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Develop a marketing plan for a new product or service

Assignment Help Marketing Management
Reference no: EM132400064 , Length: word count:2800

Principles of Marketing

Project

The purpose of this project is to deepen your understanding of the main concepts learned during the course and to give you the opportunity to apply them in your own marketing plan.

Requirement
You will be required to develop a marketing plan for a new product or service concept.

Background information

Assume that you are the marketing manager at a company. For the coming year, your company aims to launch a new product or service in order to diversify their current portfolio and benefit from new opportunities in the market.

You are asked to develop the marketing plan for this new product/service. The new product can be an extension of an existing product line of your company. It can also be altogether a new brand, which offers diversification opportunities for your company. The product can be offered to launch in the current market of operations or in a new market.

Please keep in mind that this new concept must fit with the existing company mission and compliment/ is consistent with their current product portfolio.

Table of contents - Remember to insert page numbers on each page of the report

1. Executive summary:
• 1-2 paragraph summary of your plan

2. Company description:
• This section briefly presents the company background, lines of business, mission & vision, target market, competitive advantage, and the industry in which it operates.
• Objective of the marketing plan: to launch a new product/ service. Set realistic goals to achieve based on your choice.

3. Situation analysis
• This section presents an analysis of the business environment and the factors affecting you company. It also covers relevant trends and potential critical issue that your company may face in the coming year(s). An analysis of the marketing includes demographic factors, political factors, technological factors, economic factors and social factors.
• A SWOT analysis have to be included also.

4. Description of your new product/service concept
• In this section describe your new product or service concept. Explain the goals and the rationale behind the product/service (why you think it will be profitable to develop, refer to the situation analysis), how it aligns with the current company portfolio. To build your arguments you are encouraged to use secondary data from reliable sources or collect your primary data (short survey, or depth interviews)
5. Marketing strategies: each of the following should be described as specifically as possible, and with strategic justification.

5.1. Segmentation strategy & potential target market
• Describe target market for the new product/service
• Argue for bases for segmenting consumer markets
• Explain strategy for selecting target market(s)

5.2. Positioning & differentiation strategy:
• What is the positioning for the new product/service?
• How it fit with the current portfolio?
• How you will differentiate the new product/service from those competitors

5.3. Products strategies:
• Describe Total Product - Three levels of product
• Type of Consumer Product
• Explain the choice of the brand name
• Describe Product attributes, packaging

5.4. Pricing strategy
• What is your suggested pricing strategy and the rationale behind?

5.5. Distribution strategy
• What is the channel of distribution for your product or service (online, traditional outlets, etc.)? Explain.
• What is the intensity of distribution? Why?

5.6. Promotion strategy
• Advertising, sales promotions, public relation, personal selling.
• Which method or combination of methods you plan to use and why. Be specific.

6. Social responsibility
• Explain what your company plan to do in term of social responsibility, if any

7. Concluding Comments

8. References

Attachment:- Principles of marketing .rar

Verified Expert

In this project, I first identified an opportunity to introduce a new related fashion product within an existing brand so that fashion apparel manufacturers can achieve the benefits of brand equity. Then proceeded to analyze the marketing strategies for the new product right from identifying the target customers and markets and how shall the product be positioned in their minds to pricing strategies. Promotional and distribution opportunities were also analyzed and proposed for the product in accordance with the fact that companies have to socially responsible nowadays. This paper summarizes the life cycle of a product, sunglasses here, beginning from the stage of being an idea to the stage where it reaches the shelves in a shop. The entire paper has been prepared in a Microsoft word document.

Reference no: EM132400064

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