ASSIGNMENT: Written Plan Assignment Done by a team 3, 4 or 5 students
job is to create a NEW product
(this could be a tangible, physical product, a service, an experience(s) or any combination of these) that will serve as the core of your strategy development.
Your product idea could be a modification of an existing product, or a product that has not been marketed before.
In any event, you must believe that there is an unsatisfied need/want and demand for this product idea in the Canadian marketplace.
Keep in mind that the most
successful new products are products that "solve a problem" or products
that are actually needed.
Try to have a "marketing orientation", and avoid a "Sales Orientation" or a "Production Orientation"
Information, keep in mind
your "Sources of Information"
supplied by your home government
supplied by the government of the target region
supplied by governments other than your's, and the target
NGO's Non-Governmental Organizations
webpages of the individual companies
stock market listings
Before someone does any marketing plan (or business plan) it has to be oriented into the context of the "Goal" of the company - which also means knowing the "Objectives"
In the beginning of your
assignment you should write the basic Goal of the business and state what
are the Objectives that the business is trying to achieve.
For a review of how to write a Goal and Objectives see witiger.com/ecommerce/GOPSTSWOT.htm
In this section, describe the influences of EACH OF the 6 Environments and how these environments "influence" the circumstances of your proposed product.
o political/legal & regulatory
DO a SWOT Analysis
For the above, you must identify and present information that is relevant to your product idea.
2. Market Segmentation Description
a. Describe how you will segment the market for your intended product.
b. Identify and fully explain
the segmentation variables that are the most appropriate for defining your
target market segments.
You will want to consider
c. Identify how you would obtain information on your segmentation variables.
d. In general terms,
identify the different segments in the overall product market. Then,
select the two (2) most attractive segments, and develop Target Market
(i) a detailed description of the segments (see part b above), and
(ii) the customer need(s) to be satisfied (i.e. economic, psychological, benefits sought)
(iii) how the product/service will be used ; how frequently it will be used, and at what rate (i.e. heavy, moderate or light).
3. Market Segmentation Rationalization
a) Explain your reasons for selecting the above target markets. What criteria did you use to evaluate the attractiveness of each segment (i.e. segment size, growth rate, profitability, accessibility etc.)?
b) What targeting approach (or targeting strategy) is most appropriate for your product (i.e. niche/single [one segment with one marketing mix]; combiner/undifferentiated [target two or more segments with one marketing mix;] or multiple/differentiated [serving multiple segments with different marketing mixes]? Fully explain why this so.
c) Explain how your targeting strategy reflects your firmís corporate objectives and its resources?
d) Is your targeting strategy socially responsible? If so, explain how.
4. Competitive Analysis
a. Identify the current and
prospective competitors Ė how many are there; how big are they (in total
sales dollars - estimate); what is their relative strength (market share)
in the marketplace?
b. Describe the structure of the industry or market e.g. monopoly, oligopoly, monopolistic competition
c. Identify substitute products and/or processes
d. Identify competitive barriers to overcome.
5. Positioning Strategy
a. Identify possible competitive
advantages your product idea may have.
b. Identify the Overall Positioning Strategy
c. Develop a Positioning Statement for your product.
resource - the MRK200 text
- p. 243-244 in 8th Edition text
|Report Format||All written
work is to be submitted in hard copy format.
All written assignments must be Word Processed, using a font size of 10 - 12; single spaced, in business report style, with headings, side-headings, etc. A proper title page, listing, in alphabetical order, all group membersí complete names and student numbers must be attached to all written submissions.
This assignment will be evaluated on your comprehension and application of the concepts, creativity, organization and presentation. All work will be evaluated for its communication ability. Sloppiness, spelling and grammar errors weaken written work and will contribute to a lower grade.
are due at the beginning of class, on the specific dates provided by your
Professor. All late penalties will apply as per the rules and regulations
of the School of Marketing and eBusiness
Lateness due to illness or family death is acceptable, with submission of supporting documentation. Other extenuating circumstances may be considered, and it the studentís responsibility to contact their professor prior to the due date, so an appropriate course of action can be agreed upon.