05 Oct benefits and attributes
Prepare a brief description /summary of the Product or Service your group has chosen for this group project. Students work together on all aspects of this paper but each student researches and writes a specific section. Group develops information on the following:
- Rationale for choosing this category and product. Why did your group wish to focus on this?
- All aspects of the Brand Description – what it is, how it works, brand category it is in
- Identify major product benefits and attributes
- Identify customer value proposition
- Identify brand price and how appropriate price is for brand based on benefits
- Define how it meets a consumer need(s), wants, desires on following levels:
- Economic
- Functional
- Psychological
- Describe the rationale as to how this brand meets criteria for customer satisfaction, customer retention and customer loyalty or not
- Target audience – Define primary and secondary audiences. Develop profile for customers (age, geography, gender, psychographics, economics. (Read Building A Marketing Plan pp. 31-57). Explain why this audience is relevant and will engage with product
- Describe what factors will influence the buying behavior of your target audience
- Develop Brand Positioning statement (Building A Marketing Plan – Chapter 6)
- Identify major competitors for this brand
- Develop a simple SWOT analysis chart
- Estimate the size of your actual market and revenue. Project potential market numbers and revenue in chart for next five years and discuss what you will do for this growth (or will it be stagnant or lose share? Explain?)
- Describe why this product is relevant to today’s consumer and to the current marketplace. Explain why it will be a success based on investment, innovation, market trends, customer relationship.
My work is doing the first 5 points:
- Rationale for choosing this category and product. Why did your group wish to focus on this?
- All aspects of the Brand Description – what it is, how it works, brand category it is in
- Identify major product benefits and attributes
- Identify customer value proposition
- Identify brand price and how appropriate price is for brand based on benefits
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