QuestionAssignment Type:Due Date:Grading:?ubmission:There are 3 parts to your team project:1.2. 3. Learning Outcome ? Group Written Report and Creative Promotional Element Module 14Total 75 Marks, Worth 25% of Final Mark All late submissions will receive a -15% penalty per day.A written report to be uploaded in a word document in the team project folder in e-centennial ? creative element to be uploaded in the team project folder in e-centennialA peer evaluation to be submitted by each teammate separately in the “peer evaluation” folder in e-centennial.?dentify a new product idea by evaluating the competitive environment, segmentation and targeting approach. Determine an appropriate pricing and communications strategy and produce a promotional element.?art 1: Written Assignment Requirements (50 Marks)?ithin your group, select one of the company’s that one of the group members used for the first 2 assignments (Individual Assignment 1 and 2). You will now be creating a new product as a group for this assignment.?dentify a market segment that you don’t believe is currently purchasing the product that you have selected for this project. Maybe the product doesn’t meet specific needs of this segment as well as the competitors’ product meet their needs, or the product has features that don’t appeal to this group. For example, a 2-seater Porsche likely doesn’t appeal to a middle-class family of 5. Or, a high-priced cosmetic company offering anti-aging lotions, likely doesn’t meet the needs of a female college student working 2 part-time jobs in order to pay for school and living expenses.?ome up with a new product idea that will meet the needs of the new segment you have identified. So, in the cosmetic example above, maybe you could suggest your new product as the following: A face cream that comes in fruit flavoured scents at a very affordable price.??Written Assignment details:?repare a written report that answers the following questions. Organize your report by using the same question numbers and headings as outlined below:?Question 1: Product Description (Approximately ?page) – 10 Marks?.???rovide an overview of the product, what it does, how it works, what are its primary features and benefits, how is it different from the original product? What is the name of this new product?b.???dentify if it is a new product line (widening its product mix) or deepening of an existing product line (review definitions in chapter 10, exhibit 10.1).?uestion 2: Segmentation Overview (Answer should include completed Segmentation Variables Template, PLUS a sentence or two to answer Part 1b and short paragraph for 1c) – 10 Marks?.???tilizing the Template provided by the professor entitled, Segmentation Variables Template, select the market segmentation bases for this product and who the target market will be (Remember, Market Segments are a subgroup of people sharing similarities within Geography, Demographics, Usage or Benefits sought). Clearly explain the group that you will be targeting with this product and what characteristics define this group. Review chapter 8, section 8-3 to support your answer as to the characteristics of segmentation.?.???ummarize who you believe the primary target market is for this product??.???Describe why you think this product will appeal to this segment. Explain your thought process. Consider questions such as – why do you think this group will buy this product and why weren’t they buying the other products you were producing.?uestion 3: Competitive Overview (approximately ?page) – 5 MarksWhat companies do you consider competitors for your product? What products are you competing with??.??hat are your strengths, what will differentiate you and result in your target customers buying your new product versus purchasing from competitors??uestion 4: Pricing (approximately 1 page) – 10 Marksa.??xplain your pricing objective (Chpt 13 Section 13-2a) and why you selected this objective (Profit Oriented vs Sales Oriented vs Status Quo).b.??hat is the recommended introductory price of your product? Justify why you selected this price. What did you consider, what research did you do, what was important to understand about the market and customer in order to come up with this price? c.??o you consider your pricing strategy Penetration Pricing, Status Quo or a Price Skimming approach (Chpt 13 Section 13-2c). Explain what the strategy is that you selected and why you selected that approach.?uestion 5: Communications (approximately 1 page) – 10 Marksa.??hat is your promotional mix (include at least 2 tools/strategies) – consider characteristics of each outlined in Exhibit 16.4 to explain why you chose the promotional strategies that you have selected also taking into consideration what was discussed in 16-7: Factors Affecting the Promotional Mix and other considerations explained in Section 17-4 to 17-6 in the text. ?.e. If you selected one Promotional Approach to be Digital advertising, you could explain why because it is more targeted, or Sales