Chapter 2Market Penetrationmarket Developmentprodu
The following parts are required with the points allocated persecution.
1. Name of product and description of product
2. Product Category – Size of product category (dollar or unit sales) and the major competitors. What is the market share of the major competitors and your brand? What other information can you provide which can help to understand what is happening in the market.
3. Target Market – Describe the target market using market dimension variables. These are segmentation variables such as demographic, psycho graphics, behavioral or geographic.Only two or three sentences to precisely describe the typical user using these variables.
4. Explanation of the need that this product fulfills as it relates to specific target market. Is it a “Me Too” imitator? How is it different from other product brands in the target market. This should also include the product positioning.
5. Marketing Mix –
Product Offering – Things that should be included, name, features/attributes, packaging and any other things that makes this offering unique and increases its ability to satisfy target market needs. What phase of product life cycle is the brand? Picture of product should be included.
Distribution – Explanation of distribution system – direct or indirect. Name the major type of intermediaries if indirect.
Pricing – Give price per package. Explain pricing strategy. What is the markup % at the retail level? (Hint: ask manager at the store).
Promotion – Explain all the promotion mix elements currently being used to promote the product. Need to justify the reason different promotion mix elements chosen. Attached a link to a commercial video would be something good to do for presentation.
Market Opportunity Matrix – Explain the primary growth strategy that has been used to grow and sustain this brand in the past 5 – 10 years. Provide justification. Read about types of opportunities in Chapter 2
Market Penetration
Market Development
Product development
Diversification
Submit written report with all the sections identified. This report must be professional looking and documented.