Marketing C212 Course Template: New Products and Services Proposals

New Products and Services Proposals

lease Note: This document should be used as a guide in reviewing the course of study and preparing to write your performance assessment. All resources: (both textbooks, chapter readings, video, articles, etc.) listed on this document are linked in the online textbooks in Mindtap and not the course site or on this document. Please Note: There are 2 textbooks used for the Marketing course and both are referenced below. The Marketing book by Pride and the Marketing Strategy book by Farrell and Hartline. Please Note: There is only one paper required for this course. Ignore any reference you see about completing quizzes and homework in the electronic textbooks. This is a publisher error and requests to remove these statements have been submitted. Please Note: To enable captions in course videos select the "cc" button on the bottom right corner of the viewing screen. Marketing C212 (Template) Your Name Here Date A1. New Products and Services Propose 2 new products or services the company can sell or offer to a global market. You should provide the name of your business, where it is located in the U.S., what it currently sells/produces/manufactures, your 2 new products/services, and the foreign country you are going to test market your products/services in. We strongly recommend students select one foreign country (outside the U.S. and its territories) to focus their responses on. The company must be based in the U.S. and can be real or fictitious. The 2 new products or services must be new to the (one) company you select. The 2 new products or services must be stand alone and not dependent on each other. You must set a price and charge for each of your products or services. The 2 new products or services do not need to be new to the world, just to the company you select. o Review: Marketing Chapter 1 “An Overview of Strategic Marketing” § Read the following supplemental article: Defonseka, C. (2013). Marketing: The all important tool for a successful business. Canadian Manager, 38(2), 8-9. § Read the following supplemental article: Queich, J. (2009). In Praise of Marketing. Harvard Business School: Working Knowledge. § View the following supplemental video: “Fundamentals of Marketing Basics (Part 1)”. o Review: Marketing Chapter 11 “Product Concepts” § Read the following supplemental article: Matthews, A., David, F., & Aroy, J. (2011). Ahead of the Curve: Managing Product Lifecycle. § Read the following supplemental article: Credle, S. (2013). Lots and Lots of Choices – No More Time. Adweek, 54-(40), 35. § View the following supplemental video: “The Five Competitive Forces That Shape Strategy”. § View the following supplemental video: “Michael Porter on Competitiveness”. o Review: Marketing Chapter 12 “Developing and Managing Products” o Review: Marketing Chapter 13 “Services Marketing” o Review: Marketing Chapter 14 “Branding and Packaging” A1a. Identify need and existing global market. Provide a logical discussion of 3 different research methods from the chapter readings the candidate theoretically used to determine that there is both a need as well as an existing global market for the products and/or services. The product or service selected must theoretically generate a profit for the organization. Use the research methods (i.e. surveys, focus groups, etc.) in Chapters 5 & 6 of the Marketing text and the methods listed in Chapter 3 Section 5b of the Marketing Strategies text to select 3 different research methods to base your theoretical discussion on. o Review: Marketing Strategy Chapter 3 “Collecting and Analyzing Marketing Information” o Review: Marketing Chapter 5 “Market Research and Information Systems” o Review: Marketing Chapter 6 “Target Markets: Segmentation and Evaluation” § Read the following supplemental article: “10 Questions to Ask Before Determining Your Target Market”. § Read the following supplemental article: “Five Recommendations for Using Existing Segmentation Online.” § Read the following supplemental article: “Get on Target.” § Read the following supplemental article: “Precious Bundles of Insight.” § Read the following supplemental article: “How to Narrow Your Target Market”. § View the following supplemental video: “Target Markets: Segmentation and Evaluation”. o Review: Marketing Chapter 8 “Business Markets and Buying Behavior” A1b. Competitive Advantage. Provide a logical explanation of 1 competitive advantage to the company that will be attained by offering each new product and/or service to your global market. Be sure to name your competitor(s) and