Marketing Plan for New Product
You will be assigned an industry. They must come up with an innovative product. The product must be agreed upon with the instructor. You have an open budget…Let your imagination run wild!
The group will write a marketing plan to sell the idea to upper management (your teacher). A structure of the report is provided below. You will need to make some research to find out some of the data. You must provide your references. If you are conducting research, please provide your data.
- Executive Summary
- The executive summary is an abstract that gives a broad picture of the contents of the report.
- It should not start off by “In this report you are going to….” This summary should be one page.
- It should summarize the report to the extent that if this is the only page the reader reads, he/she will know what is in the full report.
- The Innovative Product
- How did you group come out with the innovative product?
- Why did you choose this product?
- Why do you think your product would appeal to customers?
- The Environment
- Describe the probably micro and macro environmental forces that may affect the successful launch of your new product.
- Market Segmentation, Targeting and Positioning Strategy
- Identify the appropriate segments for your product
- Give reasons why you choose to target a particular segment/s.
- What are your positioning strategies?
- Product Strategy
- Product attributes
- Product support services
- Pricing Strategy
Describe the various pricing strategies that you may use and the reasons.
- Promotion Strategy
Describe the promotional strategies that you may choose for your product, stating the reasons.