Group Project 25 Points Marketing Plan For A New Product

Group Project (25 Points)

Marketing Plan for a New Product

This project involves developing a
marketing plan for the introduction of a new product into the Qatari Market.
Your group will prepare a marketing plan for introducing a new product with an existing
brand name. Remember that you need astrategic advantage (i.e., how your product
is differentiated form existing products in addressing your customers’ needs
and wants?)

Important
Dates:

Phase 1:
Forming the Groups and Submitting Proposed Ideas

Students are to form groups of 4-5
members. Members of the group should vote for a team leader who is well
organized, responsible and willing to take initiative. The group leader will
have the following responsibilities:

1.
Distributing
the work on team members.

2.
Submitting
progress report every two weeks.

3.
Uploading any
files on behalf of the group members to Blackboard.

Every team should submit a short
report, not exceeding one page, on three ideas for new products. After the
instructor’s’ approval the team can then proceed with the next phase of the
project.

Phase 2: The
company, External Environment and the Market

1.
Identify the
mission statement of the company you chose to work on. Remember that the
mission statement identifies the role of the company in the society and defines
the company’s customers,Markets,products and technology. (Chapter 2)

2.
Identify the
marketing research used in the project. Remember that all of the sections in
the report need to be supported with credible sources of data. Thus in this
section you will identify: (Chapter 8)

a.
The sources of
secondary and primary data used.

b.
For primary
data, you need to identify which method you have used (e.g., focus groups,
in-depth interviews, surveys)

c.
Explaining what
the data from each source was used for(objective ).

3.
After studying
the external environment (CREST) you must conduct a SWOT analysis. The
opportunities and threats are identified from your analysis of the external environment(social,
economic, technological, competitiveness and legal), while internal environment
can be analyzed through strengths & weaknesses( Chapter 2 & 3)

4.
Then you are to
apply the STP process to you product. (What are the different segments in the
market, which ones will you target and why, and what is the positioning that
you will occupy). (Chapter 9)

a.
You first need to identify what your broad market is. A market is
set of all potential buyers with both the desire and ability. You have to
strike a balance between making sure it is not too broad or narrow. For
example, it might be too broad to say that Toyota is in the transportation
market, but might be more appropriate to say it is in the automobile market.

b.
Next, you need
to identify market segments using segmentation bases (page). For example, let’s
assume we are conducting a segmentation study for the skin care market. Let us also assume that we will use two
variables:

This will result in the followingfour
segments.

c.
Next you want
to develop profiles for each segment profile. You will provide detailed
descriptions of each segment profile. Describing them in terms of their needs,
behaviors, preferences, demographics and shopping styles etc..

d.
Next you will
evaluate the attractiveness of each segment and select your target market. You
will evaluate attractiveness based on several factors like market size,
expected growth, competition, cost and compatibility with the organization’s
resources.

e.
Finally, you
write your positioning statement. Here’s a basic template for writing a
positioning statement:

f.
For [insert
Target Market], the [insert product] is the [insert Point of Differentiation]
among all [insert Frame of Reference] because [insert Reason to Believe].

i.
The point of
differentiation (POD) describes how your product benefits customers in ways
that set you apart from your competitors.

ii.
The frame of
reference (FOR) is the segment or category in which you compete.

iii.
The reason to
believe is just what it says. This is a statement providing compelling evidence
and reasons why customers in your target market can have confidence in your
differentiation claims.

Example:

For
World Wide Web users who enjoy books, Amazon.com is a retail bookseller that
provides instant access to over 1.1 million books. Unlike traditional book
retailers, Amazon.com provides a combination of extraordinary convenience, low
prices, and comprehensive selection.

5.
You must
develop a marketing strategyof your product through the marketing mix
( 4p’s )

a.
Product: a good, service or idea to satisfy the consumer needs. Points that
must be addressed in this section: (Chapter 10 and 11)

i.
What is the
type of the product (convenience, shopping, specialty, and unsought) and how
does this affect

ii.
What will the product
look like? Show us a prototype.

iii.
What is the
product life cycle of your product’s category? And how does it affect your
marketing?

iv.
Do you expect
quick consumer adoption?

b.
Pricing: what is exchanged for the product (Chapter 13 and 14)

i.
What is your pricing
objective? And why did you select it?

ii.
What pricing
strategy/method are you going to adopt? And why did you select this
strategy/method?

iii.
What is the
price to be charged for your product? On what basis did you determine the
price?

iv.
What are the
prices of your competitors?

c.
Place:a means of getting the product to the consumers. (Chapter 15)

i.
Draw your
distribution channels

ii.
How many
distribution outlets.

iii.
Location of
these outlets.

d.
Promotion:a means of communication between the seller and the buyer.
(Chapter 17)

i.
Which elements
of the promotional mix will you use?
And why?

ii.
What are your
promotional objectives?

iii.
What are the
obstacles you are likely to face you?

Final Report Format

A 12 point font should be used for
the text and 14 for the headings with double spacing. Do not use more than two
colors in the report.

1.
Cover Page
(University Names, company/brand name, names of the group members and their IDs
and the date of submission). You need to have a cover page for every phase your
submit

2.
Table of
contents with page numbers

3.
Introduction
about the company you chose and its mission statement. (1 to 2 pages)

4.
Marketing
Research. (1 to 2 pages)

5.
External
environment analysis (CREST) (1 to 2 pages)

6.
SWOT analysis
(1 to 2 pages)

7.
Segmentation, Targeting
and Positioning (3 to 4 pages)

8.
Marketing
strategy (4ps) (3 to 4 pages)

9.
References

10.
Appendix (If a
questionnaire is used then it should be included here)

2
Points are deducted for not submitting each of the following:Introduction, the reference, cover page, table of contents.