Assessment: Demand-Product Alignment: External Component Audit & Forecast
Task Overview
For international students choose a product from your home country and forecast likely demand for it in Australia.To assess the viability of your proposed product or service concept, you will conduct a demand audit. Specific details of what should be included are described below.
For local students decide on a consumer product category (i.e. Haircare, Health & Fitness, Bakery etc.) and identify a gap for a new product (Good + Brand + Service) that you can introduce in the category. Examples may include bottled smoothies or juices, a health club, frozen meals, a spa, imported quilts, hand-made soaps, etc. To assess the viability of your proposed product or service concept, you will conduct a demandaudit. Specific details of what should be included are described below.
You will communicate your findings in the form of a 1000-word paper under the following headings:
1. Product Concept
2. External Audit
3. Forecast and Estimated Demand for 2 years
Data sources must be cited. No theory is necessary. You will need to use vey concise English. No weasel words.
Specific Requirements
Your market analysis should be based on the marketing constructs and processes covered in this unit. You should:
1. Title page containing:
a. Category and name of product,
b. b. Student name and ID,
c. c. Seminar session-day and time
d. d. word count
e. Geographic boundary of analysis (i.e., Australia, Germany, Victoria etc.)
2. Provide a brief overview of the proposed product concept (please include brand and services attached)
3. Carry out the external component of the demand-alignment audit (include 3 competitors) -Identify any segments which are useful for development of specific 7Ps if they are apparent.This is about collecting facts and data which you will use to make decisions LATER in part 3. The only decisions here are about what data to collect, from where, and how to select for RELEVENCY and USELFULLNESS. Avoid collection of background data for data's sake.
4. Prepare a scenario forecast for future demand-Paint a picture about how you expect the next 3 years to look like in respect of demand for your product and estimate a demand for the product. Identify any assumptions you have made. Use your own insights based on your factual analysis above