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ASSIGNMENT INSTRUCTIONS:
You will now compile your comprehensive marketing strategy for your innovative product’s market entry. PLEASE READ THE ATTACHED WEEK 5 ASSIGNMENT TO COMPLETE THIS ASSIGNMENT.
Include the following items in your marketing strategy:
1. The Executive Summary – Provide a concise outline of your marketing strategy here.
2. Background – Concisely share your (i) business goals, (ii) marketing goals, (iii) financial goals, and (iv) challenges.
3. Market Analysis – Concisely describe your (i) strengths, (ii) weaknesses, (iii) opportunities, and (iv) threats. Also include a descriiption of (a) the market size, (b) market segments, and (c) any external factors that can impact your market (e.g., economic, seasons, etc.)
4. Target Audience – How many different segments will you target?
5. Describe the demographics, lifestyles, purchasing power, buying patterns, etc. for each segment.
6. Competitive Analysis – in Week 5, you studied two competitors.
7. Innovative Product description
8. Pricing Strategy – select the one most appropriate from the two discussed in week 5
9. Distribution Strategy – share what you discussed in Week 5 assignment
10. Promotional Strategy (including the message) – share what you discussed in Week 5 assignment.
Compare your marketing strategy with the strategies of the 2 competitors you discussed in week 5. Evaluate the similarities and differences in their marketing strategy approach with the strategy you have developed for your innovative product. Use a table to display your findings.
Insert assignment instructions that clearly and concisely define what the student must do to complete the assignment. Refer to the School Design Guide for additional assignment expectations.
Length: 11 pages, not including title page and reference.
References: Include a minimum of 5 scholarly references.
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards.
HOW TO WORK ON THIS ASSIGNMENT (EXAMPLE ESSAY / DRAFT)
INTRODUCTION:
This comprehensive marketing strategy is aimed at introducing a new innovative product into the market. The objective of this assignment is to outline a detailed marketing strategy that will guide the successful market entry of the product. The marketing strategy will cover all the essential elements of a comprehensive marketing plan, including the Executive Summary, Background, Market Analysis, Target Audience, Competitive Analysis, Innovative Product Description, Pricing Strategy, Distribution Strategy, and Promotional Strategy.
ASSIGNMENT INSTRUCTIONS:
- Executive Summary: Provide a brief and concise summary of the marketing strategy, outlining the key elements of the plan.
- Background: Discuss the business goals, marketing goals, financial goals, and challenges that the company faces in introducing the innovative product.
- Market Analysis: Describe the strengths, weaknesses, opportunities, and threats that the company faces in introducing the product. Additionally, provide an overview of the market size, market segments, and any external factors that could impact the market, such as economic and seasonal factors.
- Target Audience: Specify how many different market segments the company will target and describe the demographics, lifestyles, purchasing power, and buying patterns of each segment.
- Competitive Analysis: Analyze the two competitors studied in Week 5, comparing their marketing strategies to the strategy being developed for the innovative product. Use a table to display the similarities and differences in their marketing strategy approaches.
- Innovative Product Description: Provide a detailed description of the innovative product, highlighting its unique features and benefits.
- Pricing Strategy: Choose the most appropriate pricing strategy from the two discussed in Week 5 and explain the reasoning behind the choice.
- Distribution Strategy: Discuss the distribution strategy that was discussed in the Week 5 assignment.
- Promotional Strategy (including the message): Share the promotional strategy, including the message, that was discussed in the Week 5 assignment.
- References: Include a minimum of 5 scholarly references to support the arguments made in the essay.
EXPECTATIONS:
The completed assignment should meet the following expectations:
- Address all of the assignment requirements
- Exhibit evidence of concept knowledge
- Demonstrate thoughtful consideration of the content presented in the course
- Integrate scholarly resources
- Reflect academic expectations and current APA standards
CONCLUSION:
In conclusion, this comprehensive marketing strategy will guide the successful market entry of the innovative product. By covering all the essential elements of a comprehensive marketing plan, this strategy will ensure that the product is introduced effectively into the market, addressing the business goals, marketing goals, financial goals, and challenges that the company faces.
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