Question

This assignment is an opportunity to think like an entrepreneur. Taking into account trends in the market place, you will identify a new product/service idea. Applying the concepts you are learning in this course, you will develop a marketing plan to launch the new product/service.

Assignment Instructions

Working in small groups of three students, you will come up with an idea for a new product or service. You will then develop a marketing plan for this new product/service.

Instead of writing a marketing plan in a report format, you will provide answers to a number of questions. The assignment is divided into two parts so that work on the assignment can be better spread throughout the term. When developing your marketing plan, you will bring in theory from the textbook in addition to your own ideas. You will also need to undertake some secondary research in order to answer some of the questions. Bringing in information from your textbook and using other outside sources will require you to use proper APA in-text citations and references.

A marketing plan can often be divided into two parts: the situation analysis and the plan itself.

The Situation Analysis

The situation analysis portion of the marketing plan for a new product/service includes external influences, market analysis, and competitor analysis. Compiling this information will allow you to complete a SWOT analysis.

New product/service idea

Identify and describe your new product/service.

External Influences

Identify and explain three relevant trends from Chapter 2, which you should take into account when developing your marketing strategy. Be sure to explain why these trends are important.

Market analysis

Is there demand for your new product/service idea? How do you know?

What estimates can you make about the size and growth trends of the potential market (growing, stable, or declining)?

Hint: You will need to bring in outside information for these questions.

Competitor analysis

Who is selling a substitute product? Are these companies direct or indirect competitors?

Who is the market leader? How would you characterize the competition in the industry?

Pick one competitor: describe the competitor’s marketing mix.

Differentiation

How do you plan to stand out from the competition? What will you offer to differentiate your product/service from your competitors?

SWOT analysis

Given the answers to the questions above, conduct a SWOT analysis for your company and its new product/service.

Answer 1

The explanation of the above qmentioned in below images