Example 2: Not as extreme, but think about Quaker Oats Oatmeal. For anyone who wants to eat healthy foods, oatmeal is usually on the list. But as much brand recognition as Quaker has, it’s “branding” has gotten a little old and doesn’t necessarily attract the younger crowd – which is health conscious and could really benefit from this classic breakfast food. How could you improve their brand
Personal Marketing Plan – Sample Outline – MG 121 – Frazier – 10/30/03 Step 1: This is your final project for the semester. Your goal is to identify a product that you think could use some new and improved branding. What do I mean by that? Here are some examples: Rebranding Project MGMT211 – Intro to Marketing –Frazier -- Due November 16, 2017 Example 1: Perhaps you remember the Carnival Cruise ship that had a fire in the engine room a several years ago. Over 3,000 passengers’ vacations where destroyed as the ship spent five days in the Gulf of Mexico without showers, electricity or flushing toilets. I don’t know about you, but I don’t think I’d get on a Carnival Cruise ship if I knew that happened! If you were their ad agency, what plans would you put in action to win back customers and change the way people think about the Carnival Cruise name? Example 2: Not as extreme, but think about Quaker Oats Oatmeal. For anyone who wants to eat healthy foods, oatmeal is usually on the list. But as much brand recognition as Quaker has, it’s “branding” has gotten a little old and doesn’t necessarily attract the younger crowd – which is health conscious and could really benefit from this classic breakfast food. How could you improve their brand? Example 3: Think about the Old Spice Commercials from a couple of years ago. They took a tired old product and really rejuvenated it to make it a relevant brand using the antics of a well-known athlete. Here’s a link to an Old Spice rebranding ad: https://www.youtube.com/watch?v=owGykVbfgUE Whatever you choose, make sure you know enough about the product and its marketing to suggest a need to change. You can always do some online research to help you make a selection. Step 2: Next, take what you’ve learned (and will be learning) in this class to develop a marketing plan to REBRAND that product. An outline of the plan is included on the next page. As part of the plan, you will develop some advertising materials to demonstrate the rebranding you are putting in place. This is worth 30% of your final grade. Please let me know the company and product for which you will rebrand your plan. Deliverables: · Provide an eight to 12 page marketing/rebranding plan which includes all of the information requested in the outline on the next page. · Include mocked-up samples of each of the following: a Web page, one print ad (identify the publication and why you selected it), one use of social media(you pick, tell me how you chose that method) and one press release (Note, if you are not very artistic, do your best, there are lots of templates out there (use wix.com for the webpage) and look at competitive ads. · Include a cover page and a table of contents, which are not part of your page count. Your marketing materials are included in the page count. · All materials must be typed, in 11 or 12 point font with 1.5 line spacing. · Include a Sources Cited page to indicate what resources you used to research your product. · Submit no more than two files for your final project. Below is the basic outline for your plan: I. Executive Summary The executive summary is a brief summary of the entire plan. Although it is the first part of the plan, it is usually written last, after the rest of the plan has been developed. (1 to 2 paragraphs.) II. Introduction to Organization and Product: This is where you describe the product you chose to rebrand and why you thought it was lacking or needed rebranding. Provide a brief background about the company selling the product. (1 to 2 paragraphs) III. Marketing Objectives: Marketing objectives are specific statements of what you plan on accomplishing. Your objectives should be measurable and include dates. Develop two objectives – one describing the rebranding process as an objective, the other incorporating a financial or unit sales objective. Example of Rebranding Objective for Quaker Oats Instant Oatmeal: Develop a new branding strategy for Quaker Oats instant oatmeal to make it feel like a modern and up-to-date breakfast food by DATE. Example of Financial/Sales Objective for Quaker Oats Instant Oatmeal: Use new advertising campaign to increase sales of Quaker Oats Instant Oatmeal by 8% within 6 months of the launch of the campaign. Make your goals SMART – Specific, Measurable, Attainable, Realistic and Timely. IV. Situation/SWOT Analysis: In your marketing plan, you need to analyze your product’s current and potential situation. Strengths and weaknesses are factors internal to your company, which you can usually impact directly. Opportunities and threats are environmental factors that are outside of your company, but can have an impact on your plan and strategies for achieving your plan. List at least 3 points in each area. This is best