You are to create a new product for an existing, publicly traded company to introduce into the American marketplace for which you will write the positioning, segmenting, targeting and marketing mix portions of a marketing plan. The new product must be a consumer food product. You may not create a restaurant offering unless it is to be sold in a grocery store. The product may already exist but is not offered by your chosen company, may be a new flavor or form, or it may be a new-to-the-world product. Have fun with this!
Choose a product which has a corresponding MRI dataset(s). You can find MRI by going to the Missouri State University home page, go under the alphabet and choose L, choose Library Indexes and Databases, choose Marketing, choose MRI University Reporter and log in with your Bearmail account. You will need to register with MRI to use it. Use your Bearmail email address. If that doesn’t work, use a personal email address. Once you’ve confirmed your registration and logged into MRI, choose University Reporter, and choose 2019 Spring GfK Reporter MRI. Now you can type in a product or brand to search for a relevant dataset.
Once you have come up with a product or two that you would like to use for your project, go to the Blackboard Discussion Forum Proposed New Product. Start a new thread with your name as the title. Post the names of your company, brand and product. Include a description of your new product. State the MRI dataset(s) you plan to use. I will give you feedback and approval.
You are writing your report as if you are a marketing manager for the company you select and are requesting funding to implement your new product. I do not have any formatting or minimum page requirements. Just be sure to include the requested information. Please use the marketing terms you learned in this course. What follows is an outline of what you need to include in your Marketing Plan.
Introduce your company, product, your product’s positioning, and how it fits into the market. How would you describe the tone and brand personality of your new brand? What is your unique selling proposition?
SEGMENTING AND TARGETING
Describe your segmentation in detail using whatever segmentation variables are appropriate. Support your choices with MRI index data. Provide and interpret that data. Based on your findings from the segmentation section, identify your target market in a couple sentences. Use the same procedure and format as you did for the MRI Assignment.
Detail your new product offering by providing a description of the new product. What are the product classification (i.e., convenience, shopping, etc.) and branding strategy(ies) (i.e., family, co-branding, etc.). Describe your packaging and labeling. Any guarantees? How does your new product offering compare/contrast with your current product offerings? How does your new product offering compare/contrast with those of the competition? Provide a picture/drawing and a description of your new product packaging.
State the actual price of your new product offering. Visit a local retailer and create a price table/chart with the price of your new product, your current products, and your competitor’s products. Stating prices per unit (e.g., price per ounce) helps clarify price differences. What is your pricing strategy called (i.e., psychological pricing, etc.)? Explain why you have chosen this pricing strategy. How does the price of your new product offering compare/contrast with your current product offerings? How does the price of your new product offering compare/contrast with those of the competition?
Discuss the distribution channels for your new product offering. Consider the channel classification (i.e., direct, retailer, etc.), wholesaler/retailer types (i.e., department store, grocery store, etc.) distribution intensity (i.e., intensive, etc.) and the actual physical distribution of the product. Will you use existing manufacturers, retailers, etc., or will you need to build or partner with new ones? How does the distribution of your new product offering compare/contrast with your current product offerings? How does the distribution of your new product offering compare/contrast with those of the competition?
What is your integrated marketing communication (IMC) strategy for your new product offering? Remember it should have a consistent message, be cohesive and integrated. Consider advertising and media vehicles, sales promotion tools, public relations and resultant publicity, personal selling, direct marketing and nontraditional approaches, as appropriate. Provide descriptions of each so I can envision your strategy. Tell me your slogan. What would an ad look/sound like? How does the IMC of your new product offering compare/contrast with your current product offerings? How does the IMC of your new product offering compare/contrast with those of the competition? Include Media Mark statistics to support your media decisions.
Summarize why your new product should be funded.
Be sure to cite the references you use.
Type of service: Academic paper writing
Type of assignment: Essay
Number of sources: 3
Academic level: Junior (college 3rd year)
Paper format: APA
Line spacing: Double
Language style: US English