BED, BATHS, AND BEYOND

Instructions: This is Week 1 Assignment -Research Proposal For your Marketing Plan assignment due in Week 7, you will submit a two-page proposal outlining the topic you selected. This proposal will be the foundation for your comprehensive 10 page marketing plan, focusing on a brand of choice. The proposal will help you clarify and refine your approach before you begin the final paper. Your proposal should include the following three sections, each with a bold heading: Topic: Identify the brand or company you have selected for your marketing plan. Provide a brief background on the brand or company, including relevant details such as its industry, size, market position, and any pertinent history. Rationale: Explain why this company requires a new marketing plan. Consider whether the company is expanding into a new market, launching a new product or service, or revising its existing marketing strategy. Include a clear justification for why a new marketing plan is necessary. For example, discuss the company's current challenges or opportunities, such as declining sales, increased competition, or shifting consumer preferences. Strategy: Define the target market for your marketing plan. Specifically, describe the demographic (e.g., age, gender, income level, education, occupation) and psychographic (e.g., lifestyle, values, interests, purchasing behavior) characteristics of the audience you aim to reach. Consider factors such as geographic location (urban vs. rural, specific regions or countries) and any specific cultural or behavioral trends that may influence the market. Indicate where you will source the information needed for your final paper. List at least four specific references that will provide the research and data necessary for developing your marketing plan. Include the specific reference not just the name. Reminder: The four references you list here are intended to guide the development of your final paper and are not part of the reference page for this assignment. The reference page for this proposal should include all the sources used in writing the proposal itself. Be sure to format all references according to the required citation style. Formatting and Submission: Ensure your proposal is formatted in APA style, with appropriate citations and references to scholarly sources. Write in Essay format not as an outline or bullets Submit as a Word document Course Objectives: Develop a comprehensive marketing plan for a brand. Define the process for successfully introducing a new product or service to market. This proposal is crucial to laying the groundwork for your detailed marketing plan, so carefully consider your choices and approach as you prepare it. Additional Information: Advice on Choosing a Brand When selecting a brand for your marketing plan, it's important to choose one that would benefit from a fresh or revised marketing strategy. Below are some factors to consider to ensure your selected brand is a good fit for this assignment: 1. Brand in Need of a Marketing Overhaul Look for brands that are facing challenges such as: Declining Sales or Market Share: A brand that has experienced stagnation or decreased consumer demand over time could benefit from a revitalized marketing approach. Brand Image Issues: Brands damaged by negative publicity, poor customer perceptions, or outdated branding may need a strategic refresh. Competitive Pressure: A brand in a highly competitive market or an industry experiencing new entrants or disruptive technologies may require a new strategy to maintain or grow market share. Changing Consumer Preferences: Brands that haven't adapted to shifting consumer expectations, technological advances, or new social trends might benefit from a targeted rebranding or marketing strategy. 2. Opportunities for Market Expansion or Innovation Consider brands that are: Entering a New Market: A company expanding into a new geographic region, demographic segment, or industry may need a comprehensive marketing plan to penetrate this new market effectively. Launching a New Product or Service: If a company introduces a new product or service that hasn't yet been marketed or is poorly received, this could be an excellent opportunity to develop a fresh plan targeting the right audience. Diversifying its Offerings: A brand diversifying its product line or broadening its target demographic can benefit from a well-thought-out marketing strategy to ensure the new offering resonates with the target audience. 4. Data Availability and Research Feasibility Finally, ensure that sufficient data and research are available for your chosen brand. This could be through: Publicly available reports, such as annual reports or industry analyses. Access to reputable sources of consumer behavior data, trends, and competitive analysis. Case studies or examples from similar brands or companies that have faced comparable challenges. Choosing a brand that clearly needs a new or revised marketing strategy will allow you to develop a relevant and actionable plan. Ensure the brand has a clearly defined issue, opportunity, or objective that can be addressed through a comprehensive marketing approach.