FINAL: Sales Innovation during COVID-19
The final includes a written 5-page paper (Task 9) and the development of a single marketing component which supports the recommendations within the paper (Lesson 9). Each is due Sunday at 11;59ET. No extensions will be granted.
For the Final Project, students are to select a struggling business (local or corporate), organization or brand that is facing new, uncharted hardships due to the COVID-19 pandemic. During times of economic hardship, businesses must be innovative and look for new ways to generate sales and target their marketing strategy so they can sustain their business . Your task is to propose a new product, service, or revenue-generating feature for an existing business. You will be responsible for writing a 5 page final paper that includes the following components:
The Final Project provides opportunities to improve your understanding of how to be effective in three major areas: • marketing strategy, • sales practices, and • giving presentations (see Lesson 9).
Each paper should include the following sections (numbered and labeled as follows):
1. BUSINESS SUMMARY – Name the business/brand/company you are studying. Describe the current business. Provide information about how the business is structured, where is it located, current annual sales, who the target market is, and what their current portfolio of service and products contain.
2. COVID-19 IMPACT – Describe the current state of impact regarding the COVID-19 pandemic. What is challenging this business? Why? What must it overcome to stay profitable and relevant?
3. SALES OBJECTIVE – Propose your sales objective using a clearly stated SMART goal (specific, measurable, achievable, results-oriented, time-framed). What does the business have to achieve during COVID-19 in order for it to remain sustained, in-business and profitable or at least break-even. (If you do not know what a SMART goal is, I recommend you research this first). You may incorporate a small chart that details S,M,A,R and T.
4. TARGET MARKET – Detail your Target Market .List the market segment(s) that you are targeting in order of priority (e.g., primary, secondary, tertiary). Briefly describe each segment. The rest of your paper may primarily focus on recommendations pertaining to one (or two) of these segments. If this is the case, at the end of the Target Market section, please include a note stating the segment(s) you will focus on for the remainder of the paper.
5. PRODUCT/SERVICE LAUNCH – Recommend what your product, service, or revenue generating stream should be including its name, a brief overview of the product/service/stream, a brief summary of its most important benefits and features and specific recommendations for customer service. The product, service, or organization does not have to be new; it can be an existing product, service, or organization as long as it faces some interesting marketing challenges or is perhaps reimagined/innovated on to meet the needs of the current COVID-19 environment.
6. POSITIONING – Describe your positioning strategy and develop a positioning tagline. Remember that your positioning should differentiate your offering from competitive options. (Therefore, to have an effective positioning you need to have a clear idea of your most important competitors.) In particular, your positioning tagline should communicate (directly or indirectly) the primary benefits of your offering versus competitive options.
7. PRICING – Set an exact price and, if applicable, explain any discounts or pricing bundles. Also outline perceived costs of offering this product/service/revenue stream.
8. DISTRIBUTION – Given the unique environment of “contactless” services, explain how your product/service will be distributed and how you will evaluate, manage, and motivate your channels of distribution.
9. MARKETING & COMMUNICATIONS – Detail your marketing plan and communications strategy. Provide individual recommendations for each of the following types of marketing communications (if they are appropriate to your product/service/organization): advertising, publicity, direct marketing, sales promotion, personal selling, and social media. Specify the target audience, communication objectives, and approximate cost of each communication.
10. TIMELINE & MEASUREMENT – Use this space to provide an overall recommendation for moving this proposal from concept to launch. Keep in mind the need to move quick to adapt to this new world of doing business. How will you measure your success?
- Be creative! This is your time to apply your learning to a real world, current situation!
- Minimum Page Length – 5 full pages (excluding title/header and reference list); 12-point Times New Roman; double spaced; and page numbering. Please do not include excessive spacing between paragraphs. Points will be taken off for those who do this. You must have a title page and a reference page. These do not count towards your total 5 pages. Reference list must be presented in APA formatting. Do not post links to website as your documentation.
- Please be sure that all requirements of the project are met to receive maximum credit for this assignment.
- Use and include information from the weekly course content and outside sources to support the conclusions contained in the paper. You should incorporate course content into your writing to showcase the achievement of learning objectives.
- Include the use of at least TWO outside, academic sources to support your positions. Academic sources are not to include random websites or wikpedia. Consider using the online library, academic journals, business journals, business articles from credible sources.
- Be cognizant of spelling, punctuation, and grammar.
- All sources must be cited in proper APA format (in-text citations and a reference list).
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