Description
Grade Value
15% of the course grade.
Working Format
Individual students complete this project.
Purpose
Apply course concepts to identify a product enhancement or change, a marketplace trend or force, and an appropriate target audience, and develop marketing strategies for a Canadian launch in Jan of the coming year. The product must offer the target audience benefits/value not offered in the Canadian marketplace.
Marketing Exercises
Four marketing exercises are completed relating to required marketing project elements. Exercises encourage progress in the project, allow students to apply learned concepts, and offer instructor feedback. All exercises require preparation before scheduled in-class completion.
Research
Research information in the project submission must be cited and referenced using APA standards. Library research is strongly recommended. Good information sources are manufacturer/brand websites, industry reports from respected organizations, articles by respected publications, research papers, Canadian government websites, and other legitimate reference materials/websites.
1.Select a Product Sold in Canada
Research and choose a product..
2.Identify Buyers (and Non-Buyers) of the Product
Identify targeted and/or regular buyers and those who do not regularly buy the product. Identify why the product is popular or unpopular with these buyer groups.
3.Select a Canadian Marketplace Trend (or force)
Choose a trend (from our e-Textbook, CH2) that may be raising consumer demand now or which may do so in the future.
4.Identify a Promising Potential Audience
Identify a consumer segment impacted by the trend and desiring product benefits currently unavailable in the Canadian market.
5. Propose a Product Change that Responds to the Segment’s Needs
Propose an adjustment to the selected product to satisfy the potential audience’s needs.
6.Develop a Marketing Mix for the New Product or Version
What innovation will enhance an existing product……
…resulting in a new or unique product version…..,
…..AND….
… to which SPECIFIC GROUP OF BUYERS will the new product be….
….MORE APPEALING, VALUABLE AND/OR BENEFICIAL……
….compared to existing products in the marketplace?
Unformatted Attachment Preview
MARKETING PROJECT
Overview
Copyright 2021 Conestoga College / McGraw-Hill Publishing
1
Summary
Grade Value
15% of the course grade.
Working Format
Individual students complete this project.
Purpose
Apply course concepts to identify a product enhancement or change, a marketplace trend or force, and an appropriate target audience,
and develop marketing strategies for a Canadian launch in Jan of the coming year. The product must offer the target audience
benefits/value not offered in the Canadian marketplace.
Marketing Exercises
Four marketing exercises are completed relating to required marketing project elements. Exercises encourage progress in the project,
allow students to apply learned concepts, and offer instructor feedback. All exercises require preparation before scheduled in-class
completion.
Research
Research information in the project submission must be cited and referenced using APA standards. Library research is strongly
recommended. Good information sources are manufacturer/brand websites, industry reports from respected organizations, articles by
respected publications, research papers, Canadian government websites, and other legitimate reference materials/websites.
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Milestones and Deliverables
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WEEK 2 – Project Review.
WEEK 3 – Prep for Mkt Ex #1.
WEEK 4 – Complete Mkt Ex #1: Product Development & Strategy.
WEEK 5 – Prep for Mkt Ex #2.
WEEK 6 – Complete Mkt Ex #2: Environment Scan & Target Audience.
WEEK 7 – Project Work Period.
WEEK 10 – Prep for Mkt Ex #3.
WEEK 11 – Complete Mkt Ex #3: Promotional Planning AND Prep for Mkt Ex #4.
WEEK 12 – Complete Mkt Ex #4: Price & Place Strategies.
WEEK 14 – Final Report Due Tuesday, 6:00 pm EST.
Note: Sixty minutes are provided to complete exercises in class.
3
Project Steps
1.
Select a Product Sold in Canada
Research and choose a product..
2.
Identify Buyers (and Non-Buyers) of the Product
Identify targeted and/or regular buyers and those who do not regularly buy the product. Identify why the product
is popular or unpopular with these buyer groups.
3.
Select a Canadian Marketplace Trend (or force)
Choose a trend (from our e-Textbook, CH2) that may be raising consumer demand now or which may do so in the
future.
