Team project - Marketing plan Gresp Project and Presentation The parpose of this project is to deepen your understanding of the muin concrpts learned during the course and to give you the opportunity to apply them in your own marketing plan. Requirement In groups of 6 students. yos will be required to develop a marketing plan for a new product or service concept. Background information Assume that you are the marketing manager at a company. For the coming year, your company aims to launch a new product or service to diversify its current poetfolio and benefit from new opportunities in the market. Yoe are asked to develop a marketing plan for this new product/service. The new product can be an extension of an existing product line for your company. It can also be altogether a new brand, which offers diversification opportunities for your compuny. The product can be offered to launch in the curreat market of operations or a pew market. Please keep in mind that this new concepe mast 6 t with the eusting company mistioe and is consistent with its current product portiolin. Classwork for the project preparation To ensure that all groups advance at a similar level, in-class time will be reierved at the end of each topic to allow you to ese the acquired knowledge in your marketing plant. Participation in class discussions is mandatory. Please note that the dicussions are fust to brainsterm ideas in groups about your new product and get guidance froen your professor. The time allowed in-class would not be sufficient to finish your marketing plan; therefore, you are expected to finalize the work outside class time. Al groeps must develop a complete marketing plas according to the guldelines given below. Your writtea report should contain: Title page - accerding to the University of Sharjah's guidelines (Doa't forget to write the ID and names of all the members of the group) Table of contents - Remember to insert page numbers on each page of the report 1. Executive sumuary: - 1-2 paragraph summary of your plan 2. Company description: - This section briefly preseats the company background, lines of business, mission \& vision, target market, competitive advantage, and the industry in which it operates. - The objective of the marketing plant to launch a new product/ service Ser realistic goals to achieve based en your cheice. 3. Situation analysis - This section presents an analysis of the busibess environment and the facters affecting your company. It also covers relevant trends and potential critical 2 4. Description of your new product/service concept - This section describes in detail your new product or service concept. Explain the goals and the rationale behind the product/service (why you think it will be profitable to develop, refer to the situation analysis), how it aligns with the current company portfolio. To build your arguments, you are encouraged to use secondary data from reliable sources or collect your primary data (short survey or depth interviews) 5. Marketing strategies: each of the following should be described as specifically as possible and with strategic justification. 5.1. Segmentation strategy \& potential target market - Describe the target market for the new product/service - Argue for bases for segmenting consumer markets - Explain the strategy for selecting target market(s) 5.2. Positioning \& differentiation strategy: - What is the planned positioning for the new product/service? - How it fits with the current portfolio? - How you will differentiate the new product/service from those competitors 5.3. Products strategies: - Describe Total Product - Three levels of product - Type of Consumer Product - Explain the choice of the brand name - Describe Product attributes, packaging 5.4. Pricing strategy - What is your suggested pricing strategy and the rationale behind it? 5.5. Distribution strategy - What is the channel of distribution for your product or service (online, traditional outlets, etc.)? Explain. - What is the intensity of distribution? Why? 5.6. Promotion strategy - Advertising sales promotions, public relation, personal selling, - Which method or combination of methods you plan to use and why. Be specific. 6. Social responsibility - Explain what your company plan to do in term of social responsibility if any 7. Concluding Comments 8. References \#\# You must submit a softcopy of both your presentation and report via Blackboard. \#ti Team project - Marketing plan Gresp Project and Presentation The parpose of this project is to deepen your understanding of the muin concrpts learned during the course and to give you the opportunity to apply them in your own marketing plan. Requirement In groups of 6 students. yos will be required to develop a marketing plan for a new product or service concept. Background information Assume that you are the marketing manager at a company. For the coming year, your company aims to launch a new product or service to diversify its current poetfolio and benefit from new opportunities in the market. Yoe are asked to develop a marketing plan for this new product/service. The new product can be an extension of an existing product line for your company. It can also be altogether a new brand, which offers diversification opportunities for your compuny. The product can be offered to launch in the curreat market of operations or a pew market. Please keep in mind that this new concepe mast 6 t with the eusting company mistioe and is consistent with its current product portiolin. Classwork for the project preparation To ensure that all groups advance at a similar level, in-class time will be reierved at the end of each topic to allow you to ese the acquired knowledge in your marketing plant. Participation in class discussions is mandatory. Please note that the dicussions are fust to brainsterm ideas in groups about your new product and get guidance froen your professor. The time allowed in-class would not be sufficient to finish your marketing plan; therefore, you are expected to finalize the work outside class time. Al groeps must develop a complete marketing plas according to the guldelines given below. Your writtea report should contain: Title page - accerding to the University of Sharjah's guidelines (Doa't forget to write the ID and names of all the members of the group) Table of contents - Remember to insert page numbers on each page of the report 1. Executive sumuary: - 1-2 paragraph summary of your plan 2. Company description: - This section briefly preseats the company background, lines of business, mission \& vision, target market, competitive advantage, and the industry in which it operates. - The objective of the marketing plant to launch a new product/ service Ser realistic goals to achieve based en your cheice. 3. Situation analysis - This section presents an analysis of the busibess environment and the facters affecting your company. It also covers relevant trends and potential critical 2 4. Description of your new product/service concept - This section describes in detail your new product or service concept. Explain the goals and the rationale behind the product/service (why you think it will be profitable to develop, refer to the situation analysis), how it aligns with the current company portfolio. To build your arguments, you are encouraged to use secondary data from reliable sources or collect your primary data (short survey or depth interviews) 5. Marketing strategies: each of the following should be described as specifically as possible and with strategic justification. 5.1. Segmentation strategy \& potential target market - Describe the target market for the new product/service - Argue for bases for segmenting consumer markets - Explain the strategy for selecting target market(s) 5.2. Positioning \& differentiation strategy: - What is the planned positioning for the new product/service? - How it fits with the current portfolio? - How you will differentiate the new product/service from those competitors 5.3. Products strategies: - Describe Total Product - Three levels of product - Type of Consumer Product - Explain the choice of the brand name - Describe Product attributes, packaging 5.4. Pricing strategy - What is your suggested pricing strategy and the rationale behind it? 5.5. Distribution strategy - What is the channel of distribution for your product or service (online, traditional outlets, etc.)? Explain. - What is the intensity of distribution? Why? 5.6. Promotion strategy - Advertising sales promotions, public relation, personal selling, - Which method or combination of methods you plan to use and why. Be specific. 6. Social responsibility - Explain what your company plan to do in term of social responsibility if any 7. Concluding Comments 8. References \#\# You must submit a softcopy of both your presentation and report via Blackboard. \#ti