Homework: Marketing
Think about following questions before you complete this homework:
1) What is the problem/need the product/service solves or addresses?
2) Who is the customer, in demographic terms?
3) What is the customer's psychographic?
4) Where is the customer located -- what is the geography? Pick a place, be very specific, perhaps even by zip code so that you can easily pull data. If you go wide, like a region, a state, a county, a country, you must pull data for this area.
5) Consider the 5 Ps --- product, place, promotion, price, people. You will need data on the marketing mix for all sections of the marketing plan. You should have a sense for this before you finalize your topic.
6) Research your topic concept. Homework #1 includes an annotated bibliography. Did you find adequate data to inform an annotated bibliography? If not, rethink your topic. You must have at least ten examples of solid data that proves your topic is viable for market planning in your annotated bibliography.
7) How is your product or service innovative? What does it do that makes it innovative? Note: your product or service must be an innovation or a major improvement of something that already exists. For example, a caramel frappuccino is an innovation of a basic cup of joe; a self-serve point of sale kiosk is an innovation of a supermarket checkout stand; a smartphone is an innovation because it combines a pager, cell phone, computer, and PDA into one device.
Think of all these things during your ideation process. Keep it simple, focused, and narrow, very narrow.
A focused topic will help you focus the marketing plan homeworks in week 2-8. Perform the annotated bibliography homework (in homework #1) to be sure your topic can be appropriately researched. If you go wide, you will need more data on a greater topic to justify your marketing plan. When you perform the research for the annotated bib, are you finding enough information, enough data? If not, rethink your topic.
Now you are ready to write your main post. In this forum, you will share your topic concept with the class. This discussion forum is a place for you to socialize your ideas for a product/service selection before you finalize your selection. The professor will comment on your idea. When the professor comments, this does not mean they have "approved" of your topic, they are simply discussing it with you.
Next, post your idea for the marketing plan. Explain your idea in detail, provide the basis of your thinking. "Pitch" your product/service concept; defend your idea to the class so they can comment on your concept. Help the other students brainstorm their topics in your subsequent posts.
1) What is the product or service? What problem or need does your product or service address?
2) What is the demographic/psychographic/geographic profile of your product/service?
3) Did you find adequate data? Share five examples of solid data that proves your idea is viable. You will need ten references in the annotated bibliography, but socialize only five in this forum.
4) How is your product or service innovative? What does it do that makes it innovative? Note: your product or service must be an innovation or a major improvement of something that already exists.
Format your homework 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 homework, 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.