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I. Introduction and Background

Your group will develop a Marketing Strategy for introducing a new product; have fun with this assignment and be creative. The emphasis of this study is to define your offering and the target market(s) to whom you are positioning yourself. It is important that you well understand your target market(s) and what is important to them in regards to this general product category so that you can create a successful offering. To well understand your markets you will need to gather both primary and secondary information about your target market(s). The primary information gathering can be either a simple survey (quantitative) or conducting some focus groups (qualitative). If you’d like, come speak to me as a team and we can plan your information gathering.

Doing a project such as this is a wonderful learning experience. The most obvious benefit is the practical experience that you will gain by preparing such a plan. In addition, you will have the opportunity to work with others, refine your written and oral communication skills, and make immediate connections between theory taught in the classroom and situations that arise in the work world.

II. Being a good partner

For this project to be successful, each team member must be cooperative, flexible, conscientious, and responsible. A successful project not only results in an excellent marketing plan, but also creates a wonderful work experience for each team member.

III. Grading and Evaluation

Your grade for this project will be comprised of two components. The two components are my evaluation of the Project--70%, and a peer assessment--30% (each team member will fill out a peer assessment form for all other team members). When the final plan is turned in to me, if team members unanimously decide to eliminate the peer assessment from the evaluation process, that request will be honored.

IV. Selecting a New Product

Brainstorm among yourselves to come up with a new consumer product. To do this well, try to think about some good or service that you would like to have, or at least would like improved from the way it currently exists. Perhaps brainstorm with other friends, family members, etc. The product doesn't have to work; this is not an engineering course. Rather, focus on satisfying needs that currently are not well satisfied. Remember that, "products that satisfy needs are half sold."

V. Project Outline

Below is a detailed outline that you may follow while writing your Strategy:

I. EXECUTIVE SUMMARY

This one to two page section summarizes your entire document. This is the last thing you write for the report, but it is placed at the beginning of the report.

II. BODY OF REPORT

a. Your Company--brief description (one page or less) providing background information on company.

B. Target Market--include a detailed description of relevant market, including various market segments, statement of primary target market, secondary market and tertiary market (if relevant). Try to estimate the size of the relevant market. Discuss relevant trends in the market, i.e., growth or shrinkage of market segments, etc. Also describe geographic location of target market(s), demographic characteristics of target market(s), and what underlying needs and/or wants of target market(s) are you satisfying with your offering.

C. New product(s)--goods and/or services--in addition to a description of new product, this section should include benefits the product(s) offer the end-user; brand name (if applicable), packaging, location of product(s) on Product Life Cycle curve, goods class, etc.(description is somewhat dependent on nature of product and whether you're dealing with a good or service).

D. Price--price of product and competitors' prices--depending on nature of product, discuss gross margin or profitability of product. How price sensitive is target market(s) in this product category?

E. Place--description of distribution channels (if a retailer, description of store location and physical appearance of store).What is the ideal market exposure level for this product? Describe the relevant middlemen and retailers, if any.

F. Promotions--description of personal sales, advertising, sales promotions and publicity you will use. Please provide illustrations.

G. Projected sales estimates for at least a few years. If possible, estimate basic costs so that you can develop a projected income statement. In this section try to estimate your expected market share. Clearly explain assumptions you made and show calculations.

H. Competition--list of competitors, discuss the strengths and weaknesses of each competitor.

I. Other relevant "Uncontrollables"--discussion may include economy, law and politics, demographic and social considerations, technology, etc.

III. APPENDIX

A. Include the marketing research information used to develop your marketing strategy. The information should be both secondary information (such as censues data or Statistical Abstract of the United States) as well as primary information (such as surveys or focus group interviews).

B. Bibliography--prepare an annotated bibliography. In addition to providing traditional bibliographical information, describe what information you received from the source and how the information was used.

Feb. 25--information gathering stage--begin to get ideas for new product, tentatively think about "target markets" and accompanying "marketing mix"

Mar. 16--gather information on target market(s)--and product concept. Also include a rough outline of other elements of marketing mix.

*Get feedback from target markets. Provide professor with information gathered on targemarket

Apr. 15--rough draft of marketing strategy

Apr. 26--revised draft of marketing strategies

Apr. 29--prepare executive summary, final editing and revising

(including annotated bibliography)

Try to identify various relevant market segments for this product. Of the segments, identify up to three segments that firm will target with their offering. For each segment fill out the following five questions.

what are the "determining dimension" for this segment:

demographic description of segment (if households) or describe type of firm (if organizational customers)

geographic location:

usage rate:

any outstanding behavioral or psychographic variables common to this segment (omit if organizational customers)

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