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Please make sure that you follow the instructions for this assignment. Please download the instructions below I'm also including the other 2 assignments for you to go buy if you would please. P a g e | 1 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ A Nonprofit Marketing Plan Example to Inspire Your Organization Alyssa Conrardy April 16, 2018 Do you wish you had a roadmap that showed you exactly what you need to do to achieve your nonprofit’s biggest goals through marketing? An effective nonprofit marketing plan can do just that. While many nonprofit marketing plans simply sit on a shelf gathering dust, there IS a way to build a better plan you’ll actually use – one that maps your marketing goals to your organization’s goals and strategic plans, helps you prioritize and make time for what matters and identifies the best strategies and tactics for moving your mission forward. We create dozens of plans that check all of those boxes every year for our nonprofit clients. Now, we’re pulling back the curtain and showing you how we do it with our Essential Nonprofit Marketing Plan Template. The template is one part example, so you can see what a successful nonprofit marketing plan looks like, and part workbook, so you can begin building your best marketing plan and advancing your mission through marketing. Here’s a look at what’s inside, and the elements you’ll need to consider when building a nonprofit marketing plan for your organization: Mission and Vision Every part of your marketing plan must stem from your mission and vision. A mission and vision are so much more than just statements. They’re the grounding principles that define the future https://prosper-strategies.com/author/aconrardy/ https://prosper-strategies.com/2018/04/ https://prosper-strategies.com/nonprofit-marketing-manifesto/ http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template P a g e | 2 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ your nonprofit is working to create and the work you’re doing every day to get closer to that reality. They determine the strategic priorities your organization sets, and those strategic priorities guide where you should direct your marketing and communications efforts. It’s all inextricably tied. We suggest you open your nonprofit marketing plan by stating your organization’s mission statement and vision statement. This will ground everyone who interacts with your plan in what matters most. The Essential Nonprofit Marketing Plan Template assumes you already have an effective mission and vision in place, but many organizations don’t. Many of our clients come to us with mission and vision statements that are outdated, ineffective, or misaligned with their current strategic direction. When that happens, we facilitate mission and vision workshops that help our clients discover truly powerful mission and vision statements they’ll use for many years to come. This is more than just messaging work. It’s strategic planning and organizational development work that will guide the direction of your entire organization. Learn more about mission and vision development here. Nonprofit Marketing Audit Before you begin to determine where you’re going from a marketing perspective, it’s essential to evaluate where you’ve been. Whether your nonprofit’s marketing function is robust and sophisticated or small and nascent, you surely have access to at least some marketing data and insights that will inform your plans moving forward. In our Essential Nonprofit Marketing Plan Template, we’ve made space for you to fill in information about your web traffic, social media engagement, email engagement, and overall marketing activities. These are some of the things most nonprofits are able to audit, even if they’ve never had a formal marketing plan. We suggest auditing these areas with a consistent set of dates in mind (typically the most recent full calendar year). When working with the template, feel free to skip (and delete) any pages you’re unable to fill in, and add additional pages for other areas you’d like to assess, such as PR, events and community outreach. For each area of assessment, we suggest highlighting a key observation based on the data you’re sharing. Doing so will make this section of your marketing plan easier http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template https://prosper-strategies.com/brand-strategy-marketing-planning/ https://prosper-strategies.com/nonprofit-mission-statement-dissected/ http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template P a g e | 3 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ for others to digest. We’ve also included a page for a SWOT Assessment, where we encourage you to take a high-level look at your nonprofit’s marketing strengths, weaknesses, opportunities and threats so you can determine the areas that most need your focus in the year ahead. Learn more about auditing your existing marketing efforts here. Nonprofit Marketing Goals & Priorities Through our work with hundreds of nonprofits, we’ve noticed a common mistake when it comes to setting marketing goals; most organizations set their marketing goals in a vacuum. They do not begin with their strategic plan and mission in mind and then set aligned marketing goals that will drive both forward. As a result, they end up with goals that sound good on paper, but do not make a strategic and thoughtful use of the organization’s time, budget and brainpower. The Goals & Priorities section of the Essential Nonprofit Marketing Plan Template is designed to change that. First, it will help you come up with marketing goals that align with your strategic plan. Then, it will help you prioritize between those goals based on the size of your team and marketing budget. In the Template, you’ll learn to come up with a set of marketing activities that could support each of your organization’s strategic goals or priorities, as laid out in your organization-wide strategic plan. Then, you’ll learn how to narrow those activities down to the most essential and combine them into goal-oriented statements. Let’s take a look at an example: The Marin Humane Society is a No-Kill Shelter in California. They have an organization-wide strategic plan that lays out the following five high-level goals: https://prosper-strategies.com/brand-strategy-marketing-planning/ http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template P a g e | 4 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ Here’s a look at a brainstormed list of ways marketing can address Marin Humane’s first organizational goal. You can also see what was eliminated due to budget and team constraints or due to the fact that, after brainstorming, an item was identified as “non-essential.” Finally, you can see how the items that remained were summarized into two marketing goals. And here’s another example for organizational goal 4. As you can see, in this example, Marin Humane eliminated “nice to haves” and ideas they couldn’t realistically pursue with their current budget. Then, they summarized what remained into two key goals. Many of their desired activities related to online donor communication and marketing, but they did not have anyone on their staff with the necessary bandwidth or skills, so they identified making a hire focused on donor relations as one of their possible marketing goals. P a g e | 5 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ After you’ve narrowed down to a few possible marketing goals for each organizational goal, our Essential Nonprofit Marketing Plan Template will help you rank what remains in order of priority and eliminate anything that doesn’t fit within the bandwidth of your current resources. Following a goal and priority-setting process like this one will help you set more realistic and achievable nonprofit marketing goals and prioritize them so you don’t overwhelm your team or set yourself up for failure. However, even with the right tools, it can sometimes be difficult to set your own, unbiased goals and accurately rank your priorities, especially when you’re intimately involved in the work that will result from them. That’s why at Prosper Strategies, we go deeper than simply working through the worksheets in our Essential Nonprofit Marketing Plan Template with our clients. We scrutinize every goal they propose and help them determine if it’s actually the right one, and the most important one, for their organization’s overall strategic goals, mission and vision. We also challenge false beliefs about what can be accomplished