New product or service

$45.00

Marketing Term Project (Assignment details) %

(1) Objectives
This term project is intended to provide an applied/real-world orientation to your course learning.

(2) Instructions
This is a progressive assignment. It is strongly recommended that the project be completed according to the schedule indicated below. The “Identification of New product/Service” project component must be submitted for professor approval and feedback

Please note and adhere to all page limit and formatting requirements assigned to each project component. Failure to comply will result in significant mark deductions. Within the page limitations, make sure each response is complete. This can be facilitated by making sure that there is absolutely no wastage in your responses. Keep focused throughout – especially in the marketing mix section – ‘applied’ orientation of the project.

No descriptions and/or explanations of theory should be included (e.g. do not include a definition of ‘macro-environment’ or philosophize about its importance in your paper).

(3) The Task
The overall project involves a series of integrated component exercises. The “Macro-environment”, “Segmenting & Targeting, and Positioning” and “Marketing Mix” sections, in particular, require the team to “apply” what they have learned in the corresponding section(s) of the text and during in-class sessions. For the latter two sections, the focus is on the specific tactics you will be adopting (i.e. what are you going to do) as well as the rationale for your recommendation (i.e. why will you be doing it).

(4) Evaluation of Group Work
Since a significant portion of your final grade is based on teamwork, you must be prepared to invest a considerable amount of time working effectively, efficiently and diligently with your team-mates. A TEAM MEMBER EVALUATION form (i.e. already distributed in class and posted in the course folder) must be completed confidentially by each team member and submitted individually to your professor in a sealed envelope by the end of class #13. Please note that your final grade can be affected by this peer evaluation process, i.e. the assessment of your overall contribution to the group’s performance as judged by your group members. Note that this is a team assignment and instructors will not accept individual work.

(5) Project Components and Time lines

 

1) Identification of New Product/Service (Class #5)
Identify two different sources from which you can obtain “New Product/Service” ideas. Make sure a sample page from each is included in your appendix. Why do you believe these are good sources?
Guidance: The purpose of this section is to help all JMSB students explore the broad array of sources from which new product ideas are available. With the aim of fostering an entrepreneurial spirit within each student, this aspect of the overall exercise is aimed at encouraging students to eventually seek out distribution rights for some of the products they discover and/or to generate new product ideas of their own that could serve as the basis of a future business initiative.
Using either a source from above or your own brainstorming, describe a new product or service that your team would like to introduce into the Quebec and/or Canadian market(s). What need is being served by the product or service you selected?
Guidance: This is the foundation for the rest of your project throughout which you will simulate the real-life scenario and all the relevant decisions and considerations associated with bringing your chosen idea to market. A five (5) or six (6) line write-up of your idea –sufficient for the professor to understand its essence and components – is what must be submitted for class #5. Approval of your proposed “idea/product” for the project may be refused for any of the following reasons:
the product (or some close variation thereof – thus involving insufficient differentiation) already exists in the Canadian market; or
the product has been the focus of a previous project; or
(rarely invoked) the likelihood of completing the project in a timely fashion is considered by your professor to be low due to: the technical complexity of the product, the likely scarcity of information that would be helpful, etc
Why do you think this product/service would be successful?

2)Macro-environmental Impact )
, describe to what degree and in what specific ways each of the six components of the ‘macro-environment’ is likely to impact the sales of the product/service you have selected. Be as specific as possible in your description of the likely impact in each instance.
Guidance: For each of the six categories of forces, students should identify the major trends that are most likely to have a positive or negative impact on the success of their product. Students must show how development of the marketing strategy for the chosen idea/product (N.B. remember that the strategy should never be developed before the macro-environmental analysis has been completed) might have to be configured in order to fully leverage or minimize the impact of the particular trend identified. A net assessment of the impact (i.e. whether ‘positive’ or ‘negative’) should conclude the treatment of each category.

