Marketing PlanCompany: Nike Product: is Nike Air Jordan
- Know Your Business
- What company and what product did your team select?
- What does the company do and what products do they carry?
- Where are they headquartered? Are they located in different states or countries?
- How do they typically conduct business (a store or online)?
- What are the company’s strengths, weaknesses, opportunities, and threats?
- Determine the Target Market
- Who is this company’s ideal consumer for the product the team has chosen? Include demographic information (is there a specific age group, income group, gender, ethnic group, etc?).
- What does this product do they other brands can not do?
- Where are the customers most likely to go for information about this product?
- Analyze the Competition
- Who are your product’s competitors?
- Describe the product your company offers the consumer. Include the product’s strengths and how it is better and different from the product offered by each of its competitors.
- Describe the competitors’ strengths and weaknesses. Does the competition have opportunities and threats your company does not face? How will your company stay one step ahead of the competition?
- Set Goals
- What goals does marketing hope to accomplish over the next year? Be specific and detailed.
- What are marketing’s objectives for continued success of the product? Be specific and detailed.
- Outline Marketing Strategies
- List each of the goals determined for marketing the product. Under each goal, list each of the anticipated actions to accomplish the goal.
- Set a Budget
- What does your company plan to spend on marketing and promotions? (Note: Find the reports often shared with stockholders, as they should be available online. In these reports you should find marketing and advertising expenditures.) Be realistic.
- Then, write an executive summary to introduce the marketing plan. Your executive summary should summarize the key points of each section, allowing company executives to quickly grasp the key points and features of the plan prior to reading it in its entirety.