Describe two key potential competitors

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Reference no: EM133270478

TASK

In your teams, you will make marketing plan for Arepa to introduce a new product to New Zealand for the first time.
You must address in your plan these key elements:

1) Describe the company, including its core competencies and the company's sustainable competitive advantage. [start thinking about possible new products the company could develop, whether that means a new addition to an already established product line or a new product category]

2) Research the macro environment, and describe the relevant competitive, regulatory, economic, social- cultural and technological factors affecting the company and relevant trends in the industry. [this will help you further work out whether your new product idea is a good one, given current trends. Feel free to go back to brain storming if this part of the research shows you a new opportunity you didn't think of beforehand]

3) Conduct a competitor analysis, and then describe TWO key potential competitors in the New Zealand market. [an important step in developing a new product as often you will get good ideas from looking at competing brands. Use this step to help you decide upon your product proposal]

4) Research the entire potential New Zealand market for the proposed product, providing information on the product market and its customers, market size and/or relevant consumer trends. [an important last step in developing a viable new product strategy is to make sure that your market analysis supports the inclusion of this new product in the company's current product mix]

5) Conduct a SWOT (strengths, weaknesses, opportunities, threats) analysis for the product introduction into New Zealand, incorporating relevant insights from your company, macro environment, competitor and market analyses. [This aspect of your assignment will present an effective summary of 1-4, with a focus on the new product]

6) Outline the target marketing and positioning strategy for the new product. Draw on facts and theories that you have encountered on the course or in academic literature, and research findings (including consumer studies, trends, etc.). [work out whether Page 3 of 9

or not the new product is aimed at their current market, in which case this part of the assignment should focus on explaining in more depth who that is and how the new products will help to solidify and strengthen the company's current strategy OR whether you are suggesting a product category which will require the company to target a different group of people]

7) Recommend how 'Arepa' should use the marketing mix (product, price, place and promotion) to introduce their new product to your recommended target market in New Zealand. [in a full marketing plan, you would spend a lot more energy on this part of the assignment, but in this case, come up with some logical tactics which fit the positioning strategy you think

Reference no: EM133270478

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