within the current constraints of our clients’ teams and budgets. Sometimes, this results in scaling back and getting more focused. Other times, it results in thinking bigger and pushing the boundaries. Learn more about setting nonprofit marketing goals here. http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template https://prosper-strategies.com/brand-strategy-marketing-planning/ http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template https://prosper-strategies.com/smarter-nonprofit-marketing-goals/ P a g e | 6 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ Key Stakeholders With your goals and priorities set, it’s time to move on to defining your key stakeholders. Who are the people that influence your nonprofit and its mission most? Are they your program participants? Individual donors? Board members? Volunteers? Your local community members? The general public is NOT a sufficient answer to this question. Getting a sense of your target stakeholders, and then working to develop a deep understanding of how they think, feel and act, is a critical part of building an effective nonprofit marketing plan. Inside our Essential Nonprofit Marketing Plan Template, we’ve included a set of key stakeholder persona profile worksheets you can use to develop profiles of your most important stakeholders. These profiles can be used to help your staff put themselves in the shoes of your target stakeholders before interacting with them or developing marketing materials that are intended to reach them. There are many ways to gather insights to inform your personas. You might start by thinking about 2-3 people already in your community who represent your ideal or typical stakeholder from a certain group, and then blend their attributes together to develop a fictional persona. Another popular technique involves joining Facebook or LinkedIn groups that your personas are active on and observing their interests and concerns. Developing a deep understanding of your key stakeholders is a critical step in your marketing plan development. As you’ll see when we get deeper into the components of the marketing plan, doing so will allow you to develop segmented key messages that resonate with each group your nonprofit needs to influence in order to achieve its goals. You probably already know a fair amount about your target stakeholders from your direct experience with them. However, if you’d like to go deeper and conduct primary research about your stakeholders, there are several methods you can explore, including: • Stakeholder surveys • Stakeholder focus groups http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template P a g e | 7 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ • Stakeholder interviews • Market segmentation analysis studies • Stakeholder journey mapping We employ a mix of these research techniques with our clients to inform their stakeholder profiles with deep data and insights. Learn more about stakeholder profiles here. Key Messages Key messages are the main points you need your stakeholders to hear, understand and remember about your nonprofit. They create meaning behind the work you do, the issues you want to discuss, and the actions you want people to take as you work to advance your mission. Many people at your organization likely have their own personal version of key messages they use in their day-to-day work, whether they realize it or not. They refer to these “de facto” key messages when meeting new prospective donors, welcoming a visitors and clients to your facilities, training new team members and chatting with friends at cocktail parties. But there is a problem with these personal, informal key messages your staff and volunteers are using. They’re often inaccurate and they’re always inconsistent. Your team members bring their own personal experiences into the way they talk about your organization, but it’s not always easy for them to discuss the bigger picture behind what you do and why. That’s why we always suggest our clients develop a set of organization-wide key messages as part of their marketing plans. As you might expect, these messages inform marketing elements like your website and marketing activities like media interviews. But they do much more than that. They also give everyone on your team guidance that helps them portray your organization accurately and consistently. Inside the Essential Nonprofit Marketing Plan Template, we’ll guide you through the process of creating a set of key messages segmented by stakeholder group. You can refer to these messages and loosely weave them into future marketing efforts. You can also distribute your final messaging matrix to all your staff and ask them to refer to it in their daily interactions. Let’s take a look at another example. Here, you can study how Marin Humane wrote their key messages and segmented them by stakeholder group. https://prosper-strategies.com/brand-strategy-marketing-planning/ https://prosper-strategies.com/nonprofit-donor-profiles/ http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template P a g e | 8 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ While key messages are the most essential brand messaging element we develop for the nonprofits we work with, they’re definitely not the only one. Other brand messaging elements we work with our clients on include: • A positioning statement: a statement that clearly defines why your nonprofit exists, the problems you are addressing and the impact you are aiming to make • Core values: ways of being that define what your organization stands for and highlight an expected set of internal behaviors and attitudes. Together with your mission, vision and key messages, these brand messaging elements serve as the foundation for every story you tell about your nonprofit and every marketing touchpoint you create. Tactical Selection https://prosper-strategies.com/brand-strategy-marketing-planning/ https://prosper-strategies.com/brand-strategy-marketing-planning/ P a g e | 9 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ Ah, the fan favorite among marketing planners: tactical selection. Most of our clients want to jump right into this part of the marketing planning process. However, it is absolutely essential to do the work detailed in the earlier parts of the Essential Nonprofit Marketing Plan Template before you can successfully tackle tactical selection. Now that you know what you’re trying to achieve (your goals), who you’re trying to achieve it with (your key stakeholders), and what you need to say to them (your key messages), you can choose the vehicles to make it happen (your tactics). Inside the template, you’ll find our tactical selection funnel. This funnel illustrates the four phases most nonprofit stakeholders move through when deciding to take a desired action like volunteering, donating, or signing up for one of your programs or services. Within each phase, we’ve given you a menu of tactics to choose from. While this list is not comprehensive, it represents the tactics we’ve found to be most successful for most nonprofits. You can feel free to add to the list based on your own experiences. Study the funnel, and think about which tactics are most likely to help you achieve the goals you established previously. Then, choose a few tactics to focus on in each phase. As you work through this step, you might notice that most (if not all) of the tactics you’re currently using fall into the “awareness” phase of the funnel. That’s pretty common, and it’s part of why this exercise is so important. It will help you ensure that you’re selecting the right mix of tactics to move your stakeholders all the way through to a desired action. http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template P a g e | 10 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ Tactical Planning Now that you know what tactics you’re going to use to achieve your goals, it’s time to decide exactly what you’ll do with each one. We ask our clients to get as strategic and detailed as possible in this phase. For example, if you choose social media as your tactic, we’d ask you to do more than detail how many times a day you are going to post and on which channels. We’d ask you to identify private Facebook and LinkedIn groups you could interact with, to define the balance of paid and organic content you plan to strike, to figure out who would be responsible for interacting with others on social media each day and more. Inside the Essential Nonprofit Marketing Plan Template, you’ll find tactical planning worksheets that ask six important