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Think of a new consumer product you are interested in developing and selling. Th

by | Aug 24, 2022 | Marketing

 

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Think of a new consumer product you are interested in developing and selling. This can be in any industry. You need to come up with a marketing plan for it.
1. Describe the new product. What consumer need/ want will it satisfy? What industry would it be located in?
2. Who would be the TARGET Market(s) for this product?
3. What Value Proposition would you offer potential buyers ? (in other words – why should they buy this product from you)
4. Describe a Marketing Strategy for this product in terms of the Marketing Mix
a. characteristics of the product – how/where will it be made, features, quality etc.
b. pricing strategy – in comparison with competing/ substitute products
c. distribution/ access – how will buyers get the product
d. promotion – what will you do to promote the product
5. What do you anticipate as the biggest challenges for your product to be successful?

 

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