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New Product Launch for an Existing Company
Company Description
This section includes a brief description of the company, including its mission statement, background, and competitive advantages.
Mission Statement
Use the existing company’s Mission.
Product Description
Detail what your new product is, key features, benefits, and what problem it addresses for the customer.
Market Analysis
Discuss what advantages do you have over your competitors?
A competitive advantage is something the company does better than its competitors and that competitors cannot easily replicate. Actions that initially appear to be a competitive advantage but can be easily replicated often become common practices.
Create a SWOT Analysis— using a 4-quadrant chart with 2-3 Strengths, 2-3 Weaknesses, 2-3 Opportunities, and 2-3 Threats facing the company.
Goal and Objectives
Clearly define what the goal of your plan.
Create 2-3 bulleted objectives (these should be action items to achieve the goal).
Make objectives measurable and quantified.
Marketing Strategy
Be clear on your strategy and rationale for choice: market penetration, market development, product development, and diversification.
Marketing Mix using the 4P’s.
Product
Price (what is the pricing structure and strategy you are using and why)
Place (discuss how will you customer get the product)
Promotions (discuss how will they find out about your product; any special promotions you will use)
Positioning Map and Strategy
positioning strategy of the product or company
Positioning map (image showing how it fits in the competitive landscape)
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