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1. Team Formation
The list of team members must be submitted to your professor either in class or via email before the class starts on the date specified in the schedule section. Ideally, five students (NOT MORE) will constitute each team. Any class member whose name is not on a team list submitted by the aforementioned deadline will be placed on a team.
2. Identification of New Product/Service
A) Using either an external source of information or your own brainstorming, describe a new product or service that your team would like to introduce into the Maryland and/or United State market(s). What need is being served by the product or service you selected?
Guidance: This is the foundation for the rest of your project throughout which you will simulate the real-life scenario and all the relevant decisions and considerations associated with bringing your chosen idea to market. A five (5) or six (6) line write-up of your idea –sufficient for the professor to understand its essence and components – is what must be submitted for the approval. Approval of your proposed “idea/product” for the project may be refused for any of the following reasons:
1) the product already exists in the US market; or
2) the product has been the focus of a previous project; or
3) (rarely invoked) the likelihood of completing the project in a timely fashion is considered by your professor to be low due to: the technical complexity of the product, the likely scarcity of information that would be helpful, etc
B) Why do you think this product/service would be successful?
3. Segmentation, Targeting, and Positioning
A) Identify two potential and viable target markets for your product/service. (Make sure that at least three different segmentation variables of each segment.
Guidance: Remember that a target market profile is a statement of the description of the group of consumers that you will be targeting. This should be expressed in one or two sentences, and should include an array of descriptives representing at least three of the four categories of segmentation variables we learn in the course. After the complete profile is presented (i.e. in one or two sentences), the treatment here should direct itself to explicitly showing how each category is represented. Make sure that the profiles presented are quite distinct from one another. (N.B. Should the team choose a business-to-business good/service for the project, they will have to familiarize themselves with the array of segmentation variable categories for business-to-business products)
B) Which target market would you choose to pursue? Why?
Guidance: Select from above the target that you believe is best and convince the reader why that is so. Consistent with the idea of being most effective and successful in securing ‘buy-in’ to your recommendation, please direct more prominence and attention to the target that you are recommending than to the one that you are NOT recommending.
C) What is the value proposition of your product? How would you differentiate your product from competitors’ products/services?
4. Complete Marketing Plan
Outline specific strategies and tactics for each marketing mix element. Support your response in each instance. The format may be of your choice. A logical format will be recommended. Use whatever is most comfortable to the group.
Guidance: What is expected here is that the team will provide specific and detailed tactics relating to each of the decision areas for each of the four components of the product’s marketing mix (product, price, place and promotion). A very brief supporting rationale for each tactic should be provided. This section constitutes the specific action plan for your product. The following should be kept in mind as your team develops this section: 1) everything here depends upon and devolves from the target market that you chose earlier all the tactics that you adopt should be very consistent with one another and with the overall strategy for your product (i.e. target selected; value proposition; positioning; etc)
TERM PROJECT: WORK COMPLETION SCHEDULE
Inform your instructor
Identification of New Product
Official approval required
Segmenting & Targeting
No official feedback necessary
Submit written project
The complete written project will be submitted on week 13. It will include all components detailed above. Below is the required format (using 1” margins, single spacing, and font size 12):
Title page with team members’ names (1 page)
Table of Contents (1 page)
Identification of New product/service (1 page)
Segmentation, Targeting, and Positioning (2-3 pages)
Marketing Mix (Maximum 3-4 pages)
Bibliography (No limits)
Appendix (No limits)