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Hello - I need help with my marketing class Research Project Marketing (eBook) : Research Project Lesson 8 Overview This graded project will allow you to apply the elements of marketing youve studied throughout this course to a real-world scenario. 8.1 Design a marketing plan for an existing business Marketing Research Project READING ASSIGNMENT Your project must be submitted as a Word document (.docx, .doc). Your project will be individually graded by your instructor and therefore will take up to a few weeks to grade. Be sure that each of your files contains the following information: Your name Your student ID number The lesson number Your email address To submit your graded project, follow these steps: 1. Go to http://www.pennfoster.edu. 2. Log in to your student portal. 3. Click on Take Exam next to the lesson you’re working on. 4. Follow the instructions provided to complete your exam. Be sure to keep a backup copy of any files you submit to the school! Marketing (eBook) (v2) : Lesson 8 : Page 1© 2020 Penn Foster Inc. Purpose The purpose of this project is to give you practice in thinking strategically about marketing and creating a marketing plan. The purpose is also to help you gain experience incorporating the results of SWOT and STP analyses and applying the principles of the marketing mix’s four Ps (product, price, place, and promotion), using an example of a real organization. You will also employ skills in the functions of the two Ps of the retailing world (presentation and personnel). Process Before starting your marketing plan, review the section “The Marketing Plan” in your textbook. Study the five steps in the process and take note of the provided examples. You’ll get great insight into what’s included in a marketing plan, and you’ll study an example of one that features callouts highlighting important, must-know information. Once you’ve done your research, select one of the following businesses and product lines on which to base your marketing plan: 1. Apple Inc., focusing on the iPhone series 2. Nike Inc., focusing on men’s shoes and sneakers 3. Starbucks Corporation, focusing on coffee products (no food) Research Once you’ve chosen the business for which you want to build a marketing plan, you’ll need to research the company to complete the Marketing (eBook) (v2) : Lesson 8 : Page 2© 2020 Penn Foster Inc. different parts of the marketing plan. You should start by looking at the company’s website to note the products it offers and their prices, current advertising and public relations efforts, mission statements, and any other useful information. After viewing the company’s website, you’ll need to find additional articles and expert analyses of the company’s previous and current marketing efforts, as well as any competitors’ marketing efforts. These will help you as you form the strategic objectives, SWOT analysis, and STP analysis outlined in the next section. These materials may not come from a traditional scholarly source, especially if they’re very recent, but the sources should be reputable, such as marketing journals, magazines, or news outlets. Most of the resources will have their materials available online for free. The research you find should be incorporated into your marketing plan in the form of MLA in-text citations, and you must list your sources with full MLA bibliographic citation on a separate Works Cited page. Three to five sources are required. The Marketing Plan Your marketing plan should be a Microsoft Word document that includes 1-inch margins, 12-pt Times New Roman font, and is double-spaced. Add the following header information on the first page: 1. Your name 2. Your student number 3. The course name (MKT301 Marketing) Marketing (eBook) (v2) : Lesson 8 : Page 3© 2020 Penn Foster Inc. 4. Project number (08009300) 5. The name of the business you’ve chosen followed by the words “Marketing Plan” (for example, “Nike Marketing Plan”) 6. The date Your marketing plan will begin two lines below the header information. Each of the following represents a section that must be clearly identified in your plan. Executive Summary Write two paragraphs about the business as if describing it to someone who knows nothing about it. For example, what type of business is it? What need or want does it hope to fulfill for consumers? What prime benefit does it offer? What products or services does the business provide? Where is it located? Who are the employees? When does it receive most of its customers? What’s its marketing budget? Review the examples in Chapter 2 in your textbook. Strategic Objectives In this section, you’ll write a broad description in one to two paragraphs of the business’s marketing objectives and the scope of the activities it plans to undertake. What’s the business’s mission? What goals does the business hope to achieve via marketing? What does the business intend to do to accomplish those goals? Review the examples and case studies in Chapter 2 in your textbook. Marketing (eBook) (v2) : Lesson 8 : Page 4© 2020 Penn Foster Inc. SWOT Analysis Identify the business’s strengths, weaknesses, opportunities, and threats. List three things the business does well, three areas it could improve in, three things working in the its favor or