4.
Identify a Promising Potential Audience
Identify a consumer segment impacted by the trend and desiring product benefits currently unavailable in the
Canadian market.
5. Propose a Product Change that Responds to the Segment’s Needs
Propose an adjustment to the selected product to satisfy the potential audience’s needs.
6.
Develop a Marketing Mix for the New Product or Version
Central Idea
What innovation will enhance an existing product……
…resulting in a new or unique product version…..,
…..AND….
… to which SPECIFIC GROUP OF BUYERS will the new product be….
….MORE APPEALING, VALUABLE AND/OR BENEFICIAL……
….compared to existing products in the marketplace?
Research Sources
Importance of Researching Correctly
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Sound research is vital in a successful project report. Library research is strongly recommended..
Library database offers a range of quality resources in one place.
Library staff can assist with research needs in person or online.
Developing effective and efficient research skills will benefit all your classes.
This is the time to develop those skills! Library Homepage
Dangers of Internet Search
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Good sources are difficult to identify unless you have experience.
Often, students take the first item in the search results without investigating the quality of the information.
Equally bad, using sources that provide fully-formed answers (i.e., Pricing Strategy for Product (insert any product name
here). But this often results in academic integrity issues because:
1. The author didn’t know what they were talking about, and/or students won’t paraphrase and cite the info; or
2. There is a high risk of plagiarizing or fraudulently misrepresenting someone else’s thoughts as your own.
All college courses aim to foster critical thinking about concepts and demonstrate knowledge and ability to
apply them. Application means combining facts and ideas from others with your ideas for results to be
uniquely your own. This will happen effectively when you start from a blank page and piece together
knowledge from good sources, integrating solid evidence to support your vision. Starting with someone else’s
version of the narrative just does not work.
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Good Research Sources
Abridged List of Good Resources
The hope is that you will explore these for specific information and insights directly related to the products and audiences
you are considering for your project. There are many, many more resources available through the library.
Industry Reports: Library Homepage
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Source for Canadian / North American industry and company data, important forces/developments, industry-wide sales, market size, company
market share, etc.
News Media: Library Homepage
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Source for Canadian economic and business news, company news, marketplace trends, etc.
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Examples: newspapers (i.e., Globe and Mail (national), Toronto Star (regional), Calgary Herald (regional), Montreal Gazette (regional), etc.;
also check radio stations, cable channels and specialty channels.
Business Media: Library Homepage,
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Source for Canadian economic and business, industry/sector, company news, marketplace trends, etc.
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Examples: Canadian Business Magazine, Profit Magazine, Strategy Magazine, Fortune Magazine (US), Forbes Magazine (US), etc.
Research Papers: Library Homepage, Google Scholar
Manufacturer and Brand websites: use a Google search
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Source for product, industry/sector, company history and information, and current news.
Canadian Government Websites
Research and Business Intelligence
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Source for Industry sector data, financial benchmarks, labour trends and business statistics.
Statistics Canada
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Source for population, immigration, demographic trends, etc.
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Bad Research Sources
Abridged List of Bad Resources
These sources will either not provide appropriate information for your submission, and/or they will greatly increase your risk
of an academic infraction. Avoid taking information from these resources!
Answer.com
Bartleby
Blogs (just because someone says it’s true, doesn’t mean it is true. Also, what is said may not even be their thoughts)
Chegg
Coursehero
Domycoding
Essay Sharing Sites (i.e., UKEssays)
MBA91
OneClass
OPPapers.com
Scribd
Slideshare sites
Socratic
Wikipedia
Yahoo! Answers
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Product Update
Focus on One “P”
For example, if you believe a particular audience would buy more products at a lower price point (i.e.,
less than the original or competitive products), consider launching a lower-priced version. On the other
hand, if you feel that product changes (i.e., packaging, materials, colours, taste, etc.) would attract a
particular audience, look at making a relevant change. In most cases, a shift in one P will require
adjustments in other parts of the marketing mix to make the product relevant to the new buyers.
