Creating a new product: Guidelines and Evaluation criteria

Task:

Each team will be required to create a new product that, to their knowledge, does not exist. It is recommended that you conduct an online search to make sure it is not currently available. The product may be a physical good or service. It may be for business or consumer markets. The product may be practical, realistic, or fantasy; it does not have to “work” to be a good idea. The most successful product ideas are ones that solve a problem for the user. The objective is to be creative and use your analytical skills. Each team must submit a hand drawn or any other type of computer-generated image of your product as part of the final written project (Don’t worry you are not expected to be artists).

Please note: the product/service that you come up with may not be an extension of a product/service that already exists. Groups are encouraged to submit several ideas. Each group must submit their product idea(s) no later than Sunday, January 19, 2020, 11:59 pm for approval (one person from the group may submit collaborative ideas from the group). If the group is submitting more than one idea please indicate 1st choice, 2nd choice etc.

You will be evaluated on the application of course concepts, creativity, and completeness of the report. In addition, you will be evaluated on the professionalism of the report (i.e. style,format, grammar, spelling, mechanics etc).

1. Title Page
a. the name of the product/ brand for which the marketing plan has been prepared
b. the time period for which the plan is designed (e.g., 2020-2021)
c. the persons and positions of those submitting the plan
d. the date of submission of the plan
2. Executive Summary
a. One- to three-page summary of the entire plan (include a brief introduction, the
major aspects of the plan, and a budget statement)
3. Table of Contents
4. Introduction
a. Discussion of the product and brand, origin of the idea, importance/purpose of the
product, reason why consumer should care, what customer need will be met or
problem resolved by the product
5. Situation Analysis
a. SWOT (incl. environmental conditions such as economic, social, political,
legal, or cooperate environments)
b. Industry analysis
c. Customer analysis
d. Company analysis+ Competitive analysis +Core competency and sustainable
competitive advantage of your business (brand/product)
6. Strategic Focus and Plan
a. Mission
b. Goals and Marketing objectives
7. Market-Product Focus
a. Segmentation Strategy
b. Target markets
c. Points of difference and positioning base
i. Also, devise a positioning statement.
8. Marketing Program
a. Product strategy
b. Price strategy c. Promotion strategy
d. Place (distribution) strategy
9. Implementation Plan, Evaluate and Control
a. Plan to implement the strategies
b. Plan to evaluate and control the strategies