17 Jul WOULD YOU BE A MARKET LEADER, CHALLENGER, FOLLOWER OR NICHER IN THIS MARKET?
Objective: To research the marketing environments for a new product or service and develop an environmental scan.
Using the Camosun library libguide for MARK 110, as well as internet search, each student will choose a new product or service from the list provided, or have their own approved by the instructor.
Introduction
· Describe the purpose of the paper and provide an overview
· Describe the product or service
Research Method
· Describe the research you conducted, the steps you took
· What sites did you visit? What key words did you use?
Competitive Analysis
· What competitive trends exist? Are they opportunities or threats?
· List the key competitors for this product offering
· Would you be a market leader, challenger, follower or nicher in this market?
· Consider what you might need to do to be distinctive
Regulatory Environment
· What are the international, national, provincial and local laws that might impact marketing this product? Are these potential threats or opportunities?
· Are their political threats or opportunities?
· Are there any future considerations that might come to pass?
Economic Analysis
· What economic trends exist? Are they opportunities or threats?
· What is the economic outlook for your geographic market? Be sure to use up to date statistics and quality references.
· Depending on your product, you may need to consider:
· Income and disposable income
· Elasticity of demand
· International trade and macroeconomic forces
· Interest rates
Social and Demographic Environment
· What are the demographic trends of your market that will impact marketing your product? Threat or opportunity?
· What lifestyle trends?
· Culture?
· Education?
· Style and trends?
Natural and Technological Environment
· What natural environmental impact might there be on your raw material supply?
· What environmental factors might impact you in the future?
· How will current and future technology affect this product and marketing of it?
Conclusion
· Do you recommend marketing this product?
· Sum up key opportunities and threats.
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