PRODUCT packaging, labelling, warranty, capabilities, attributes, taste, ingredients, etc.
PRICE
high, medium, low, prestige, etc.
PLACE
purchase location, delivery options, customer experience, etc.
PROMO
new communication channels, messages, media, etc.
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Product Innovation: Examples
Past: Plastic Condiment Containers
Condiments (i.e., mustard, ketchup, etc.) were traditionally sold in glass bottles or jars. These formats
were fine for in-home use. However, the cost of production, the need to use a utensil to access the
contents, the breakability of the glass containers, and the potential germ transfer (i.e., several people
using one bottle in a restaurant) led to the idea of a new design.
Interest developed in a squeezable plastic container because it offered more portability and could be
used anywhere (i.e., outside, at picnics, carnivals, etc.). Accessing the contents was easier and less
messy. Thus, the squeezable container that predominates today’s grocery shelves was born.
Future: Frozen Meals Targeting International Tastes
Although Canadian grocers sell a variety of frozen foods and meals, high levels of immigration to
Canada will offer opportunities for food manufacturers to tempt new buyers.
New product versions using new ingredients, packaging, branding, etc., could attract new Canadians
craving foods and tastes from home. Companies that identify the fastest-growing populations or the
hottest evolving food trends driven by people looking for more variety will have opportunities to
benefit from Canada’s ever-evolving population and tastes.
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Measuring Audience Potential
Qualify the Audience
Research audience characteristics to identify a large buyer segment with a strong interest and need for
the product.
A target audience is attractive if its members are:
• interested in or see a need for a product,
• able to afford the product; and
• large enough to generate appropriate sales.
Data to consider:
• Number of segment buyers in Canada now and in the future.
• Is the quantity of people in Canada rising over time?
• Are there more people below the segment’s average age or less?
• If there is a predominant cultural or ethnic background in the buyer segment, what are the
immigration trends for the segment in Canada?
• Annual household income or salary of the segment’s members in Canada?
• Do the buyers live in concentrated areas within Canada or in communities of a certain size?
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Final Report Contents
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Title Page (1 page) (5 marks)
1.
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Introduction (~1 page) (10 marks)
1.
2.
3.
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(Mkt Ex #1 will address some deliverables)
Explain the product life cycle strategy used to create the new product and why it was chosen.
Describe changes to the new original product that are necessary for the new product. Product changes could
include the name, capabilities, attributes, packaging, labelling and brand identity.
Marketplace Trend Analysis (~1 page) (15 marks)
1.
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Include mention of the product, change made and targeted audience.
Brand/Manufacturer info and history – research required.
Industry/Sector info/stats – research required.
Product Development and Strategy (~1 page) (15 marks)
1.
2.
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Title, name, SN#, product and brand/manufacturer.
(Mkt Ex #2 will address some deliverables)
Explain the link between the trend and the audience that created the product development opportunity.
Target Market and Positioning (~2 pages) (15 marks) (Mkt Ex #2 will address some deliverables)
1.
2.
3.
Explain why the target segment was chosen and show its potential for product sales.
Create a Target Market Profile for the segment.
Create a perceptual map with the new product and three competitors.
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Explain how the product is differentiated by it positioning.
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Final Report Contents (2)
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Promotional Strategy (~2 pages) (15 marks)
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2.
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2.
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Choose three outbound and three inbound) communications tools and explain why they are good choices.
Identify one new channel that will be introduced in the promotional plan audience and explain why.
Create a 12-month promotional plan including all six inbound and outbound tactics. Use the promotional plan
template.
Pricing Strategy (~2 pages) (15 marks)
1.
(Mkt Ex #4 will address some deliverables)
Identify and explain the following:
• General pricing approach.
• Proposed price for the new product.
• Compare the price to the original product and three competitors (use a chart like that in Mkt Ex #4).
– Explain the rationale for the chosen price.
