Bring on the Market your OWN product
Your term project consists of a written reportThe marketing term project is designed to provide you with experience in analyzing a specific industry (Organic Food Industry or a Product made of all Organic materials),the country’s cultural trend toward healthy food (products that will not harm the environment), and experience in developing a marketing planfor a specific product of your choice – YOU DEVELOP YOUR OWN PRODUCT– (organic food, organic beverages: coffee, tea, cookies, chocolate,… or organic fruits, or organic pet food, or baby food, or natural beauty products, organic t-shirt, organic golf tees, organic wine, organic energy drinks, etc…NO MEAT PRODUCTS PLEASE) and for a specific market (those interested in eating healthy organic food, and/or using organic products, and products NOTtested on animals).
Before embarking on this project, make sure you understand the concepts presented in your book.
Here are the requirements for this project:
- STRICTLYfollow the guidelineand USE TITLES and SUBTITLES
(Should include a table of contents and place headings to match each category)
- Make sure your paper is clear and concise with no spelling, grammar, or coherence errors.
- PLEASE NO DEFINITIONS FROM THE BOOK, AND NO CITATIONS JUST TO FILL IN BLANKS, NO COPY AND PASTE FROM THE INTERNET
- Plagiarism: Copying and pasting another person’s work and presenting it as your own or copying from a source without citing it is absolutely not allowed.
- Your own producthas to be a consumertangible product(NOT a service, a business, an idea, or a business product). Organic food, organic cosmetics, organic garment. When applicable, you can use bullet points
The report should consist of: Follow the guideline and use titles and subtitles.
- SITUATION ANALYSIS (Big Overview of the Company)
- Marketing Objectives(Your objectives are goals for the future)
- Marketing Strategy:
- The 4 Ps = MARKETING TACTICS(Actual steps undertaken by marketers)
- Competitive and Industrial Analysis: You need to know your competitors, their products and anticipate their next moves. SWOT analysis.
- Executive Summary and Organization Mission;what is your company’s mission? It is critical for you to emphasize why your venture will be successful. What is your niche? Why should a venture capitalist invest in your idea? Name a secondary resource fact about your industry that will have the “WOW” effect.
- Environmental Scanning
- Within the industry, what have been the overall trends in sales for organic products
- Within the industry, what have been the overall trends in market share for organic productssimilarto yours? In % – Research the Internet
- Market Opportunity Analysis(trends) . What are the opportunities/prospects for your own products? (After considering the social/cultural trends, the trends in sales and market share)
Political/Legal: laws regarding organic products (USDA requirements)
US economic situation [GDP, GDP per capita, unemployment rate…].
Natural environment that may affect the company
similarto yours? – In % – Research the Internet
a. Target Market(Description of the Targeted market, and the strategic decisions. Indicate bases for segmentation (How did you segment your market?)
b. Analysis of Buyer Behavior(Consumer Behavior)
- Types of consumer buying decisions,
- cultural influences,
- social influences, and
- life-style analysis)
- Place(Channel of Distribution) –
- Response of the Target Market(Indicate how this will be assessed or Accomplished it –
- Description of your product – Ingredients – Quality –
- Total product concept – including
- Packaging, with logo (Fair Trade, or Beauty Without bunniesif you market cosmetics)
- Classification (Convenience, shopping, or specialty product)
- brand name,
- What features and benefits of the product are unique?
Select a pricing methods for your new product
If you state the price in$, provide a justification.
- Strategies: direct or indirect distribution?
- If indirect distribution, will it be Intensive, selective, or exclusive, and why?)
- Personal Selling,
- Sales Promotion,
- PR, and Publicity)
Indicate Specific Media Placement of your main competitors)
How will you check if your customers buy your product?)
- Direct Competitionand its strengths and weaknesses (organizations selling similar organic products)
- Indirect Competitionand its strengths and weaknesses (organizations selling similar NON organic products)
- You need to acquire the information for this project a minimum of ten (10) cited sources:secondaryresearch. On one hand, you need to do a literature review and the literature search may rely on information gleaned from books, journals, magazines, newspapers, and Internet. On the other hand, you should also do a primary research by going to supermarkets, especially the Whole Foods orGreenwiseor Trader Joes stores in Palm Beach Gardens or Boca Raton (or any small Health Food store) to check their products.
- You are encouraged to be creative. (e.g., packagingto reflect the product, ORcreating a print ad,OR flyer, etc.) For extra credit points (5 points).
If you make a package (or label for bottles, jars, glass containers) ORif you create an advertisement (flyer for your cover page) for a magazine or a newspaper, you need to explain What visual and verbal elements are important?
- What kind of appeal did you use?
- Your objectives
- If you do an advertisement for a magazine or a newspaper,please name the magazine or the newspaper, and explain your choice.
The report must be typed, double spaced for a total of 12 pages, with a bibliography and a Table of Contents. NO less than 12 pages. All secondary resources must be cited at the end of the project in a bibliography (MLA or APA) .You must have at least 10 sources cited (or you may lose points). This term project can be done as a group project (no more than 2 students) but also can be done as an individual work. EVERYONE IN THE GROUP IS EQUALLY ACCOUNTABLE FOR THE RESULTS OF THE GROUP’S WORK.The group’s work will be evaluated as a whole, and everyone in the group will receive the same grade for the project(except in unusual circumstances, where it is evident that some group members have not done their fair share of the work). If serious problems arise in the functioning of a group, you are expected to discuss them with me.
NO plagiarism of any kind.