For your first phase of the Final Culminating Task (FCT) you will create a New Product Concept.
For your second phase of the Final Culminating Task (FCT) in BMI 3C, you will conduct a SWOT analysis of the product and analyze its industry and competition
1. SWOT ANALYSIS
Develop a SWOT ANALYSIS of your idea. The SWOT analysis outlines the product's greatest Strengths, Weaknesses, Opportunities, and Threats. The SWOT should include each 2 points for each category.
2. INDUSTRY (1/2 page)
- Describe the industry (ex-technology, fashion, food, housing, etc...) that your products belong to.
- Examine the current trends in this industry and how it will affect your product.
3. COMPETITION (1/2 page)
- List at least one direct competitor and their strengths and weaknesses
- List the implications. ex - What does this mean for your company? How will the competition affect my product concept? (2 general statements)
For your fourth phase of the Final Culminating Task (FCT) in BMI 3C, you will develop your overall marketing strategy which includes amission statement, marketing objective, pricing strategy, and promotional strategy
1. Mission Statement (1-3 sentences)
- List the mission statement of the business
- the marketing mission statement is a positive method of how you are going to deliver your products and services
2. Marketing Objective (1-3 sentences)
- You must list atleast onemarketing objective that is:
Clear, measureable, and has a stated time frame for achievement