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35939
Due Nov 16, 5:59 PM Not Submitted POINTS 15
Team Proposal
1
Objectives:
3.1 3.2 3.3 3.4
Instructions
Assignment Files
Grading
Purpose of Assignment
Understanding the various phases of a product or service lifecycle is critical when addressing a market. If your product is in decline and the competitor’s product is in growth, your strategy for the product or service will be different. This exercise will enable students to demonstrate an understanding of both their product/service life cycle stage and a competitor’s product. It is designed to help students explore product mix strategies in the various phases of a product or service life cycle. This tool is critical when addressing a market penetration, market saturation or product/service decline.
Assignment Steps
Resource: Plunkett Research Online located in the University Library.
Team is developing a new product (it cannot exist any where; it cannot be a brand extension) that will be marketed through a well-known company that team will be able to research (beyond company website). The new product will be launched domestically (US) and in one other country (not Canada or Mexico). Product will be launched through an existing company.
These ideas are from previous classes and may not be used, but are shared to “jump start” your creativity
Gum that improves memory targeted to students and elderly to be launched by Wrigley
Pajamas that exercise you while you sleep; you wake up refreshed, exercised and weighing less; targeted to (me!) anyone not getting enough exercise; to be launched by Hanes
Cap that maintains hair color longer with less fading and root “creep”; targeted to people who color their hair (and me!); to be launched by Clairol
Bluetooth devise that automatically translates calls from caller to receiver’s language and back.
Video glasses which allow online students to see classmates and instructor from Bausch & Lomb
Team has option of doing a presentation or paper. Content and reference requirements are the same.
Create a Microsoft® PowerPoint® presentation, Prezi, or Vimeo video, etc. which illustrates one traditional media option (print, TV, radio, billboard, etc.) and one new (social media) media option for your brand and brand strategy. The presentation should be a minimum of 10 content slides or, if Prezi or Vimeo video, an 8-minute minimum.
Note: Prezi presentations cannot be uploaded to the classroom. Please provide your instructor with the link to the presentation on the web. Prezi will provide you with a URL link to the presentation.
Paper is 1,800-2,100 words in APA format.
The product launch plan will be for two markets: U.S. and one international market. Domestic market generally means the market where the company headquarters are located. If you choose a domestic market that is not the U.S. than your other market is required to be the U.S. Compare your product/service to at least one other competitor. This can be a product/service that is used by a team member in their individual assignment. The competitor does not need to be in both markets, you can have two different competitors, one for each market.
Include the following:
Brief SWOT analysis (do more than create a list
Graph or chart if the team deems it necessary
IAnclude two of the following:
Definition of product or service.
Description of product or service–marketing message.
Examine why the product or service needs to be introduced to target audience
ddress competition in each region and how the new product provides a competitive advantage.
Evaluate the potential growth rate. Look for information on similar products/services to determine a 3 year growth rate (Compound Annual Growth Rate-CAGR). Information may be located in the University Library.
Include:
4 stages of the product life cycle for the new product and possible strategies for each stage
2 metrics to measure success of the new product marketing
Plan for promotion, advertising, social media
Analyze 2 of following elements:
Integrated marketing communications
Advertising strategy
Push/pull
Media strategy
Direct marketing
Public relations
Note: Charts/graphs/tables do not count toward the word count.
Cite a minimum of 1 business journal article per team member.
Format your assignment consistent with APA guidelines or slides guidelines including required slides.
Please see additional material for details. Thanks!
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