Project - Marketing Strategy For A New Product

Project -- Marketing Strategy for a New Product
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 youd 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.

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Project -- Marketing Strategy for a New Product

Introduction and Background

II. Being a good partner

III. Grading and Evaluation

IV. Selecting a New Product

II. BODY OF REPORT

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

B. Target Market--include a detailed description of relevant market, including various market

C. New product(s)--goods and/or services--in addition to a description of new product, this

D. Price--price of product and competitors' prices--depending on nature of product, discuss gross

E. Place--description of distribution channels (if a retailer, description of store location and

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

I. Other relevant "Uncontrollables"--discussion may include economy, law and politics,

B. Bibliography--prepare an annotated bibliography. In addition to providing traditional

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