Instructions Create a marketing plan for a New-To-Market product for an existing

by | May 26, 2022 | Marketing | 0 comments

Instructions
Create a marketing plan for a New-To-Market product for an existing Fortune 500 company. The new product may either be a real product that your chosen company does not currently offer (such as a solar-powered snowmobile by Ford Motor Company).
You must differentiate your product. This means that another company is not already making or in the process of making your unique product idea. Also, make sure that the technology you choose exists and can be used to create your product in less than 12 months.
You must include a minimum of two research citations from a written library source. Include the URL if it’s a digital source.
The full completed plan should be a minimum of 2,000 words and a maximum of 3,000 words.
Below is the first half(core of the plan). Be sure to label each section as outlined and make sure to do at least the minimum required word count for each section.
Executive summary: a brief summary of the product and business positioning. This should be a powerful “selling of the product” section. This is the pitch. Do not write this like a term paper. (200 to 300 words)
Current marketing situation. Include the following: (300 to 500 words)
Actual Product, i.e., features, brand, packaging, logo, etc.
Core Benefit offered by the product
Other Benefits, i.e., warranty, delivery, 1-800 assistance, customer service, etc.
Type of business, i.e., specify whether retail, service, Internet, etc.
Description of product or service. Be sure to include:
Comment on the general business environment/market structure in which the business operates in or will be operating in, i.e., pure competition, monopolistic competition, etc.
3. Customer profile/target market (Select and describe those that apply) (400 to 500 words)
Demographic Elements, i.e., age, gender, income level, etc.
Geographic Elements
Psychographic Elements, i.e., personality, lifestyle
Behavioral Elements
4. Competition (400 to 500 words)
Nearest direct and indirect competitors – identify at least three of each
Strengths and weaknesses of competitors
Assessment of how competitors’ businesses are doing
Description of the unique features of your product or service that makes it superior
Similarities and dissimilarities between your product or service and competitors

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