Estimate the break-even point for year one (use the result from Mkt Ex #4 and explain what it means for the
product).
Place Strategy (~1 page) (15 marks)
1.
2.
(Mkt Ex #3 will address some deliverables)
(Mkt Ex #4 will address some deliverables)
Choose three retailers to sell the product and explain why they are appropriate for the target audience.
Describe two new channels you would like to add to the distribution strategy, explaining why these are effective for
connecting with the target audience.
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Final Report Contents (3)
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References (1 page) (15 marks)
o
o
o
o
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Research Presentation (15 marks)
o
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o
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Includes at least three quality sources.
Only reference sources that are cited in the report.
Use APA style.
A zero grade for this section/project and the filing of an academic warning/offence may result if:
o Research is inadequate, or sources are inappropriate (see list of approved sources in this document).
Info and media from external sources must be cited (APA style).
Text-based (i.e., thoughts, ideas, statistics, etc.) information must be paraphrased/or quoted (Note: both
presentation formats require accompanying citations).
o Paraphrasing is Preferred: Too many direct quotes may result in a lower grade.
A zero grade for this section/project and the filing of an academic warning/offence may result if:
o Text included in the report is copied from external sources without paraphrasing/quoting, AND citations
and/or references are not provided.
Formatting and Appearance (15 marks)
o
o
o
Microsoft Word; font: 11-point Calibri; spacing 1.25.; paragraph format with sub-headings.
Max 12 pages
Spelling, grammar, and syntax must include minimal errors.
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Scoring
Title Page and Introduction
Product Development and Strategy
Marketplace Trend Analysis
Target Market and Positioning
Promotional Strategy
Pricing Strategy
Place Strategy
References
Research Presentation
Formatting and Appearance
Total:
15 marks
15 marks
15 marks
15 marks
15 marks
15 marks
15 marks
15 marks
15 marks
15 marks
150
Grading Note: Instructors will review each section using these considerations:
1.
2.
3.
4.
5.
6.
Are all sections requirements present and complete?
Are the concepts covered in the course understood and/or applied appropriately?
Is the information supported with research?
Is the narrative original (well paraphrased) and includes necessary citations?
Does each section effectively contribute to the submission, and is the argument/position compelling?
Is the narrative well-written and error-free?
Rubric for Report Sections
Excellent
Very Good
Good
Satisfactory
Outcomes are met in
a manner that
warrants unique
and distinguished
recognition.
Outcomes are met in
a consistently
outstanding
manner.
Outcomes are met in
a consistently
thorough or
superior manner.
Acceptable or
average
achievement in all
required outcomes.
Assignment
components in this
category
consistently show
sharply focused
reasoning and
outstanding
application of
principles that
includes original
thought.
Assignment
components in this
category will be
carefully reasoned
and explored (NOT
simply restated
from the textbook/
course materials)
and demonstrate a
clear and
consistent
understanding
when applying the
principles.
Assignment
components in this
category will
correctly apply the
basic principles of
the
textbook/course
material.
Submitted work will
contain only minor
errors.
Submitted work may
contain errors but
not enough to
distract the reader
(or audience) from
the content.
Assignment
components in this
category are
distinguished by
consistent and
superior insight,
reflection,
creativity, and
presentation in all
areas.
Submitted work will
be virtually errorfree.
Reasoning may not
always be precise,
and ideas are
restated rather than
explored.
Needs
Improvement
Minimal compliance
with outcomes.
Assignment
components in this
category show only
minimal completion
of the tasks
assigned.
Course material is
often restated and
lacks further
development. Few
connections are
made between ideas
or the assignment.
Submitted work may
be disorganized or
contain errors but
not serious or
frequent enough to
lose the reader (or
audience).
Unsatisfactory
Failure to meet
outcomes
acceptably.
Assignment
components in this
category fail to
address the tasks
requested and/or
include serious
misinterpretation of
or confusion over the
principles to be
applied.
Submitted work
contains serious
errors or omissions.
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