Marketing: Jones Soda Project

PART 1: NEW PRODUCT DEVELOPMENT

• Describe in detail what took place during Step 1: Generating Ideas.

• Describe in detail what took place during Step 2: Screening Ideas.

• Create a prototype of your NEW product. Describe in detail what took place during Step 3: Prototype Development.

• Ensure your NEW product patent has been approved by the Mr. McCauley.

• Explain the TANGIBLE product features and customer benefits.

• Explain the GENERIC product features.

• Explain the EXTENDED product features.

PART 2: MARKET SEGMENTATION

• Explain in detail who the target market is for the NEW product. Use demographic, psychographic and behavioral information as your rationale for the target market.

• Explain in detail the geographic area in which the NEW product will be launched.

PART 3: PRODUCT POSITIONING

• Identify all the competitors of the NEW product. Explain why and how they compete with the NEW product.

• Explain how your product is positioned. (Price & Quality, Features & Benefits, Unique Characteristics, Relation to Competition, or Relation to Other Products in a Line)

• Explain how the competition is positioned. (Price & Quality, Features & Benefits, Unique Characteristics, Relation to Competition, or Relation to Other Products in a Line)

• Explain the positioning statement for the NEW product; provide rationale!

PART 4: BRANDING

• Develop the NEW product’s brand name, brand mark or trade character. Ensure the NEW product’s brand name, brand mark or trade character has been trademarked or registered by the TGIC.

• Explain the importance of trademarks or registering the NEW product and its value to the company.

• Explain why the brand name, brand mark or trade character will be effective and what message it will send to the target market.

• Explain the type of brand the NEW product is…national, private, or generic, and its value to the company.

• Explain the branding strategies used in developing the NEW product (brand extension, brand licensing, co-branding, mixed brands) and its value to the company.

PART 5: PACKAGING AND LABELING

• Develop a realistic package for the NEW product.

• Explain how the package utilizes the functions of packaging and explain the package’s value to the company and the target market.

  • Promoting & Selling the Product
  • Defining Product Identity
  • Providing Information
  • Meeting Customer Needs
  • Ensuring Safe Use
  • Protecting the Product

• Explain how the package utilizes Environmental and/or Cause packaging. Explain its value to the company and the target market.

• Explain the form of the NEW product’s package. (skin, blister, aerosol, flexible, shrink wrap, multi, aseptic, dispensing)

• Explain the 7 pieces of information on the NEW product’s label and the value to the company and the target market.

  • Product Illustration
  • Product Guarantee
  • Dates
  • Storage Information
  • Weight Statements
  • Manufacturer’s Name and Address
  • Universal Product Code

PART 6: PRICING

• Explain the total cost of the NEW product prototype. Prototype cost ______

• Explain in detail the Pricing Concept that was used to create the channel member price and the MSRP price of the NEW product.

  • Demand-Oriented Pricing
  • Cost-Oriented Pricing
  • Competition-Oriented Pricing

• If Cost-Oriented Pricing concept was used…

• Explain in detail the factors that influenced the cost of the NEW product being mass-produced. Mass produced cost ______per unit

  • Cost of raw materials
  • Cost of labor

• If Demand-Oriented or Competition-Oriented concept was used…

• Explain in detail the factors that influenced the price of the NEW product to channel members. Channel Member price ______per unit

  • Cost & Expenses
  • Competition
  • Supply & Demand
  • Government Regulations…(price fixing, price discrimination)
  • PLC…(skimming, penetration)
  • Explain in detail any pricing techniques that were used to come up with the MSRP.
  • Psychological…odd, even, prestige
  • Discounts…quantity, discounts

PART 7: PLACE

• Explain in detail the channel of distribution the NEW product will take. Explain its value to the company and the target market.

• Explain in detail each channel member’s responsibilities in the NEW products channel of distribution.

• Explain in detail the NEW product’s level of intensity. Explain its value to the company and to the target market.

• Explain in detail the type of retailer in which the NEW product will be placed. Explain its value to the company and to the target market.

PART 8: PROMOTION

• Create promotional elements for your product using 3 of the following options

  • Web site
  • Viral Video
  • Social Network
  • Podcast
  • Billboard
  • Blog
  • Other ______

PART 9: PROFESIONAL SALES

• Your company will give a professional sales presentation to the class. The class (and Mr. McCauley) will play the role of a wholesaler or retailer you want to stock/sell your product.