Marketing new product
9120I need the information from the initial presentation to be moved and expanded upon within the new format.
Questions that need to be answered:
Market-Product Focus – Tori Kochiss
This section may take 7-8 slides.
4.1 Product Offering Briefly describe product features/benefits and the important elements of your brand.
4.2 Critical Issues Where is your product in the product life cycle and why? Identify points of parity and points of difference (of your product as it compares to the major competitor).
4.3 Objectives/Goals Set at least four specific marketing objectives for your product. (Think about market share, sales revenue, market positioning, image, awareness, social responsibility and related objectives). Think SMART!
4.4 Positioning How will you position your product in your target market’s mind?
4.5 Marketing Mix
4.5.1 Product Describe the product detail and what gives your product more value to your target market (than the competition)?
4.5.2 Price Note your major price objective; analyze and determine demand; estimate costs; select a pricing method; select the final price.
4.5.3 Place Which retailers will you use? Wholesalers? Website channels of distribution?
4.5.4 Promotion What is your main promotional objectives? What is your message? Which media vehicles for communicating that message will you use? How will you evaluate the results of your promotional efforts?
Feedback received:
Your information is developed well. I wouldn’t change anything, I would just add to what you have to be more specific.
This is what I would implement:
4.2 Critical Issues: what the points of parity are (similar sports shoes with competitors, etc.)
What the points of difference are (affordable to customers compared to competitors, could be worn for multiple sports, etc.)
4.4 Positioning: would say you are positioning based on pricing. You want your product to look good to customers by being affordable.
Product: explain the value your product gives your customers.
Price: Develop a specific pricing strategy (I would say you are using a competitive pricing strategy just from reading your information)
and implement the demand for sneakers in today’s market
https://frontofficesports.com/nike-2020-second-quarter-earnings/ (here is some info about sneaker demand I found)
All information needs to be moved to the new slides- I started with
some of the information. Can use anyof the slides
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