questions about each of the tactics you’ve selected: • What will you do with this tactic? • When will those activities take place? • Why is this important? • Who will be responsible? • Budget; how much do we plan to spend? • How does this tie to our organization’s marketing goals? Here’s another example from Marin Humane: While the Essential Nonprofit Marketing Plan Template outlines some of the tactics we’ve found to be most successful for nonprofits, you may have noticed that it doesn’t give you instructions about what each tactic entails or what you should do with it. That is intentional. There are two reasons we kept extensive tactical instructions from this resource. First, marketing changes quickly. The things we’d recommend today for tactics like content marketing or SEO might be drastically different than what we’d recommend next year or even next quarter. Second, tactical planning is a highly creative and strategic exercise that can’t be effectively taught within the http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template P a g e | 11 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ format of a template. It requires brainstorming, exploration and iterative development. In our work with our clients, tactical planning typically takes several weeks and involves much more than simply filling out the worksheets in our Template. It also involves the development of campaign concepts, stakeholder journey maps and more. If you want to go deeper, you can learn more about our strategic planning process here. Learn more about tactics like social media, inbound marketing, media relations, content marketing and web and search optimization. Marketing Action Calendar This is the part of the marketing planning process where most nonprofits stop short. They make it through goal setting, messaging development and tactical planning, but they fail to put the tools and systems in place to ensure their plans will actually be seen through. That’s where our Marketing Action Calendar comes in. It gives you a space to plan out your marketing activities in fine detail, month-by-month. It also gives you a space to define who is accountable for what. Inside the Essential Nonprofit Marketing Plan Template, you’ll find a four-quarter marketing calendar that you can fill in with your own plans. Don’t feel that you have to take action on each tactic each month. Rather, stagger your activities in a way that is manageable for your team and aligned with your goals. You’ll notice the marketing calendar also has a spot to define messaging themes on a quarterly or monthly basis. These themes might relate to your key messages, or they might relate to something more timely like an upcoming event or current news item. The focus you choose should align with your goals, and you should then weave it loosely through all your activities, from your blog posts to your email campaigns. Finally, be sure to fill in the final row (how will we know if we’re successful this month?) with details on the measurables you need to hit or the things you need to achieve each month to keep moving your goals forward. For most nonprofits, the Marketing Action Calendar is only one piece of a bigger puzzle that must be completed to ensure that marketing goals become a reality. We also regularly help our clients with the following: https://prosper-strategies.com/brand-strategy-marketing-planning/ https://prosper-strategies.com/social-media-marketing/ https://prosper-strategies.com/digital-inbound-marketing/ https://prosper-strategies.com/services-media-relations/ https://prosper-strategies.com/content-marketing/ https://prosper-strategies.com/content-marketing/ https://prosper-strategies.com/web-search-engine-optimization/ http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template P a g e | 12 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ • Setting up a project management system, where items on the calendar get broken down into clear tasks and to-dos with owners and due dates; • Implementing an accountability meeting system to keep their team on track with marketing priorities and ensure everyone is held accountable to what they say they’ll do; • Tactical implementation, where we serve as an extension of our clients’ marketing teams and execute on some or even most of the tactics in their marketing plan on an ongoing, long-term basis. This can be a great option for organizations with significant skill and capacity gaps, as well as those that simply want to take their marketing efforts to the next level. Nonprofit Marketing Measurement The measurement section of your nonprofit marketing plan is where the rubber meets the road and you determine if all the tactics you’re pursuing and activities you’re engaging in are actually helping you achieve your goals. But don’t worry, this section of the plan doesn’t exist to pressure you to perform. It exists so that you can learn what’s not working quickly, and stop doing it before it becomes a problem. It also exists to help you identify successes and quickly reallocate your budget and attention to the things that are working best. Inside the Essential Nonprofit Marketing Plan Template, you’ll define your approach to marketing measurement. Some of the goals you set earlier in the planning process might have had clear, measurable targets associated with them. Others probably did not. In this section, you’ll define a measurable target performance indicator for each goal that you can track on either a weekly or monthly basis. Our most successful clients track their measurable target performance indicators weekly and discuss whether they’re on or off target during their weekly accountability meetings. Let’s get real for a moment here: choosing the right measurable performance indicators is not an easy task. It requires historical data or data from other, similar organizations. It also requires a certain degree of foresight. You need to be able to see how the numbers that indicate your http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template http://info.prosper-strategies.com/essential-nonprofit-marketing-plan-template P a g e | 13 https://prosper-strategies.com/inspiring-nonprofit-marketing-plan-example/ success will shift and change throughout the year as your efforts in different areas expand and contract. Our clients often ask us to set their measurable target performance indicators, and thanks to our deep sector expertise, it’s something we’re quite skilled at. We also recommend that you develop a dashboard to track your measurable target performance indicators. Google Sheets and Geckoboard can both be helpful for this. We also design custom dashboards that get updated in real time for many of our clients using tools like HubSpot, DonorPerfect and Salesforce. We can even go a step further and help you tie your marketing efforts to mission outcomes. Learn more about measuring your marketing efforts to determine if they’re really working here. Remember, your nonprofit marketing plan should be a living, breathing document. As your organization changes, it’s only natural for your marketing needs to change with it. Ready to get started? Find more guidance, along more examples and tools you can use to build your plan, by downloading The Essential Nonprofit Marketing Plan Template. And if you need more help with your brand strategy and marketing planning efforts reach out. This post was originally published on June 21, 2017 and last updated on June 24, 2020. About https://prosper-strategies.com/brand-strategy-marketing-planning/ https://prosper-strategies.com/effective-nonprofit-marketing-plan/ https://prosper-strategies.com/nonprofit-marketing-plan-landing-page/ https://prosper-strategies.com/contact/ https://prosper-strategies.com/nonprofit-marketing-plan-landing-page/ PRODUCT PLACE PRICE PROMOTION • What does the customer want from the product/service? • What needs does it satisfy? • What features does it have to meet these needs? • Are there any features you've missed out? • Are you including costly features that the customer won't actually use? • How and where will the customer use it? • What does it look like? How will customers experience it? • What size(s), color(s), and so on, should it be? • What is it to be called? • How is it branded? • How is it differentiated versus your competitors? • What is the most it can cost to provide and still be sold sufficiently profitably? (See also Price, below.) • Where do buyers look for your product or service? • If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalog? • How can you access the right distribution channels? • Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalog companies? • What do your competitors do, and how can you learn from that and/or differentiate? • What is the value of the product or service to the buyer? • Are there established price points for products or services in this area? • Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin? • What discounts should be offered to trade customers, or to other specific segments of your market? • How will your price compare with your competitors? • Where and when can you get your marketing messages across to your target market? • Will you reach your audience by advertising online, in the press, on TV, on radio, or on billboards? By using direct marketing mailshots? Through PR? On the internet? • When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch or subsequent promotions? • How do your competitors do their promotions? And how does that influence your choice of promotional activity? 