Requirement

we will be required to develop a marketing plan for a new product or service concept.

Background information

Assume that you are the marketing manager at a company. For the coming year, your company aims to launch a new product or service in order to diversify their current portfolio and benefit from new opportunities in the market.

You are asked to develop the marketing plan for this new product/service. The new product can be an extension of an existing product line of your company. It can also be altogether a new brand, which offers diversification opportunities for your company. The product can be offered to launch in the current market of operations or in a new market.

Please keep in mind that this new concept must fit with the existing company mission and compliment/ is consistent with their current product portfolio.

Classwork for the project preparation

To ensure that all group advance in similar level, in-class time will be reserved at the end of each topic to allow you to use the acquired knowledge in your marketing plan. Participation in the class discussions is mandatory. Please note that the discussions are just to brainstorm ideas in groups about your new product and get guidance from your professor. Note that time allowed in-class would be not sufficient to finish marketing plan, therefore you are expected to finalize the work outside class-time.

All groups must develop a complete marketing plan according to the guidelines given below.

Table of contents - Remember to insert page numbers on each page of the report 1. Executive summary:

summary of the plan

2. Company description:

This section briefly presents the company background, lines of business, mission & vision,

target market, competitive advantage, and the industry in which it operates.

Objective of the marketing plan: to launch a new product/ service. Set realistic goals to

achieve based on your choice.

3. Situation analysis

This section presents an analysis of the business environment and the factors affecting you

company. It also covers relevant trends and potential critical issue that your company may face in the coming year(s). An analysis of the marketing includes demographic factors, political factors, technological factors, economic factors and social factors.

A SWOT analysis have to be included also.

4. Description of your new product/service concept

In this section describe your new product or service concept. Explain the goals and the

rationale behind the product/service (why you think it will be profitable to develop, refer to the situation analysis), how it aligns with the current company portfolio. To build your arguments you are encouraged to use secondary data from reliable sources or collect your primary data (short survey, or depth interviews)

5. Marketing strategies: each of the following should be described as specifically as possible, and with strategic justification.

5.1. Segmentation strategy & potential target market

Describe target market for the new product/service

Argue for bases for segmenting consumer markets

Explain strategy for selecting target market(s) 5.2. Positioning & differentiation strategy:

What is the positioning for the new product/service?

How it fit with the current portfolio?

How you will differentiate the new product/service from those competitors

5.3. Products strategies:

Describe Total Product - Three levels of product

Type of Consumer Product

Explain the choice of the brand name

Describe Product attributes, packaging

5.4. Pricing strategy

What is your suggested pricing strategy and the rationale behind? 5.5. Distribution strategy

What is the channel of distribution for your product or service (online, traditional outlets, etc.)? Explain.

What is the intensity of distribution? Why? 5.6. Promotion strategy

Advertising, sales promotions, public relation, personal selling.

Which method or combination of methods you plan to use and why. Be specific.

6. Social responsibility

Explain what your company plan to do in term of social responsibility, if any

7. Concluding Comments

8. References