Creating your own product and marketing it

INSTRUCTIONS:

PRINCIPLES OF MARKETING

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TERM PROJECT GUIDE

As a term project you are to market a product which you have either invented or chosen from existing products. It will be assumed that your firm has performed all necessary market research, and any reasons that you give for your decisions will be based on this research.

Name of product: ____________________________________________ Description

Product package (include label, design, trademark etc.)

Reason for choosing this package

General market(s) for your product:

Business To Business Product

Industrial Commercial

Consumer Product Convenience Good

Shopping Good Specialty Good

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C. Segment of population that comprises your market: Age

Income

Geographical Parameters

Occupation (if relevant)

Stages in family life cycle

Other segments (if applicable)

Reasons for Choosing This Segment (Briefly explain reasons for choosing segment/s.

Buying motives Reason for this choice

How did you conduct your test market? Observation

Survey
Controlled Experiment
Cite sources that can be used in achieving further research data:

Branding: Will this product be a ___National Brand? ____ Private Brand

Pricing Policy _______ Above the Market, _______ Below the Market

____With the Market
Reasons for your choice
Price of Product
Amount of price that represents profit Amount of Price that represents cost

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Promotion Budget

How do you plan to promote your product? Include media to be used and amount of budget to be spent on each type of media.

Type of sales promotion to be used and amount spent on each type of sales promotion.

Attach a Sample Ad

Selling method to be used.

________Retail Outlet Type: Supermarket, department store, discount store, specialty store etc.

Location: National, Local, Shopping Malls, etc. Mail Order
Internet e-commerce (Web Site)
Personal Selling

Which channel or channels of distribution do you plan to use?

Intensity of Product coverage. Explain

What type of product-market matching strategy do you plan to use?

Which method(s) of transportation do you plan to use?

___road, ____ rail, ____air, ____sea, ____pipeline

Outline any changes from introductory plans you might make in the long run. This would include a redistribution of promotion budget, changes in pricing policy, changes in market segment to be reached etc.

Diagram your product life cycle approach and estimate the length of time during each cycle.

Explain the uncontrollable variables effect upon your product and defend your strategy against each of these factors.

Summarize your project and render a critique of what you have gained from this paper.

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COMPOSITION OF PROJECT

Using this extensive outline, you are to develop an in-depth report cover of the major areas provided in the outline.

Your final report should be divided into three major sections:

4

I. Introduction:

II. Discussion:

The first part of your paper should provide a background of your project, reasons for your choice of idea, and the various areas you plan on discussing.

A detailed examination of the areas you covered in the outline should be provided in this part. Provide a more in-depth overview as to the various areas that were cited in the outline. All areas covered are discussed in the textbook as well as in any marketing textbook. Allow yourself sufficient time so that your final paper is a creative venture.

III. Critique and Summary:

The concluding portion of your project should be a review and summary of the major aspects discussed in your paper, as well as a critique of your own impressions as to what you derived from tacking this venture.

You many include any secondary or primary material which you have obtained.

Double spaced papers requested.

Please note that the product you are to market should be an original idea or a modification of an existing product that would make it an innovative product.

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