Assignment 4-Marketing and Economics
Marketing is the method a business uses to develop a product and put it on the market. There are many important steps a company must take in order to increase the success of their product. Your quest, is to learn about and use marketing principles to develop and market a product of your own imagination. You will take your product from your imagination and develop sketches of the product, how it will be sold in the stores, how the product will be advertised, etc...
Introduction
Have you ever thought about why products you are interested in are not advertised in magazines your parent's purchase or read? Why doesn't teen magazine advertise the Lincoln Towncar? Why does Nike use Michael Jordan in their commercials instead of Ann Murray? Or why do the clothes your parents wear differ in looks and style from what you wear?
Businesses use marketing principles to determine what a product is, what it does, and who is going to buy the product. Then they market the product to the group of people they think will buy it. It has really become a science.
Have you ever thought of why grocery stores are all arranged similarly? The milk and meat are always in the back of the store, the bakery is on the side, frozen foods line the middle, etc... Companies determine every aspect of their product right down to where it will be displayed on the shelves prior to selling it to a store. They want to ensure that their product will be purchased.
In this unit, you will learn what it takes to bring a product from its initial design thru the marketing principles to get it in the stores. At the end of the unit, you will present what you have learned by creating a presentation that showcases a product you have created and are trying to sell.
Task
You are to come up with a product that would like to sell. This product must be something that could be manufactured with today's level of technology and meet school and district rules. Your product cannot be a weapon or any other item that is illegal.
Once you have decided on a product, you will then use the principles of marketing that you will learn about and apply each of the principles to your product. After you have completed this, you will then prepare and present a business marketing plan to the class. Your presentation should display your knowledge and application of the marketing principles learned.
ProcessInstruction
The 4 P's of marketing (product, place, price, and promotion) are 4 key elements to developing a product.
The first step to developing a product is to determine what your product is, what it does, and it's features. Once we know what it is that we want to sell, we can then take the product thru certain steps, and make important decisions that will hopefully ensure the products success.
Follow the list of steps below to learn about these important aspects of product development. You are welcome to visit the web pages listed for each step, and or visit other web pages that you may find that will help you with your quest.
Step 1 - What are the 4 P's of Marketing?
http://en.wikipedia.org/wiki/Marketing_mix
http://www.netmba.com/marketing/mix/
Step 2 - Determine what the 4 P's of your product are.
Step 3 - What is meant by a target market?
http://sbinfocanada.about.com/cs/marketing/a/targetmarket.htm
http://en.wikipedia.org/wiki/Target_market
http://www.articlealley.com/article_2341_10.html
Step 4 - Who is the target market for your product?
Step 5 - What is a logo? What is a slogan? Step 6 - Develop a logo and a slogan for your product. You can use doink.com, queeky.com, or any other online drawing tool to create your logo.
Step 7 - What other information about your product could you use to sell your product? A truck for example may have a cd player, sunroof, leather, etc...
Step 8 - What does your product look like?
Step 9 - What is market research?
https://www.oberlo.ca/ecommerce-wiki/market-research
Step 10 - Find out what 10 people think about your proposed product? What would they change? What would make it better? Create a survey form using Word to answer these questions. Have 10 other students take your survey. Collect your responses. You will turn these in.
Step 11 - What is a trademark? Questions you should answer - How long does a trademark last? Are there trademarks that cannot be registered?
Your Product
Now it is time to apply what you have learned to your product. Answer the following questions as they apply to your product. Type these in Word and email to the teacher.
1. What is your product?
2. What does your product do?
3. What are the benefits of your product?
4. What three stores do you plan on selling your product in?
5. How will you be getting your product to the store?
6. What is the estimated cost to make your product?
7. What is the estimated cost for stores to buy your product?
8. What methods will you use to advertise your product?
9. What does your product look like?
10. What is your logo?
11. What is your slogan?
12. What special features does your product have that will help sell the product.
Please print off the following checklist and complete it at home. It is due by the due date of the assignment. Marketing Checklist You will need to download this file. Mark your answers and email it to the teacher.
Presentation
Prepare a business presentation. You can use Powerpoint.
You will be expected to turn in this presentation to Mr. Wandler. You are to assume that Mr. Wandler is a buyer for one of the stores in which you are selling your product. Your goal is to get him to buy your product to sell in their stores. You will need to introduce yourselves with your name and your role in the company. You will need to discuss the 4 P's as they relate to your product, your target market, methods of advertising, and display a graphic or visual representation of your product. Be sure you also include any other information that will help to sell your product.
Evaluation
Click the link below to evaluate the project.Marketing and Research Evaluation