Assignment #1 Details
New Product/Service Proposal
Marketers monitor the political, economic, social and technological world in which we live and do business so they are aware of emerging trends that can lead to opportunities for innovative new products and services. This assignment requires you to suggest a service that can take advantage of current trends and to support the likely viability of the service using solid, credible evidence that is also supported by key service marketing theories and concepts.
ASSIGNMENT LEARNING OBJECTIVES
1. To practice the art of new product/service idea generation.
2. To increase your awareness of consumer trends and how to address consumer trends with your new service suggestion
3. To apply key marketing concepts and theories such as the 4 P’s and the marketing environment to real-world new product development.
4. To further your skills regarding how to find and use secondary market research data (a useful skill for your term project).
5. Have fun developing a new product offering that is creative and innovative.
Read the following articles from Mintel to get an idea of consumer trends:
https://www.mintel.com/blog/personal-care-market-news/wellness-trends-to-watch-in-2020 (note that this was pre-COVID)
As you read, consider possible new products or services that could take advantage of these trends. If possible, look for combinations of several trends that a single service could capitalize on.
With a combination of creative brainstorming and searching for good information and evidence, come up with a new product or service (just one) that you think should be able to capitalize on two (or more) of the trends. Note that if you start with a specific product idea and THEN try to find supporting information, you will likely have difficulty finding exactly the information that you want. Your approach needs to be iterative. First get a general idea of an opportunity, then look at the data available to refine, or perhaps even change, that idea. Expect to go back and forth two or three times between exploring information sources and brainstorming before settling on your innovative service.
In small groups (2-3 students) you will submit a maximum 6-page, double-spaced, 12 font size, report (not including references, appendix or title page). Included in the report will be a clear description of the new product/service you are proposing along with discussion of which trends you are addressing, the target market and the 4 P’s.
Your new product proposal should be supported by relevant supporting data and information i.e., news articles, academic articles, key concepts and theories from the course. You need to make sure your references are clearly linked to your new offering. Please include a separate reference page at the end of the report. The format of the citations are up to you but just be consistent with your approach.
The assignment is due on November 12th and must be emailed to me (firstname.lastname@example.org) before our lecture begins.
The grading will be based on the following criteria:
Description of the Product – 40%
As per the syllabus, description of the service will include the 4 P’s and some discussion of who would buy this (target segment) and why (benefits, customer value) is appropriate. A really good explanation would deal with how this makes some customers lives better (or business customers more profitable) than any other way of doing things and will integrate key concepts from the course.
The Use of Secondary Data – 40%
It is my expectation that you will go beyond the course text and conduct a literature search for relevant academic articles that apply to your offering. You will also find news articles and business magazines such as the Economist to be of assistance. Finally, industry reports and consumer reports that look at trends beyond the Mintel press release will be helpful for the assignment.
Clarity of Writing -20%
This includes the flow, grammar/spelling, staying within the suggested page length of 5-6 pages and the logic/relevance of the support
Hints, Notes, and Suggestions
• Geography: It is quite possible that your secondary research indicates that your product is more likely to be successful in specific countries. If this is the case, you should note not only the product, but your preferred launch country or countries.
• Feasibility: It is the job of engineers and scientists to come up with feasible new products, and the marketers’ job to tell them if nobody will want it, before they start building millions of them. There should be a common sense limitation on how wildly advanced technology-wise you get.
• Truth or Perceptions: In order to capitalize on the ethics and environmentally friendly trend, corporations often have superficial environmental policies or misleading claims – known as greenwashing. Avoid these tactics.
The penalty for a late submission is a GRADE OF ZERO. Service Proposal check out: https://en.wikipedia.org/wiki/Proposal_(business)
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