Marketing
New Products and Services
Propose 2 new products or services the company can sell or offer to a global market. You should provide the name of your business, where it is located in the U.S., what it currently sells/produces/manufactures, your 2 new products/services, and the foreign country you are going to test market your products/services in. We strongly recommend students select one foreign country (outside the U.S. and its territories) to focus their responses on. The company must be based in the U.S. and can be real or fictitious. The 2 new products or services must be new to the (one) company you select. The 2 new products or services must be stand alone and not dependent on each other. You must set a price and charge for each of your products or services. The 2 new products or services do not need to be new to the world, just to the company you select.
A1a. Identify need and existing global market. Provide a logical discussion of 3 different research methods from the chapter readings the candidate theoretically used to determine that there is both a need as well as an existing global market for the products and/or services. The product or service selected must theoretically generate a profit for the organization. Use the research methods (i.e. surveys, focus groups, etc.) in Chapters 5 & 6 of the Marketing text and the methods listed in Chapter 3 Section 5b of the Marketing Strategies text to select 3 different research methods to base your theoretical discussion on.
A1b. Competitive Advantage. Provide a logical explanation of 1 competitive advantage to the company that will be attained by offering each new product and/or service to your global market. Be sure to name your competitor(s) and discuss your products/services in relation to a competitors product and/or service.
A1c. Risks in Product/Service Launch. Provide a logical discussion of 2 inherent risk(s) associated with launching the new products and/or services in the country you selected and how to minimize these risks. State each risk, discuss why it is a risk for your company, and what action you can take to reduce each risk.
A2. Customer Relationship Management (CRM)
CRM System. Name the customer relationship management software system you prescribe/recommend to track product and/or service inquiries and sales and provide a logical justification of why you selected the software. Discuss 4 or 5 major features or functions of the system and why you feel they are good aspects. You will need to conduct research and identify a real CRM software system to discuss in this section.
A2a. CRM Practices. Explain how the information generated by the CRM software will be used to continue to drive CRM practices and track sales in your foreign country. Provide examples specific to your products and services.
A3. Distribution Channels
Distribution Channel. Name and discuss at least 1 distribution channel for the 2 new products and/or services in the country you selected. The distribution channel relates to how customers will obtain/buy the products/services you are selling in the country you selected. You must discuss exporting your products or services (or some aspect of your product/service) from the U.S. to the foreign country you selected to test market your products/services in.
A3a. Key Considerations. Name and analyze at least two key considerations for entering your global market (e.g. regional trade alliances, agreements, environmental forces, etc.). You must discuss these considerations in relation to your specific distribution channel.
A3b. Supply Chain. Describe your global supply chain and analyze how it may impact the product or service. The global supply chain relates to how you create/build/manufacture/package/ship the products/services to the country you selected. Once you have outlined your supply chain, discuss some break or significant disruption to that chain and the impact it would have for your business in your foreign country.
A4 . Pricing Strategy
Pricing Strategy. Name and discuss a major pricing strategy (e.g. cost plus pricing, competition-based pricing, break-even-based pricing, penetration-based pricing, premium pricing) aligned to your products and/or services’ position within the overall market strategy of your global marketplace. State the prices of your products/services.
A4a. Costs. Identify and discuss costs associated with developing and launching the new products and/or services. Provide dollar figure examples / estimates of each of the costs you discuss.
A4b. Consumer Acceptance. Evaluate and discuss consumer acceptance of the price set for the new products and/or services. Set a price for your products or services and discuss how your business theoretically gathered feedback from potential customers that the price would be accepted.
A4c. Competitor Prices. Name a competitor for your products in your foreign country. Then evaluate and discuss your competitor(s) prices for similar products and/or services relative to yours. Provide dollar figure examples of prices.
A5. Promotional Strategy. Discuss the promotional strategy (e.g. – Push or Pull strategy) you will use to promote your products and/or services in your global market.
A5a. Media Channels. Identify 2 mass media and 2 social media channels you would use to promote your new products and/or services in your global market. Be sure to verify that your selections are allowed in your selected foreign country.
A5ai. Channel Justification. Provide a logical justification of why you selected those channels based on market segmentation.
A5b. Sales Promotion. Name and discuss 2 sales promotion activities (e.g. coupons, games, contests, sweepstakes) you would use to promote your new products and/or services in your global market.
Paper Format and References
- Papers are typically 10-15 pages in length.
- Papers should include 3-4 references and should include in-text citations.
- Use section heading based on the sections listed above.
- Do not just include a list of bullet point items. Write in complete sentences and paragraphs
- that explain, support and show application of the concepts.
- The marketing plan should be in Microsoft Word or PDF format and written in essay format.