SEMESTER MARKETING PROJECT I expect that you will be thorough in your discussion

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SEMESTER MARKETING PROJECT
I expect that you will be thorough in your discussions to
demonstrate mastery of the subject matter.
Expect the assignment to cover five pages or more. Please include visual aids such as
advertisements or one dimensional drawings of your product. This project should
be produced in MS Word. You should also create a PowerPoint with slides including
detailed notes that would be used as a presentation to accompany your written
report.
Part I – BEGINNING YOUR PLAN
·
Generate an idea
for an entirely new and unique good or service in which:
o
product features
are identified
o
product
differentiation is defined
o
market demand is
estimated
o
product profitability
is estimated
Note: A new product could be considered a variation
on an existing product. For example, an
alarm clock shaped like a Harley-Davidson motorcycle that generates and engine
noise rather than a standard alarm. Your
product could also be a service provided to other consumers or businesses.
Part II – THE PRODUCT
·
Provide a
description of the product / service, it’s differentiation from other products
in the market, and how it solves a customer’s problem or fills a need
·
Develop a
distinctive logo, name, and/or slogan for your product
·
Develop packaging
and labeling for your product and illustrate with a simple one-dimensional
drawing
·
Also include
information concerning any warranties or servicing in conjunction with your
product
PART III – PLACE (Distribution)
·
Evaluate the
various channels of distribution for the product
·
Identify your
primary sources of distribution and how it will work
·
Estimate costs
for distribution (i.e., do you have to pay a sales person, or set up a website)
PART IV – PROMOTION (Communication)
·
Develop a promotional
program for your product
o
What marketing
tactics will you use
o
Where will you
place adds
o
Who will you
target, and why
o
What will you say
to customers to entice them to purchase
PART V – PRICE
·
What are the
pricing objectives of your product?
·
What factors
influence price determination?
·
Evaluate each of
the basic methods of setting prices in relationship to your product
·
Price your
product
·
What special
pricing strategies and/ or policies will you employ for your product?

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