Develop an abbreviated Marketing Plan. This will include creating a detailed product description for totally new product or service for an existing company. Identify and describe what market segment offers the most revenue growth and profit potential. Then develop strategies addressing how you will price, promote and place (distribute) the product. Process: 1. Select a company you like to do business with. Think about why you choose to spend your money with them, Is it because their offerings best satisfy your wants and needs? Does their Brand Name instill confidence? Are their products functions and features superior to competitive offerings? Is the inherent value of their offering, when considering price, incomparable? 2. What totally new product or service would you like them to add to their portfolio?

Think about what they dont offer that you buy from other businesses? Or think about a completing new type of product or service solution that would complement their offerings. If they added that product or service, would it be a logical extension of their current business? Would its potential for success be worth the investment required to market? Are any potential risks manageable?

Note: An explanation of what constitutes a totally new product for an existing business is contained in the Product Guidelines Learning Module.

1. Comprehensively define your new offering. Describe it in a way that will intrigue your target customers. What combination of product functions, features and benefits will entice them to purchase it at your established price point?