Marketing an innovative product

Paper: Marketing an Innovative Product
SLO: 1, 3, 4, 5

For this assignment, you will select an innovative product in the marketplace today that positively impacts the environment (think eco-friendly).

Choose a product (or service) that interests you – this will make the paper much more enjoyable to research and write. Write about a single product (not a company, not a category). It must be a specific product/brand.

Do not use commonly sold products such as vacuums, cell phones, PCs, or athletic apparel. Select something new to you to help with analysis skills.

The paper must include the following sections and each section must be identified in your paper as a Heading (so that information can be organized and easily identified).

1. Introduction: What product did you select, and why? What is the need? How does this product fill a market need? What is innovative about it? How is the company marketing the product? How does this product positively affect environmental concerns? How does it add value?

2. Target market: Describe the target market that requires this product. Be very detailed.
• What are the demographics, psychographics, attitudes, and so on?
• How big is the market? Is it growing or shrinking?
• How else can you describe the target market?
• Who will most likely buy your product?

3. Product description: Describe the product. (You may use photos or diagrams, but be sure to cite the source.)
• Also include information about the company that is producing the product. How big is the company? How experienced is it?
• How else can you describe the product and the company?

4. Pricing: Include the total cost for the product.
• Is there a range of prices for various versions? Are there discounts?
• What else does the buyer need to pay for (additional fees, shipping, warranty, installation, etc.)?

5. Place/Distribution: Explain how the product is sold and distributed.
• Where can you buy it? Is it regional, national, or global?
• How many places can the product be purchased?
• If global, how is the product distributed?

6. Promotion: Describe the promotional tactics that are used for the product.
• Are there ads on TV, radio, banner ads, websites, endorsements, etc.?
• The paper must include at least two examples of an existing ad or promotional element.

7. Summary: What is your final opinion of this product and its marketing?
• Do you think it will be successful, and why?

8. Reference page: Provide a properly formatted page to receive full credit for this section (APA citation and format style).
• Remember also that in-text citations must be included behind ALL facts learned from a reference source.

You need at least three reference sources for this product assignment. One source may be the company website; other options are business magazine articles, newspaper articles, and the like. Find out as much as you can about the product category, the competitors, and the customers.