Final Project: Theme = worms, worms, worms! - Marketing 11



Final Project: Theme = worms, worms, worms!You are responsible for inventing a “new” product we have never been able to buy before. The theme is worms, worms, worms! Your product needs to be a worm,or have worms on it. Does this make you think of a new food, new appliance, new type of clothing, new hat, new binder, new storage container…???? Do some research on the different types of worms? Different uses for worms? This will help you think of who is interested in worms for practical reasons or just for fun. Once you can see them, you can start to see a potential market. You will be the manufacturer of this new product and the initial distribution will be through stores in Nanaimo.Your Main Assignment—Create a Marketing Plan for Your New ProductYou are responsible for writing a marketing plan; a report like document outlines your product idea and shows how you will make money by manufacturing it and offering it for sale. A marketing plan is written in paragraphs and backed up with facts, pictures, charts, etc. Start with a title page. Title Page—2 marksIntroduction-2 marksBriefly describe your manufacturing company, its name, location and purpose. What type of products do you produce? Describe what this written report is?Target Market—4 marksDescribe your target market in Nanaimo, using demographics, psychographics, geographics and product use statistics. Use the following link to Nanaimo’s demographic info obtain by the latest Census from 2016…be sure to scroll from the top to the bottom to see who lives here. Use this data, plus your own research to describe your “target” market (do not say everyone, narrow it down to the large group of people that you could make money from). Marketing Mix (4 P’s) Promotion-provide explanations and examples of each of the following:Manufacturing company nameSlogan for your company (7 words or less)Logo for your company A print ad for each stage in the Product Life Cycle (labelled by stage). These ads should be directed to the consumer. ProductDescribe your product and explain the competitive advantage... What does it do that is special/different? What is the benefit to the consumer? Does it come in different color choices? Different sizes? How many per package?etc. Include a prototype (sketch) of your product. It needs to be drawn to the exact size (or to scale) and in color. Package your product. Create an example of the type of product packaging we will see on the shelf in retail stores. You need to research the Canadian packaging regulations for your type of product (regulations vary by product type).The Main Site for General Packaging & Labelling Regulations—covers all product types… Labelling & Packaging Regulations Regs for Food Packaging Regulations. Ensure that your company logo and slogan are included on the outside of your package.Price. –in this section you will explain the price it will cost to produce one of your products. Then, you will show how you came up with the price you will sell your product to retailers for and how much profit each sale makes, plus the profit you will make on bulk orders. Secondly, you will show what the retailers’ profit will be based on a variety of bulk order levels. Lastly, you will show the price the consumer is likely to pay when they buy it from the retailer.Find and list at least 3 products that will compete directly with your product. For each product, include the product name, a picture, list the brand and the retail price. Also include 3 products that are in indirect competition with your product. For each product, include the name of the product, a picture, list the manufacturer and their price. Now, you can determine the fair market value for your product, and determine the price your retailers can sell it for. You need to give them a “Manufacturer’s Suggested Retail Price”. E.g. $15.00You need to be able to produce your product for about ? of the “Manufacturer’s Suggested Retail Price”. This is your COGS (cost of the goods you are selling). When retailers buy it from you, they will pay about double your COGS, so you can make a profit. They then mark it up (approximately 2 x’s what they paid for it when they bought it from you). Show me the steps that show the prices at the various levels: Your COGS for one unitWhat price will you sell it to the retailers for? Create a pricing system that has a few options for the retailers. E. g. $10.59 for one, $8.25 for 100, and $6.50 for 500. The bulk amounts in your “package prices” will vary depending on the type of product you are selling and how long it will be in fashion or how long it lasts on the shelf (in the case of food products). Your “Manufacturer’s Suggested Retail Price”—what the consumers will pay when they buy it from the retailers. Include additional bulk pricing, if it makes sense that consumers would like to buy more than one at a time.Placeexplain how/where the retailer can buy your product. Where will sales happen? (remember manufacturers sell differently to retailers). Create a website at “” or code your own, if you know how. It needs to have a homepage the describes what your company does, a page that lists your product and prices for bulk ordering, and a contact page for retailers to place orders or ask questions. ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download