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Marketing Plan for a New Product;

Marketing Plan for a New Product;
This project involves developing a marketing plan for the introduction of a new product in the snacks category into the Qatari Market. Your group will prepare a
marketing plan for introducing the new product with an existing brand name. Remember that you need a strategic advantage (i.e., how your product is differentiated form
existing products in addressing your customers’ needs and wants?)
Important Dates:
Deliverables
Dates
Phase 1: Formation of the teams and submission of 3 proposed ideas
Third Week
Phase 2: The company, external environment, SWOT analysis, STP (Segmentation, Targeting and Positioning)
8th Week
Marketing Plan (Resubmission of phase 2 +phase 3)
13th Week
Presentation of the Marketing Plan
Last 2 Weeks
Phase 1: Forming the Groups and Submitting Proposed Ideas
Students are to form groups of 3-4 members. Members of the group should vote for a team leader who is well organized, responsible and willing to take initiative. The
group leader will have the following responsibilities:
1. Distributing the work on team members.
2. Submitting progress report every two weeks.
3. Uploading any files on behalf of the group members to Blackboard.
Every team should submit a short report, not exceeding one page, on three ideas for new products. After the instructor’s’ approval the team can then proceed with the
next phase of the project.
Phase 2: The company, External Environment and the Market
1. Identify the mission statement of the company you chose to work on. Remember that the mission statement identifies the role of the company in the society and
defines the company’s customers, Markets, products and technology. (Chapter 2)
2. Identify the marketing research used in the project. Remember that all of the sections in the report need to be supported with credible sources of data. Thus in
this section you will identify: (Chapter 8)
a. The sources of secondary and primary data used.
b. For primary data, you need to identify which method you have used (e.g., focus groups, in-depth interviews, surveys)
c. Explaining what the data from each source was used for (objective ).
3. After studying the external environment (CREST) you must conduct a SWOT analysis.
The opportunities and threats are identified from your analysis of the external
environment (social, economic, technological, competitiveness and legal), while internal
environment can be analyzed through strengths & weaknesses ( Chapter 2 & 3)
4. Then you are to apply the STP process to you product. (What are the different segments in the market, which ones will you target and why, and what is the
positioning that you will occupy). (Chapter 9)
You first need to identify what your broad market is. A market is set of all .a
potential buyers with both the desire and ability. You have to strike a balance
between making sure it is not too broad or narrow. For example, it might be too
broad to say that Toyota is in the transportation market, but might be more
appropriate to say it is in the automobile market.
b. Next, you need to identify market segments using segmentation bases (page). For example, let’s assume we are conducting a segmentation study for the skin care
market. Let us also assume that we will use two variables:
Segmentation base
Variable
Characteristics
Demographic
Gender
Male, Female
Psychographic
Needs (benefits)
Anti-aging. Moisturizing
This will result in the following four segments.
Skin Care Market
Male
Anti-aging
Moisturizing
Female
Anti-aging
Moisturizing
c. Next you want to develop profiles for each segment profile. You will provide detailed descriptions of each segment profile. Describing them in terms of their needs,
behaviors, preferences, demographics and shopping styles etc..
d. Next you will evaluate the attractiveness of each segment and select your target market. You will evaluate attractiveness based on several factors like market size,
expected growth, competition, cost and compatibility with the organization’s resources.
e. Finally, you write your positioning statement. Here’s a basic template for writing a positioning statement:
f. For [insert Target Market], the [insert product] is the [insert Point of Differentiation] among all [insert Frame of Reference] because [insert Reason to Believe].
i. The point of differentiation (POD) describes how your product benefits customers in ways that set you apart from your competitors.
ii. The frame of reference (FOR) is the segment or category in which you compete.
iii. The reason to believe is just what it says. This is a statement providing compelling evidence and reasons why customers in your target market can have confidence
in your differentiation claims.
Example:
For World Wide Web users who enjoy books, Amazon.com is a retail bookseller that provides instant access to over 1.1 million books. Unlike traditional book retailers,
Amazon.com provides a combination of extraordinary convenience, low prices, and comprehensive selection.
5. You must develop a marketing strategy of your product through the marketing mix ( 4p’s )
a. Product: a good, service or idea to satisfy the consumer needs. Points that must be addressed in this section: (Chapter 10 and 11)
i. What is the type of the product (convenience, shopping, specialty, and unsought) and how does this affect
ii. What will the product look like? Show us a prototype.
iii. What is the product life cycle of your product’s category? And how does it affect your marketing?
iv. Do you expect quick consumer adoption?
b. Pricing : what is exchanged for the product (Chapter 13 and 14)
i. What is your pricing objective? And why did you select it?
ii. What pricing strategy/method are you going to adopt? And why did you select this strategy/method?
iii. What is the price to be charged for your product? On what basis did you determine the price?
iv. What are the prices of your competitors?
c. Place: a means of getting the product to the consumers. (Chapter 15)
i. Draw your distribution channels
ii. How many distribution outlets.
iii. Location of these outlets.
d. Promotion: a means of communication between the seller and the buyer. (Chapter 17)
i. Which elements of the promotional mix will you use? And why?
ii. What are your promotional objectives?
iii. What are the obstacles you are likely to face you?
Final Report Format
A 12 point font should be used for the text and 14 for the headings with double spacing. Do not use more than two colors in the report.
1. Cover Page (University Names, company/brand name, names of the group members and their IDs and the date of submission). You need to have a cover page for every
phase your submit
2. Table of contents with page numbers
3. Introduction about the company you chose and its mission statement. (1 to 2 pages)
4. Marketing Research. (1 to 2 pages)
5. External environment analysis (CREST) (1 to 2 pages)
6. SWOT analysis (1 to 2 pages)
7. Segmentation, Targeting and Positioning (3 to 4 pages)
8. Marketing strategy (4ps) (3 to 4 pages)
9. References
10. Appendix (If a questionnaire is used then it should be included here)
2 Points are deducted for not submitting each of the following: Introduction, the reference, cover page, table of contents.
Evaluation criteria 5 Marks
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