ASSIGNMENT:  Written Plan Assignment [Done by a team of two (2) students]

Your 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.

Examples:
 

• An intelligent lipstick, intended for both men and women, which automatically adjusts to the wearer’s complexion and outfit to enhance his/her overall appearance.
• A chocolate flavoured breakfast cereal made from broccoli.
• The “Well, shut my mouth!” scarf that tightens around the wearer’s neck when naughty words are spoken.
• A book called “Funerals for Dummies”.  Chapters include information on building your own casket, dressing like a funeral director, and putting the “fun” back into “funeral”.
• Other product ideas:  water skis, a new food product, a health club, golf clubs (the equipment, not the country club), a health food, snow removal and/or landscaping services, janitorial services, convention centre facilities.

EVALUATION:
REPORT I:   10% OF YOUR TOTAL GRADE
REPORT II:  10% OF YOUR TOTAL GRADE
REPORT III:  10% OF YOUR TOTAL GRADE
TOTAL:  30% OF YOUR TOTAL GRADE
 
 

REPORT I

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1. Environmental  Influences
In this section, describe the influences of EACH OF the 6 Environments
 o economic
 o technological
 o political/legal & regulatory
 o social-cultural
 o competitive
 o geographic 


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

• geography,
• demographics,
• psychographics,
• purchase behaviour,
• the relationship between the customer and your company (loyalty),
• type of buying situation, if applicable;
• brand familiarity/loyalty;
• type of shopping behaviour or problem solving involved;
• willingness to try new products process (e.g. innovators, early adopters etc.).

 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 profiles, containing
(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 firm’s 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 – how many are there; how big are they (in total sales dollars); 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.
resource:  witiger.com/ecommerce/competitorintelligence.htm

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 - page 78-81
 
 

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 members’ 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. Physical appearance and layout of projects and reports view my video on YouTube about the proper way to layout written reports  youtube.com/watch?v=LxguksrUZfk

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Late Reports

Assignments 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 student’s responsibility to contact their professor prior to the due date, so an appropriate course of action can be agreed upon.