Project #47556 - Product Development

Product DevelopmentAssignment

 

This worksheet and your PowerPoint Presentation

 

Due to the Drop Box by Saturday, November 15,midnight.

 

 

You will take a “product concept” (Part 1 below)and create a new product for the marketplace. Start by answering all of the questions Part 1,A-M (Drop Box 25 points)

 

Part 2: Create a short PowerPoint (also Drop Box 15 points). Your PowerPoint should be 5 slides and cover any of the pointsyou wish to cover from Part 1. I posted examples of students’ PowerPoint Presentations so you can see how it will ultimately come together!

 

You are product manager for: choose below or your own company and idea. You are a marketing manager and have been given a productconcept to “bring to market.” You will need to determine the strategy for developing introducing this product.

 

Part 1: Select a Company and Product Conceptor your own

 

Company: Land-O-Lakes

 

You work for LOL, the Midwest’s #1 dairy supplier. You have been asked to launch a new “Peanut Butter line.”

 

Company: Huffy

 

You work for Huffy Bike and they want to break into the “water business” by introducing a new line of Life Jackets.

 

Company: Orkin

 

You are a product manager and just received a patent for anewAsian Beetle repellant!

 

Company: Dairy Queen

 

You work for DQ and have been charged with finding a new cold treat item (brandextension) or new Blizzard flavors (line extension).

 

Company: Kraft

 

You are a product manager for Kraft. You need to introduce a new barbeque sauce that has a ____________ theme (think regional or certain flavors) (line extension).

 

Company: YOU decide – the example below is just for inspiration!

 

You are a small company with a great idea for a sporting goods/work-out item. Choose a known retailer and choose a specific item to market (this could be a new product, line extension, brandextension or private brand).

 

Part 1 Continued; A-M

 

State the name of your company and your product concept (1 point)

 

________________________________________________________________________

 

Idea Generation

 

B. What is the Benefitof your product?This is your reason to enter the market (2 points)

 

C.Who is the target market? Demographics: Region/nation/ages/ Psychographics? Interests, lifestyle? (2 points)

 

Development

 

D. Is your product a new product with an existing brand name, a brand extension, line extension – is it “co-branding” or a new private brand? (Chapter 10), explain your branding strategy, this is a critical step(2 points)

 

E. Design a logoor copy an existing logo to give your brand a strong visual (ex: the Nike swoosh).Explain howyour logo represents your product(2 points)

 

F. What Level of Quality do you think is appropriate? Quality is often associated with price. Give a rough idea of where you would like to price this item relative to quality – and competitors (2 points).

 

G. What Position do you want your brand & product to hold in the marketplace (page 155)? Consider quality, attributes, use, price, benefits, and competition. (2 points)

 

H. Describe your package or hang tagthat may cover orcontain the product; is it sealed?Is it a hangtag on a garment? How does the package promote the product? Does the package facilitate storage (such as resealable) & any promotional or convenience factors. (pages 188-191). (3 points).

 

I. What information do you need to cover on the label? Will you need FDA approval (food or drug) – safety testing? (1 point).

 

J. Come up with a Positioning Statement;ex: Subway – “Eat Fresh. (1 point)

 

K. What are the extras (VALUE) that will make your product standout in the market and/or encourage customer loyalty? Extra services, national ad campaigns, helpful hangtags, “how to use” ideas, web services, recipes, warranties, celebrity endorsements, This needs to be described in your presentation.

 

(4 points)

 

Test Market

 

L. Describe the test market (pg. 201) for this product and why (2 points).

 

Commercialization

 

M. Who will you approach to carry your product (stores)? (1 point)

 

Part 2

Your PowerPoint should be 5 slides and cover any of the points you wish to cover from Part 1. Choose those points that best illustrate your product concept. I posted examples of students’ PowerPoint Presentations so you can see how it will ultimately come together!

Subject Business
Due By (Pacific Time) 11/15/2014 05:00 pm
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