that is a question from principles of Marketing and it is due tomorrow at 2; 00 pm Minnesota time. I need quick help. and it is about New product idea. I attached the instructions. Thank you

Marketing 2200

Creating a New Product or Service Assignment:

1. Idea creation

2. Screening

3. Concept testing

4. Business analysis

5. Product Development
6. Test Marketing
7. Commercialization

We will be conducting steps 1-5 for this assignment.
You will need to create a working model OR provide a drawing schematic that will provide dimensions (measurements of the exact size and shape) of the product and showcase it in a 5 minute or less, video. You may use Youtube or D2l Meeting to create the video

A. Tell us your target market and market segments and your reasoning- why you chose them.

a. Primary market (who do you think will purchase the most and why?)
b. Secondary market (who are the next best customers and why?)
c. Segment each market y more than demographics (age, gender, income, race) also use things like Lifestyle (VALS), Geography, etc.
d. Defend your choices by providing a rationale.

B. How will you differentiate your product from the competition?

a. What are you going to do to make your product stand out from the rest? b. What are your ideas for Packaging?

c. How will you form a Market positioning strategy?

d. What Features/Benefits will you provide?

C. Defend why you believe the environment is ready for this product. Tell why you will be successful. Why will you make money?

a. Base this on FACTS such as marketing environmental factors-societal, political, etc.
b. What do you believe the demand curve will be for this product? High at first then a sharp drop off (imagine trendy items like fidget spinners).

D. What special features will your product contain?

a. Why is your product NEW and needed, rather than something already on the market?

E. How will you position the product in the minds of consumers?

a. High quality & expensive

b. Less quality but good enough

c. Available everywhere or only at selected locations?

d. Cutting edge?

F. How will you package the product or service?

a. Does your product benefit from creative external packaging, like some fancy perfumes, candy, toys, etc. or possibly the product itself, for example - a flat screen TV that can hang from the wall.

G. How will you price your Product/service? Why?

a. What will it cost you to produce?
b. How much are you going to mark it up (20%, 50%, 100%). Remember to consider what the market will bear. For example: A normal furniture item costing $500 may have cost the retailer no more than $75.

c. What is your target market willing to pay?

H. Write a mission statement for your company.

a. Keep it short – one to two sentences at most- and remember to focus on what you are really offering to the customer: save time, ease of use, save money….)

I. Conduct a SWOT for the environment and your product or service.

a. Analysis of strengths/weaknesses/opportunities/threats for your product and the nearest competition.

J. Show us your product:
a.Create a short video that explains your product/service. If you use YouTube, provide a link. You may also use D2L Virtual Classroom to record a meeting and showcase your product.

b. If you don’t have a working product, provide a schematic drawing that shows us the product dimensions (height and width etc. in feet and inches) and explains how the product will actually work.

c. If you have a service, tell us exactly what duties you will perform and WHY we need YOU to perform them.

SELL US! Make us want to invest.