What is your product and your niche target market

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Reference no: EM132232530

The purpose of this project is to experience the struggles and joys of marketing a product for a small business. Use a minimum of three research sources in formulating your responses in the deliverable section. (The text can be one source.)

Givens:

You are an established small business with a niche target market with consistent repeat customers.

With the help of your small staff, you have invented a new product that you believe will allow your company to grow rapidly within the same target market.

You have the capability to begin production of the product on a limited scale (up to 600 units), but will need to determine how you will control inventory.

Based on your knowledge of your target market, you believe your customers would pay $200 for the new product.

Current fixed costs are $50,000 and will not change when the new product is introduced to the market, although depending on demand production may need to be increased fairly soon after the new product introduction. Using the current facilities, variable costs are expected to be $65 per unit.

Deliverables:

1. The primary deliverable for this project is a paper formatted per the outline below and including responses to the following:

2. What is your product and your niche target market? Describe both in detail including how you determined your answers.

3. Identify the inventory control method you selected and why. Give specific numerical and financial examples.

4. Identify the location (city, state, and site) of your company. Explain why and how you chose this location.

5. Design the layout of the both the manufacturing, retail outlet(s), and web options or complications.

6. Determine the Breakeven in units, and in dollars.

7. If your target profit is $20,000, how many units would you need to produce to not only breakeven, but to make a profit of $20,000?

8. How will you promote your new product and why?

Reference no: EM132232530

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