4 P’s of MARKETING https://www.mindtools.com/pages/article/newSTR_80.htm https://www.mindtools.com/pages/article/porters-four-corners-model.htm https://www.mindtools.com/pages/article/newSTR_69.htm https://www.mindtools.com/pages/article/newSTR_84.htm BUSINESS PLAN: NAME OF COMPANY Page 1 of 4 BUSINESS PLAN COMPANY NAME CITY, STATE Prepared by: DATE I. Executive Summary · Write an Overview of up to one page, presenting the key points of the overall Business Plan. Address all sections of the plan in Summary fashion. This should include something from every section. * Note: Although the Executive Summary is the first section in your business plan, it is the last section you will write. This works best because the Executive Summary provides an overview of your entire Business plan. II. Company Description Briefly describe the Start-up company that you propose to create: · What is the name for your new business? · When will your start-up business launch? · What will its mission be? · How many staff will you need? Provide an Organizational Chart that shows the positions that will need to be filled. Use the Organizational Chart Template in your Assignment 1 Resources. · How fast do you plan to grow? · Where is your company based? Where does it or where will it do business? III. New Product or Service Description Describe your New Product or Service idea, by answering the prompts below: · What is new and unique about your product or service? · What customer needs or desires does it satisfy? · What is the value proposition – i.e., why would someone buy your product or service? Include key resources and key activities IV. SWOT Analysis Explain the Strengths, Weaknesses, Opportunities, and Threats that affect your Business Plan, by answering the prompts below: · Why is this the right time to implement this new business or venture? · What is distinctive, disruptive, and/or innovative about your product or service? · Include a SWOT Analysis. Use either the SWOT Template or the SWOT Worksheet provided in your Assignment 1 Resources. V. New Business Launch Strategy · What is the objective in this business proposal with the funding being requested? · What strategies would be used to meet those objectives? · In what time frame would these objectives be met? VI. Business Model · What legal structure will be used for this business and why? Use the source below to learn about your different business structure options: · Research Source: https://www.sba.gov/business-guide/launch-your-business/choose-business-structure) · What licensing or regulations will you need to be aware of to operate your new business? · What are the key activities needed to launch this business? · What are the key resources and distribution channels - i.e., how will your customers access your product/service? VII. Revenue Streams Represents the cash a company generates from each Customer Segment (costs must be subtracted from revenues to create earnings). · For what value are our customers really willing to pay? · For what do they currently pay? · How are they currently paying? · How would they prefer to pay? · How much does each Revenue Stream contribute to overall revenues? VIII. Financial Structure and Costs · Summary Income Statement: provide a profit and loss statement summary by year and project the profit and loss data out three years. Use one of the ProForma Spreadsheets or the SCORE Projections Template in your Assignment 2 Resources. · Provide a narrative describing the numbers in your Summary Income Statement and explain why the numbers are valid. IX. Growth Strategy · Describe your strategic position in the market and what differentiates the products or services you plan to sell. · How you will develop a loyal customer base for the products or services you sell? · How fast will you grow? Where and how do you believe you can expand your business? X. Management Team & Key Roles · Provide a list of the key management roles that will need to be filled. · For each key role, specify what the requirements for the roles include. XI. Marketing Your Brand · Provide a detailed marketing plan. Be sure to include both Promotions Strategy and Marketing Strategy. · In your plan, show how you will incorporate “The Four Ps of Marketing.” For information on this concept, refer to The Four Ps of Marketing document in your Assignment 3 Resources. XII. References © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. BUSINESS PLAN: NAME OF COMPANY Page 2 of 2 BUSINESS PLAN COMPANY NAME CITY, STATE Prepared by: DATE I. Executive Summary · Write an Overview of up to one page, presenting the key points of the overall Business Plan. Address all sections of the plan in Summary fashion. This should include something from every section. * Note: Although the Executive Summary is the first section in your business plan, it is the last section you will write. This works best because the Executive Summary provides an overview of your entire Business plan. II. Organization Description Briefly describe the Nonprofit Organization that you propose to create: · Where will your nonprofit be set up? · Include 501c3 status. Use the source below to learn more about 501c3 status: Research Source: https://smallbusiness.chron.com/501c3-corporation-64124.html · What is the mission? · What is the vision? · How many staff will you need? · Provide an Organizational Chart that shows the positions that will need to be filled. Use the Organizational Chart Template in your Assignment 1 Resources. · How fast do you plan to grow? III. New Product or Service Idea Describe your New Product or Service idea, by answering the prompts below: · What problem does your nonprofit organization address? · Who will benefit from your service? · What communities will your nonprofit organization serve? · What is the value proposition – i.e., why would someone support your organizational mission? Include key resources and key activities. Use the source below to learn about creating a nonprofit value proposition: Research Source: https://prosper-strategies.com/nonprofit-value-proposition/ IV. SWOT Analysis Explain the Strengths, Weaknesses, Opportunities, and Threats that affect your Business Plan, by answering the prompts below: · Why is this the right time to implement this new business or venture? · What is distinctive, disruptive, and/or innovative about your product or service? · Include a SWOT Analysis. Use either the SWOT Template or the SWOT Worksheet provided in your Assignment 1 Resources. V. Nonprofit Launch Strategy · What are the key objectives in this nonprofit proposal? · What strategies would be used to meet those objectives? · In what time frame would these objectives be met? VI. Organizational Structure · What type or category of nonprofit organization do you plan to create? Research Source: https://www.usa.gov/start-nonprofit · What are the key activities needed to launch this organization? · How will you identify the best targets for your initial outreach and projects? · What licensing or regulations will you need to be aware of to operate your nonprofit? VII. Operational Strategy An operational plan describes how your nonprofit organization plans to deliver its community-focused activities. · How will you plan to manage and maintain your operations? · How you will evaluate the impact of your programs? · What partners will you need to operate the nonprofit? VIII. Financial and Fundraising Plan · In fundraising, how will you achieve the levels of funding required to successfully carry out your mission or meet the objectives of a specific project? · If you exceed your fundraising goals, what will be done with the surplus? · What will