Your team is looking for a way to make some revenue as either a for-profit or not-for-profit organization. This organization can market locally, nationally, or internationally, and can be a privately-owned company or a franchised organization. Your team will decide what product to sell.To make the endeavor work, you will have to define a marketable form of your product and decide on a target market.
Your marketing team’s mission is to prove through research, strategy development, and reasoning why this form of this product is viable and will meet the company’s goals.Your teammust complete this worksheet toreport on the following:
Complete the Following
Select a company name and determine the real business world industry of operation.
|Company Name||Industry of Operation|
Describe the new and unique product that will be launched by your companyin no more than 90 words.
Complete the chart describing your organizationin no more than 90 words.
|Industry of Operation||Mission and Values||How Is Your Organization Different from Other Organizations?|
Identify the composition of the target market and segmentation criteriain no more than 90 words each.
|Composition of Target Market|
|Segmentation Criteria Used in Identification|
Describehow you will define the product to your target market (includinginformation on packaging, labeling, etc.) in no more than 90 words.Determine how this adds value and differentiates the brand and product from the competition while encouraging the target market to buy.
|Definition toTarget Market||Differentiation|
Compareyour company with industry competitors in no more than 90 words for each competitor.
|Top Business Industry Competitors||Your Company’s Positioning|
Define the pricing strategy that you will use for the introduction of the productin no more than 90 words.
Discuss the maturity life cycle stages of your productin no more than 90 words for each stage.
|Stage of Maturity Life Cycle||Discussion|
Describe how you will use suppliers, agents, or distributors to create your distribution channelin no more than 90 words.