For example, a natural foods company may need to begin offering an online ordering system or a local delivery service to remain competitive. If you discover a market exists for a new natural food product that is desired in other countries but not readily available there, this might be a good product to recommend adding, but it is your task to determine whether it is feasible.
For this task, select a real-world or fictional business from the list below:
restaurant
computer store
fitness center
bank
movie theater
apparel store
business of your choice - with approval of your course mentor
Note: Any information that would be considered confidential, proprietary, or personal in nature should not be included. Fictional names could be used instead of the actual names of people, suppliers, the company, or other identifiable information. Also, company specific data, including financial information, should not be included, but should be addressed in a general fashion as appropriate.
Requirements:
A. Develop a proposal for a global strategic marketing plan for a business chosen from the introduction to add two new products and/or services in which you do the following:
1. Identify two new products and/or services for the company to add.
a. Discuss three ways you determined that these products and/or services would be the most feasible and potentially profitable for the company to add.
b. Explain one competitive advantage to the company that will be attained by offering each new product and/or service.
2. Recommend the channels you would use for both mass media and social media.
a. Justify why you chose those channels based on market segmentation.
3. Determine the pricing structure based on the following points:
- consumer preferences of the real-world competition
- marketing analysis of the real-world competition
4. Discuss the customer relationship management system you prescribe to track product inquiries and sales.
5. Discuss the inherent risk(s) associated with launching the new products and/or services.
6. Discuss the risk(s) associated with not launching the new products and/or services.
B. When you use sources, include all in-text citations and references in APA format.Note: For definitions of terms commonly used in the rubric, see the Rubric Terms web link included in the Evaluation Procedures section.