promotions because it will allow consumers to sample a new product with little risk/investment, Personal Selling because a relationship with the customer is a very important part in influencing them to buy this product, magazines because targeting a very specific demographic that we know are regular subscribers to that magazine, etc. And expand on your explanation. ?Report Formatting Requirements (5 Marks):?our report must include a cover page with your names, student numbers and the name of the company you have selected?our report should be organized in sections based on the question number and headings provided above. Each answer should follow the question number and heading so it is clear as to which question is being answered. ?lease use 12 pt font, single spaced.?ou will be marked for spelling and grammar so ensure you proof read your report and spell check?PA format in-text citations and a bibliography are required. Review guidelines for APA formatting provided by professor and ask for clarification prior to submission if required.? ?art 2 (15 marks): ?his is your opportunity to get creative! You are now going to create a sample of a promotion to support the marketing efforts of your product. This could be any of the following:-????? commercial (you can film this with whatever device works well for you)-????? poster/billboard sample (created using any digital tool that works well for you)-????? magazine advertisement (created using any digital tool that works well for you)-????? digital advertisement (created using any digital tool that works well for you)-????? simulated in-person sales meeting for personal selling – filmed with your device-?????ny other promotional approach that has been discussed in the lessons are fine as well?uggested Digital Tools: Canva, PowerPoint, Word, Adobe Spark OR if you want to draw it, you can do that and take a picture and submit it?nsure your promotional mix element that you create includes:A name for your productA slogan for your promotionClearly communicates the unique benefits of your productThe images/video clearly align with the product’s target market? ?art 3: Peer Evaluation (10 Marks) – see excel file titled Confidential Individual Peer Evaluation to complete?ach group member must individually complete and submit the Confidential Individual Peer Evaluation Form to the appropriate Assignment Folder in eCentennial by the end of day on the last day of class. **If you do not submit a completed peer evaluation, you do not get these 10 marks. Your professor will review all peer evaluations and determine a final grade out of 10 for each group member, based on the ratings and feedback from the other members of the group.?????????????????????????????roup Assignment: Template to complete question 2a: Segmentation Overview?or your product, select which segmentation variables you are using to segment the market and explain/describe the characteristics that are reflective of your customer. ?or example, if your product is a luxury SUV that performs well in snow and ice, your segmentation overview may look something like this:?egmentation for Luxury SUV Bases for SegmentationSub-Bases Explanation/Description Geographic Region of the country or world, climate, population density?Canadian Provinces with cities with large population density – Ontario, British Columbia, Alberta Demographic Income Segmentation: Low, middle or high income? High income ?Family Life-Cycle Segmentation: Young, middle-aged or older? Single, divorced or married? Children or no children? Married with 2 or more children Psychographic Lifestyle Segmentation: Socioeconomic characteristics, beliefs, how they spend their time? High income with busy lifestyle – family involved in many sports, drive many kids in carpools?emplate on the next page. Select the appropriate segmentation variables within the chart below and describe how they represent the market for your product.?ases for SegmentationSub-Bases Explanation/Description Geographic Region of the country or world, climate, population density??Demographic Age Segmentation: Age group/ generation? ??Gender Segmentation: Traditional or Modern? ??Income Segmentation: Low, middle or high income? ??Ethnic Segmentation: Multicultural or targeted? ??Family Life-Cycle Segmentation: Young, middle-aged or older? Single, divorced or married? Children or no children? ?Psychographic Personality Segmentation: Traits, attitudes and habits? ??Motives Segmentation: Emotional or rational? ??Lifestyle Segmentation: Socioeconomic characteristics, beliefs, how they spend their time? ?Benefit Segmentation What benefits do they seek to gain from the product? ?Usage-Rate Segmentation Former, potential, first time, light or irregular, medium or heavy user? ??y company is Apple and my product is Macbook???AccountingBusinessManagerial AccountingMKTG 116Get a plagiarism-free order today we guarantee confidentiality and a professional paper and we will meet the deadline.
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