UTM PMBA

MARKETING INNOVATION

Assignment $(30\%)$

Assignment Task

You are the Marketing Manager of a startup company that is about to launch a new product. Your task is to develop a comprehensive Marketing Innovation Plan for this product.

Your Marketing Innovation Plan should include the following elements:

Describe Your Business

Provide a detailed description of your business, including the nature of your business, the products, or services you offer, and your unique selling proposition.

Conduct a Situation Analysis

Analyse the current market situation, including the competitive landscape, SWOT analysis, and market trends. Identify opportunities for innovation in your market.

Define Your Customer

Identify your target customer segment and create a detailed customer profile. Consider how innovative marketing strategies might appeal to this customer segment.

Strategize Your Market Entry

Develop a market entry strategy that outlines how you plan to introduce your innovative product to the market. This could include innovative distribution strategies or partnerships.

Forecast Your Sales or Demand Measurement

Provide a sales forecast or demand measurement for your product. Consider how innovation might impact demand for your product.

Define Your Marketing Budget

Outline your marketing budget, detailing how you plan to allocate resources across different innovative marketing activities.

Integrate Your Marketing Communication

Develop an integrated marketing communication plan that outlines how you will use different channels and tactics to reach your target audience. Consider how you can use innovative communication strategies to engage your audience.

Identify Sales Channels

Identify the sales channels you will use to distribute your product. Consider how you can innovate in your choice of sales channels.

Track Marketing Activities

Explain how you will track and measure the effectiveness of your innovative marketing activities.

Evaluate Your Progress

Describe how you will evaluate the success of your Marketing Innovation Plan and make necessary adjustments. Consider how you can use innovative evaluation methods to measure your success.

Your Marketing Innovation Plan should be comprehensive, well$-$researched, and clearly presented. It should demonstrate a clear understanding of your target market and a strategic approach to reaching and engaging with your customers.