MKT 301 Marketing Plan Product Selection

Your primary assignment for this course is to create a basic marketing plan for a product or service. We think that the best way to learn marketing is to DO marketing. This project simulates what you, or perhaps a co-worker in a future job, might produce for a new product launch. You can find the details in the Project Guide.

Select the product that most appeals to you from the following options. Then, go to the discussion in Module One and post your choice.

Please remember that these are your ONLY choices but that you can adapt them, within the following guidelines, to fit your interests.

We have tried to offer a bit of something for everyone, regardless of major or interests.

Some basic rules

This is NOT to be a fantasy about an imaginary company! Remember that you are creating, and launching, a new start-up. Many of you may find yourselves working for a new firm or one launching a new product. Over half of all jobs in the U.S. are from small or young firms.

Thus, statements such as these are not allowed:

“My firm has been endorsed by <insert celebrity name>
“Our product has won <insert award name>
“We have been named the leading product in our class”

ALL of these are false for your new company. However, all of them are things that you might aspire to and can include in your planning.

If your instructor sees statements such as these in your assignments s/he is required to deduct points for the assignment.

Other Considerations

• Your product or service MUST generate revenue, even if it is a non-profit.
• Make sure your product or service is appropriate for the classroom – avoid things that might be offensive to others
• Your product must be legal
• No offensive names or language
• Please avoid controversial or “hot button” topics, products or services.

Your instructor has the final word of your product description – please be cooperative.

NAMES…

We have not named the products and services, just provided a VERY basic description. Feel free to use your imagination to name your product. Have some fun with this but remember to keep it appropriate for the class.

What is does and how it works…

We have not described the following products in detail. That is up too you and your imagination. You must use the basic concept and description we have provided but the details are up to you! Keep in mind the rules in the proceeding pages and that you are a start-up on a budget, but otherwise the limit is your creativity.

And the choices are…

A mobile app for Boomers

• An app for Boomers (about ages 60-75) to find recreation and activities in their area.
• Stuff to consider...
  • About 1000 Boomers retire everyday
  • On average, they are the wealthiest generation in history
  • Due to better medical care, they tend to be active well past retirement
  • Most own cell phones, tablets and use both social media and the net regularly

A non-profit that connects non-traditional college students with service trips in the third world

• In this case, you are the marketing director for the non-profit
• You may build on the concept as you like as long as you stick to the basic concept
• Remember that non-profit is a tax status, not a business model. You MUST generate revenue!
• However, you may also focus on
  • Awareness of your cause
  • Recruiting volunteers
• Stuff to consider...
  • Non traditionals make up almost half of all students
  • They have a lot of experience to share military, industry and “real world stuff” how will you use that in your marketing?
  • HINT: don’t forget their faculty and university leaders

A site that sells exotic handmade soaps

• This is a billion dollar industry and is growing
• For an example of a brick & mortar store check out LUSH – 290 GBP and growing
• Stuff to consider…
  • Luxury products are back in vogue following the recession recovery
  • This can be a startup targeting competitors such as Sephora and Lush or a firm started in your kitchen
  • Animal friendly and organic products are hot!

A device for tracking teen drivers

• For those interested in high tech, tangible products…here you go
• Your role is the marketing director of the firm launching this product
• The basic concept is that the device tracks and reports teen driving behavior
• Stuff to consider:
  • There are several of these on the market – how will you be different?
  • The demand is huge – both by parents and the insurance industry
  • Be careful – your product MUST be feasible using existing technology – no Star Wars stuff!
  • You have to go to market at a price that families can afford
• Hint – don’t forget grandparents as potential customers

A yoga studio

• It may be thousands of years old but has never been hotter.
• Your role is the new owner of a studio in your home town – can you develop your own marketing plan and save BIG $$?
• Stuff to consider…
  • Who are your customers? Consider options other than the obvious
  • Keep it simple – you have a small budget and not much time
  • What else might you offer?
    • Tai Chi ….Clothes…Mats?
  • Hint: Think partnerships with big firms, hospitals or sports teams – will they pay for your services?

  A mobile grocery store

  • Grocery delivery is all the rage…is a mobile store the next hot trend?
  • Your role is the marketing director assigned to launch this in a city of your choice
  • Stuff to consider…
    • Downtowns are hot – both Boomers and Millennials are snatching up condos and apartments in walkable downtowns.
    • Many of these residents are upper income and educated
    • And many don’t want to drive (or may not have a car at all)
    • Due to limited space or high property costs many downtowns lack a grocery store – can your new firm fill a gap in the market?
    • HINT: Think about what you will stock
      • You have limited space!