formatted using descriptive bullet points – be sure the reader understands what you mean when describing your SWOT items – for example, a weakness of being “out-dated” may apply to many factors in your plan, be specific “technology is outdated” to be clear about your point. V. Product Strategy: This is how you will meet your goals and objectives. a. Target Market: Who will buy your product? Be specific – use demographic, psychographic, geographic and other means of defining your target audience. In real life, you would identify the specific size of the market – here I want you to try and figure out who you believe should be the specific target market. – For Quaker Oatmeal, for example, the market might be health conscious people who want a fast, but filling breakfast. You might segment the market into “Middle to Upper Income Moms” (who purchase for families and have enough money to buy the little packets instead of the container that you have to cook on top of the stove.) b. Product Positioning: How do you want people to think about your product? For example, Monster energy drink is a prestigious energy drink that not only helps you stay alert longer, but is good better tasting than the competition and makes you feel cool while you are drinking it. A positioning statement does NOT include AD copy – it describes how you want people to think about your product. c. Competitive Analysis: Identify at least three of your primary competitors. Describe their (product or service’s) general strengths and weaknesses and how you differentiate your product(s) or service from theirs. Differentiate yourself from your competition – why are you better? VI. Marketing Strategy: (short paragraph for each) a. Product: Define it specifically – what are you going to rebrand? b. Price: What is the price point(s) at which you will offer this product and how does the new pricing differ from the current pricing? How does the price relate to your target audience and positioning strategy? c. Place (distribution): How will you actually get your product to the market? You may include as many delivery mechanisms as needed – for example, some products can be sold on the web, as well as through retailers, for most there are multiple opportunities. d. Promotion: Identify the top three promotional tools you will use to meet your goals. For each of the top three, be specific – don’t just say “magazines” to sell dietary aids – identify which magazines and why they are good for your market – get circulation numbers or web rankings if at all possible. Also describe why it is important to your plan. Select three from the following list: i. Packaging ii. Print media – where will you advertise your product in print? iii. Direct Mail and Brochures iv. Web Marketing including a website, social media, and blogs v. Email Marketing vi. TV Spots vii. Radio Spots viii. Trade Shows ix. Press release x. Other non-traditional media VII. Develop “Comps” of the following promotional pieces: i. A mock-up of a web page promoting for your rebranded product use wix.com or some other free web page development site. ii. A print advertisement – you may use templates in Word, PPT or Publisher iii. Some use of social media – your choice, explain why this strategy. iv. A press release announcing the rebranding and providing a short company background. Include one “quote” from a company executive. Format professionally. NOTE: A “comp” is short for comprehensive layout or comprehensive. It is a mock-up of a proposed design that an ad agency or graphic designer would show a client, it is the first draft illustration – a draft – of a proposed design. Your artistic talents (or lack thereof) will not be considered as part of your evaluation since this is not an art class. Grading: You will be graded on a combination of thoroughness, creativity, and level of overall effort. Think outside of the box. What would you or could you do in a perfect world to meet your goals. Grammar and spelling should be nearly perfect. Layout of your marketing plan should be well-organized and easy to read and aesthetically attractive (think about your headings, the use of images, etc) for an optimal grade. If English is your second language, it is even more important for you to have someone review your paper before you hand it in to avoid common errors such as dropping an “s” or misuse of grammar. The rubric is listed below: Rubric Sections Possible Points Executive Summary, Intro to Organization, Objectives & SWOT 60 Product Strategy 60 Marketing Strategy 60 Comps: your ad, web page, social media and press release 80 Formatting & Grammar 20 Creativity & Effort 20 Total 300 · Projects turned in late will be accepted, but will lose 30 points (10%) per week they are late. · Please include a cover page with a title, your name and an image of the product. · Please use page numbers. · Feel free to email any questions you may have or send me “work in progress” for comments and other assistance. Have fun! Joanne SEE SMART GOALS INFORMATION ON THE NEXT PAGE. http://www.network-marketing-mlm-success-system.com/smart-goal-setting.html MGMT211 Rebranding Plan ProjectPage 1