MKTG522 Marketing Plan Topic Form
MKTG522 Marketing Plan Topic:Due Week One
Complete this form and submit it to the Week 1 Marketing Plan Dropbox. Your instructor must approve your idea, and will give you feedback and suggestions if you need help.
You have several options when choosing a product or service for your marketing plan. Consider choosing a new product for a new company (your own) or creating a new product for an existing company. Perhaps you would want to do a product extension of an existing product. You might consider a different approach to marketing an existing service. You can target consumers or businesses. You may choose a product or service offered by your employer or your own business, or one from another organization. Ultimately, to maximize your learning experience, choose a product or service in which you have an interest and about which you would like to see your product or service come to the marketplace. Make sure there is information available about the industry and target marketing of the product or service you choose.
MARKETING PLAN TOPIC
Product or Service Idea:
WestfieldisaverysuccessfulfullmalldeveloperintheUS,Australia,EnglandandBrazilandPlaningtoenterintheIndianmarket.WestfieldideatocreateanextLasVegasinIndiaaccordingtoIndiancustomerandneighboringcountryneeds.Indiancustomersspendmillionofdollarseveryyeartovisitallovertheworldforentertainmentandshopping.WestfieldwantstofillthatgapinIndiaandwilltrytoeliminateIndiancustomersneedtogooverseasforentertainmentandshoppingandcreateallinoneexclusiveentertainmenthub,Vacationspotandultimateshoppingexperience.
Is your product or service offered by:
Yesan existing company?
____a new company imagined for the assignment?
Explanation:
Who do you think is the target audience?
(Remember you will need research to confirm this.):
Targetaudiencewillbemiddle-class familiesagegroup7+.The Westfield visiontocreateanultimatedestinationforallagegroupsbutnoteveryfamilywillbeabletoaffordgoingtotheWestfieldultimateentertainmenthub.Currently,Westfieldwilltargetonlymiddleclassandupper-classfamiliestotestthemarket.Thereisabiggapinincomebetweenpoor,middleclassandupperclass.
Are similar or competing products or services available?List or briefly describe a similar product or service:(If your idea has no precedent in the marketplace, consider another idea).
OneofthebiggestcompetitorsformycompanyinIndiawillbeaSelectCitywalkshoppingcenter.SelectCITYWALKisa1.3millionsq.ftair-conditioned,vibrantandupscaledestinationShoppingCenter.Thisisapartofanoverallcomplexof54acresthatcomprisesofthreefloorsofofficespace;India’sfirstsixscreenstwoGoldClassandfourpremierclassPVRCinemas,andapprox100 thousandsq.ftofServicedApartments.Select CITYWALK also blends tradition and modernity in a seamless way with its events and celebrations. From Diwali to Christmas, Valentines and Ganesh Chathurthi, every single event is meticulously planned and carefully thought out. Aiming to always make for a convenient shopping trip, the many varied services ensure that the shopper never feels the need to step out of the shopping center for anything.
How will your product or service differ from competitors?What is your distinctive competitive advantage?
Select Citywalk has a great concept, and they are the first to tap into western based shopping experience butWestfield is thinking ahead, anditwill fill the gap what Indian consumers are missing. Westfield plans to create all in one shopping center where people can shop, have fun and have a vacation. Westfield is determined to make a next Las Vegas in India. It will be the first of its kind shopping and entertainment destination.
Do you have questions for your instructor?
None