The project provides you with the opportunity to demonstrate your command of the marketing concepts you have studied this semester.
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:
- 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?
- 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?
- What is your price?
- What are your pricing objectives?
- What pricing strategy are your using?
- 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?
- 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
- Include all the variables in the MKT environment that will affect your marketing strategy.
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