Description

Your assignment is to create a product

and explain how you intend to market your product.

Your product can be anything of interest to you. It can be a completely “new” product or it can be a line extension. It can be a good, service, or idea.

Your presentation needs to address Strategic Planning, the 4 Ps of Marketing, and Factors in the Environment:

STRATEGIC PLANNING (6 points)

  • What market research did you conduct?
  • Conduct a SWOT analysis? What does it reveal?
  • What was your segmentation strategy?
  • Who is your target market? Why did you choose this target market?
  • What is your positioning strategy?
  • What is the consumer buying decision process in this category?

PRODUCT (5 points)

  • What is your product concept? What is the core product? What are its supplemental features? What are its symbolic and experiential benefits?
  • What need does your product fulfill?
  • Are there any similar products on the market? How is your product different and/or how are you differentiating your product?
  • What is your product name? Logo?
  • What does your product look like? (Describe your product or create a “comp” or “mockup” of your product)
  • What does the perceptual map for your product look like?

PRICE (5 points)

  • What is your price?
  • What are your pricing objectives?
  • What pricing strategy are your using?

PROMOTION (5 points)

  • How do you plan to promote your product? (Provide a detailed promotional plan. What are your promotion mix variables?)
  • How will you ensure that you follow the principles of Integrated Marketing Communications?

PLACE (5 points)

  • Where do you plan to sell/distribute your product?
  • Why did you choose this? What are the pros and cons?
  • What strategic issues might you face?
  • How will you physically distribute the product?

FACTORS IN THE ENVIRONMENT (4 points)

  • Include all the variables in the MKT environment that will affect your marketing strategy.

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