Homework answers / question archive / Assignment 1: Product proposal Next Up: Submit assignment Unlimited Attempts Allowed Type: Individual Length: 1500 words (not including references & appendices) Task Overview You are to create a new product offering

Assignment 1: Product proposal Next Up: Submit assignment Unlimited Attempts Allowed Type: Individual Length: 1500 words (not including references & appendices) Task Overview You are to create a new product offering

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Assignment 1: Product proposal

Next Up: Submit assignment

Unlimited Attempts Allowed

Type: Individual

Length: 1500 words (not including references & appendices)

Task Overview

You are to create a new product offering. This can be an adaptation on an existing product with new features, or an entirely new kind of product that solves some consumer need. Think of a particular frustration you have with everyday life. Maybe it's an activity you have to do, but dread doing. What products or services would make that task easier? Or, what is a game changer product for you and what made it so useful? Could it be extended or adapted in any way? Try to relate to things you are passionate about- an activity you do, something culturally important to you, an important way you could see contributing to society more widely (think social impact).

Course Learning Outcome Assessed

 

•             LO1 Explain the importance, nature and scope of contemporary marketing and the marketing environment

•             LO2 Recognise the importance of creating value for customers as the central mission for the firm

•             LO3 Confidently analyse and critically evaluate marketing practice

•             LO4 Describe and discuss the influences of marketing practice on firm outcomes

Due by

Week 5 - 11:59pm Friday 1st April, 2022.

Suggested Procedures?

Your assignment will cover content from week 2 (PEST/SWOT analysis)/week 3 (product theory & NPD), week 4 (segmentation, targeting & positioning) and week 5 (pricing). You do not need an introduction or conclusion for a proposal. As such please structure your report according to the below THREE sections (plus reference list and appendix):

#1: Describe the offering you've created.

?    a. Describe the core product (good or service) and additional (augmented) components of the offering and classify your product (convenience? shopping? specialty or unsought?) What problem does it solve, what does it help you do, what needs does it meet? Outline your idea generation process, did you start with a product you love and consider how to improve/extend it? Did you start with a problem or need and identify a product not currently available to address this problem/need? Why is it important to you?

?    b. Complete a SWOT analysis to help you determine your product position in the market. Anchored by an examination of the external environment (PEST) identify potential strengths, weaknesses, opportunities & threats for your product). Place your SWOT table in an appendix at the end of your document and discuss the most important points in text (table not included in word count).

#2: Describe the target market and positioning of the product.

?   a. Using segmenting criteria (demographic, geographic, behavioural etc.), describe the primary market for your product or service.

?   b. Outline why this target market would be interested in your product- why would these individuals purchase your product?

?   c. Create and explain the characteristics of one persona to illustrate your desired target market drawing on the segmentation criteria you used (demographics, geographic location, behaviours etc).

#3: Justify your product pricing.

?    a. Outline what price you will charge for your product and any additional pricing strategies you may use (see lecture material on pricing adaptations over time).

?    b. Explain why this is appropriate for your offering and target market(s) based on preliminary research.

?    Justify the pricing strategies using theory from class and research on related products in this category.

Ensure you use APA referencing (covered in week 1 lecture & workshop). As long as your work is readable there are not additional requirements for font, spacing etc. Just. keep it within the word limit. Your word count does not include your reference section or the SWOT analysis placed in the appendix, and as per department policy can exceed 1500 by up to 10%.