PROJECT COMPONENTS.pdf

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PROJECT
COMPONENTS

 

1. Team Formation  

The list of team
members must be submitted to your professor either in class or via email before
the class starts on the date specified in the schedule section.  Ideally, five students (NOT MORE) will
constitute each team. Any class member whose name is not on a team list
submitted by the aforementioned deadline will be placed on a team.

 

2.
Identification of New Product/Service
             

  

A)  
Using either an external source of
information or your own brainstorming, describe a new product or
service that your team would like to introduce into the Maryland and/or United
State market(s). What need is being served by the product or service you
selected?

Guidance:  This is the foundation for the rest of your
project throughout which you will simulate the real-life scenario and all the
relevant decisions and considerations associated with bringing your chosen idea
to market.  A five (5) or six (6) line write-up
of your idea ?sufficient for the professor to understand its essence and
components ? is what must be
submitted for the approval.  Approval of
your proposed ?idea/product? for the project may be refused for any of the
following reasons:

1) the
product already exists in the US market; or

2) the
product has been the focus of a previous project; or

3) (rarely invoked) the likelihood
of completing the project in a timely fashion is considered by your professor
to be low due to: the technical complexity of the product, the likely scarcity
of information that would be helpful, etc

 

B)   
Why do you think this product/service
would be successful?

 


3. Segmentation,
Targeting, and Positioning  

 

A)  
Identify two potential and viable
target markets for your product/service. (Make sure that at least three
different segmentation variables of each segment.

Guidance:  Remember that a target market profile is a
statement of the description of the group of consumers that you will be
targeting.  This should be expressed in
one or two sentences, and should include an array of descriptives representing
at least three of the four categories of segmentation variables we learn in the
course.  After the complete profile is
presented (i.e. in one or two sentences), the treatment here should direct
itself to explicitly showing how each category is represented. Make sure that
the profiles presented are quite distinct from one another. (N.B. Should the
team choose a business-to-business good/service for the project, they will have
to familiarize themselves with the array of segmentation variable categories
for business-to-business products)

 

B)   
Which target market would you choose to
pursue? Why?

Guidance: Select from above the target that
you believe is best and convince the reader why that is so. Consistent with the
idea of being most effective and successful in securing ?buy-in? to your
recommendation, please direct more prominence and attention to the target that you
are recommending than to the one that you are NOT recommending.

 

C)    What is the value proposition of your product? How
would you differentiate your product from competitors? products/services?

 

4. Complete Marketing
Plan  

Outline specific
strategies and tactics for each marketing mix element. Support your
response in each instance.
The format may be of your choice. A logical
format will be recommended. Use whatever is most comfortable to the group.

Guidance: What
is expected here is that the team will provide specific and detailed tactics
relating to each of the decision areas for each of the four components of the
product?s marketing mix (product, price, place and promotion). A very brief
supporting rationale for each tactic should be provided. This section
constitutes the specific action plan for your product. The following should be
kept in mind as your team develops this section: 1) everything here depends
upon and devolves from the target market that you chose earlier all the tactics
that you adopt should be very consistent with one another and with the overall
strategy for your product (i.e. target selected; value proposition;
positioning; etc)

 

 

TERM PROJECT: WORK
COMPLETION SCHEDULE

Team Task

Actions
required

Team Formation

Inform your instructor

Identification of New Product

Official approval required

Segmenting & Targeting

No official feedback
necessary

Marketing Mix

Submit written project

 

The
complete written project will be submitted on week 13. It will include all
components detailed above.   Below is the
required format (using 1? margins,
single spacing, and font size 12):

 

Title page
with team members? names                       (1 page)

Table of
Contents (1 page)

Identification
of New product/service                         (1 page)

Segmentation,
Targeting, and Positioning                   (2-3
pages)

Marketing
Mix                                                              (Maximum 3-4 pages)

Bibliography
(No limits)

Appendix
(No limits) 

Thanks

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