Address the questions in the following sections in order to complete your paper:
Section 1: Segmenting Your Product - Market
Length: 2 pages
- Provide and discuss the current product’s identification and information (eg. Name, location, size, logo, symbols, insignias, models, etc.) and demonstrate how this information will relate to your selected product.
- Segment what you believe to be the current market population related to this product category relative to, but not limited to, demographic, psychographic, and behavioral factors such as (Age, sex, income, occupation, life style, factors, activities, interest, values, segment size (in terms of number of potential customers) and physical location of potential customers, typical quantity purchased in a single purchase, etc. and how this segmentation might change relative to your new product offering. Use research to support your numbers.
- Discuss your plan to increase overall market size (all segments in general) in your product category’s overall market.
Section 2: Targeting Your Product - Market
Length: 3 pages
- Clearly identify, describe, and prioritize the current primary target market segments for the existing product (clearly describe main consuming group major attributes---a table or graphic portraying the attributes of each segment would be appropriate).
- Identify and describe how these targets might change for your new product offering and why.
- Identify which segments you would target and indicate how these segments are different from those segments targeted by the existing/competitive product and why.
- Relative to your NEW product offering, clearly describe the product category life cycle stage in which your new product resides and briefly describe the marketing mix (4Ps) that pertains to your new product in that stage.
Section 3: Positioning Your Product - Market
Length: 3 pages
- Identify and explain the major points of difference and points of parity regarding your new product and competitive products.
- Identify and describe the most important differentiating product features and how they relate to the benefits they provide to consumers.
- Based on the two major product category attributes, describe your new product’s value proposition and how you will position your new product in the minds of potential customers.
- Identify and describe the most problematic issues that you might face while attempting to enter this product category market with you new product offering and why these issues will present problems.
Section 4: Ethical Issues in Marketing Strategy
Length: 2 pages
- Select one of the following topics: Marketing to children, Marketing cigarettes, Marketing marijuana, Especially targeting population segments with potentially questionable products, or Targeting different segments with product offerings that are priced significantly differently that do not have significantly different product attributes.
- Discuss whether your selected topic represents an ethical or non-ethical business position.
- Compare and contrast your selected ethical position with the opposing ethical position. Base your arguments on your assessment of at least two factors that will influence the long-term, successful market future of your selected marketing strategy.
- Briefly suggest whether your analysis changed your initial ethical perspective and why.
Address the questions in the following sections in order to complete your paper:Section 1: Segmenting Your Product - MarketLength: 2 pagesProvide and discuss the current product’s identification and information (eg. Name, location, size,...
