Reference no: EM13847387

Step 1 Advise the instructor in writing if you will be working on the project individually or with another class member(s). Choose your team member (s),carefully, as you will have to work together outside of class on this project.

Step 2 The project steps will be presented in class,(or written online), one week after the related text topic is covered. Oral presentations for each step(s), should average 10 minutes if in class, and in email/paper form if not attending class. The final written paper and oral executive summary presentation (30 minutes), is due at the last class, and may incorporate changes made from the earlier sections. If not attending class for final presentation, a video-taped, or podcast audio/video presentation is required to be submitted prior to the final class.

PRODUCT

Step 3 Decide on a product-market, (SERVICES NOT TO BE USED), using brainstorming or customer suggestions. You may invent a new product idea, or come up with a variation of a product already on the market. Be sure to keep customer needs in mind. Explain how you arrived at your decision. Also, draw up a hypothetical positioning map to plot the two most basic needs and competitive positions. You or your project partner may "work for" your own entrepreneurial company, or an already existing company in the marketplace.

Step 4 Use the process of market segmentation to determine your best target market and its characteristics. Describe your target market's geographic, demographic, and psychographic categories and characteristics.

Step 5 Determine the best means of data acquisition to research qualities desired by your target market. Assume primary data collection is necessary. Supply a sample survey.

Step 6 Describe the product by detailing its multi-dimensional aspects as follows:

A) Describe in detail the physical and functional characteristics of your product. Ingredients? Describe the appearance, (color,texture, etc). What will the product do? Unique selling proposition?

B) Select a brand name for your product.

C) Design a package for your product. Attractive?Convenient? Safe?Environmentally-friendly?

D) Design a label, including legally required, and optional information.

E) Economic, social, legal, environmental problems or benefits this product might pose?

F) Explore the possibility of attaching a symbol, or symbolic quality to your product.

G) Will you have an expressed warranty or service? If so, what will it be?

Step 7 Determine which stage of the product life cycle this product is in to determine further marketing strategies. Summarize general characteristics of this stage.

PLACE

Step 8 Diagram a workable distribution channel, including specific type of wholesalers or intermediaries (if there are any). Base your determination on where your target market is likely to buy, and what the best way is for the product to reach that point of distribution.

Step 9 Indicate whether distribution will be intensive, exclusive or selective. Explain why. Consider whether your product will be considered a convenience, shopping or specialty good.

Step 10 Determine which mode of physical distribution will be used to transport the product. Use a map to show the area of distribution.

Step 11 Explain which link(s) of the channel will deal with storage and how. Describe the supply chain process for your product.

Step 12 Describe the type(s) of retail stores, or non-retail methods through which this product could best be distributed. Explain why.

PRICE

Step 13 Describe a pricing objective for this product and explain the rationale.

Step 14 Select an appropriate pricing strategy and tactics.

Step 15 Diagram a mark-up chain. Analyze your fixed and variable costs and complete a break-even analysis.

Step 16 Investigate the target market's evaluation of price and its ability to purchase. Use your findings to determine whether demand is elastic or inelastic for this product.

Step 17 Investigate your competitor's prices. Set an actual price.

PROMOTION

Step 18 Indicate whether your promotion will be used to inform, persuade or remind. Explain why. Decide whether a push or pull will work better to recruit middlemen/intermediaries. Explain why.

Step 19 Draw a pie chart indicating how you will divide your company's promotion budget among personal selling, advertising, publicity/public relations, direct / online marketing, and social media. Indicate percentages and rationale.

Step 20 Design an integrated communications program, choosing two or three media, (with at least one social media technique/tool), which are most appropriate for target market. Specify types of publications, programs sponsored, on-line methods and locations.

Step 21 Create a sales promotion or social media idea that might also bring your product and company some publicity. Explain details of the promotion and why you think it will stir up some publicity or be "news-worthy".

Step 22 Create a sample ad either through magazine, newspaper, direct mail brochures, billboards or on-line websites. Television and radio commercials should include scripts. Tape your commercials or act it out in your presentation.