If you built a brand of carbon fiber bikes and are launching a new product, answer these questions Part One: Introduction For your Marketing Planning introduction, define products and services as well as compare and contrast their similarities and differences. Part Two: Prompts and Guiding Questions Please answer the following prompts and guiding questions regarding your team's product: New or Existing Product Identify whether or not this is a new product? If so, what type of new product category would you classify it under? Type of Consumer Product Once you have established if it is a new or existing product, you will need to identify what classification of consumer product it falls under: convenience, shopping, specialty, or unsought. Explain why you feel it belongs to this classification. Product Items, Lines, and Mixes Next, you will want to identify if this is part of a product line and/or product mix. After you have determined that, research whether your product has had any adjustments recently made to it or identify if there are plans to make any adjustments (i.e., product modifications or expand it into a product line extension). Product Life Cycle Keeping modifications and adjustments in mind, where does your product fit within the product life cycle? Is this position stable or do you foresee a shift in the next 2, 5, or even 10 years? Product Branding The next phase is to explore your product's branding: Does your product have a brand name or brand mark? Does it have a slogan or catch phrase? What type of brand equity and brand loyalty does your product have / instill with customers? Is your product domestic or is it a global brand? Thinking ahead a bit towards advertising, are there any products that you could co-brand? Packaging Although we will discuss this in more depth when we explore distribution, you should begin to think about your product's packaging and labeling: What is the rationale for why you are making these packaging/labeling choices? If your product is international, what are some of the changes you might have to make (packaging, brand name, brand mark, etc.)? Warranty Finally, does your product have any type of warranty? If not, why not? What does this say about the quality / reliability of your product in both your eyes and the consumers? Part Three: Final Artifact and Reflection Summarize the considerations your team made when developing your product (i.e., summarize the work you did in Part Two into a cohesive paragraph describing the product you are marketing). Conclude your planning document by providing insights you gained from this assignment that you had not initially gleaned from the course material or textbook reading