New Product and Service Market Strategy Essay

New Product and Service Market Strategy Essay

Instructions/Descriptions

Assignment details   one paragraph per question. Use references.

What questions do you have about the overarching unit 5 assignment?  Although not due until the end of the class, it is important that you  begin planning for this project early in the course. What are your initial thoughts about how you will approach this assignment? Explain.

Using the product you chose in unit 1 discussion board, list two features of the product and assess how they transform into benefits for you; determine consumer behavior towards your product as compared to their current behavior towards your competitor’s product. Discuss how the product fits your lifestyle or psychographic.

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Based on maslow’s hierarchy of needs, what level of need will your ‘improved’ product meet? Explain.

Draft a mission statement for your product and set three (3)  specific applicable marketing goals which you would like to meet in your marketing strategy.

Unit 5 project strategic marketing plan introduction this assignment entails development of a comprehensive strategic  marketing plan for a new product or service that is ready to “go to  market”. A project template is provided that allows you to organize your  work in increments and see how the sections come together to produce a  comprehensive plan.

Product/service this assignment requires application of concepts learned to build a  strategic marketing plan for a new product or service that is ready to  “go to market”. You will not be allowed to mimic plans or ideas from  larger or already “in-place” campaigns. You must develop the business  concept in its entirety.

Describe the new product or service.

Discuss the qualities that make this product/service new to the marketplace and the rationale for your decision to pursue the concept.  Be sure to pick a product or service that is ready to market. If you are  developing a new product, assume that the development phase is over and  you are ready to launch the product into the marketplace.

Objectives/mission statement create a mission statement. State your short-term marketing  objectives (one year). Assume that the product/service is ready to  launch at the beginning of the year (planning and testing have been  completed).

Marketing objectives include goals for sales, profits, market share (as examples)

Objectives need to be quantifiable. Use the smart  acronym—simple, measurable, achievable, relevant, and time-specific—in  formulating your objectives. An objective with a 100% goal is not  acceptable

Target market identify your target market. Provide a specific demographic profile  and rationale for this decision. Another source that may help you: the  us census bureau’s American fact finder. Consider the size of the market  and its purchasing power.

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Research is required to back-up your  selection and to provide statistics to show that it is a viable market. Competition analyze your competition. Who are they? Who are the biggest players?  How large is the market? What are the trends/forecasts in the industry?

How does your product/service fit in? Business source complete in the  library is a good tool for this section; it may be accessed under find  articles & ebooks.  Product/service features provide a brief overview of the product or service.

State the features of your product/service. Show how it’s innovative  and different. It may be unique because of the area in which you plan  to market it.

Discuss legal and ethical implications that could affect the marketing process. This will require research.

Core strategy discuss your core strategy and make sure to connect it to your  mission & objectives. Include a discussion on product/service  positioning. marketing mix: communications & promotion the marketing mix is the set of decisions about communications and  promotion, price, channels of distribution, and customer relationship  management. An integrated marketing communications (imc) approach  delivers a clear and consistent message to your consumers and is  connected to your core strategy.

Discuss the aspects of the imc. (the elements of the communication  mix include: advertising, direct marketing, sales promotion,  publicity/public relations and personal selling.) Define each and  discuss the pros and cons of the individual elements.

Provide a detailed description of your imc approach. Explain  your rationale for choosing or rejecting the specific elements (include  applications to the earlier research section). What changes do you  expect to make as the product/service matures?

Describe the message you wish to communicate based on your core  strategy. Explain your rationale for the message. Formulate how you  will communicate with your target market? Be specific. How will the  internet be used in your imc approach?

Select and explain the most suitable method for measuring  advertising effectiveness. Your decision must include research to back  up the selected method. Be sure to explain why this is the most  effective method to measure the effectiveness of your marketing  campaign.

Marketing mix: price discuss what pricing objectives you would consider for your  product/service. The objectives should be based on the various theories  presented in marketing literature and take in to account competitor  pricing. Including background on value proposition, positioning, and  target market is necessary.

All of these components provide rationale  for the chosen pricing scheme. Marketing mix: channels of distribution channels of distribution: specify the type of distribution channel you will use and include rationale.

Marketing mix; customer relationship management customer relationship management -detail how you will incorporate crm  into your plan. Be sure to include a discussion on the role of  technology that will be used to support your crm.conclusionreferences

New Product and Service Market Strategy Essay

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