new product group assignment

c. Target Market (Chapter 9) (15 marks)
? Identify the target market(s) for the product or service.
? Differentiate between the primary market (the market segment that is the
key consumer of your product/service) and secondary markets (other
segments that purchase or use the product/service), if appropriate.
? Use the bases of market segmentation (Chapter 9) to write a detailed and
descriptive profile of your market(s) – geographic, demographic,
psychographic, benefits sought, level of usage, etc.
New Product Group Marketing Plan

This project involves the preparation of a written marketing plan for an innovative product or service as well as presentation of that plan to the class. Both components will be prepared by a team of 4-5 people. The product you conceptualize must address a market need and be technically feasible; it may be a good or service that is entirely new or that is a significant extension of an existing one.
The objective of the assignment is to create a sound marketing strategy, primarily based on the marketing mix, which provides for optimal fit in relation to the appropriately identified target market(s). By doing so, you will be required to think about critical marketing elements that are required to bring this new product/service to market. The key evaluation criteria will be that you provide specific and detailed discussion showing sound application of marketing concepts. You are welcome to make up whatever details needed to make the product/service innovative and able to create a sustainable competitive advantage. (Late reports will not be graded.)
PART A: WRITTEN REPORT (100 marks total; 20% of final mark)
Address the following headings in your written marketing plan:
a. Introduction (10 marks)
? Provide a brief overview of the business and its new product or service. Answer the question “who we are” from a company/product and group point of view.
? Include the company’s objectives.
Conclusion
? Reviews key points; does NOT introduce new information.
? Memorable.
b. Situation Analysis (Chapter 2) (15 marks)
? Provide a SWOT analysis. Include a discussion of research you might do to examine your product or service in relation to other available alternatives / substitutes.
? Specify environmental factors affecting the company as well as the industry as a whole.
c. Target Market (Chapter 9) (15 marks)
? Identify the target market(s) for the product or service.
? Differentiate between the primary market (the market segment that is the key consumer of your product/service) and secondary markets (other segments that purchase or use the product/service), if appropriate.
? Use the bases of market segmentation (Chapter 9) to write a detailed and descriptive profile of your market(s) – geographic, demographic, psychographic, benefits sought, level of usage, etc.
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d. Marketing Mix. This section will include the following:
Product or service planning (Chapters 10, 11 & 12) (10 marks)
? Describe the product or service in detail (features, benefits, etc.).
? Describe the branding and positioning.
? Describe differential advantages, sustainable competitive advantages.
? Describe and illustrate the packaging.
Distribution planning (Chapters 14 & 15) (10 marks)
? Describe the ‘place’ where consumer will come into contact with product/service.
? Describe the distribution channel and use of intermediaries to put product/service in ‘place’.
? Describe intensity of distribution.
Promotions planning (Chapters 16, 17 & 18) (10 marks)
? Describe the integrated marketing communications plan, including use of any to all of the promotion mix tools.
? Identify the goals of the IMC plan.
? Describe or display typical advertisements, promotions, etc.
Price planning (Chapter 13) (10 marks)
? Outline the broad basis for pricing objectives.
? Discuss costs and other determinants of price, including the price of the product or service.
? Describe the specific price strategy and tactics used to arrive at retail price.
e. Implementation and Evaluation (10 marks)
? Discuss the implementation process and present a timeline for key implementation activities.
? Provide a summary of expected financial results (e.g., one year income statement).
? Discuss the timing and nature of expected evaluations for the marketing plan.
f. Overall Preparation of Plan (10 marks)
? Research requirements met
? Coherence of idea in writing
? Balance between various areas of plan
? Professionalism in look, style, and substance of report
? Format use
o 4000 words, not including appendices, attachments etc.
o appropriate headings
o title page with course, assignment, date, group member names
__________________________
100 marks total
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Format & Research Requirements:
In addition to making references to your textbook, you must research your company using at least six outside sources including periodicals and journals (company web documents count as one source no matter how many different links within the site used). Attempt to select one or two company sources such as company website or personal interview, perhaps then some competitor websites and last some independent sources of information (Chamber of commerce or other government sites). Wikipedia is NOT considered an original source for this project and therefore should not be used.
Your sources must be identified in the body of your text using in-text citations in APA format. Please refer to the APA-style document posted on Blackboard. Additional resources include the following sites: http://owl.english.purdue.edu/owl/resource/560/01, http://apastyle.apa.org, and http://www.docstyles.com/apacrib.htm