A strategic marketing plan with recommendations for Beneficence Family Scholars

Abstract

A Strategic Marketing Plan is a common resource utilized by corporations for aligning their practices with their mission and target market. A plan for a nonprofit, however, does not follow the typical business model. The plan for Beneficence Family Scholars (BFS), a newly launched nonprofit in the market introduction phase, requires a more complex marketing plan due to the uniqueness of nonprofits in the marketplace. BFS has not one target market but three because it must reach participants (referred to as scholars), donors, and volunteers to be an effective company. BFS’s product is a combination of several services and tangible goods and each target market receives a different product and experience when interacting with the company. Generating revenue is also a different process in a nonprofit, so the pricing strategy has the element of fundraising that is unlike for-profit organizations. The competitive advantage of the company is its comprehensive business model which works to break the cycle of generational poverty. The company has a year of preparation ahead of it as it works to start a Residential program in which single parents can live in BFS housing while pursuing higher education.