you do if you don’t meet your fundraising goals? · How much would be an appropriate amount to cover payroll and administrative costs over time? · Create a spreadsheet to account for your funding needs. Use the Nonprofit Budget Template in your Assignment 2 Resources. · Include a narrative explaining the numbers in the Nonprofit Budget spreadsheet. IX. Impact Plan · Describe your goals in terms of the impact your activities will have on the local community. · How you will develop connections and partnerships with local businesses and agencies? · How fast will you grow? Where and how do you believe you can expand your activities? X. Leadership Team and Key Roles · Provide a list of the key management roles that will need to be filled. · For each key role, specify what the requirements for the roles include. XI. Marketing Analysis · Provide a detailed marketing plan. Be sure to include your Nonprofit Marketing Goals and Priorities, as well as your Key Message. For information on this topic, refer to the Nonprofit Marketing Plan Example document in your Assignment 3 Resources. · In your plan, show how you will incorporate “The Four Ps of Marketing.” For information on this concept, refer to The Four Ps of Marketing document in your Assignment 3 Resources. XII. References © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. BUSINESS PLAN: NAME OF COMPANY Page 1 of 4 BUSINESS PLAN COMPANY NAME SUBSIDIARY / NEW CONCEPT NAME CITY, STATE Prepared by: DATE I. Executive Summary · Write an Overview of up to one page, presenting the key points of the overall Business Plan. Address all sections of the plan in Summary fashion. This should include something from every section. * Note: Although the Executive Summary is the first section in your business plan, it is the last section you will write. This works best because the Executive Summary provides an overview of your entire Business plan. II. Company Description Briefly describe your company, including the subsidiary or new initiative you plan to present for that company: · Provide a brief overview of the parent company. · Describe your new Initiative or Subsidiary for the existing company, including an identifier (or name) for your idea and where it fits into the company structure. · Provide an Organizational Chart that shows the positions that will need to be filled. Use the Organizational Chart Template in your Assignment 1 Resources. · What is the mission for your new initiative? How does the new initiative/subsidiary align with the existing company? III. New Product or Service Description Describe your New Product or Service idea, by answering the prompts below: · What is new and unique about your product or service? · What customer needs or desires does it satisfy? · What is the value proposition – i.e., why would someone buy your product or service? Include key resources and key activities IV. SWOT Analysis Explain the Strengths, Weaknesses, Opportunities, and Threats that affect your Business Plan, by answering the prompts below: · Why is this the right time to implement this new business or venture? · What is distinctive, disruptive, and/or innovative about your product or service? · Include a SWOT Analysis. Use either the SWOT Template or the SWOT Worksheet provided in your Assignment 1 Resources. V. New Concept Launch Strategy · What are the key objectives in this intrapreneurial proposal? · What strategies would be used to meet those objectives? · In what time frame would these objectives be met? VI. Impact on the Business Model · Does the new product or service line fit within the current company’s mission, vision, and values? If not, does the mission, vision, or values need changing? · How complementary is the new product or service line to the existing products or services of your company? What does the new line add that will benefit existing customers? How could it attract the interest of potential new customers? · What licensing or regulations will you need to be aware of to operate your new product or service line? VII. Revenue Streams Represents the cash a company generates from each Customer Segment (costs must be subtracted from revenues to create earnings). · For what value are our customers really willing to pay? · For what do they currently pay? · How are they currently paying? · How would they prefer to pay? · How much does each Revenue Stream contribute to overall revenues? VIII. Financial Structure and Costs · Summary Income Statement: create a profit and loss statement summary by year and project the profit and loss data out three years. Use one of the pro-forma spreadsheets in your Assignment 2 Resources. · Provide a narrative describing the numbers in the Summary Income Statement and explain why the numbers are valid. · Assuming the new product or service line is launched as part of the existing organization, can it be funded with existing capital? If not, what are the proposed source(s) of funding? · If the decision was to create a new subsidiary (or joint venture), will funding come from the existing organization (or, if a joint venture, from existing organizations)? If not, what are the proposed sources of funding? IX. Growth Strategy · Describe your strategic position in the market and what differentiates the products or services you plan to sell. · How you will develop a loyal customer base for the products or services you sell? · How fast will you grow? Where and how do you believe you can expand your business? X. Management Team and Key Roles · Provide a list of the key management roles that will need to be filled. · For each key role, specify what the requirements for the roles include. XI. Marketing Plan · Provide a detailed marketing plan. Be sure to include both Promotions Strategy and Marketing Strategy. · In your plan, show how you will incorporate “The Four Ps of Marketing.” For information on this concept, refer to The Four Ps of Marketing document in your Assignment 3 Resources. XII. References © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. JWI 575 RTC – Week 9 Lecture Notes (1188) Page 1 of 5 JWI 575 New Business Ventures and Entrepreneurship Week Nine Lecture Notes © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. JWI 575 RTC – Week 9 Lecture Notes (1188) Page 2 of 5 INTELLECTUAL PROPERTY What it Means Intellectual property – also known as IP – is a key concept for protecting your competitive advantage and delivering value to your customers. How can you prevent others, including your competitors, from stealing your innovative idea and developing their own product or service based on the concept? Initially, like most inventors, you may protect your idea by keeping it secret. You only share the details of your idea with trusted friends and family members. However, once you start developing a prototype that uses the idea in a product or service, it can become very difficult to continue keeping your idea hidden. If you do well in the marketplace and start making money, your competitors will be looking for the concept behind your success. Your idea is not a tangible item, but it is nonetheless an intellectual asset or item of property that belongs to you, and the law recognizes it as such. There are several ways to record and legally protect your idea, including trademarks, copyright protection, and patents. These are all legal protections that enable you to sue for infringement if another company attempts to use your idea for profit. We examine how the different forms of protection work and consider the pros and cons of each approach. This lecture also includes a table that provides you with a quick reference for the four major types of intellectual property. Why it Matters • Innovators must learn to see their ideas as intellectual assets that constitute property • If new ideas are not well protected, competitors will take advantage of their availability • Valuable ideas should be protected by one or more types of intellectual property protection “A startup should unequivocally own or unequivocally have licensed its intellectual property.” Guy Kawasaki © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. JWI 575 RTC – Week 9 Lecture Notes (1188) Page 3 of 5 THE BASICS OF INTELLECTUAL PROPERTY If you have a way of delivering value, and would-be competitors learn about it, what is to stop them from using your idea and taking your customers away? In some cases, you might offer good service, which anyone can try to copy. But in other cases, you have an innovative and original idea and this can be protected. Four Types of Intellectual Property Protectable ways of operating are referred to