In MK300 (Principles of Marketing) there was an ongoing process of performance learning due to the tasks. In the course, we developed a marketing plan/strategy for a product or service in an organization. Over the course of the semester, we learned about various marketing strategies in segments and then implemented them in our projects. By the end of the semester we were able to develop a completed plan.
In the beginning of the semester, we were given a choice of 4 to 5 different products or organizations. Once you were put into a group based on your interest, we began setting the team objectives and what we wanted to accomplish. For example, if the organization was struggling with attendance, we tried to strategize solutions to increase the interest and ultimately attract more people to the organization. From there, we looked into the challenges that we would have to overcome. We looked into different segments, target markets, and what position the product or organization sits in. We then further analyzed what strengths and weaknesses the product or organization face through a SWOT analysis. After the strengths and weaknesses, we looked at the potential opportunities, like collaborating with different companies, and immediate threats such as competition. After the SWOT analysis, we went into further analysis over the Climate (PEST) of the company; this includes Political, Economical, Sociological, Technological aspects of the comapny.
Using all the research we completed, we began to decide on what approaches we wanted to use in our marketing strategy. From there, we had a variety of marketing approaches to choose from and solve the problem. It was our job to define which marketing approaches would be, or not be, the most successful to our company so that we could get hands-on experience with developing marketing strategies. For example, digital marketing and social media could work better for one company while traditional advertising, such as television commercials, could work better for other companies.
In the financials section of the marketing plan, we gained experience with projections, budgets, and return on investment (ROI). When working with projections, we had to be able to estimate achievable goals that could be implemented for the organization. Working with the budget allowed us to gain experience in researching various expenses that are necessary to make a marketing plan successful. Some expenses could be t-shirts, posters, flyers, advertising, promotional event fees, and cost of printing. Once we had the expenses, we had to estimate how much we would earn based on how much we invested into the marketing plan. ROI is important because it is the number that decides whether or not the company would want to implement the plan or not. After the financial section, we had to create a detailed schedule of when tasks needed to be completed with objectives that needed to be met. Having a detailed schedule gave us experience with being responsible, planning, and holding the members of the group accountable.
The results of the project at the end of the semester was that we gained experience in creating an entire marketing plan including marketing strategies, financials, and an action plan. We also gained valuable experience in presenting our marketing plan in front of a group as well as being able to defend our plan. This project ultimately gave us real-world experience with working with marketing and presenting.
As a whole our group values the experience we gained from this marketing project. We enjoyed the challenges the project presented and learning how to solve them. We also liked the real-world experience that could be applied to our future careers.
Here is the marketing plan template used in MK300.