Assignment:
The product we sale is a wearable device like the apple watch. You can use the apple watch to do the research, but don't say it apple watch.
Market Description
Describe your ONE target market segment in detail, approximately 6-7 lines of point form writing. Make a chart to show the Customer Needs and Corresponding Feature/Benefit for that segment. State briefly why you chose this target market. State specifically what "gap" in the market you are filling, that is, how your product is better than what is currently being offered by the competition.
For simplifying exercise, make this target market as narrow as possible and choose ONLY ONE very narrow specific target market. Obviously in the "real world" you well might target more than one market, but for every market there must be a full analysis, so this assignment requires that you choose only ONE target market, partly to limit the amount of work you have to do.
Include a "gap" statement. The "gap" statement relates to competition as well as customer needs. Be sure that what you later write about the competition matches what you say here about the gap. This gap should be a very brief and concise statement of what is not out there that you think there is a need for. Don't just list your product and all the great things it does. Explain where it fits between what is out there and what is not but that there's a need for. This will lead later into your discussion of the competition and eventually of your strategy.
Product Review
Summarize the main features of all the company's products. State what other products your company produces, including what it is, what it costs, and who buys it, and describe briefly where the new product fits into your existing product line.
Read about the Boston Consulting Group for some ideas on this; do not use the BCG model word for word, just what may apply to your company's products. This is not a description of your product; you will do that in the Strategy section; this is a brief description of the rest of the products your firm produces (maybe there are none; if so, say so) and how your new product fits in with ones you already market.
Competitive Review
List the three major competitors you will face when trying to market this product, and briefly state each one's general market position and their strategies. Do this in list form (1.2.3.) with "Position" and "Strategies" clearly labeled for each company:
Keep these short, terse, concise. Remember that even if you have what seems to be a "new" product that never existed before, there will always be competition; you just need to figure out what it is. For example, if you invent a device that will automatically vacuum your car floor while it is parked and nobody else produces such a thing, your immediate competition is items that do essentially the same thing such as an attachment for the household vacuum or a small vacuum that plugs into the cigarette heater. If you invent something that really seems to have no direct competition, your competition would be anything else that someone could spend money on. There is ALWAYS competition.
The competition section of the Plan should give you a good picture of what you are up against -- your three main competitors and what are they doing out there that you had better know about. The Internet can be a good place to find descriptions of other companies' market position and strategies. You also can find these out by observing the product and its packaging and advertisements.
Distribution Review
Briefly evaluate the current types of channels used to distribute products like yours and comment on how effective they are. Describe broad recent trends in sales of things similar to your product. State in 1 - 2 lines how you will probably sell your product - the place where it will be offered for sale.