marketing plan.
SECTIONS OF A MARKETING PLAN

Executive summary - What is my overall plan?

The executive summary is an overview of the key points
contained in your marketing plan and, even though it is
written last, it should be positioned at the beginning of the
plan. This summary is usually the first section that a potential
investor or lender will read and you may want to give it extra
attention.
The executive summary should:
• Include the key points from each of the other
sections to explain the basics of your marketing plan.
• Be interesting enough to motivate the reader to
continue reading the rest of your marketing plan.
• Be brief and concise.
Your Business
If you haven't already done so in your overall business plan,
you'll want to clearly describe who you are, what your
business is about, your business goals; and what inspired you
to start, buy or grow the business. For example:
• Include the company name, address, phone
number, and names of owners/partners.
• Indicate the business' vision, and mission
statement (this should align with your target market).
• Indicate the core values and goals of the
business and its owner(s).

Describe the product or service

Detail how your product or service is unique or why it is
superior to other models on the market. If the product or
service is not unique, maybe the location is ideal or a large
market allows room for competition. It’s important to use
facts and numbers to show how your business will be
profitable.

Identify your target market – Who are your customers?

Before you sell something, you need to know who you are
selling to. If you don’t determine your target market, you
might try to satisfy too many different customer needs and
end up with a product nobody likes or a service that no one
needs.
By conducting research, you can identify the age group,
gender, lifestyle, and other demographic characteristics of the
people who have shown interest in your product or service. It
is important to provide statistics, analysis, numbers, and
supporting facts that can show the reader there is a demand
for your product or service.
When developing a general profile of your customers, you
might want to define them by:
• age, usually given in a range (20-35 years)
• gender
• marital status
• location of household
• family size, and description
• income, especially disposable income (money
available to spend)
• education level, usually to the last level
completed
• occupation
• interests, purchasing profile (what do your
customers want?)
• cultural, ethnic, and racial background

For example, a clothing manufacturer may consider several

possible target markets: toddlers, athletes, or teenagers. By
compiling a general profile of each of your possible markets
you can decide which ones are the most realistic, pose the
least risk, or are more likely to show a profit. A test market
survey of the most likely target groups can also help you
separate real target markets from the more unlikely
possibilities.
Once you have defined your target customers, you will want
to learn about their needs and preferences. A few of the many
things you might want to learn about your prospective
customers include:
• What challenges do they have that could be
solved with your product or service?
• What are their needs and expectations
regarding this product or service?
• What types of things do they desire?
• What do they spend their money on?
• Where do they shop?
• How do they make spending decisions?

Remember, if you want to develop a profile of your

customers, and understand their needs, you will have to do
some market research.

Know your competitors

Most businesses compete with others. But, even if you are the
only player, before long you will most likely have
competition. It’s important to know who you are competing
with and what their competencies are. You'll want to compare
your Strengths, Weaknesses, Opportunities, and Threats
(SWOT) with those of your competition, and once you know
what your business does better than anyone else; make sure
your customers know about it.

How will I deliver my product to my customers?

Traditionally, customers shop at stores to find the products
they want. Similarly, we often assume that we need to go out
to a specific location for services like a massage or a haircut.
However, there is nothing that dictates how you should serve
your customers. For example, you could decide to:
• Sell through a retailer, wholesaler, professional
sales agent
• Sell through kiosks in schools, offices, public
places, events
• Go to the customer's home or place of business
• Take orders from a catalog or online with a
website

Group your marketing activities

Create a table or chart that provides an estimate of how much
of your total marketing budget you plan to spend on each
media type. In another table or chart, detail how much of your
time you plan on spending on each. You can also break down
each group by specific media. Some suggestions are:
• Advertising (TV, radio, print publications,
online publications, websites, billboards, business cards)
• Publicity (signs, stationary, branding,
testimonials, referrals)
• Listings (business directories, telephone
directories, online listings, association listings)
• Sponsoring (research, community events, local
charities, sports)
• Networking (get feedback from existing and
potential customers, and other industry players; reach out
to the public through online social networks; provide
advice on blogs, and by speaking at public events; meet
industry players at business events)
• Promotions (mail outs, samples, freebies,
discount coupons, sales, displays)
• Internal marketing (employee rebates, sales
incentives, referral incentives)
Plan for Problems
Like any aspect of running a business, preparation helps you
deal with challenges. No matter how meticulously you've
planned your marketing strategy, something unexpected can
come your way. What you can do is consider some possible
"surprises" that might happen, and write down how you would
handle them.
The following are some marketing challenges that you could
plan for:
• Regulations for new packaging/labeling/claims
• Shift in trends and buyer preferences
• Environmental issues related to your business
• Negative business image or perceptions
• Changes to the economy
• New competition
• Marketing regulations and standards
• Marketing during a recession

Indicate your price or pricing strategy - How much should I

charge?
Determining the right price is another aspect of marketing. If
your price is too high, you may alienate customers, and if it's
too low, you may give the impression that your product or
service is cheap or below standard. Some businesses
purposely charge a very high price so that their customers feel
that they are getting a better product or service. Some sell at a
slightly higher than average price to be able to offer
exceptional customer service.

Projections and long-term goals

If you want your business to start small and remain small, be
clear about this in your plan. If the long-term goal is to
expand over the years, gain an international market or sell
franchising rights, you will want to include that in your plan.
Detail the steps you plan to take to grow your business, and
how you will adjust your marketing activities to reach these
goals.

Provide a review date

This step will be a reminder to establish how often you review
your marketing plan. You may wish to update your plan only
when there is a change in your business. But it will help keep
your plan current if you commit to reviewing it at least once a
year.

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