Overview: You are a marketing team of 4-5 students for a consumer goods company. Consumer goods companies produce an array of products including:
• Food - frozen foods, refrigerated and dairy products, fish, cereal grain products, confectionery, baking and dessert products, snack foods, canned and bottled goods, dry grocery and pet foods
• Beverages - bottled water, milk, fruit juices, tea, coffee, soft drinks and baby formula
• Consumer Products - household cleaning, paper products, health, beauty and personal care products, infant care, over-the-counter, medical and household batteries
Companies that produce such goods include: P&G, Unilever, Kraft, or Campbell, just to name a few.
Each team will pre-select a consumer's goods company and then decide on a specific new product that they would like to introduce to the consumer market in preparation for this assignment. The team's company and new product must be pre-authorized by your professor by week 5 of the course.
Assignment Objective:
• Your team's objective is to create a new consumer good (product) for introduction to the Canadian Marketplace in 2015.
• Your team will complete market segmentation and also develop a comprehensive marketing plan to support the launch of your new product.
• This will include developing the marketing mix (4P's) which will integrate all appropriate elements of the course content into a finished report and group presentation to your peers and professor week 14.
Report Content Outline: As you develop your targeted marketing plan please ensure the following components are included in your analysis and professional report:
• Cover Page
• Table of Contents
• Problem Identification/Need Recognition:
Describe the unfulfilled want or need your product will address for the consumer.
• Market Segmentation
Identify the bases or variables to divide the total market into appropriate segments.
Clearly outline the targeted segment characteristics.
Provide a rationale for your targeted customer base.
• Marketing Mix:
o Product
You must include a product brand name and rationale.
You must provide a comprehensive description of the product.
"Categorize or classify" your new consumer good product based on standards introduced during the course.
Provide an overview of your packaging and labelling strategy.
o Place (distribution)
Explain the factors that you considered to determine your marketing channel(s)
Outline what specific distribution channel(s) you plan to utilize for your new consumer good (product).
o Promotion
You have $500,000 Canadian dollars to support your promotional plan which must align to your specific market segments.
First outline your promotional goals.
Include a detailed overview of the promotional plan working with the budget provided to support the initial launch.
You must also outline the rationale behind the selection of the promotional mix tactics that you have decided to utilize.
o Price
Establish pricing goals.
Estimate a demand forecast, costs and profits.
Choose a pricing strategy to help determine a base price.
Set the price by fine-tuning the base price with pricing tactics and explain your rationale.
• Team Contribution Page:
Outline the name of each team member and provide a comprehensive summary of the contribution that they played by outlining their respective accountabilities and deliverables.
• Reference Page