Instructions for project
Objective: The objective of the semester project is to help you understanding the marketing planning process and examine and experience the complexities of creating a very small-scale marketing plan.
Assume you are an entrepreneur in the beginning stages of determining the viability and marketability of a product you have conceptualized. For example, perhaps you have engineering experience and have created a technical product (an app for example) or one of your favorite hobbies is making beer. You have decided your expertise or hobby could be a way for you to eventually own your own business. You have about $20,000 of your own money put aside to begin developing a prototype and to begin launching your new idea. As an entrepreneur you will need funding from friends and/or family and or a bank.
- Marketing Mix: Describe the strategy and tactics you will use to market your product (product, pricing, distribution, promotion/communication)
- Budget: Describe how you will pay for each element in your plan (provide a one year plan, and a short term plan, 5 years, to profitability)