To identify a potential gap in the marketplace and improve upon a current product or service offering. You will come up with your own new brand idea. You do not have to come up with something revolutionary and never seen before. There are a lot of substitute products in the marketplace. But, you will need to find some way to improve upon what is currently done from the perspective of a specific consumer segment.
1. You will need to do both market and industry research to identify the market potential and align your idea with the best opportunity for success. Make sure to include any supporting research you use in developing your pitch.
2. Choose a target market – Be specific on who your customer will be. Explain how you will segment and what makes the customer unique in their needs and wants
3. Describe your offering and the benefit(s) you will provide to your core customer. Explain what your customer needs and wants are and how you will satisfy them.
4. Name your brand and explain how you developed the name.
5. Explain how you will differentiate from the competition. What is your market positioning?
