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:

Westfield is a very successful full mall developer in the US, Australia, England and Brazil and

Planning to enter in the Indian market. Westfield idea to create a next Las Vegas in India according to Indian customer and neighboring country needs. Indian customers spend million of dollars every year to visit all over the world for entertainment and shopping. Westfield wants to fill that gap in

India and will try to eliminate Indian customers need to go overseas for entertainment and shopping and create all in one exclusive entertainment hub, Vacation spot and ultimate shopping experience.

Is your product or service offered by:

Yes an 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.): Target audience will be middle-class families age group 7+. The Westfield vision to create an ultimate destination for all age groups but not every family will be able to afford going to the

Westfield ultimate entertainment hub. Currently, Westfield will target only middle class and upper-class families to test the market. There is a big gap in income between poor, middle class and upper class.

You need to do more research on your target market, this is all over the place. You need to decide who is going there, why and do they have the resources needed to buy the products and services offered. Is this a child’s destination or adult entertainment, gambling and venue? You do not have enough in this report to convince me that you know the target market well enough to make this level of investment in this type of mall. Also the upper class will not give up travel to go to this place it would have to be compelling enough to add it as a vacation or leisure mall.

Professor Goodstone

Target market profile = demographics, geographic, psychographic, and behavior.

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).

One of the biggest competitors for my company in India will be a Select Citywalk shopping center.Select CITYWALK is a 1.3 million sq. ft air-conditioned, vibrant and upscale destination

Shopping Center. This is a part of an overall complex of 54 acres that comprises of three floors of office space; India’s first six screens two Gold Class and four premier class PVR Cinemas, and approx 100 thousand sq. ft of Serviced Apartments. Select CITYWALK also blends tradition and modernity in a seamless way with its events and celebrations. From Diwali to Christmas, MKTG522 Marketing Plan Topic Form

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.

This is a good comparative product however one seems more vacation and t his seems more shopping oriented. You need to define the target market and what they need to see how your new service should be offered.

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 but Westfield is thinking ahead, and it will fill the gap what Indian consumers are missing. This is fine as long as you define target market more clearly. 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. (Good concept if you can prove the audience is there) It will be the first of its kind shopping and entertainment destination.

Do you have questions for your instructor?

None

As you will need sharper definitions, research is needed.

Professor Goodstone

GRADE 19 of 20 points.