A New Idea!
Upon completing the assigned reading for Chapter 9, the following activity is to be done individually. When complete, place in A New Idea! Drop Box found in Week 2. The instructor will review, provide you with specific comments, and post your points online.
The U.S. Census:
The United States Census Bureau is an important resource for data about the people and economy of the United States. This data is gathered every 10 years on all states and is provided online free of charge. This tool is one of the valuable resources used by marketers. Please take some time to familiarize yourself with this site at www.census.gov to see what types of information you can obtain.
Activity Instructions:
Select one new product idea from https://www.inewidea.com. You are the marketing consultant and are charged with the task to increase awareness and sales for this product. As you consider the purpose, use, function, details, and specifications of this product determine who you would identify to be your target market and what state you would begin to introduce this product in. Then address the following questions in your paper:
1) Identify and describe the product selected
2) List the state you will introduce this product in and why you selected this choice.
3) Provide a demographic snapshot of your target market (age, income, education, etc) in the state selected by following the
instructions below:
On the home page of www.census.gov locate "QuickFacts" on the left side of the home page
Select a State
You can further view the demographic information by selecting a specific county or city you will use to launch your product if you choose to do so
You can "drill down" to more detail by clicking the yellow bar highlighted in the upper right hand corner that reads, "Browse data sets for (city)"
Then select the choice in blue that reads, "General Demographic Characteristics"
A detailed Profile of the Area Demographics will be displayed. Share some of these statistics in your written paper.
4) Outline how you would use product/service differentiation to appeal to your identified target market. Identify three ideas. Again...think out of the box! Propose something different then what has already been done. With product/service differentiation you are doing something different with the marketing mix (product, place, price and promotion). Be sure to clearly explain by providing examples of your ideas.
5) Now that you have identified three ways to differentiate your product/service, how would you position your product/service to appeal to this target market? Develop a positioning statement. Remember these are the words that come to the consumers mind when they think of your product. Further information on positioning can be found in Chapter 9 of your textbook.
6) Identify which promotional mix activities (identified on page 435, figure 17-2) you would implement and explain how you would use them to appeal to your selected target market. Again, please be specific.
Written Paper: (Please be sure to include your name on the paper)
To help you organize your thoughts, below is an example of how you can write and present your 2-3 page paper.
(Paragraph One) Identify and describe product selected including the state you will be launching this product in and why it was selected.
(Paragraph Two) Demographic Profile of Selected Area
Provide a "snapshot" of the city you have selected. This should include demographic information that you can obtain from Census that displays such information as total city population, income, age, etc. and any other information on the area that will clearly explain your target market. Consider using some of the website resources that the instructor has provided in Lesson 2 found under the "Multimedia" folder.
Either in three separate paragraphs OR in a table format like below address questions 4-6 on differentiation, positioning and promotions.
Product Differentiation
List and describe at least three "out of the box" ideas that you will implement to increase awareness and sales for your product. Please be sure to clearly explain your ideas.
Production Positioning
Identify a "positioning statement" you want your target market to think of when your product comes to mind.
Promotions
List and explain what promotions you will use to reach your target market. Please be specific.