Topic Selection:
1. You are required to select a company that markets its consumer products in Singapore. (You are to choose a product-based business and not a service-based business). The company you have chosen should be a manufacturer and not a distributor.
2. Identify a new product that you think this company might find suitable to launch and market in Singapore (i.e. it must be a product that is related to its line of business and it must also be new and not marketed before by the company). For example, if you choose Nokia, then the product you might come up with a phone that monitors blood pressure.
Required Content:
I. Introduction
• A brief introduction should be done on the company and the product that you have selected. It should also serve to introduce the reader to the purpose and flow of the presentation.
II. Environmental Analysis
• Using online databases like Singstats, search for relevant marketing research presentations from Euromonitor and government bodies to describe and analyse the latest the marketing forces that details the most relevant social, demographic, or lifestyle trends. First look for information on that industry – cite useful statistics or data that describes the size and growth of the market. Check for useful information on the competition in the market and determine which Product Life Cycle Stage your industry falls under.
III. Target Marketing Process
• Identify your target markets according using the appropriate variables under the demographic, psychographic and behavioural bases of segmentation. Provide a detailed description of your target market in terms of their size and growth potential to determine whether this is indeed an attractive segment to target.
• Positioning statement – Propose your company’s or brand’s positioning statement that communicates the company’s unique points of difference of its products to prospective customers using a perceptual map.
IV. Designing the Marketing Mix Programme
Product (Product Strategy)
• Describe the product features in detail of your new product – match it against the list of benefits each feature offer.
• Select a suitable brand name for your product – explain how this brand name fulfills some of the criteria of a good brand name.
• Develop appropriate packaging and labeling details that are relevant for your new product.
• Go through the first four stages of the New Product Development Process for your new product – use diagrams to describe your new product idea or concept and an overview of your marketing strategy for your product.
Price (Pricing Strategy)
• Decide on the pricing strategy that you intend to adopt for your product. You may consider doing some research on the current prices in the market, key competitors pricing and their offerings. Your presentation should provide an indication of the price or price range that you intend to sell your product.
• Apply which pricing approach: cost-based, value-based or competition-based pricing you would use and recommend at least four pricing strategies which are appropriate for your new product.
Place (Placing Strategy)
• An analysis should be made to consider what the customer wants from the marketing channel. With this target in mind, design your channel taking into consideration, the types of retailers you would choose for your product, the number of marketing intermediaries to use, and the point-of-purchase promotions you would use at the various locations to encourage them to sell the product for you. Whether you choose to go direct or indirect or a combination of both, be selective and choose 3-5 locations you would first introduce your new product – justify your decisions using location maps, photos etc. to illustrate how placing plays a role in the marketing mix strategy.
V. Conclusion
• The summary should provide a quick summary and provide closure to the presentation.
VI. References
