Your paper must include the following in either the upper left- or right-hand corner of the first page of your paper:
- Your name
- MKTG 310
- Date of the Paper
- Paper Title
- Use the New Product Paper template .
- Include each question (heading) before your answer.
- Include an introduction and bibliography (APA or MLA).
- Paper may be single or double-spaced.
- Write appropriately for a business audience.
- Use proper grammar and spelling.
- Use appropriate sentence and paragraph structure.
Note: If your paper does not include the above information in the requested format, you will automatically lose 10% of the points for the assignment.
Outline and Grade Allocation
Use the outline below as a template for the assignment. Download New Product Paper template
- What is the product name? Describe the product. 2 pts.
- Identify and explain which market segmentation variable you are using. 5 pts.
- Why did you choose this method of customer segmentation? Be specific. 3 pts.
- Who is the target market? Be detailed and specific. 7 pts.
Use demographics, psychographics (lifestyle), etc. to identify your customer. It is important to identify the characteristics of your target market, whatever is appropriate. Most marketers are able to specifically describe their target customer. For example, a 35-45 year old white collar male who lives in the suburbs with a wife and 1 child and makes $85,000 per year. In order to earn all points, when reading the explanation of your target market, I should be able to draw a picture in my mind of your customer.
- What are your product’s benefits to the target market? 2 pts.
- At what price will your product be introduced? Why? 2 pts.
- What new product pricing strategy are you using? Why? 4 pts.
- What objectives will be accomplished by using this strategy? Be specific. 4 pts.
- Why is the product worth this price? 1 pts.
- Identify and explain what happens to each of the 4 Ps decisions you make for your product, at each stage of the PLC? 16 pts.
Use the structure below for each of the PLC stages.
- Name of PLC Stage
- Product decisions for your product.
- Price decisions for your product.
- Place decisions for your product.
- Promotion decisions for your product.
Overall Grading: Writing analysis (Total 5 pts.)
- Proper use of thesis statements, paragraph, and sentence structure
- Proper utilization of grammar, including punctuation, spelling, subject, and verb usage will be analyzed.
- In order to earn all points the paper must be error free.