Marketing Idea Paper Assignment The purpose of this assignment is to come up with an idea for a new product or service and use secondary data about the industry, consumers, and competitors to show that your idea will make sense.
Your idea should include the target market for the product, a positioning statement, a brand name, and a basic description of your product or service and its benefits
Marketing Idea Paper Assignment Questions
What kind of idea will be appropriate for this assignment?
First of all, you do not have to come up with a Shark-tank-worthy big idea for this assignment! It will be sufficient to suggest a new brand in a well-known category that differs just a little from available brands. For example, you can launch a food product or beverage that has a different flavor or ingredient, or a personal care product with a different brand and packaging design.
Some of you may already have thought about a product that isn’t available and that you think would have potential. If so, your next step is to research the industry, competitors, and consumer preferences in your category (see next section). It is important that you come up with an idea for which you will easily find the background information you need. The Passport and Mintel databases cover a range of products and services but if your product category is not represented in either of these databases, it will be challenging to complete the assignment.
If you do not have an idea right away, start by doing some research about a type of product, or consumer trend that interests you. For example, if you are interested in healthy food products, start by reading the report about that category on Mintel.
Marketing Idea Paper Assignment Guidelines
Your paper should include information about relevant consumer trends, the industry the product is in, and the competitive landscape. As you can tell from the sample assignment, you might be able to find everything you need in the Mintel database. Passport provides similar reports and can also be used. You are required to use at least one report from either Mintel or Passport, but are free to add additional valid sources (e.g., other databases or business press articles).
– Consumer Trends
– Industry Analysis
– Competitive Analysis
– Positioning Strategy for “brand X”