The Consumer and Market Profile Marketing Paper Below is the description: Topic: Sports and Outdoors
SECTION 1: BRIEF NEW PRODUCT INTRODUCTION 1 pages
Introduce your new product with a very brief – but clear description of what you will be offering to the Canadian market and what makes your product different (product differentiation).
Remember, your new product should be a business-to-consumer product. Include a brief description of the consumer want/need that your product fills.
SECTION 2: CONSUMER PROFILE 1.5 -2 pages
Here we need to show our understanding of our customer. Who is our customer? Why do they need our product? Show your understanding of the target consumer. Through research, identify the age group, gender, lifestyle and other demographic characteristics of the people who have shown interest in your product or service. Avoid trying to sell to everyone. Provide statistics and analysis that show the reader there is a demand for your product or service.
The Consumer and Market Profile
You can define customers by demographic characteristics, such as:
Age, usually in ranges
Gender
Marital status
Location of household
Family size and description
Income
Education level, usually to the last level completed
Occupation
Interests, purchasing profile
Cultural or ethnic background
Once you have defined your target customers, you must learn about their needs and preferences.
Which of their challenges can you solve?
What are their needs and expectations regarding this product or service?
What types of things do they desire?
What do they spend their money on?
Where do they shop?
How do they make spending decisions?
SECTION 3: MARKET PROFILE 1.5-2 pages
Here we can demonstrate why this new product idea is a good idea. What are market conditions
like? Who are our competitors?
Situation / Market Analysis:
Analyze the industry
Consumption rates/ size of the market/growth of the market/ future growth potential of
the market/barriers to entry.
The Consumer and Market Profile
Trends in the market that support why proposed new product will be successful.
Threats in the market that might hinder why the proposed new product might not
succeed.
Provide SWOT analysis
You may use a step-down analysis to help you with your calculations (We will learn step-down
analysis during the lecture). Also, secondary data sources are available through the library
resources which can help you obtain relevant information to calculate the size of your market.
The Consumer and Market Profile Competitor Analysis
Direct competitors (Manufacturers & their brands);
Specific market shares of direct competitors;
Presence of indirect competitors;
SECTION 4: OPPORTUNITY ASSESSMENT 1-1.5 pages
This section should be organized to identify and address issues that have short and long-term
effects on the chosen product category in the assigned industry based on your Section 2-3.
Analyze the opportunity for the product category of your choice is most promising to your
assigned industry in the Canadian market. As a result of your findings and analysis, you will deliver
the following:
The specific product that you will focus on
Specific opportunity and rationale of the product
Cultural problems and opportunities related to the product if there is any
The Consumer and Market Profile
Before you develop your marketing plan, you must first research the potential market for your product or service. The aim here is to identify and develop an in-depth understanding of your consumer and the market within which you will sell your product. Remember that the appendix is a great place to place supporting material (graphs, charts…).
ASPECTS TO BE EVALUATED Length
SECTION 1: BRIEF NEW PRODUCT INTRODUCTION 1 pages
Introduce your new product with a very brief – but clear description of what you will be offering to the Canadian market and what makes your product different (product differentiation). Remember, your new product should be a business-to-consumer product. Include a brief description of the consumer want/need that your product fills.
SECTION 2: CONSUMER PROFILE 1.5 -2 pages
Here we need to show our understanding of our customer. Who is our customer? Why do they need our product? Show your understanding of the target consumer. Through research, identify the age group, gender, lifestyle and other demographic characteristics of the people who have shown interest in your product or service. Avoid trying to sell to everyone. Provide statistics and analysis that show the reader there is a demand for your product or service.
You can define customers by demographic characteristics, such as:
- Age, usually in ranges
- Gender
- Marital status
- Location of household
- Family size and description
- Income
- Education level, usually to last level complete
- Occupation
- Interests, purchasing profile
- Cultural or ethnic background
Once you have defined your target customers, you must learn about their needs and preferences.
- Which of their challenges can you solve?
- What are their needs and expectations regarding this product or service?
- What types of things do they desire?
- What do they spend their money on?
- Where do they shop?
- How do they make spending decisions?
The Consumer and Market Profile
SECTION 3: MARKET PROFILE 1.5-2 pages
Here we can demonstrate why this new product idea is a good idea. What are market conditions like? Who are our competitors?
Situation / Market Analysis:
- Analyze the industry
Consumption rates/ size of the market/growth of the market/ future growth potential of the market/barriers to entry.
- Trends in the market that support why proposed new product will be successful.
- Threats in the market that might hinder why the proposed new product might not succeed.
- Provide SWOT analysis
You may use a step-down analysis to help you with your calculations (We will learn step-down analysis during the lecture). Also, secondary data sources are available through the library resources which can help you obtain relevant information to calculate the size of your market.
Competitor Analysis:
- Direct competitors (Manufacturers & their brands);
- Specific market shares of direct competitors;
- Presence of indirect competitors;
SECTION 4: OPPORTUNITY ASSESSMENT 1-1.5 pages
This section should be organized to identify and address issues that have short and long-term effects on the chosen product category in the assigned industry based on your Section 2-3. Analyze The Consumer and Market Profile for the product category of your choice is most promising to your assigned industry in the Canadian market. As a result of your findings and analysis, you will deliver the following:
- The specific product that you will focus on
- Specific opportunity and rationale of the product
- Cultural problems and opportunities related to the product if there is any
Max 6 page
Assignment Parameters and Expectations:
- You will undertake secondary research (online resources, press articles, published data….) as you deem appropriate in developing your analyses.
- Each team is required to submit a maximum 6-page report. The main body of the report can include figures, charts, and tables, but excludes appendices and bibliography. Remember: this project is intended to be an original piece of work – while the use of footnotes and references is of critical importance, be certain not to over-use footnotes.
- Include citations and references in your report. It should be prepared using the APA guidelines for citations.
- Team reports must be prepared using Times New Roman 12-point font with 1-inch margins all around and 1.5 spacing. Figures, charts, and tables should be in 10-point Times Roman font. Each team will decide how they want to organize their report.
- Please note that to meet expectations, the team report must be of a high professional caliber in terms of content but also in terms of look, feel, and readability. It should be free from all grammatical, spelling, formatting, and other mechanical errors. You will lose marks if your report contains unprofessionalism such as English and mechanical errors.
- Figures and tables are meant to convey key information quickly and clearly – so make them clear, sharp, and of a size that is readable (not too big or too small); you are expected to refer the figures and tables in your contents if you included them. Use appropriate legends to clearly distinguish different lines or charts.
- Overall Report Quality: The report contains no spelling or grammatical errors; it is superbly written and professional; all respect for scholarship has been applied. It is also well presented. All guidelines for report writing followed. Citations are correctly made.
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