read the prompts below and then provide your response based on the activity guidelines. In order to score a “Proficient” or “Exemplary”, your response must be thoughtful and substantive, and you must reference or cite content from this competency. Your tutorial faculty will use the attached rubric to determine if your submission shows the depth of thought required to successfully complete this Milestone. Let’s get started!
0 %0 of 1 topics complete
Show data table for This chart displays the number of completed topics versus the total number of topics within module Milestone Activity..
List of Topics and Sub-Modules for Milestone Activity
Outcome 3 Milestone Assignment – New Product Proposal
Assignment
New Product Proposal
This exercise is the first part of the Marketing Plan, which you will complete as the final assessment for this course.
For this milestone you will propose a new product offering, positioned against a specific market segment and strategically priced.
As you go through the remaining competencies, you will complete other parts of the marketing plan for this new product offering.
For the final assessment you will assemble these parts into a single marketing plan.
What do I want you to do?
Assume you work as an assistant marketing manager at a United States-based company that has experienced steady growth.
Company leadership recognizes that continued growth requires a pipeline of new product offerings that have a customer-centric orientation to provide value.
The company already knows the consumer segment that it wants to target and the type of product it wants to develop to create value for that segment.
You are among a group of marketing employees invited to propose ideas about the positioning for this product and an appropriate pricing strategy for the launch of the product.
This is a great opportunity to get your ideas in front of upper management. However, there will be lots of competition, so you will need a solid proposal about the new product’s positioning and pricing and a persuasive memo communicating your proposal.
Why do I want you to do it?
This exercise is the first part of the Marketing Plan, which you will complete as the final assessment for this course.
For this milestone you will propose a new product offering, positioned against a specific market segment and strategically priced.
As you go through the remaining competencies, you will complete other parts of the marketing plan for this new product offering.
For the final assessment you will assemble these parts into a single marketing plan.
How do I want you to do it?
Step 1) Choose the company, Consider its current product offerings, and Study the segment you are targeting
1a) Choose the company
To begin, choose a company/brand from the list below. Again. do note that each company already knows the consumer segment that it wants to target and the type of product it wants to develop to create value for that segment.
Choice #1) Black+Decker wants to develop a line of hand tools designed to appeal to women in the Home Improvement segment.
Choice #2) Massage Envy wants to develop massage and/or stretch services designed to appeal to members of the Golden Years segment.
Choice #3) Public Storage wants to develop storage solutions designed to appeal to members of the Metro Renters segment.
1b) Consider your chosen company’s current product offerings
Once you have decided on a company/brand, become familiar with its current product offerings.
A great way to do this is to visit its website, and review all of the products it offers in the market.
Visit Black+Decker to get a sense of the types of hand tools that the company currently makes.
Visit Massage Envy to get a feel for the types of massage and stretch services that the company currently offers.
Visit Public Storage to get a feel for the types of storage solutions that the company current offeres.
1c) Study the segment you are targeting
Now that you have knowledge about what your chosen company offers in the market, you will need to become familiar with the segment that your company is targeting with its new product offering.
It is only after you understand this target segment that you will be able to create a positioning for the new product offering that might appeal to them, addressing their needs/wants.
So, carefully review the profile sheet for the segment that you will position the new product against.
Black + Decker wants to develop a line of hand tools designed to appeal to women in the Home Improvement segment. Review the Home Improvement segment profile sheet.
Massage Envy wants to develop massage and/or stretch services designed to appeal to members of the Golden Years segment. Review the Golden Years segment profile sheet.
Public Storage wants to develop storage solutions designed to appeal to members of the Metro Renters segment. Review the Metro Renters segment profile sheet.
As you review this segment profile sheet, take notes considering:
What about your company’s products might appeal to members of the segment?
What type of pricing strategy might be the most strategic to use for the product launch?
This also is a good time to return to the web pages that presented your company’s current product offerings and to consider where you believe there are opportunities to expand these offerings in ways that might appeal to the specific segment being targeted.
Step 2) Consider some new products this company might offer and propose your best idea
The product offering idea you propose should fulfill a want/need of the target segment that your company can satisfy through its competency in the types of products it current delivers.
If your idea solves a problem, increases happiness, or lessens pain for a real customer, then you are probably thinking in the right direction.
The product offering idea you proposed must be:
For individual consumers in the U.S. market;
A novel (new) offering;
Useful to the consumer; and
Feasible to produce with current available technology and offer to the consumer market within the next year.
Novelty should be measured as a product new to the company and also new in terms of the category or market. Products similar to what competitors are offering would not meet the novelty criterion.
The ideas must NOT be:
“Free” or without cost to the consumer;
Minor enhancements of existing products or re-positionings; or
An electronic application such as a smart device app.
Example of “free” would be in-store experiences, events, social media experiences, customer experience improvements, give-away, free-with-purchase item, freemium models, etc.
Examples of minor enhancements would be a slight change to packaging or a price change. This also includes any repacking of existing offerings, such as a subscription box. Minor enhancements of existing products are not likely to impress company leadership, so they are not sufficient for this assignment.
Step 3) Write and submit a 1-2-page, single-spaced memorandum proposing your new product offering idea.
Layout: This is a professional memorandum that you would submit in a marketing setting. If you are unfamiliar with the structure of a professional memo or would like more guidance on it, then please visit the Online Writing Lab.
Format:
Length: The length of the memo should be 1 ½ to 2 pages.
Font: Use 12pt. Times New Roman font.
Spacing: Content should be single-spaced with 1 in. margins all around. No bold or italicized type should dominate the page.
Writing: In marketing, clear communication matters.
Write in business-communication style. Do not use first-person (unless the assignment specifically asks for your perspective) and avoid passive voice when possible.
Be sure to watch out for grammar and spelling errors.
Spell check your paper before turning it in.
Read your submission before turning it in.
Take care to edit your writing.
Citations & References: Be sure to cite and reference your company website and the ESRI segment profile, since both should act as the basis for your proposed ideas.
Cite and reference any other relevant sources you use.
APA citation is required for any statements of fact.
A references list must be included as a necessary attachment.
Outline: Remember to format this as a Professional Memorandum.
Address this memo to the “Chair, New Product Development Committee – give that person a fictional name, any name you wish.
Include the following required sections:
Introduction [one paragraph]
Describe your role in marketing at the company and why you are writing. Assume this memo may be read by people who are not familiar with you and your work. Make a strong positive first impression!
Proposed Positioning for the Company’s Product Offering
Name and describe your idea for the new product offering.
Discuss how it would be usefulness for the specific segment being targeted
Focus on explaining how it would meet specific needs/wants of the target segment
Explain what makes it novel/new
Novelty should be measured as a product new to the company and also new in terms of the category or market. Offerings similar to what competitors are offering would not meet the novelty criterion.
Discuss its feasibility
Focus on how it can be produced with current available technology and offered to the consumer market within the next year
Proposed Pricing for the Launch
Identify which introductory pricing strategy you would use for the launch of this product offering
Explain why you are recommending that pricing approach
Conclusion [one paragraph]
Thanking the chair of the NPDC for the opportunity and requesting feedback is a good way to conclude.
Questions: Questions about this competency are welcomed.
Be sure to reach out with any questions! No question is too small.
Your course facilitator is here to help you. Take advantage of their guidance and expertise.
What to include in your submission
Your assignment submission should include:
A 1-2-page, single-spaced memorandum proposing your new product offering idea
Including the required sections as outlined above
