Marketing Assignment
In this exercise we ask you to come up with an idea for a new wearable device (i.e. smart watch) and to develop a strategic marketing plan to launch this product.
I. Introduction (1/2 page to 1 page) - Briefly introduce the project and how you have chosen to structure the paper.
II. New Product Concept (1-2 pages) - Introduce your new product concept. Give it a name. What are its features? What consumer needs/wants does it address?
What benefits does your wearable device offer consumers? Why do you believe this product will succeed in the marketplace?
III. Marketing Analysis. (2-3 pages) What is the market context? What are the key trends shaping consumer attitudes and behaviours towards wearables in general, your device in particular? Who are your competitors? Who are your potential collaborators?
IV. Creating Value (2 pages). Discuss your recommendations for the segmentation, targeting and brand positioning of your new wearable device. Develop a brief outline of your core target consumer.
V. Capturing Value (5 pages) Your launch strategy will involve making decisions about the 4P's:
i. Product - What is the full value proposition for your device?
ii. Price - What is your pricing strategy? How does this compare with any similar offers from competitors?
iii. Place - What distribution strategy will best support the launch of your device?
iv. Promotion - What are your recommendations regarding communications with your target market? How will you generate awareness, stimulate product trial and sales?
VI. Sustaining Value (1&1/2 pages). Once your device has been successfully launched, how do you plan to engage with existing consumers on an ongoing basis, and how might you reach new consumers?
VII. Conclusions (1/2 page). Summarise your key points.
VIII. Appendices
IX. References.
Format your assignment according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.