Team Final New Product Marketing Plan
You are the marketing team for an existing company. Your team is to create a new consumer product that will be produced by your company. This product is the basis for your Team Final Marketing Plan Paper and Presentation at the end of the semester. Your Overview Paper of New Product Marketing Plan previously submitted will provide the introductory information of this paper. Make corrections and additional discussions as directed by your instructor. The balance of the marketing plan is the additional marketing information and strategies to complete you Team Final New Product Marketing Plan. This paper is worth 100 points and the team presentation with PowerPoint slides is worth 50 points. See the new product scoring sheet for a breakdown of points to be awarded for each section of this paper. Write your paper using bolded headings and subheadings for each section using 12-point type. Documents, designs, advertisements, and copies of your questionnaire should be attached at the end of the paper. Use a cover sheet with the name of your company, the time of the class, the names of each team member, and the date the paper is submitted. Your paper is due on the day of your new product presentation and can be submitted either in printed form or sent electronically as a Microsoft Word 2003 attachment. Send your paper to Include the following parts to your final paper with enough detail to demonstrate you have analyzed and planned for the success of your new product. Use the bolded headings and subheadings below to organize your paper.
Provide an overview of your parent company including information about: Brief history of your company Discuss what product categories you produce Describe where your parent company markets their products
Discuss what the marketing environment is for your new product, including: Current economic situation Competitors and competing products Legal issues that relate to your product Social issues that impact the success of your product Segmentation characteristics of your customer (consumer)
Describe the new product that your company will introduce into the market place. Discuss: Explain the benefits and value of your new product to your customers Differentiated features of the new product How you will ‘position’ your new product in the mind of your consumer Develop a ‘proto-type’ of your new product
Establish the price you will sell your new product to your customer. If you are using an ‘indirect’ channel of distribution, your price would be the ‘wholesale’ price. Your customer will then add his profit margin to arrive at the retail price. You may want to develop a suggested retail price (SRP) for your ultimate consumer. Discuss the pricing strategy you will use to introduce your new product into the market place (i.e. penetration pricing). Develop two ‘push’ strategies as ways your customer can get a lower price on the initial purchase of your product (such as quantity discount for specific larger quantities, display allowance for building a display of your product in their store, advertising allowance for putting your product in their store advertisement.) These ‘push’ strategies need to be specific free products, and/or specific percentages and/or dollar amounts as incentives that are made available to your customers (resellers) that will resell your product to the end consumer. Create the needed graphics of these ‘sales promotions’ that can be left with your customer for consideration.
Describe the steps in the distribution channel from your factory to your customer (the wholesaler or retail store). Explain the method of transportation you will use to ship your product. Since you are only making your product available in a limited number of locations during your ‘regional rollout’, identify the three specific ‘Launch Cities’ and discuss why these cities were chosen. Design a store display for your product and discuss how you will use it to generate store sales.
Promotion is vital to let your customers and consumers know your new product is on the market. Use as many of the ‘promotional mix’ elements to create awareness and demand for your new product. Develop product ‘promotions’ to encourage sales at the retail level and ‘pull’ your product through the market place by the consumer. Create the actual advertisement(s), radio spot, direct mail piece(s), website, public relation ‘event(s)’ for your marketing plan. Use social media for two of your promotions. Select a ‘spokesperson’ for your new product. Describe the sales organization you will use to sell your new product to your customers. All graphics for your new product display and advertisements, promotions, website, direct mail pieces, coupons, ‘push vs. pull’ strategies, celebrity ‘spokesperson’ should be included in the final paper. In other words, all the graphics are needed to support and illustrate your promotional mix and are needed for your oral presentation AND in the final team paper. Note: this paper is a stand-alone document independent (but related directly) to you new product presentation and will be graded as the formal marketing plan for your team’s new product marketing plan. This Team Final New Product Marketing Plan paper is due the day of your team presentation.
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