[Recommended]Marketing Plan Product Concepts 1. iHarvest Indoor Vertical Garden

Marketing Plan Product Concepts 1. iHarvest Indoor Vertical Garden 1. Course Outline; Dropbox; D2L Quizzes 2. External Marketing Environment (Ch.2) 3. Environmental Scan / SWOT…

Marketing Plan Product Concepts 1. iHarvest Indoor Vertical Garden
1. Course Outline; Dropbox; D2L Quizzes
2. External Marketing Environment (Ch.2)
3. Environmental Scan / SWOT Analysis (Ch.3)
4. Marketing Plan Project
5. Library Research Session – Mon May 13
6. Lab Activity (individual): Prizm5
Agenda – Wed May 8
Creating & Capturing Value
• Key outcomes of creating value:  customer loyalty and retention
 share of market
 share of customer
 customer lifetime value (CLV)
 customer equity
Marketing Plan Product Concepts 1. iHarvest Indoor Vertical Garden
https://www.ideaconnection.com/new-inventions/vertical-iharvest-garden-grows-more-with-less-14149.html
2. MODL Utility Water Bottle https://www.ideaconnection.com/new-inventions/modl-utility-water-bottle-14141.html
3. E-Pad Android Tablet https://www.ideaconnection.com/new-inventions/e-pad-android-tablet-will-please-paper-lovers-14106.html
4. Vezo 360 Smart Dash Camera https://www.ideaconnection.com/new-inventions/arvision-s-vezo-360-dash-cam-alerts-drowsy-drivers-14097.html
https://www.ideaconnection.com/new-inventions/vertical-iharvest-garden-grows-more-with-less-14149.html
https://www.ideaconnection.com/new-inventions/modl-utility-water-bottle-14141.html
https://www.ideaconnection.com/new-inventions/e-pad-android-tablet-will-please-paper-lovers-14106.html
https://www.ideaconnection.com/new-inventions/arvision-s-vezo-360-dash-cam-alerts-drowsy-drivers-14097.html
Chapter 2 The Marketing Environment; Social Responsibility, and Ethics
External Environment (CREST) • Competitive (direct/indirect, new entrants)
• Regulatory (laws, regulations)
• Economic (macroeconomic conditions)
• Social / Demographic (attitudes, values, lifestyles, demographics)
• Technological (invention, evolution, obsolescence)
Competitive Factors • Direct competitors
• Substitutes
• New Entrants
• Suppliers
• Buyers
Regulatory/Legal Factors • Laws, gov’t agencies, and other regulators
influence or limit marketing-related decisions
Examples include:  Legislation to protect competition and consumers
(e.g., Competition Bureau, environmental protection, product safety, packaging/labeling, patents, etc.)
 Self-regulation (e.g., Better Business Bureau; Canadian Marketing Association; Advertising Standards Canada)
Economic Factors • Consist of factors that affect consumer income,
including gross, disposable, and discretionary income
Examples include:  Consumer personal & household income  Employment rates  Inflation, Consumer Price Index (CPI)  Economic growth or recession  Currency exchange rates
Social Factors
• changing attitudes and values regarding  gender roles  health and fitness  environmental sustainability, etc.
• changes to families and households
• rural to urban population shift
• increased ethnic diversity
Social Factors
Demographics: the study of people’s vital statistics, such as their age, gender, ethnicity, marital status, income, occupation, education, etc.
Market research not only identifies current statistics, but tracks demographic trends.
Social Factors in Canada
• Major generational groups in Canada include:
• 1946 to mid-60s: Baby Boomers
• mid-60s to late-70s: Generation X
• late-70s to late-90s: Gen Y (Millennials)
• late-90s to 2009: Generation Z
Technological Factors • Rapidly changing technology:
 creates new markets and opportunities  increases rate of product obsolescence
• Consider the impact of:  information & communication technologies  e-commerce and e-marketing  technology-assisted manufacturing
Chapter 3 Strategic Planning for Competitive Advantage
Strategic Planning the managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities
Environmental Scanning the collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of a marketing plan
SWOT Analysis process of identifying:
 strengths and weaknesses within the internal environment (over which company has some influence/control),
 opportunities and threats within the external environment (over which company has no influence/control)
Situation Analysis (SWOT) POSITIVE NEGATIVE
INTERNAL
EXTERNAL
https://corporatefinanceinstitute.com/resources/knowledge/strategy/swot-analysis/
https://corporatefinanceinstitute.com/resources/knowledge/strategy/swot-analysis/
Situation Analysis (SWOT)
© 2014 McGraw-Hill Ryerson Ltd. All rights reserved.
Marketing Plan Project Report 1 (value 10%, due Sun May 26) • product description; situation analysis
(SWOT); target market; positioning
Report 2 (value 10%, due Mon Jun 17) • marketing mix strategies; marketing
activities; evaluation and control
Team Presentation (value 5%, due Wed Jun 19)
Library Research – Mon May 13
In preparation, please complete the following by Sun May 12:
1. Online Plagiarism Tutorial http://camosun.ca/services/library/plagiarism/index.html
2. Academic Integrity & APA Referencing Resources (D2L) Complete the following for each unit (AI and APA):
 Open “Academic Integrity & APA Citation Modules” folder
 Complete “Pre-test”
 Read resource materials
 Complete graded quiz
http://camosun.ca/services/library/plagiarism/index.html
Lab Activity: Prizm5
• In D2L (online.camosun.ca), open the Dropbox named “Lab: Prizm5 Postal Code” and follow instructions
• Assignment due Sun May 12 at 11:59pm
• Value 3%
www.environicsanalytics.ca
htp://online.camosun.ca/
http://www.environicsanalytics.ca/
Looking forward…
1. Due Sun May 12 at 11:59pm:  Prizm5 Postal Code (D2L dropbox)  3 x D2L Quizzes (Ch.1, 2, 3)  Academic Integrity & APA Referencing Modules
(materials located in D2L Content folder)
2. Read Chapter 5 (Marketing Research) • Library Research session Mon May 13, including
in-class activity for participation marks
Agenda – Wed May 8
Creating & Capturing Value
Marketing Plan Product Concepts
Chapter 2
External Environment (CREST)
Competitive Factors
Regulatory/Legal Factors
Slide Number 8
Economic Factors
Social Factors
Social Factors
Social Factors in Canada
Technological Factors
Chapter 3
Strategic Planning
Environmental Scanning
SWOT Analysis
Situation Analysis (SWOT)
Situation Analysis (SWOT)
Marketing Plan Project
Library Research – Mon May 13
Lab Activity: Prizm5
Looking forward…

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