as intellectual property. The four most common types of intellectual property are trade secrets, trademarks, copyrights, and patents. To protect your innovation, it is recommended that you safeguard your idea with one or more types of intellectual property protection, before you start marketing the new product or service. Trade Secrets Inventors have an instinctual desire to keep their new ideas secret. To market their inventions securely, they should ideally apply for trademark, copyright, or patent protection. However, these protections include some cost and an approval process. So the inventor may simply opt to keep the idea a closely guarded secret. One famous example of a trade secret is the formula for Coca-Cola. Coke could have patented its formula, but its patent would have lasted only 17 years, the limit at that time. After that, the formula would have been public knowledge, available to any competitor. So, instead of filing for a patent, Coke chose to keep the recipe a tightly guarded secret. To this day, Coke still hides the formula, even from its own bottlers and vendors. Trademarks A trademark is a distinctive logo, symbol, name, character, sign, or mark that identifies a product or service marketed by a specific company. Some well-known examples include the name Coco Chanel, the swoosh symbol on Nike shoes, and the talking gecko character used in Geico’s advertising and marketing. Copyrights Copyright is granted for written, spoken, or performed words or music. It does not protect a specific invention, but rather a specific expression of an idea. Every book is copyrighted, for example, as are many images. Patents The U.S. Patent and Trademark Office (USPTO) grants patents in the United States. If you take out a patent, it excludes others from copying your invention for a certain period of time. The invention can be a device, drug, food item, clothing design, and many other things. A patent may be classed as a utility patent or a design patent. A design patent relates to how the item looks, whereas a utility patent relates to how the item works. For example, a design patent would protect a new pattern for a wedding dress, whereas a utility patent would protect a new type of seat belt for cars. The vast majority of patents issued each year are utility patents. Today a patent in the U.S. lasts for 20 years, and the inventor is required to publish the patent. Effectively the government makes a deal that rewards the inventor for his or her idea, but allows the broader community to benefit too. It is as if the government says to each inventor: “Teach the world how to do what you have invented, © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. JWI 575 RTC – Week 9 Lecture Notes (1188) Page 4 of 5 and in exchange, you will get to enjoy 20 years of excluding others who might use this invention, unless they pay you for the privilege.” The Starbucks Example For a real-life example to illustrate all four types of intellectual property, imagine you are walking down the street and see the familiar green circular logo. You know that you are about to enter a real Starbucks coffee shop. • That logo is trademarked. No other cafe can hang the logo on its storefront and attempt to attract Starbucks customers. You then might sip some coffee prepared in a special machine that Starbucks has designed. • That coffee machine is patented. No other cafe can buy and use that particular coffee machine. You enjoy the relaxing ambiance in the Starbucks cafe. Maybe Starbucks has developed some customer service training for its employees, designed to give their cafes a special feel that is distinct from their competitors. These training materials could be protected in two different ways: • Those training materials might be legally protected by copyright. • If they do not apply for copyright protection, Starbucks may instruct its managers not to share the training materials outside the company. In this case, they are treating their training as a trade secret. A Guide to Intellectual Property The table below provides an overview of the four types of intellectual property, displaying some key information about each type and the protection it offers to innovators. Type of Intellectual Property What is Protected? Competitors May Not: Term of Protection Cost Patent Utility Functional aspects Make, Use, Offer, Sale, or Import 20 years Expensive Design Ornamental features 15 years Moderate Trademark Brand Use Commercially Period varies, limited by use Inexpensive Copyright Works of Authorship Reproduce or Sell Life plus 70 years Inexpensive Trade Secret Information Misappropriate (steal ideas) No legal protection, limited by secrecy Varies © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. JWI 575 RTC – Week 9 Lecture Notes (1188) Page 5 of 5 GETTING THE MOST OUT OF THIS WEEK’S CLASS As you read the materials and participate in class activities, stay focused on the key learning outcomes for the week: • Understand the value of intellectual property for a new venture The concept of intellectual property is very important for an innovator, and especially so for entrepreneurs striving to build a new business. In today’s fast-moving marketplace, where information can be disseminated widely and quickly via the Internet, it is crucial to recognize that your innovative idea is a form of property that you created and now own. Since your idea has the potential to be a valuable possession, assuming that your business venture becomes profitable, it makes sense to establish protection for the idea at an early stage of business development. • Learn how ideas can be protected using patents, copyright, and trademarks While most people have heard the terms patent, trademark, and copyright, many do not understand how these legal protections actually work. Yet, in the business world, these are key concepts that are used to protect a wide range of ideas and assets. The Starbucks example described above illustrates how many types of intellectual property protection one company can use to protect its innovative ideas. Now that you know how these legal protections work, consider your innovation and the original concept that led to its design. How would you protect your “big idea” in the marketplace? Which type of intellectual property protection would make the most sense for you to use, and why? • Explore and discuss your learning from the Tio Gazpacho case Throughout the course you have been following the story of Austin Allan and his startup company, Tio Gazpacho. This week you have the opportunity to reflect upon your learning from this video-based case and to discuss with your peers some ways in which that learning might help you in your studies or at your workplace. Make the most of this discussion, which goes way beyond this week’s topic of intellectual property to encompass any aspect of the entrepreneur’s journey that resonates with you. JWI 575: New Business Ventures and Entrepreneurship Academic Submissions and Evaluation © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. This course guide is subject to change based on the needs of the class. JWI 575 – Assignment 3 (1208) Page 1 of 7 Assignment 3: New Venture – Final Business Plan Format: Paper Due: Week 9, Day 7 (Weight: 25%) OVERVIEW and FINAL BUSINESS PLAN OUTLINE Your deliverable for Assignment 3 is your Final Business Plan. It will include content from Assignments 1 and 2, with revisions based on your professor’s feedback, as well as content from Assignment 3. The chart below shows how all your assignments fit together to create your Final Business Plan. FINAL BUSINESS PLAN OUTLINE Option A – INTRAPRENEUR Option B – ENTREPRENEUR Option C – NONPROFIT CONTENT created in: I. Executive Summary* I. Executive Summary* I. Executive Summary* Assignment 3 II. Company Description II. Company Description II. Organization Description Assignment 1 III. New Product or Service Description III. New Product or Service Description III. New Product or Service Idea Assignment 1 IV. SWOT Analysis IV. SWOT Analysis IV. SWOT Analysis Assignment 1 V. New Concept Launch Strategy V. New Business Launch Strategy V. Nonprofit Launch Strategy Assignment 2 VI. Impact on the Business Model VI. Business Model VI. Organizational Structure Assignment 2 VII. Revenue Streams VII. Revenue Streams VII. Operational Strategy Assignment 2 VIII. Financial Structure and Costs VIII. Financial Structure and Costs VIII. Financial and Fundraising Plan Assignment 2 IX. Growth Strategy IX. Growth Strategy IX. Impact Plan Assignment 3 X. Management Team and Key Roles X. Management Team and Key Roles