I Don’t have a company or product idea….
(Cover Page with company name, product name, group members AND group letter, date, class and section and PART A)
Make sure your report contains a cover page with the names of the members of the group, class and section, group name or product name and date.
Company and Product or Service Descriiption:
Please describe what your company and your product or service will be. The product or service should be new and realistic. Create a SINGLE product or service. Keep it simple! Tell me if it is a consumer product/service or a business product/service. Make sure you know the distinction between the two because the marketing plan will be different for a business product than for a consumer product. Need ideas? Check Kickstarter.com
The mission statement is a motivational, guiding vision that defines the business in terms of customer needs fulfilled. For example, Exxon doesn’t sell “gasoline,” they provide “fuel transportation” and Kodak doesn’t sell “film,” they “preserve memories.” The mission statement should also explain how the company is different from all other companies in the same industry. What is it that you consider to be your “Distinct Competitive Advantage?” Why would people buy your product rather than your competition? Your mission should be no more than a couple of paragraphs. Remember that this is a company wide statement so you should not have a reference to the product in your mission statement. Think company wide, not product specific.
Please note that slogans, such as “Just Do It” or “I’m Lovin’ It” or similar phrases are NOT mission statements.
Overall organizational objectives detail what is to be accomplished over a given time period, usually in terms of profits, market share, growth or diversity. Objectives should BE SMART: Specific, Measurable, Attainable, Realistic, Time constrained: 1) what is to be measured, 2) a concrete measure, and 3) the time period. For example, “To expand operations to Mexico over the next fiscal year” or “to attain a profit margin of 20 percent within two years” are examples of objectives. These are objectives for the whole firm and are not strictly related to marketing. They may include the size of the company, number of products, ROI, contribution to society, etc. Again, this is company wide, NOT product specific. If your organizational objectives mention or are focused on your product, then they are INCORRECT. Your objectives should filter down from your mission. If in your mission you state that your company will be socially responsible and environmentally friendly, then your organizational objectives should focus on those two areas at least.
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