Electric scooter with front attachable stroller
YOUR PRODUCT: Electric scooter with front attachable stroller
You are a start-up company that has invented a new electric scooter that has a stroller attached to the front. This scooter is similar to the Razor, Bird, and other brands. The stroller is removable and the scooter can be a stand-alone unit. It comes in a variety of colors & designs. You are a new company so as part of your paper you should consider where you are today and what your long term goals are for each of the marketing elements.
Each person will be required to submit a word processed paper in size 12 point font, 1 inch margins and is at least five pages in length, double spaced. The paper must answer /include the following:
Title page: Names, class, product name (not included in the 5 pages)
Product: Brand name & description of what you are selling. Do you have a logo or tag line? What type of consumer product is it?
Target Market: Description of likely buyers for the product. Include demographics (age, income level, gender, etc), psychographics (personality, lifestyle, etc). Make sure you provide enough detail so that I can clearly understand who your customer is.
Competition: Who are the closest competitors? Do NOT invent competitors but think about how else your customer might want to spend the money. Provide at least two examples of actual competitors.
Describe how your product will be positioned vs. the competition. Try to develop a single sentence that provides the essence of how consumers view your product and what makes it unique. Think about all 4P’s, in what areas are you unique, how do you differentiate yourself.
Placement: Distribution plan for product. Will it be intensive, selective, or exclusive? How will you get the product to market. What channels will you use and why? Compare to competitive products (provide at least one example). Is your distribution unique or common? What is your current strategy here and what is your long term strategy as you grow.
Promotion: Research how the competitive products are marketed and make a decision for your product. List the five best ways to promote your product to get sales. You are required to suggest at least one on-line media form and a PR strategy. You are required to justify your choices and explain why they are the best choices for your product. Again, you strategy will be different in the startup phase vs. the maturity phase please explain both.
Price: Again, research the competitive options with a similar target market. Provide their price point(s) through at least two different channels (do they provide all of the same elements that you do)? What do you think a competitive price point would be for your product through the channels you chose. Are you using Penetration pricing, Price skimming or status quo pricing. Justify your answer.
A good paper will make sure that all of the elements above work together to meet the needs of the target market and are differentiated in some way vs. the competition. A clear product position in the market is essential to the mix.
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