to its advantage, and three ways the external environment negatively impacts or may impact the business. Review the examples in Chapter 2 in your textbook. STP Analysis Identify the business’s consumer base in three paragraphs. Who are its potential customers? What are their ages, genders, and interests? What do they each want and need in regard to the business’s products or services? Decide which customers you intend to target and how the business wants to be positioned within the targeted segments. How will you reach those targeted customers? What’s the message you want them to receive about the business’s products or services? Review the examples and case studies in Chapters 2 and 3 in your textbook. Marketing Mix You’ll address the six Ps—product, price, place, and promotion—of the marketing mix in this section. Youll also account for the two additional Ps in the retailing world—presentation and personnel. Review Sections 4–7 in your textbook for examples. Then, in six paragraphs, address each of the following: 1. Products/services offered: What products or services need to be Marketing (eBook) (v2) : Lesson 8 : Page 5© 2020 Penn Foster Inc. developed so that the target audience will perceive them as valuable enough to buy? 2. Price: How will the business price these goods so that customers believe they received a fair deal? 3. Place or distribution: Where will the products/services be sold, and what methods will be used when selling them? 4. Promotion: How does the business plan to get word out about these products or services? What allocated resources are needed for marketing efforts to be put in place and successful? 5. Presentation: Does the business plan to develop a unique image? How can this unique image and atmospherics be achieved? 6: Personnel: How will the personnel influence sales? What kind of sales techniques can the personnel be trained in? Performance Evaluation Metrics In the final section, you’ll explain, in one to two paragraphs, how and when the business will know that it has achieved its marketing objectives. What marketing metrics will be used? Review the examples and case studies in Chapter 2 in your textbook. Grading Rubric In total, your project is worth 100 points and will be graded on the criteria found in the rubric that follows. Marketing (eBook) (v2) : Lesson 8 : Page 6© 2020 Penn Foster Inc. Exemplary Proficient Fair Poor NotShown Section 1: Executive Summary Includes detailed paragraphs about the business as if describing it to someone who knows nothing about it. 10–8 7–6 5–4 3–1 0 Section 2: Strategic Objectives Includes a broad description in one to two paragraphs of the business’s marketing objectives and the scope of the activities it plans to undertake. 10–8 7–6 5–4 3–1 0 Section 3: SWOT Analysis lists three things the business does well, three areas it could improve in, three things working in the business’s favor or to its advantage, and three ways the external environment negatively impacts or may impact the business. 15–12 11–9 8–5 4–1 0 Section 4: STP Analysis identifies, in at least three paragraphs, the business’s consumer base, the customers it tends to target, and how the business wants to be positioned within the targeted segments. 10–8 7–6 5–4 3–1 0 Marketing (eBook) (v2) : Lesson 8 : Page 7© 2020 Penn Foster Inc. Section 5: Marketing Mix Addresses in at least four paragraphs: 1. Products/services offered: What products or services need to be developed so that the target audience will perceive them as valuable enough to buy? 2. Price: How will the business price these goods so that customers believe they received a fair deal? 3. Place or distribution: Where will the products/services be sold, and what methods will be used when selling them? 4. Promotion: How does the business plan to get the word out about these products or services? What allocated resources are needed for marketing efforts to be put in place and successful? 15–12 11–9 8–5 4–1 0 Section 6: Performance Evaluation Metrics Explains, in one to two paragraphs, how and when the business will know that it has achieved its marketing objectives and what marketing metrics will be used. 10–8 7–6 5–4 3–1 0 Spelling, Grammar, and Mechanics Uses correct grammar, spelling, punctuation, and sentence structure. Includes proper paragraphs, no typographical errors, and appropriate and correct words. 10–8 7–6 5–4 3–1 0 Formatting Includes six sections clearly separated within the Word document, proper formatting, and all correct information required on the first page. 10–8 7–6 5–4 3–1 0 Marketing (eBook) (v2) : Lesson 8 : Page 8© 2020 Penn Foster Inc. References and Citations Includes three to five references within the marketing plan, proper MLA citations, and a separate Works Cited page. 10–8 7–6 5–4 3–1 0 Tips and Hints when Taking a Proctored Exam READING STUDY MATERIAL Preparing for a Proctored Exam To prepare for a proctored exam means reviewing the assigned material. This doesn’t mean you need to study everything again. Some of the material you already know or remember and some will have been forgotten. Therefore, open the textbook and start at the beginning. Scan each page and/or section and ask yourself: “Do I know this or don’t I?” If you know the material, then skip it. If you don’t know the material or aren’t sure