Peleton

Over the next few weeks, you will work on an assignment to apply course material to build an abbreviated marketing plan to launch a new product you create for a brand that sells at-home workout and fitness programs. Select Peloton, FightCamp, NordicTrack, or MIRROR Please select your firm from the following four options: Peloton, FightCamp, NordicTrack Vault, or MIRROR. Your job is to imagine you are part of the marketing team at one of these firms. You will develop a marketing plan pitch to share your ideas for launching a new product with senior managers. A new product launch is a good domain to apply your knowledge of segmentation, targeting, and positioning, since at home fitness products often launch new products to address the needs of specific segments within their target audience and/or to grow their share of customer or upsell their existing customer base. New items offered by these firms could be targeted at almost any segment of the population based on benefits sought or lifestyle choices. Create the Marketing Plan for the New Product Launch For this assignment, you will be creating an abbreviated version of the Marketing Plan for the new product with six parts, as outlined below: 1. Executive Summary (and Appendix) 2. Company Analysis 3. Market, Consumer, and Competitive Analysis 4. Situation Analysis and Marketing Objectives 5. Marketing Strategy 6. Digital Marketing Strategy 7. Budget 8. Controls 9. Appendix Part 3 - Market, Consumer, and Competitive Analysis The Market, Consumer, and Competitive Analysis is where you identify the product and describe the market for the offering, You will identify the "new" product offering you are proposing to be sold by the firm. Please do NOT do this assignment on an existing product or offering. Brainstorm ideas. If you are struggling to come up with a new idea, examine market trends and think about problems the firm might want to solve for a group of consumers. You can also search for trends in the at-home fitness market or do research on trending topics (trends.google.com) to help generate ideas (e.g., for potential collaborations). Please keep in mind that your idea needs to be unique. If a version of the product you pitch sells well at a competitor, it could be a sign that there is sufficient demand for the product. However, to assess the demand, you'll need to talk about what makes your proposed offering unique (e.g., how it solves problems/meets needs better than alternatives, is positioned differently, targets a slightly different market, etc.). Review Appendix 2 in your book for a detailed description and an example of a market, consumer and competitive analyses for a marketing plan. This is a significant part of the Marketing Plan and should reflect substantial research. Your Market, Consumer, and Competitive Analysis should address the following questions: Market Analysis - What is the nature of the overall domestic and global market for the product? How big is the market? Who buys the product? - What are the key trends in the economic environment? The competitive environment? The technological environment? The political and legal environment? The sociocultural environment? Consumer Analysis - Broadly, who is your target market? How could you segment that market into smaller segments? - Which segment(s) will you target? Be as specific as possible. Are you targeting multiple segments within your broad target market? If so, what are the implications for versions of the product, how the product will be promoted, sizes/packages/options, where the products will be sold, and price points? You will make decisions about each of these attributes later. - Why is your target market a viable market to target (i.e., why would they want the new item)? Do they have the disposable income to buy it? Are they a large enough group to cover the costs associated with launching a new product? Are there recent trends that make them a desirable group to pursue? - How can you represent your ideal customers as personas? This fictional representation usually uses pictures, demographics, desires, and pain points to paint a picture of the individuals to whom you are trying to sell your product(s). You can use an online tool like https://xtensio.com/userpersona or put the characteristics of the segments into a Google Search and describe the characteristics of a member of that segment. Competitive Analysis - What three (3) products offered by competitors are closest to your proposed product? If yours is really unique, these 3 may not be that relevant, but nevertheless find 3 that are most similar to yours and most relevant to your target market (who may choose the competitive product instead of yours). For each competitor, please report the following information: 1. Benefits provided (answer the question: what job(s) do customers hire the product to do?) 2. How the product looks or the service works 3. How the product is branded and promoted 4. Price 5. Sales and market share (if available)