Objective: Develop a comprehensive marketing plan for a novel product, synthesizing the knowledge and skills acquired throughout the course. Your marketing plan should address identifying a target market, assessing demand, defining a value proposition, and creating a communication and distribution strategy. Additional considerations include pricing, branding, and promotions to ensure a well-rounded and effective marketing strategy.
Product Concepts: Choose one of the following innovative product ideas or propose your own, ensuring technological feasibility and economic viability:
Smart Water Bottle
Eco-friendly Reusable Notebooks
Portable Solar Chargers
Smart Wallets
Wearable Fitness Technology for the Elderly
Embrace Innovation Responsibly: Balance your innovative spirit with practical considerations, ensuring your ideas are both groundbreaking and feasible. While there are no restrictions on the product specifications, you must ensure that your product concept is both technologically possible (so, no invisibility enabling umbrellas please 🙂 and economically viable.
Formatting and Submission Guidelines
Length: Maximum of 6 A4 pages (single-sided, Times New Roman 12, 1-inch margins). Focus on balancing comprehensiveness with succinctness.
Appendix: No page limit for the Appendix. Include tables, figures, etc., labeled appropriately (e.g., “Table 1: 5C analysis of Firm X”). Reference them in the text as needed.
Presentation: Include a cover page with the product/brand name and list of team members. Answer each sub-question separately and clearly to highlight your ideas.
Deadline: Submit by March 16, EOD. No need for additional research beyond class materials.
Assignment Questions
Target Market and Customer Analysis
Describe your potential customer and the target market segment. Assess market potential and the basis for segmentation. Select your target segment and justify its attractiveness.
Product Characteristics
Detail your product’s characteristics, explaining its fit for the target segment’s needs and how it improves upon existing options.
Create a perceptual map for product positioning (Hint: marketers use whatever dimension shows their brand in the most positive light and also correlates with the criterion likely used by consumers in their product decisions; do not use more than two maps).
Promotion Strategy
Develop a promotion strategy, choosing the types of ads and messaging (e.g., TV, radio, Billboard, magazines, etc.).
Explain the associations you want your consumers to have about your brand and how you will differentiate. (Hint: Describe what will you say in the ads? How? How will you differentiate?)
Suggest a brand name and slogan (e.g., Nike – “Just Do It”, or Apple – “Think Different” or L’Oreal – “Because You’re Worth It”).
Pricing and Distribution
Choose between a skim or penetration pricing strategy.
Where and how will you sell your product? Why? (Hint: Think What do you want from the channel? How can they help you? Why will they?)
Have fun, marketers!!
Rubric
Final Project rubric
Final Project rubric
Criteria Ratings Pts
This criterion is linked to a Learning OutcomeTarget Market and Customer Analysis (4 Points)
• Incomplete (0-1 point): Lacks a clear description of the potential customer and target market segment. The assessment of market potential and basis for segmentation is missing or significantly flawed. Justification for target segment attractiveness is not provided.
• Average (2 points): Provides a basic description of the potential customer and target market segment. The market potential and segmentation basis are identified but lack depth. The justification for target segment attractiveness is present but not compelling.
• Great (3-4 points): Offers a detailed and insightful description of the potential customer and target market segment. Demonstrates a thorough assessment of market potential and a well-justified basis for segmentation. Compellingly justifies the attractiveness of the chosen target segment.
4 pts
This criterion is linked to a Learning OutcomeProduct Characteristics (4 Points)
• Incomplete (0-1 point): Product characteristics are poorly described. The explanation of the product’s fit for the target segment’s needs and its improvement over existing options are missing or inadequate. Perceptual map is absent or irrelevant.
• Average (2 points): Product characteristics are described with some clarity. Provides a general explanation of how the product fits the target segment’s needs and offers some improvement over existing options. Perceptual map is included but lacks clarity or relevance.
• Great (3-4 points): Product characteristics are described in detail, with a clear and persuasive explanation of the product’s fit for the target segment’s needs and its significant improvements over existing options. Includes a well-crafted perceptual map that effectively positions the product.
4 pts
This criterion is linked to a Learning OutcomePromotion Strategy (4 Points)
• Incomplete (0-1 point): Lacks a coherent promotion strategy. Types of ads and messaging are not selected or poorly justified. Brand associations, differentiation strategy, brand name, and slogan are missing or very weak.
• Average (2 points): Outlines a basic promotion strategy with some selection of ads and messaging. Offers a general idea of brand associations and a differentiation strategy. Brand name and slogan are present but lack impact.
• Great (3-4 points): Develops a comprehensive promotion strategy with a well-justified selection of ads and messaging. Clearly articulates desired brand associations and an effective differentiation strategy. Proposes a compelling brand name and slogan.
4 pts
This criterion is linked to a Learning OutcomePricing and Distribution (3 Points)
• Incomplete (0-1 point): Pricing and distribution strategy is not provided or lacks any meaningful detail. The choice between skim or penetration pricing strategy is not made or poorly justified. Distribution channels are not identified or rationale is weak.
• Average (2 points): Provides a basic pricing and distribution strategy. Makes a choice between skim and penetration pricing but with limited justification. Identifies distribution channels with some rationale.
• Great (3 points): Offers a detailed and well-justified pricing and distribution strategy. Clearly explains the choice between skim and penetration pricing. Identifies distribution channels with strong rationale for how they align with product goals.
3 pts
Total Points: 15
