This assignment will deconstruct the marketing plan of a product that you consider to be innovative. In your analysis consider these questions: Does the product fulfill market needs – if so, what is the need? What is innovative about the product? How is the firm marketing the product? You will need to cite at least three reference sources for this product; one source may be the website of the company, others may be articles from magazines, newspapers, websites, etc.
Include the following topics in your paper:
- Introduction – what product did you select and why. What is the market need that this product fills?
- Target market – What is the target market for this product – describe? Be very detailed describing the demographics, psychographics, attitudes, etc.? How big is the market? Is it growing or shrinking, etc.?
- Product description – describe the product. (You may use photos or diagrams, but be sure to cite the source.) Include information about the company that is producing the product also. How big is it? How experienced is the company? Etc.…
- Pricing – include the total cost for the product. Is there a range of prices for various versions? Are there discounts? What else does the buyer need? (Ex: additional fees, shipping, warranty, installation, etc.) Are there any tax credits available for the buyers (i.e.: solar panels)?
- Distribution – explain how the product is both sold and distributed. Where can you buy it? Is it regional, national, or global? (Ex: Stores, websites, distributors, etc.)
- Promotion – describe the promotional tactics that are used for the product. Are there ads on TV, radio, banner ads, websites, endorsements, etc.? (At least three should be analyzed)
- Summary – What is your final opinion of this product and its marketing? Explain.
- Reference page
This paper should be 4-5 pages plus a reference page/cover page and written in APA format. Write in the 3rd. person since this is an objective research paper. All research papers must include reference citations in the body of the paper and a reference page.