3) Segmentation, Targeting, and Positioning
Identify two potential and viable target markets for your product/service. (Make sure that at least three different segmentation variables (see Table 8.1 on page 246 of the text) are represented in your profiles (=descriptions) of each segment.
Guidance: Remember that a target market profile is a statement of the description of the group of consumers that you will be targeting. This should be expressed in one or two sentences, and should include an array of descriptions representing at least two of the four categories of segmentation variables we learn in the course. After the complete profile is presented (i.e. in one or two sentences), the treatment here should direct itself to explicitly showing how each category is represented. Make sure that the profiles presented are quite distinct from one another. (N.B. Should the team choose a business-to-business good/service for the project, they will have to familiarize themselves with the array of segmentation variable categories for business-to-business products)
Which target market would you choose to pursue? Why?
Guidance: Select from above the target that you believe is best and convince the reader why that is so. Consistent with the idea of being most effective and successful in securing ‘buy-in’ to your recommendation, please direct more prominence and attention to the target that you are recommending than to the one that you are NOT recommending.
What is the value proposition of your product? How would you differentiate your product from competitors’ products/services?

4) Secondary Data & Sales Potential (
Select two sources of secondary data that you might use in determining the potential market size of your product/service.. Why do you believe these are good sources?
Guidance: The objective here is for the team to find two sources that contain data that would be helpful to estimate the potential size of the market for your product or service. In supporting your selections, specify the types of data from these sources that you would use in estimating the market size.
Attach a sample page from the one source that is most relevant to your product/service. How would you use this data?
Guidance: Include a relevant sample page from the source/site in a properly identified appendix to your report. In the report itself, show how the data contained in that sample page in the relevant appendix would be incorporated into the estimated market size calculation.
Estimate the potential sales for this good/service. What factors did you consider in arriving at this estimate? Support your estimate with detailed reasoning and the calculations undertaken.
Guidance: This sub-component of the project is intended to sensitize the student to the challenges and difficulties associated with ‘sales forecasting’ in the real world. In order to obtain financing for an entrepreneurial initiative, an attempt must be made to generate reasonable sales (and subsequently profit) projections. This is not an easy task, even in the ‘real world’. The team is expected to come up with a specific number (in either dollars or units) as a projection for maximum possible first-year sales.

Your professor is not nearly as concerned about the actual number as s/he is about the thinking and logic that was used in deriving it.

 

5) Marketing Mix & Complete Plan
Outline specific strategies and tactics for each marketing mix element. Support your response in each instance. The format may be of your choice. A logical format will be recommended. Use whatever is most comfortable to the group.
Guidance: This section of the project has the greatest mark value. What is expected here is that the team will provide specific and detailed tactics relating to each of the decision areas for each of the four components of the product’s marketing mix. A very brief supporting rationale for each tactic should be provided. This section constitutes the specific action plan for your product. The following should be kept in mind as your team develops this section: 1) everything here depends upon and devolves from the target market that you chose earlier (i.e. in Question #4B); 2) all the tactics that you adopt should be very consistent with one another and with the overall strategy for your product (i.e. target selected; value proposition; positioning; etc)

 

 

The complete written project will be submitted on week 13. It will include all components detailed above. Below is the required format (using 1” margins, single spacing, and font size 12):
Title page with team members’ names (1 page)
Table of Contents (1 page)
Identification of New product/service (1 page)
Macro-environmental Impact (2 pages)
Segmentation, Targeting, and Positioning (1-2 pages)
Secondary Data & Sales Potential (1-2 pages)
Marketing Mix (Maximum 3 pages)
Bibliography (No limits)
Appendix (No limits)
use statistics and information wherever possible

Description

There are different sources of identifying a new product or service to be introduced in the market. This study used two major sources; customers or market sources, and customers’ suggestions. Information from these sources was collected through market research, market intelligence consumer group discussion reports, and in-depth interviews as well as brainstorming. This marketing report aim at identifying a new product called Nutri Pet Food that should be introduced into the Canadian market. These two sources are selected because they provide relevant information from the ground. For instance, customer suggestions indicate the ideas suggested by customers concerning their pets. Customers usually know what is good for their pets and since they hold a lot of respect and regard for them, implementation of their suggestions would indicate that they are satisfied. Customers would feel satisfied if they buy products they had suggested. The second source is customer or market sources. This involve analyzing the market and identifying the most appropriate product that should be introduced into the market to met the expectations and needs of the customers. For instance, after analyzing the Canadian pet market, I understood that most of the pet foods provided are different in different pets thus a customer with two pets is required to purchase two different types of foods. Thus, by providing a type of food that can be consumed by all pets, it helps in saving the customers’ money in purchasing other foods for other pets. Customer sources and market sources are important sources of product ideas as they clearly indicate what is needed in the market but is lacking and thus if introduced could bring a lot of profits and revenues.