X. Leadership Team and Key Roles Assignment 3 XI. Marketing Plan XI. Marketing Your Brand XI. Marketing Analysis Assignment 3 JWI 575: New Business Ventures and Entrepreneurship Academic Submissions and Evaluation © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. This course guide is subject to change based on the needs of the class. JWI 575 – Assignment 3 (1208) Page 2 of 7 ASSIGNMENT 3 INSTRUCTIONS In this assignment, you will complete the final three sections of your Business Plan: Sections IX, X, and XI. Then, you will write your Executive Summary. This section will be placed at the start of your paper, but it is written last because it is an overview of the whole Business Plan. You will follow ONE of the Options below, depending whether your Business Plan is for an Intrapreneur, Entrepreneur, or Nonprofit Leader. Be sure to work with the template that matches your chosen Option. Option A – INTRAPRENEUR EXECUTIVE SUMMARY o Write an Overview of one page, presenting the key points of the overall Business Plan. Address all sections of the plan in Summary fashion. This should include something from every section. * Note: the Executive Summary is the first section in your paper, but it is the last section you will write. This works best because the Executive Summary provides an overview of your entire Business Plan. GROWTH STRATEGY o Describe your strategic position in the market and what differentiates the products or services you plan to sell. o How will you develop a loyal customer base for the products or services you sell? o How fast will you grow? Where and how do you believe you can expand your business? MANAGEMENT TEAM and KEY ROLES o Provide a list of the key management roles that will need to be filled. § Resource: https://www.onetonline.org/ o For each key role, specify what the requirements for the roles include. MARKETING PLAN o Provide a detailed marketing plan. Be sure to include both Promotions Strategy and Marketing Strategy. o In your plan, show how you will incorporate “The Four Ps of Marketing.” For information on this concept, refer to The Four Ps of Marketing document in your Assignment 3 Resources. * * * * * * * * * * * * * * * * * * * * JWI 575: New Business Ventures and Entrepreneurship Academic Submissions and Evaluation © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. This course guide is subject to change based on the needs of the class. JWI 575 – Assignment 3 (1208) Page 3 of 7 Option B – ENTREPRENEUR EXECUTIVE SUMMARY o Write an Overview of one page, presenting the key points of the overall Business Plan. Address all sections of the plan in Summary fashion. This should include something from every section. * Note: the Executive Summary is the first section in your paper, but it is the last section you will write. This works best because the Executive Summary provides an overview of your entire Business plan. GROWTH STRATEGY o Describe your strategic position in the market and what differentiates the products or services you plan to sell. o How will you develop a loyal customer base for the products or services you sell? o How fast will you grow? Where and how do you believe you can expand your business? MANAGEMENT TEAM and KEY ROLES o Provide a list of the key management roles that will need to be filled. o For each key role, specify what the requirements for the roles include. MARKETING YOUR BRAND o Provide a detailed marketing plan. Be sure to include both Promotions Strategy and Marketing Strategy. o In your plan, show how you will incorporate “The Four Ps of Marketing.” For information on this concept, refer to The Four Ps of Marketing document in your Assignment 3 Resources. * * * * * * * * * * * * * * * * * * * * JWI 575: New Business Ventures and Entrepreneurship Academic Submissions and Evaluation © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. This course guide is subject to change based on the needs of the class. JWI 575 – Assignment 3 (1208) Page 4 of 7 Option C – NONPROFIT EXECUTIVE SUMMARY o Write an Overview of one page, presenting the key points of the overall Business Plan. Address all sections of the plan in Summary fashion. This should include something from every section. * Note: the Executive Summary is the first section in your paper, but it is the last section you will write. This works best because the Executive Summary provides an overview of your entire Business Plan. IMPACT PLAN o Describe your goals in terms of the impact your activities will have on the local community. o How will you develop connections and partnerships with local businesses and agencies? o How fast will you grow? Where and how do you believe you can expand your activities? LEADERSHIP TEAM and KEY ROLES o Provide a list of the key management roles that will need to be filled. o For each key role, specify what the requirements for the roles include. MARKETING ANALYSIS o Provide a detailed marketing plan. Be sure to include your Nonprofit Marketing Goals and Priorities, as well as your Key Message. To learn more about this topic, refer to the Nonprofit Marketing Plan Example document in your Assignment 3 Resources. o In your plan, show how you will incorporate “The Four Ps of Marketing.” For information on this concept, refer to The Four Ps of Marketing document in your Assignment 3 Resources. * * * * * * * * * * * * * * * * * * * * JWI 575: New Business Ventures and Entrepreneurship Academic Submissions and Evaluation © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. This course guide is subject to change based on the needs of the class. JWI 575 – Assignment 3 (1208) Page 5 of 7 DELIVERABLE INSTRUCTIONS: ASSEMBLING YOUR FINAL BUSINESS PLAN After writing the sections described above for Assignment 3, you do not need to submit them for review before integrating them into your Final Business Plan. Proceed directly to assemble your Final Business Plan, which combines content from all three assignments in this course. Make sure you are working with the template that matches your chosen Option: Intrapreneur, Entrepreneur, or Nonprofit Leader. The template makes it easy to check that you have included all the required sections, in the correct order, in your submission for Assignment 3. FORMATTING REQUIREMENTS § Typed, double-spaced, using Ariel or Times New Roman font (size 11 or 12) with one-inch margins on all sides; references must follow JWMI Writing Standards format. Check with your professor for any additional instructions. § Visuals such as Spreadsheets, Income Statements, Organizational Charts, and your SWOT Analysis may be included in the body of your document or placed at the end of your document in Appendices (i.e., Appendix A, Appendix B, etc.) § Include a Cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date § Include a References page to identify your sources JWI 575: New Business Ventures and Entrepreneurship Academic Submissions and Evaluation © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. This course guide is subject to change based on the needs of the class. JWI 575 – Assignment 3 (1208) Page 6 of 7 Rubric: Assignment 3: New Venture – Final Business Plan CRITERIA Unsatisfactory Low Pass Pass High Pass Honors 1. Write a one page Executive Summary that outlines all key points and addresses all sections of the Business Plan. Weight: 15% Did not submit or wrote an incomplete Executive Summary. Did not address all key points and sections of the Business Plan. Wrote a partial Executive Summary that addressed some key points and sections of the Business Plan. Wrote a satisfactory Executive Summary that addressed all key points and sections of the Business Plan. Wrote a thorough and clear Executive Summary that addressed all key points and sections of the Business Plan. Wrote an exemplary, succinct Executive Summary that addressed all key points and sections of the Business Plan. 2. Describe in detail your Growth Strategy (A or B) or Impact Plan (C). Respond to all prompts for your Option. Weight: 25% Did not describe or incompletely described the indicated item and did not respond to all prompts. Partially described the indicated item and responded to some of the prompts. Satisfactorily described the indicated item and responded to all prompts. Thoroughly described the indicated item and responded to all prompts. Good detail covering all required elements. Exemplarily described the indicated item and responded to all prompts. Excellent detail covering all required elements. 