Marketing Assignment
Your team works for a company called TCI Marketing Experts, who has just asked you to develop a new product to be marketed within the Turks and Caicos Islands. The company is in its fifth year of operation and its growth strategy is to expand throughout the Caribbean, island by island, with diverse and sustainable products for the persons living and visiting there.
A. Identify and explain all eight steps in the New Product Development Process.
B. Based on the above, come up with two new products using the first step, identify for each: the target market, the customer proposition, the competition, the development time and earning potential.
C. Using the R-W-W framework in the second step of the new product development process, narrow the three products down to one.
R-W-W ("real, win, worth doing") new-product screening framework that asks three questions. First, Is it real? Is there a real need and desire for the product and will customers buy it? Is there a clear product concept and will such a product satisfy the market? Second, Can we win? Does the product offer a sustainable competitive advantage? Does the company have the resources to make such a product a success? Finally, Is it worth doing? Does the product fit the company's overall growth strategy? Does it offer sufficient profit potential? The company should be able to answer yes to all three R-W-W questions before developing the new-product idea further
D. Clearly identify and explain the marketing mix strategy. (Explains how the product will be priced, developed, distributed and promoted)
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.