discuss your products/services in relation to a competitors product and/or service. o Review: Marketing Chapter 2 “Planning, Implementing, and Evaluating Marketing Strategies” § Read the following supplemental article: “Getting the Marketing Mix Right”. § View the following supplemental video: “Best Marketing Strategy Ever! Steve Jobs Think Different/Crazy One Speech (with real subtitles)”. § View the following supplemental video: “Effective Marketing Strategies”. o Review Marketing Strategy Chapter 4 “Developing Competitive Advantage and Strategic Focus” and complete the following activities: § Review section 4-6a (“Lessons from Chapter 4”) § Review section 4-6b (“Questions for Discussion”) § Read the following supplemental article: “How Corporate Learning Drives Competitive Advantage” A1c. Risks in Product/Service Launch. Provide a logical discussion of 2 inherent risk(s) associated with launching the new products and/or services in the country you selected and how to minimize these risks. State each risk, discuss why it is a risk for your company, and what action you can take to reduce each risk. o Review: Marketing Chapter 15 “Marketing Channels and Supply-Chain Management” § Read the following supplemental article: Blanchard, D. (2011). Marketing Could Be Your Demand Chain's Weakest Link Industry Week/IW, 260(1), 48-49. § View the following supplemental video: Adidas on reshaping the supply chain for consumer-direct business o Review: Marketing Chapter 9 “Reaching Global Markets” A2. Customer Relationship Management (CRM) CRM System. Name the customer relationship management software system you prescribe/recommend to track product and/or service inquiries and sales and provide a logical justification of why you selected the software. Discuss 4 or 5 major features or functions of the system and why you feel they are good aspects. You will need to conduct research and identify a real CRM software system to discuss in this section. o Review: Marketing Chapter 5 “Marketing Research and Information Systems” § Read the following supplemental article: Rigby, D., Reichhled, F., & Dawson, C. (2013). Winning Customer Loyalty is the Key to a Winning CRM Strategy. § View the following supplemental video: “Martha Rogers: Customer Relationship Management (CRM) Strategy Expert and Keynote Speaker” o Review Marketing Strategy Chapter 5 “Customers, Segmentation, and Target Marketing” and complete the following activities: § Review section 5-6a (“Lessons from Chapter 5”) § Review section 5-6b (“Questions for Discussion”) A2a. CRM Practices. Explain how the information generated by the CRM software will be used to continue to drive CRM practices and track sales in your foreign country. Provide examples specific to your products and services. o Review: Marketing Chapter 7 “Consumer Buying Behavior” § Read the following supplemental article: Krell, E. (2005). The 6 Most Overlooked Customer Touch Points. § Read the following supplemental article: Polla, A. (2013). Where the Shoppers Are: Mass Beauty, Retail Evolves. Global Cosmetic Industry, 181(7), 34-37. o Review Marketing Strategy Chapter 10 “Developing and Maintaining Long Term Customer Relationships” and complete the following activities: § Review section 10-4a (“Lessons from Chapter 10”) § Review section 10-4b (“Questions for Discussion”) A3. Distribution Channels Distribution Channel. Name and discuss at least 1 distribution channel for the 2 new products and/or services in the country you selected. The distribution channel relates to how customers will obtain/buy the products/services you are selling in the country you selected. You must discuss exporting your products or services (or some aspect of your product/service) from the U.S. to the foreign country you selected to test market your products/services in. A3a. Key Considerations. Name and analyze at least two key considerations for entering your global market (e.g. regional trade alliances, agreements, environmental forces, etc.). You must discuss these considerations in relation to your specific distribution channel. o Review: Marketing Chapter 9 “Reaching Global Markets” § Read the following supplemental article: Carr, M. (2013). Global Expansion and the Need for an Effective Distribution Channel Strategy. § View the following supplemental video: “How Companies Break Into Emerging Markets". A3b. Supply Chain. Describe your global supply chain and analyze how it may impact the product or service. The global supply chain relates to how you create/build/manufacture/package/ship the products/services to the country you selected. Once you have outlined your supply