How many different segments will you target

Assignment Help Marketing Management

Reference no: EM133706691

Homework: Develop a Marketing Plan for a New Product

Background

For the signature homework, you must develop a Marketing Plan for a new product launch. You've been hired as the Chief Marketing Officer (CMO) for a fast-growing company launching a new product or service. The CEO has tasked you with creating a New Product Marketing Plan.

Select a real company/organization that interests you and identify the new product or service you want to focus on. Consider what you've learned in the course and your instructor's feedback. Be creative with the company and product you focus on, but be thorough and detailed when covering the ten homework descriptions below.

Instructions

Include the following items in your marketing strategy:

A. The Executive Summary - Provide a concise outline of your marketing strategy here.

B. Background - Concisely share your (a) business goals, (b) marketing goals, (c) financial goals, and (d) challenges.

C. Market Analysis - Concisely describe your (a) strengths, (b) weaknesses, (c) opportunities, and (d) threats. Also include a description of (i) the market size, (ii) market segments, and (iii) any external factors that can impact your market (e.g., economic, seasons, etc.)

D. Target Audience - How many different segments will you target?

E. Describe each segment's demographics, lifestyles, purchasing power, buying patterns, etc.

F. Competitive Analysis - who are the competitors?

G. Innovative Product description

H. Pricing Strategy - select the most appropriate from the two discussed.

I. Distribution Strategy - share what you discussed in homework.

J. Promotional Strategy (including the message) - share what you discussed in homework.

Compare your marketing strategy with the strategies of the two competitors you discussed earlier in the course. Evaluate the similarities and differences in their marketing strategy approach with your developed strategy for your innovative product. Use a table to display your findings.

Reference no: EM133706691

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