Innovation and Marketing Strategies

– Purpose: Innovation is crucial for businesses in today’s highly dynamic and competitive environment. Innovation is defined as the introduction of something new or different. It is the tool that guides new-product development. New products (i.e., goods or services) include not only those that are new-to-the-world but also improved versions or designs of the existing ones. The purpose of this paper is for you to tap into your own creativity and propose a new product idea that could be marketable. Based on the proposed idea, you will also think about appropriate marketing strategies to provide values for your chosen target market. In addition, the process of completing this paper may ignite your sense of entrepreneurship and give you practical skills to become a successful businessperson in the future. Directions/ Requirements: Tasks to Complete

– Task 1 Describe the new product (good or service) you are proposing; including its designs, features, and/or process. Explain how you came up with the idea (from your personal experiences, consumers’ current issues/problems, light-bulb moments, changes in technology, social or cultural changes, etc.)
– Task 2 Describe the target market for the proposed product using demographic, psychographic, and geographic characteristics as well as their needs/wants that could be satisfied by the proposed product.
– Task 3 Explain thoroughly Pricing strategy for the proposed product. At which price point would be justifiable, considering the assumed costs to make this product and customer’s perceived value.
– Task 4 Explain thoroughly Place/Distribution strategy for the proposed product. What type of distribution would be appropriate considering desired positioning? Where should the product be available and accessible to create value for the target market?
– Task 5 Explain thoroughly Promotion strategy for the proposed product. What promotional messages should be communicated with the target market to create desired image and appeal? What promotional elements through which channels should be used?
Other Requirements. In completing the tasks, you must provide thorough explanations/discussions as required. Use the outline above for completing different tasks to develop and organize your paper, 3-5 pages required.
– To earn credit, your submission must be typed, double-spaced using business-type font sized 12, with 1-inch margins. For more information on Innovation and Marketing Strategies see this: https://edition.cnn.com/2019/05/20/investing/innovation-index-stocks/index.html

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