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Milestone 1: Product Idea DUE THIS SUNDAY For the first milestone of your final project, choose an existing organization and submit a 2-page proposal describing a new product or service that it should bring to market. Your final project in this course is to create a marketing plan for this product or service idea.
If your idea is a product, describe the product, its functionality, and how it works. If it is a service, describe the service offering so that readers understand what they would receive.
Your product or service should address a problem that is not currently being sufficiently addressed by current solution providers, i.e., your competition. Additionally, your description should answer the following questions:
Where is your company located?
What problem does your product/service solve for the target market (not you)?
Would your target market say, “Yes, that is a problem and no one has solved it” about your product/service?\
What competitive advantages do you offer?
What challenges might you face in the marketing of this product or service?
PLEASE review the detailed Milestone 1 Guidelines and Rubric in Course Information for specific details on this assignment. Tips for Product Idea Generation! If you are struggling to develop an entirely new product, you can launch an existing product with a significant new feature or benefit (so it is not identical to a product already on the market). For example, there are many no-calorie sweeteners out there, but Splenda added a twist to their product by adding B vitamins to help differentiate it from other sweeteners. So, it’s not a brand new product, but it is improved.
Another example . . . there are several flea meds on the market. But this company (http://www.vectrapet.com/Home/How-To-Apply) invented a new way to apply it so the “human” does not need to touch the medication with their hands. Great idea, right? Or, have you seen the new tubeless toilet paper? http://www.scottbrand.com/products/toilet-paper/tubefree This first assignment will take some creative thinking on your part . . . identifying and providing a solution to a specific market is not always easy, but this is where marketing begins.
Quick Tip: Products generally work better than services for this project. However, services that meet the requirements are welcome!
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