You have just been hired as a Consultant by a company (you choose the company) to create a proposal for one of their products (you choose the product). You know that you need to address all four P’s of marketing. To be successful with your proposal you have decide to also address how the changes will effect target market of this product.
The company wants you to make their product more competitive by modifying it in some way to increase its appeal to it’s current market, and expand it’s target market. The company wants you to suggest appropriate promotional and pricing strategies base on the product’s current position in the Product Life Cycle. The company is looking for new channels of distribution to place the product.
My Example: Bag Balm
This was originally developed to be used to prevent cow utters from chapping. It is now also sold and promoted as a product to prevent hands from chapping. If fact, it was “rumored” that Shania Twain used it as a conditioner for her hair.
Product:
Repackage the product into small pocket size containers, also consider packaging it in the form of lip balm
Target Market
active outdoor sports: skiers, boarders, fishermen
outdoor workers: construction workers
Include demographic, Psychographic, and geographic elements of the new target market. Also include the current target market.
Place:
Have this product place in:
active outdoor stores to service . eg ski, boarding, fishing shops
ski resorts
marinas
Canadian Tire
Building supply Stores: Rona, Home Depot
Price:
The current price is $13.95 for a 10 oz tin
The new repackaged product would be prices similar to Bilstex or Chapstick products in packages of about 7 g for $3.95
Promotion:
free samples at sponsored events at ski resorts
packaged with work boots sold at Marks Work Warehouse.
available on the Internet
Rules:
the product must be real
the proposal must be realistic, unique and original
only one person the the class can do any one product
you have until the day of the exam to work on this project