In order to expose you to a realistic marketing experience, your project will be to create a product/service and explain how you intend to market it by designing a marketing plan based on the theories in the textbook and the knowledge you will acquire throughout the semester. The product/service you choose can be a completely new product, a line extension, or a brand extension. You may choose brands like Under Armour, the NFL, Adidas, Fenty, or a brand you find interesting (please discuss your choice with the professor). Your marketing plan should address:
Strategic Planning: Discuss the marketing research that results in: 1) assessing the factors in the environment that apply to the product/service choice; (2) defining the target market by segmentation variables and why this target market was chosen; (3) Creating the SWOT analysis.
Product: Your Product element of the Marketing Mix can include: product concept, name and logo, what need does the product fill; discuss the product life cycle stage; product line and mix, positioning of the product and the brand, product differentiation.
Place: Discuss where you will distribute your product and how your choice matches your target market’s buying pattern. What are some issues you might face with competition, with technology, channels, distribution strategies, etc.
Price: What is your pricing objective? How does your price relate to demand and competition? Discuss your pricing strategy. How does your product compete on price? Does the pricing strategy you choose align with your target market?
Promotion: How do you plan to promote this product and communicate with the target market? Provide a detailed promotional plan that uses the principles of Integrated Marketing Communications and the Promotion Mix. For more information on Creating a Service visit this: https://www.britannica.com/topic/service
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