Think and create a NEW PRODUCT or SERVICE that does currently not exist yet in the market. This product might be something that you have always wanted to make, or you think that people might need it, or people don’t know they need it yet, because it hasn’t been invented.
Topic 1: Business background
a. Demographic profile of the business and owner
b. Product or service offered
Topic 2: Competitors
a. Identify two or three competitors ( within 5 km for service)
b. Describe the strengths of each competitor
Topic 3: The Consumer
a. Describe the target market profile
Topic 4: The Marketing Plan for the Year 2023
a. Identify the value proposition and competitive advantage (Niche) of the
chosen service or product.
b. State the marketing objective to be achieved by the marketing plan
for the year 2023.
c. Based on the example below, develop a simple annual marketing plan for
the chosen service or product.
d. The plan should describe the marketing mix elements
o Product Strategy – you may use the three levels of the product as a basis to
explain the product features, attributes, and/or packaging and others.
o Pricing strategy –
o Place Strategy – distribution channel and physical distribution activities.
o Promotion Strategy – Marketing communication tools and mediums.
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