3. List key management roles and the requirements for each role. Weight: 15% Did not submit or incompletely listed key management roles. Did not or incompletely described the requirements for each role. Partially listed key management roles and partially described the requirements for each role. Listed all key management roles and provided a satisfactory description of the requirements for each role. Listed all key management roles and provided a good, thorough description of the requirements for each role. Listed all key management roles and provided an exemplary description of the requirements for each role. 4. Provide a detailed marketing plan. Show how you will incorporate The 4 P’s of Marketing into your marketing plan. Weight: 25% Did not provide a detailed marketing plan. Did not show how The 4 P’s of Marketing would be incorporated into the plan. Provided a partial marketing plan. Showed minimally how The 4 P’s of Marketing would be incorporated into the plan. Provided a satisfactory marketing plan. Showed clearly how The 4 P’s of Marketing would be incorporated into the plan. Provided a good, thorough marketing plan. Showed very well how The 4 P’s of Marketing would be incorporated into the plan. Provided an exemplary marketing plan. Showed excellently how The 4 P’s of Marketing would be incorporated into the plan. JWI 575: New Business Ventures and Entrepreneurship Academic Submissions and Evaluation © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. This course guide is subject to change based on the needs of the class. JWI 575 – Assignment 3 (1208) Page 7 of 7 CRITERIA Unsatisfactory Low Pass Pass High Pass Honors 5. Include all relevant content from Game Plan and Launch Plan, incorporating revisions recommended by your professor. Weight: 10% Did not include or incompletely included relevant content from Game Plan and Launch Plan. Did not incorporate revisions recommended by your professor. Partially included relevant content from Game Plan and Launch Plan. Partially incorporated revisions recommended by your professor. Satisfactorily included all relevant main content from Game Plan and Launch Plan, incorporating some revisions recommended by your professor. Thoroughly included all relevant content from Game Plan and Launch Plan, incorporating most revisions recommended by your professor. Exemplary use of all relevant content from Game Plan and Launch Plan, incorporating fully all revisions recommended by your professor. 6. Clarity, logic, and writing mechanics. Weight: 10% Multiple mechanical errors or much of the text is difficult to understand and fails to follow formatting instructions. The text does not flow. Several mechanical errors make parts of the text difficult for the reader to understand; the text does not flow or the discussion fails to justify conclusions and assertions More than a few mechanical errors; text flows but lacks conciseness or clarity; assertions and conclusions are generally justified and explained. Few mechanical errors; text flows and concisely and clearly expresses the student’s position in a manner that rationally and logically develops the topics. No mechanical errors; text flows and concisely and clearly expresses the student’s position in an exemplary manner that rationally and logically develops the topics. Running head: New Venture – Launch Plan 1 New Venture – Launch Plan 4 New Venture – Launch Plan Vanessa Woodard Professor: Christina Anastasia New Business Ventures and Internship JWI575 August 15,2021 New Venture – Launch Plan Introduction Group Q is the group that has been made by Motorola so it can deal with dispatching its new item into the market. The group eventually settled on this organization because Motorola made the versatile interchanges industry. Motorola fostered a significant piece of the current innovation making correspondence conceivable, which incorporates the main cell phone. Another justification our decision spins around the organization searching for new freedoms to work on the personal satisfaction for individuals according to a versatility point of view. Group Q is dispatching the Motorola Escape Headphones. These headphones will permit purchasers to pay attention to music from the web and have WIFI ability when they are away from their phones. The essential clients of these headphones will be youth, youthful grown-ups, and competitors. We see youth with headphones around their heads/necks a large portion of the day. Regardless of whether they are paying attention to music, or they have made the headphones part of the day-by-day clothing they are a predictable apparatus on their people. We see competitors associated with their headphones heating up before games or even in their own training time. With our new item, the Motorola Escape, competitors will not need to stress over the disturbance of a line or losing their music in case they are not associated with a source. The Motorola Escape will play their music with simply the bit of a catch while permitting them to accept their playlist from the web considering the WIFI capacity. We expect this item would interest the youth first. The youth would buy this item since this would be new on the market, which was demonstrated when beats by Dre our rival, first entered the market. This was the top-selling thing at the year and the cost went from $99 to $325 and the proportion showed youths possessing a greater amount of the headphones than grown-ups. Group Q will market the item through every accessible outlet and look for supports from competitors. At the point when the youth can see a competitor utilizing a similar item, they are keen on this will promote the item more noteworthy. Group Q has an expected dispatch date of November 27, 2015, a day referred to customers as Black Friday. This is known to be one of the biggest shopping days of the year in the U.S., and gadgets things are known to have the greatest arrangements and are the main 10 things bought (McGrath, 2020). Situational Analysis Motorola Escape will enter the market as another item; made, fabricated, and entering the market all inside the second from last quarter of 2015. Obtaining supports from proficient competitors will be basic to the marketing accomplishment of this item. Market Summary Group Q knows that the objective market for this item will be youthful and athletic. Youthful grown-ups are the most mainstream purchasers among marketing shoppers. In two terms of size and having a multi-billion dollar buying power, the youth culture is noted to be the world's greatest adopters of versatile innovation. When we acquire and affirm who the center clients of our item are we can start research on the best way to work on the item and arrive at more purchasers. Target Markets Youths Youthful Adults Athletes Market Demographics The profile for the Motorola Escape clients comprises of the accompanying geographic, segment, and conduct factors: a. Geographics Group Q has no set geographic objective locale. By promoting the item on boards, TV, and online media there are no restrictions to who could be acquainted with this item. b. Demographics · Men and women. · 13 years old and above. · Athletes c. Behavior Factors · Athletic individuals. · Music lovers. d. Market Trend and Market Growth A novel aspect concerning our item is it will be marketed with the three remote suppliers that as of now sell Motorola phones and Boost Mobile. This will assist with promoting the item when it at first hits the market. We will extend the item to different vendors like Best Buy and Amazon. SWOT Analysis Strengths · Motorola has an established brand. · Motorola is known for having low-cost items. Weaknesses · The expense may not be sufficient to cover assembling, marketing, and appropriation. Opportunities · Having an assortment of colors and models accessible for procurement. Threats · Rivalry—Beats by Dre was set up in 2006 and is at present the main sound brand (Beats by Dre, n.d.). Competition The Motorola Escapes essential rivalry is the Beats by Dre Headphones. These headphones entered the market in 2006 and have been overwhelming the market of headphones since then. In addition to the fact that they have headphones, yet they likewise have earphones, speakers, and different extras. Beats by Dre have additionally teamed up with Barry McGee and MCM to market their adaptation of (Beats by Dre, n.d.). For the Motorola Escape to stay important in the market, we would need to reliably discover approaches to reflect what our rival is doing. References Beats By Dre. (n.d.). About us. beatsbydre.com.  https://www.beatsbydre.com/company/aboutus McGrath, K. (2020). Best Black Friday Sales for 2020. US News.  https://deals.usnews.com/articles/best-black-friday-sales