29 Jun BUSINESS 220-Create a marketing plan for a NEW product for an existing Fortune 500 company
Question
Marketing Plan Requirements:
Create a marketing plan for a NEW product for an existing Fortune 500 company. The new product may either be a real product that your chosen company does not currently offer (such as a snowmobile marketed by Ford Motor Company) or, it may be an imaginary, futuristic product (such as a solar powered car marketed by Ford Motor Company). You must include a minimum of two research citations from a written library source.
Paper should be a minimum of 2,000 words and maximum of 3,000 words.
Executive summary: a brief summary of the product and business positioning. This should be a powerful “selling of the product” section.
Current marketing situation. Include the following:
Type of business, i.e., specify whether retail, service, Internet, etc.
Description of product or service. Be sure to include:
Actual Product, i.e. features, brand, packaging, logo, etc.
Core Benefit offered by product
Other Benefits, i.e., warranty, delivery, 1-800 assistance, customer service, etc.
Comment on the general business environment/market structure which the business operates in or will be operating in, i.e., pure competition, monopolistic competition, etc.
Customer profile/target market (Select and describe those that apply)
Demographic Elements, i.e. age, gender, income level, etc
Geographic Elements
Psychographic Elements, i.e. personality, lifestyle
Behavioral Elements
Competition
Nearest direct and indirect competitors – identify at least three
Strengths and weaknesses of competitors
Assessment of how competitors businesses are doing
Description of the unique features of your product or service
Similarities and dissimilarities between your product or service and competitors
Promotional Strategy (Select and justify those elements that apply. Include in your strategy a discussion on the message that you wish to communicate to your target market)
Advertising
Print media
Radio
Television
Internet
Personal Sales
Public Relations
Sales Promotions
Direct Marketing
Channels of Distribution
Identify existing or proposed location and its associated
advantages and disadvantages.
Identify any applicable channel members (i.e. manufacturers, wholesalers, retailers) and describe their role in the distribution process.
Describe and justify your transportation method, i.e. rail, air, truck, ship, or pipeline
Describe and justify your distribution intensity, i.e., intensive, selective, or exclusive.
Pricing Strategy (Select and justify those strategies that apply)
Strategy Options:
Market Penetration Strategy
Skimming Strategy
Competition-based Strategy
Cost-based Strategy
Value-based Strategy
1) Explain your new product and the company you will team up with and why.
Answer) The product I am using is an imaginary product i.e. Speedo is a low budget car of
Volkswagen group. It has attractive design with a good styling like masculine SUV. Volkswagen
group is not only focusing on car making they are known for the services they are offering to
their consumers. Speedos have protruding wheel arches, it has a shape of masculine SUV, broad
body of the car justifies the name, and it has a very powerful engine with good mileage and
speed. Company engineers design a masculine body but also maintain the comfort, style, looks
and safety as their prime priorities.
The Volkswagen is big group in the automobile manufactures it is the largest car making
company in the Europe. Volkswagen has its headquarters in Europe (Wolfsburg). They not only
sell cars but they take care of the consumers as a whole by providing excellent services. The
sales of company are at increasing pace. It has increased from 9.7 million in year 2013 to 10.13
million in years 2014. They have earned yearly revenue through group sales is 202 billion pound
after tax in 2014.
I would like to team up with this company as they know the market, competitors and consumers
well. They design, price the product as per the needs of market. 2) Explain the current market situation surrounding your product/industry.
Answer) Market is flooded with the competitors of the Volkswagen. The competitors are such as
Toyota, Honda, Hyundai, Chevrolet’s, Kia Picanto. . Being in a competitive segment it is
important to do analysis of Micro and Macro environment. The product Speedo is a low budget
car satisfying the need of the consumer at low cost with high value. Market for low budget cars
is very competitive as companies are doing market research for the various essential features that
consumers are looking for in the car while maintaining the cost and profit ratio
Now a day’s companies are focusing on designing low budget cars keeping in mind the
consumers changing needs. Car is a necessity for every household like fridge, television etc.
There are various factors that contribute in the increase in demand for cars for small income
group such as , family are getting nuclear , income bracket is increasing now almost every family
can afford to purchase a car, easy and attractive credit facilities is provided by the financial
institution such as EMI on 0% interest. Consumers are become status conscious.it we talk in the
marketing terms major reason for the increase in demand is , Demographic factors , Use
Related , Behavior factors etc 3) Who is your target market(s) and why.
Answer) The product Speedo is a low budget car satisfying the need of the consumer at low cost with
high value. The Company is targeting the consumers of various segments such as who wish to purchase
but can’t afford, the teenagers who need their personal vehicles, a family who have all working people
but have one four-wheeler can purchase. Small shopkeepers, who travel from town to city on daily basis
for selling of their small items, this car satisfy the need of various segments in some or other way. It
provides comfort, good engine and smart driving mechanism for the new drivers as well. Company
divide the target market on the ground of Geographic, Demographic, use related, Behavioral etc. References
a) Volkvogan.com. Retrieved from http://www.volkswagenag.com/content/vwcorp/content/en/the_group.html
b) Business Today. Top cars in your budget: Rs 3-8 lakh. Retrieved from http://www.businesstoday.in/photos/tech-watch/auto-bild-lists-best-cars-within-yourbudget-range/223.html
c) Ishaan Rastogi. (2015, December).Auto Expo 2016: Upcoming New Cars That May Be Showcased. Retrieved from http://auto.ndtv.com/news/auto-expo-2016-upcoming-newcars-that-may-be-showcased-1259388
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