Objective of the Paper: You must select any company you desire and create a brand new product that you recommend that they should start selling. It must not be something they are selling currently. You will need to work through the industry analysis, company analysis, and competitor analysis first. These should help you get your justification for the new product you recommend. The last part of the paper is the marketing plan of how you will manage your new product through the four “P”s of the Marketing Mix.
The keys to this paper are your justifications for each of the four “P”s. (example: If you want to advertise your product on Channel 7, WHY did you pick that channel??) Relax and have fun with this project. The students in the past have created some great new products. CREATIVITY IS KEY!!
Format for the Paper:
· MUST be at least five (5) FULL pages
· Times New Roman, 12 point font
· Each Paper will include each of the following topics:
o Industry Analysis (address the following topics/issues)
§ Definition of the industry
§ History
§ Characteristics (geographic, growth, promotions, etc.)
§ Trends
§ Regulations
§ Types of customers
§ Types of purchases
§ Key players
o The Company (address the following issues/topics)
§ History
§ Mission and goals
§ Current size (sales, market share, # of emps., etc)
§ Products
§ Prices
§ Distribution systems
§ Promotions
o The Competitors (address the following issues/topics)
§ History
§ Mission and goals
§ Current size (sales, market share, # of emps., etc)
§ Products
§ Prices
§ Distribution systems
§ Promotions
o Proposal Section (Proposals should be based on your analysis of the Industry)
§ New Tangible Product
· What new product should your company start selling and WHY? Justify your answers!
§ Price
· What pricing strategies do you propose for you new product and WHY? Justify your answers!
§ Placement
· Who is your target market and how do you propose to get your new product from the manufacturer to your target market? Justify your answers!
§ Promotion
· What promotional strategies do you propose for selling your new product to you target market and WHY? Justify your answers!
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