Your group of four is in charge of making a pitch to help a company with a new/modified product launch. It is your groups responsibility to identify the company and select a new target market that the new/modified product with help them attract. You must carefully explain how you will accomplish all steps in the new product development process from idea generation to commercialization. You will also need to develop a full business plan answering all questions from the slides below.
• You will need to write a full report in APA format and create an attractive power point presentation to convince the company to choose your group for this project. Each group member will be responsible for writing their part of the project and presenting their part of the presentation.
• Please make sure to follow all APA format expectations (7 Marks)
• https://vpcollege.com/wp-content/uploads/2020/06/APA-Reference-Document.pdf
• The overall research paper should be 7 pages long (minimum) following APA format.
Title Page
Abstract
4 pages (min) for the report References Page
• Please schedule time with the Learning Resource Centre for help with APA and written English
https://vpcollege.com/learning-resource-center/ https://vpc.setmore.com/
Your presentation should be 5 minutes in length for each presenter so please focus on the most relevant points we have learned in class.
(Marks will be deducted for presentations over 5 minutes)
Each presenter should have 5 power point slides to attract and convince the company of your plan.
Identify the new target customer your new/modified product will help the company attract. Please include
B2C or B2B
Age Demographic (Baby Boomers, Gen X,Y,Z) –
Gender (Male / Female)
(Sub)Culture (Country, Region, City etc.. )
Personal (Lifestyle, Economic situation, Occupation etc..) –
What is new Product / Service will you provide your target market?
What is your unique selling proposition? (Luxury, Performance etc..) –
What is your positioning statement? –
How will you differentiate in key areas? (Product, Pricing, Service, Cannels etc…) –
How will you influence buyer decision making at every stage of the funnel (Need recognition, information search, evaluation of alternatives, post-purchase behavior?) –
Market Potential / Competition Analysis
How will you conduct your research? Primary or Secondary? Why? – 1 Mark How many customers are there in your target?
Age (20-25), Gender (Females), Region (Vancouver), Lifestyle (Interested in Yoga) etc.. How many competitors are offering a similar product or service? –
Sales forecast = Number of targets X Price / Number of competitors –
New Product Formulation based on needs, wants and demands of new target market Idea Generation
Ideal testing
Concept development and testing Marketing strategy development and testing
Name / Image
Name of Product –
Follow all conventions of developing a strong product name and make it attractive to your specific target customer
Image / Logo –
How will you make it attractive to your specific target customer?
Brand
How will you make your brand attractive to your target customer? –
Focus on all conventions we have learned in class for developing a strong brand
Product / Service Product Mix
Price? (Pricing Strategy to retain customers and attract referrals)- 1 Mark Place? (How can customers buy?) –
Promotion (Where will you advertise?) –
What will be your organization structure? –
Create an organization chart for your company and list each person’s role in your group
What Equipment / Space/logistics will you need? What systems (Technology will you need)? –
What regulations will you need to adhere to? –
New Product execution – 4 marks Business analysis
Product development Test marketing Commercialization