about it, take the time to reread and restudy that section of the material and rework the assigned homework exercises and problems associated with that section. One way to prepare for the proctored exam is to make notes. Just because you’ve written notes once, doesn’t mean you know the material. Rewrite your notes. Don’t try to cram them all on one page. Each time you rewrite your notes, ask yourself the fundamental question: “Do I know this or don’t I?” If you do, skip it. The idea here is to keep rewriting your notes until you can get them down to a few pages. Marketing (eBook) (v2) : Lesson 8 : Page 9© 2020 Penn Foster Inc. When taking a proctored exam, you should know the material. You don’t have time to look up the answer or try to figure out how to work a problem using the example in the textbook. Getting your notes down to a page or two tells you that you know almost all of what you need to know. What you don’t know, if it comes up on the exam, you can quickly look at your notes to refresh your memory. Scanning and rewriting notes seems like a lot of work. It all depends on how much you know from previously studying the material. However, doing this will give you a good chance to earn a strong grade on a proctored exam. What to Do When Taking the Proctored Exam The proctored exam is timed. You don’t have time to look up answers or try to figure out how to come up with the answer. The proctored exam tests you on what you know and don’t know. Therefore, taking the exam requires test-taking skills since you should already know the subject material. It’s a matter of getting what you know down on paper. Proctored exams are very different than lesson exams. Proctored exams consist of essay type questions, short answer type questions, and exercise and problem solving questions. They’re not multiple choice, true or false, or fill in the blank type questions (with only a few exceptions). The structure of the proctored exams may differ depending on the subject. Generally, a proctored exam consists of more heavily weighted Marketing (eBook) (v2) : Lesson 8 : Page 10© 2020 Penn Foster Inc. questions or longer multistep problem questions. As an example, there may be two or three questions that are each worth a larger number of points. Then, the remainder of the exam will be short answer and less lengthy problems to work, which will have lower point values. Time management during the exam is very important. Many students start the exam by looking at the first question, reading it, and then immediately start answering it. But too much time may be spent working on some of the problems, and as a result, you don’t get a chance to answer all the exam questions. A better way to take the exam is to open the exam and scan all the exam questions before answering questions. For example, if the exam Part A has three 20-point questions and Part B has ten 4-point questions, you have a better idea how to budget your time. Read the instructions. In some cases, you might be told to answer two out of the three 20-point questions. Some students answer all three questions instead of the two required, wasting valuable time. Be sure to read the instructions thoroughly. Budget your time. You have 60 minutes to complete the exam. For example: Reviewing the instructions and the exam questions may take, say, 4 minutes As you read each question, ask yourself: “Do I know this or don’t I?” If you do, write the answer down. Answer the questions you know the answer to first. If you don’t know the Marketing (eBook) (v2) : Lesson 8 : Page 11© 2020 Penn Foster Inc. answer or are unsure, skip over the question and come back to them after answering questions you do know. With three 20-point questions, you might decide to spend 12 minutes on each question for a total of 36 minutes. Having spent 4 minutes scanning and budgeting 36 minutes for the more heavily weighted questions adds up to 40 minutes. 20 minutes remain to complete the short answer questions. Each exam is different. You have to decide how to manage your time. You may complete some of the questions in less time than you’ve allotted. This may give you extra unused time towards the end of the hour to go back and work on questions you’re having difficulty answering. This is the time to look at your notes or go back into the textbook to jog your memory. If you finish faster than you planned, use your spare time wisely. Think about where you can use that time to capture the most amount of points. If you have no clue about a particular question, but have some idea about another question, your time might be better spent answering the question where you know you may get it right as opposed to answering two questions half-heartedly and not getting any points at all. Showing your work on a math problem may help improve your score. Math exams require you to show your work and partial credit is given where it makes sense. A student who does the process correctly but made a small error would come up with an incorrect answer. Instead of deducting all the points, the deduction may be less depending on the Marketing (eBook) (v2) : Lesson 8 : Page 12© 2020 Penn Foster Inc. mistake. For example, if there are four steps in solving a problem and the student stops at step three, forgetting to do the last step, partial credit