Company: Starbucks New Product: Starbutts Jeans
Assignment 1
Marketing Plan
Create a company name and decide what real business world industry it operates in.
Create a new and unique (not already offered) product or service the company will be launching.
Obtain your instructor's approval for the team's product or service before beginning this project by having one team member private message the instructor what the team has decided on.
Create a minimum of 1,050-word report covering the following:
- Describe the organization, who are they, what industry they operate in, their mission and values, as well as what makes them different from other organizations.
- Explain your new and unique product/service and include packaging, labeling, and warranty if applicable. How will this add value and differentiate the brand and product from the competition, while encouraging the target market to buy?
- Identify your target market and what segmentation criteria you use to identify it.
- Prepare a SWOTT analysis.
- Identify and describe the top three real business industry competitors for your company and how your company's brand is positioned in comparison.
Identify each team member's contribution and create timelines Company: Starbucks
New Product: Starbutts Jeans
- Discussions on mission statement, values, target market, and industry competitors to be complete.
- Byron McClure: Describe the organization, who are they, what industry they operate in, their mission and values, as well as what makes them different from other organizations.
Assignment 2
Develop a minimum 1,050-word analysis addressing the following:
- Conduct an environmental scan for your company focusing on which of the five external forces the company is likely to be impacted by and what actions they will need to take to overcome them.
- Select and describe the price strategy your company will use to launch its product/service. Why is that strategy the best choice and will it need to be adjusted over the duration of the Product Life Cycle (PLC)? Why or why not?
- Select four of the following methods and explain how they should be used by your company. Explain the reasoning why they align best with your target segment and product:
o Advertising
o Public relations
o Traditional Digital marketing
o New Digital marketing techniques (describe)
o Sales promotion
o Direct marketing
o Event marketing
o Outdoor
- Analyze how your company will implement the New-Product Development Process (seven stages) to bring your product/service from concept to commercialization.
Identify each team member's contribution and create timelines - Discussions on external forces, price strategy for launch, 4 methods for marketing, and new product development process to be complete by Thursday 3/2.
- Individual assignments due no later than Sunday 3/4 12pm Central time.
- Byron McClure: Analyze how your company will implement the New-Product Development Process (seven stages) to bring your product/service from concept to commercialization.
Idea Generation
-Researchers identifying customer needs
-Instead of focusing on how to improve product, focus on product category
Screening
Separate ideas from those without merit
Concept Development and Testing
Measurement of customer attitudes and perceptions relative to product