Purpose of Assignment
Marketing plans help coordinate an organization’s departments and activities toward a mutual benefit between the organization and the consumer. Well thought out marketing plans contain both internal and external research aimed at understanding who the customer is, what they want, and any barriers the company may encounter in meeting customer demands. This research and information allows the company to create strong strategies and realistic goals. Part 1 of this two-part learning team assignment is designed to place students in the role of a company marketing team demonstrating to the CEO and Stakeholders why and how their new product/service should be launched. This assignment assesses the company, the target market and product, and identifies potential obstacles a company may face when deciding to launch a new offering will be identified.
Scenario: Your team has been chosen by the CEO to lead the development of key marketing strategies for the marketing plan for your company’s launch of a new and unique product/service (not already offered). Your marketing team’s mission is to prove to the board of directors and investors through research, strategy development, and reasoning, that this product/service is viable and will meet the company’s goals. In this first half of the project, you will be reporting to the board and CEO about the target, the product’s strengths, a SWOTT (Strengths, Weaknesses, Opportunities, Threats and Trends) analysis, and the brand’s position in the competitive environment.
– Create a new and unique (not already offered) product or service the company will be launching.
– Explain your new and unique product/service and include packaging, labeling, and warranty if applicable. How will this add value and differentiate the brand and product from the competition, while encouraging the target market to buy? (AT LEAST 300 WORDS)
– Identify and describe the top three real business industry competitors for your company and how your company’s brand is positioned in comparison. (AT LEAST 300 WORDS)
Cite a minimum of three peer-reviewed sources. One must come from the course textbook or videos and one from the University Library.