may be given. If a student only provides an answer without showing the work and the answer is incorrect, then the full points for the question will be deducted. Taking a Proctored Exam Using the Online Option Things to consider before deciding whether to take the proctored exam remotely (online) or on paper: Typing skills. You should have good typing skills if you want to do the remote proctor. If you’re not confident in your ability to think and type quickly at the same time, you might be better off completing the paper version of the exam. Typing to show your work is a little more challenging if you’re not used to entering math problems. Some find it better to do the work on paper first and then type the work in. This takes much more time as you’re doing the work twice. Running out of time. Students may run out of time before finishing the exam for several reasons. As discussed previously, having weak typing skills (speed) is one reason students may not finish. Starting to answer the first question without having scanned the exam first may lead to spending more time on individual questions than you should and you may run out of time before completing the exam. Marketing (eBook) (v2) : Lesson 8 : Page 13© 2020 Penn Foster Inc. Math exams generally are open book, so you can refer to your textbook, reading material, or notes. However, some students spend too much time looking up examples or formulas and not enough time answering the questions on the exam because they’re unprepared. Be sure you have a good understanding of the material so you don’t have to refer to the books very often. Many students need to work out the problem on a scratch paper first. They’ll then type the solution showing their work on the exam. This may take more time, and is another reason why students don’t complete all the questions on the proctored exam. Which is Best for You? Online Proctored Exam versus Taking the Proctored Exam on Paper Students generally choose the remote option because they don’t want to find a local proctor which is required when taking the paper proctored exam. Remote proctoring may be more convenient; however, not all proctored exams can be taken remotely. Finding a proctor may be necessary at some point depending on the program in which you’re enrolled. Everyone has taken exams sometime in their life on paper with someone watching them in a classroom. Not everyone taken a proctored exam using a computer. If you have confidence in your abilities to take a written exam online, by all means do so. You may have the knowledge to score well taking an exam on paper, but may not feel comfortable typing when taking a Math exam. You may be better off Marketing (eBook) (v2) : Lesson 8 : Page 14© 2020 Penn Foster Inc. doing a paper proctored exam. The proctored exam is worth 1/3 of the grade for your course, so select the method that will allow you to do the best you can on the exam. Frequently Asked Questions Question: Can I use my books, reading materials, or notes on the Proctored Exam? Answer: You’re permitted to bring your notes, reading materials, and textbooks to use during this exam. All exams are open-book unless otherwise specified. You may also use a calculator during your exams. Question: I’m an E-book Student/my learning material is all digital. Can I use a computer to access my books and lessons during the exam? Answer: If you’re in an e-book program or are in a course for which your courses are only provided digitally, you’re permitted to use a computer during the exam. However, you may only use a computer to access your e-books and reading material. You’re only permitted to use the computer for exams covering courses that have digital-only materials. It’s your proctor’s responsibility to monitor your use of a computer during the exam, so advise them of such when informing them of their duties as a proctor. Any unauthorized use of a computer during the proctored exam will result in the invalidation of all of your exams. If suspected, you’ll receive a grade of 1 on each of your exams and be forced to retake each of them. The highest grade you can receive on these retake Marketing (eBook) (v2) : Lesson 8 : Page 15© 2020 Penn Foster Inc. exams is 70. Question: What types of questions are included in the proctored examination? Answer: Most of the questions are subjective, including both essay questions and numerical problems. The examination may also contain objective questions, such as multiple-choice and matching items. Students aren’t allowed to use computer software, such as Excel, for calculations. Resources for MLA In-Text Citations and Works Cited Page READING STUDY MATERIAL In your project, you are to use proper MLA in-text citations and list your sources with a full MLA bibliographic citation on a separate Works Cited page. The following resources from the The Writer’s Block, Penn Foster’s writing center, will help you with those tasks: http://pflibrary.pennfoster.edu/writersblock/citationanddocumentation/ml astyle (pflibrary.pennfoster.edu/writersblock/citationanddocumentation/m lastyle) http://pflibrary.pennfoster.edu/writersblock/citationanddocumentation/ml acitations (pflibrary.pennfoster.edu/writersblock/citationanddocumentatio n/mlacitations) Marketing (eBook) (v2) : Lesson 8 : Page 16© 2020 Penn Foster Inc.