chain, discuss some break or significant disruption to that chain and the impact it would have for your business in your foreign country. o Review: Marketing Chapter 15 “Marketing Channels and Supply-Chain Management” § Read the following supplemental article: Blanchard, D. (2011). Marketing Could Be Your Demand Chain’s Weakest Link Industry Week/IW, 260(1), 48-49. § View the following supplemental video: “Adidas on reshaping the supply chain for consumer-directed business". o Review Marketing Strategy Chapter 6 “The Marketing Program” and complete the following activities: § Review section 6-3 § Review section 6-6a (“Lessons from Chapter 6”) § Review section 6-6b (“Questions for Discussion”) A4 . Pricing Strategy Pricing Strategy. Name and discuss a major pricing strategy (e.g. cost plus pricing, competition-based pricing, break-even-based pricing, penetration-based pricing, premium pricing) aligned to your products and/or services’ position within the overall market strategy of your global marketplace. State the prices of your products/services. o Review: Marketing Chapter 20 “Pricing Concepts” o Review: Marketing Chapter 21 “Setting Prices” § Read the following supplemental article: Baumgarten, J., Bushnell, O., & Vidal, D. (2010). Pricing: The 'Value Meal' Approach. § Read the following supplemental article: Tesseras, L. (2013). Directions to gain a comparative advantage. Marketing Week (01419285), 3. A4a. Costs. Identify and discuss costs associated with developing and launching the new products and/or services. Provide dollar figure examples / estimates of each of the costs you discuss. A4b. Consumer Acceptance. Evaluate and discuss consumer acceptance of the price set for the new products and/or services. Set a price for your products or services and discuss how your business theoretically gathered feedback from potential customers that the price would be accepted. A4c. Competitor Prices. Name a competitor for your products in your foreign country. Then evaluate and discuss your competitor(s) prices for similar products and/or services relative to yours. Provide dollar figure examples of prices. A5. Promotional Strategy. Discuss the promotional strategy (e.g. - Push or Pull strategy) you will use to promote your products and/or services in your global market. A5a. Media Channels. Identify 2 mass media and 2 social media channels you would use to promote your new products and/or services in your global market. Be sure to verify that your selections are allowed in your selected foreign country. o Review: Marketing Chapter 4 “Social Responsibility and Ethics in Marketing” o Review: Marketing Chapter 10 “Digital Marketing and Social Networking” § Read the following supplemental article: “SEO, Social Media and Digital Marketing—Don’t Be a Dinosaur” § View the following supplemental video: “The Future of Online Digital Marketing 2012-2015". A5ai. Channel Justification. Provide a logical justification of why you selected those channels based on market segmentation. o Review: Marketing Chapter 17 “Integrated Marketing Communications” § Read the following supplemental article: Liodice, Bob. (2008)). Essentials for Integrated Marketing. § Read the following supplemental article: “Why Integrated Marketing Communications Is More Important Than Ever”. § Read the following supplemental article: “Integrated Marketing Success Stories.” § View the following supplemental video: “Integrated Marketing Communications and Changing Technologies”. § View the following supplemental video: “Integrated Marketing Communications: Big Idea versus Big Data at SES New York”. A5b. Sales Promotion. Name and discuss 2 sales promotion activities (e.g. coupons, games, contests, sweepstakes) you would use to promote your new products and/or services in your global market. o Review: Marketing Chapter 18 “Advertising and Public Relations” § View the following supplemental video: “Branding in Relation to Marketing, Public Relations & Advertising”. o Review: Marketing Chapter 19 “Personal Selling and Sales Promotion” § Read the following supplemental article: “Gardner, L. (2013). Are you sure you understand the basics of successful selling? American Salesman, 58(3), 3-6”. Paper Format and References Papers are typically 10-15 pages in length. Papers typically include 3-4 references and should include in-text citations. Use section heading based on the sections listed above. Do not just include a list of bullet point items. Write in complete sentences and paragraphs that explain, support and show application of the concepts. The marketing plan should be in Microsoft Word or PDF format and written in essay format.