28 Jun MT450-Marketing Management-My new product is an energy drink called Metal Throb
Question
Creating A Sound Promotional and Distribution Strategy
There are 2 separate Assignments to complete.
Assignment 1: In this Assignment, you will be using the PowerPoint narration tool to create own audiovisual presentation. Once you have done this, you can put this skill on your resume. Audiovisual presentations are used in everything from customer service response, training employees, solving problems in the workplace, explaining instructions to colleagues, and responding to stakeholders concerning business issues.
Scenario Marketing
In Unit 6, you selected a company for which you chose a product or a service development strategy. (ATTACHED)Now, based on this same strategy, you recently reviewed last quarter’s national ad campaign. All ads are tracked with your franchisees so you can tell what is working and what is not working. You noticed the numbers for most of the advertising had a low response. You also observed that the ads include some great features of your product (service) offered by your company but are not backed by benefits.
In this Assignment, you will engage in the development of the following professional competency:
Interact with others in a professional manner using appropriate communication and presentation skills.
Create quarter page magazine ad that targets either the consumer or the business market. The ad should also include a coupon or some type of sales promotion to immediately generate revenue.
Checklist: Explain your advertising and promotion rationale in a PowerPoint to the CEO that includes audio explanations.
You should include the following:
One ad targeting either the consumer segment ortargeting the business segment.
What are your advertising and promotion goals?
What magazine are you recommending to reach the segment?
What is the cost?
How will you track and measure response rates?
Elaborate on the bulleted points on each slide of 5-7 slides rather than just reading the slides (include no more than 4 or 5 bulleted points on a slide). In other words, your PowerPoint provides an outline of what you will discuss in the audio portion of your presentation. You can include some notes below each slide.
You can either record a narration before you run a presentation or record a narration during a presentation and include audience comments in the recording. If you do not want narration throughout the presentation, you can record comments only on selected slides or turn off the narration so that it plays only when you want it to play. You can also use Brainshark.com to record your presentation.
Submit your response in a PowerPoint presentation with audioconsisting of 5 to 7 slides, using 24-pt. font, to the Unit 7 Assignment 1 Dropbox.
You may use these simple instructions to add audio to your presentation
OR
Go to Microsoft.com for complete directions on how to add audio to your presentation or you can access the short instructions below on the instructions icon. http://office.microsoft.com/en-us/powerpoint-help/add-narration-to-a-presentation-HA001230306.aspx
Assignment 2: Evaluating the Marketing Mix
Scenario:
Congratulations. You have just been named marketing manager of a major new startup company, Home Essentials Inc. Your job will be to perform the daily tasks of a marketing manager.
The first day on the job you receive this problem. They know they have a problem but they are not sure what it is. They know it must be fixed very soon or they will be out of business. Write 3-4 pg memo to the CEO of Home Essentials, Inc. detailing what you think the problem has been and what you think contributes to the problem and recommend a solution addressing the 4 P’s in your response. Your solution can have multiple steps or considerations.
Takeyah Gude
Marketing Management MT450
New Product Development Process
Professor Bietsch
Unit 6 Assignment
6/27/2017 New Product Development Process
1. My new product is an energy drink called Metal Throb. The market of energy
drinks is being controlled by only a few companies; this new product is expected to
give strong competition to its counterparts. It is an advanced product containing
many stimulants that drives your bodies metabolism . The price of the product is
kept under its competition in order to have an edge over them. The product is
designed to keep in mind the need of energy drinks being that there are only a few
products of energy drinks in the market and consumers have not many options
when it comes to a choice in energy drinks. Also, there will be many different flavors
of this energy drinks therefor consumers will have many options to choose from.
The ingredients of the energy drinks obtain natural resources and the drink has less
harmful effects compared to many other energy drinks that are in the market right
now. 2. The Product development process consists of eight steps. The first step with
developing any product is the gathering of ideas, the idea of a new energy drink and
it’s ability was analyzed thoroughly with the partners of the organization. A SWOT analysis was also applied in order to point out the possible strengths , weaknesses,
threats, as well as opportunities that the product can carry. The second step involves
the analyzing of ideas given by the team members. Many screening procedures are
carried out, including procedures that show the market potential and the
maintaining of the idea in the long run. The third step involves testing, the testing
involves a small group of customers that are asked to give their thoroughly analyzed
feedback and views on the idea . The fourth step was to complete a business analysis
for the marketing strategy/ potential market, identifying all competitors were
carried out. The fifth step in the product development procedure is the development
of the actual product which involves product design and all other aspects are
considered in this step. The sixth step is market testing and product improvement
takes place at this step. The next step is the advertisement of the product, where the
market strategy and price are discussed. Finally, the last step is the launch. Figure 1: Product Development Stages 3. The launching strategy of this energy drink will go through all eight stages.
Internal and external testing will be applied before the Launch and all possible
improvements are going to be made based on the feedback of consumers. Setting
goals is also a very important factor of the launching strategy, the possible revenue
generation as well as the sales goal are divided. The next step is where the
marketing team thinks of all possible strategies they can work on so that the product
hits the target audience. Lastly, the energy drink will be carried out in accordance to
season. Though the energy drink is definitely not a seasonal product , if the energy
drink is launched in the season of summer it is expected to have more revenue gains. The product will be successful if it is launched using a popular sports professional
being that energy drinks are more commonly used among sports professionals. The
launch strategy is not a concern until the actual launch of the product, a strategy
designed for the post=launch assessment will help keep the product running in the
race. This strategy (post-launch) includes customer reviews of the product and
marketing campaigns for the energy drink through advertisement, this helps the
product gain an edge over its oompetition. 4. Generally there are two strategies that are related to the pricing of new products
which is the skimming price and penetration pricing. When it comes to the pricing
strategy this involves penetration pricing, including setting up the initial low price
that is lower then the competitors. This pricing strategy attracts a large customer
base since the customers will switch to the new product due to the price. The next
strategy is the skimming pricing strategy which involves a high price set for the
product and once the demand is satisfying the price will be lowered. Following the
pricing strategy for the product is a penetration strategy due to the fact that all of
the current energy drinks that are in the market are priced very high, therefor a low
price is expected to increase the demand for the product. These pricing strategies
are only temporary and are subject to change. Prices can also be adjusted by
surveying customers and obtaining feedback about their thoughts on the prices of
the product, are the prices too high? for consumers or are they too low?
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