Description
Marketing a Product
Context/overview: During this course you will be working on several elements which lead to the completion of a Marketing Plan.
Write a 3-5 page paper where you create an original product. Describe your product and explain its use and purpose. Be sure to thoroughly explain your assessment of the market and how you plan to develop a successful marketing strategy for your product. Note: You will continue working with this product throughout the course so give it some thought and come up with something that will impact a large market share!
The requirements below must be met for your paper to be accepted and graded:
- Write between 750 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below.
- Use font size 12 and 1” margins.
- Include cover page and reference page.
- At least 80% of your paper must be original content/writing.
- No more than 20% of your content/information may come from references.
- Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the three reference requirement.
- Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style.
References must come from sources such as, scholarly journals found in EBSCOhost, CNN, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as, Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable for academic writing.
Explanation & Answer
this is the correct answer
Running Head: MARKETING PLAN OUTLINE
1
Marketing Plan OUTLINE
Name
Institutional Affiliation
MAKRING PLAN OUTLINE
2
Product Description and Use
•
Caribbean carnival costume is a product that the company is planning to roll out in the
market.
•
It offers customers with the greatest sense of beauty during parties, parades, and other
important events.
•
This costume is covered in millions of shinning beads, feathers, and spangles.
•
Caribbean carnival costume is appropriate for parties, parades, cultural competitions, and
other important events.
Market Assessment
•
Before introducing this product in the market, the company will conduct market research
to examine the nature of the market and how to market its new products to customers.
•
Using interviews and observations, the company will be in a position to understand the
needs and demands of customers.
•
After obtaining market information, both quantitative and qualitative data analysis are
employed.
Action Plan
•
In developing a marketing strategy, customer profiling, competitor profiling, SWOT
analysis, 4 Ps of marketing, market trends are used.
•
In marketing strategy, marketing managers will employ psychological and demographic
information of the potential customer to design the product characteristics that go along
with the preferential wants and needs of the customers.
MAKRING PLAN OUTLINE
•
After examining the aforementioned market variables, the pricing strategy is set based on
the prices of competitors.
•
3
The promotion strategy is set based on the nature of consumers.
MAKRING PLAN OUTLINE
4
References
Marshall, E. Z., Farrar, M., & Farrar, G. (2017). Popular political cultures and the Caribbean
carnival. Soundings, 67(67), 34-49.
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