Description

wireless webcam. Distribution/Place: besides Best Buy, where else would it be sold? 5 Price: what pricing strategy are you going to use? e.g. charge a price that is lower/same/ higher than competition, why?Page 1 of 2
INTRODUCTION TO MARKETING
MRK108 Marketing Strategy Project
Important Information
• Project outline (worth 5%): Due before beginning of class on Mar 16(NYY), 17(NWW)
• Strategy project (worth 20%): Due before beginning of class on Apr 6(NYY), 7(NWW)
• Assignments submitted after the due date will lose 10% for each day late up to 5 working
days. Anything submitted after this time will receive a mark of zero.
• Each group must submit only 1 copy through SafeAssign. You can access SafeAssign
through Blackboard on our course website.
• Read this assignment fully and carefully
• Grammar and spelling count
Overview
You will be creating a “new” product for Best Buy Canada (or picking one from the list below).
You can create an entirely new product or make a significant improvement to one of Best Buy
Canada’s current products. You can find all Best Buy’s products at www.bestbuy.ca
To decide how to change the product, you might consider the current target market’s needs, or
you might consider changing the current target market and adjusting the product to fit the new
target market’s needs. Remember, all good product ideas start by thinking about customer’s
needs first.
Comments on writing your project
Your project will be about 6 to 8 pages long (no more than 8 pages – marks will be deducted for
projects longer than 8 pages), lines spaced at 1.5, with 12-point font. Any section that contains
poor grammar or spelling will have the mark downgraded due to weak communication skills. If
your team does not have someone with strong English skills, make sure that you leave enough
time to have someone review your project to help you fix these problems. You can get help with
English through the peer tutoring service, offered through the Learning Commons.
If you find information from another source, be sure to use MLA citation. It is no problem to
include information from another source, but you MUST give credit to the original author
(through citation). See the library website for help with citation at
http://seneca.libguides.com/mla
Project Outline (1-2 pages, lines spaced at 1.5, with 12-point font)
Marks
Group Members
Product Identification: Short name of your product
(eg. “solar-powered cell phone”)
Target Market: Describe your Target Market 5
Product: Briefly describe your new product and why people will buy it compared to similar products
already available.
5
Promotion: general description of how you will promote your product? e.g.
advertising: tv, radio, internet, billboards etc
sales promotion: coupons, free samples
personal selling: salesperson
5
Distribution/Place: besides Best Buy, where else would it be sold? 5
Price: what pricing strategy are you going to use? e.g. charge a price that is lower/same/ higher
than competition, why?
5
TOTAL 25
Page 2 of 2
INTRODUCTION TO MARKETING
MRK108 Marketing Strategy Project Outline
Strategy Project
Marks
Executive Summary
A 1-page summary of your entire report. This is not an introduction – it contains all the important
information in your report. Try to write 1-3 sentences about each of the following sections.
10
Target Market
Describe your target market. Be sure to use marketing terms from the textbook. Remember
there is more to a description than just demographics. Reference chapter 8.
10
Product
Describe the entire new product. Use marketing terms from the textbook where possible.
Reference chapter 10 and 11.
10
Promotion
Describe how you will communicate your new product to the target market (and the
distribution/channel members if appropriate). If you are going to use advertising, describe or
sketch the first ad. Don’t forget about promoting to retailers (and wholesalers if you are using
them) as part of your Channels strategy. Reference chapter 16.
10
Place
Describe how you will get your product to your end customer (your distribution strategy).
Consider additional retailers (examples?), wholesalers and your own sales staff. Reference
chapter 14.
10
Price
What will be your MSRP? What price will the retailers pay? What price will the wholesalers pay?
Explain your logic when outlining your strategy. Reference chapter 13.
10
Positioning and Perceptual Map
Create a positioning statement which clearly identifies why potential customers should choose
your product. Create a perceptual map, which shows how your product compares to its
competitors on the 2 most important attributes. Reference chapter 8.
10
Overall Business-like presentation
Overall look, spelling, punctuation, grammar, effective use of bullet points, headings, bolded or
underlined, short concise paragraphs and use of tables, graphs, table of contents, etc.
Projects that are submitted with 5 or more spelling errors on the first page will not be
marked and will be returned and considered a late assignment until it’s re-submitted.
10
MLA Citations (part of overall business presentation and academic policy to use MLA
standards)
Citations must be done in-text as well as a works cited page.
Source documents (including Web sites) must be cited as per MLA standards.
Submissions that do not follow the MLA style will be returned with a mark of zero.
Wikipedia, Scribid or Facebook will not be considered as a resource in this assignment.
5
In text and works cited
as per MLA style
5/5
In text and works cited
with a few minor errors
4/5
In text and works cited
Incomplete
2/5
Citations not done as
per MLA style
0/5
TOTAL 85
Potential New Product Ideas:
• Yogurt that prevents tooth decay
• Briefcase with built-in monitor
• Phone case that lands face up
• Dog collar – says “stop” if dog is out of range
• Stapler that also dispenses paper clips
• Patio umbrella that opens and closes
automatically as the sun changes
• Laptop with built-in 3D printer
• Smart Belt that tightens automatically
• Smart toilet that flushes based on contents to
save water
• Universal batteries
• Bicycle helmet with rear view camera