Create a Market Segmentation Plan for the New Product/Service Launch Marketing Plan. Include the following for both the domestic and international markets based on the team’s research:
- Describe the target market (audience) profiles, key buying behaviors, and decision motivators for the consumer target market. Note: Do not pick different target markets for the domestic and international markets.
- Detail the steps involved in a new product/service development.
- Discuss the stages of the new product/service life cycle and how to manage each stage. Include tactical plans for the 4 Ps at each stage.
- Develop a pricing strategy for the new product or service offering.
- Differentiate the new pricing strategy for the practice of setting the price. Why is this an important distinction?
- Develop the product offering started in Week 2. Provide the product mix for the new offering including features and benefits, branding, any other products in its line, its differentiating characteristics from competitive or substitute products, packaging and labeling, and warranties and guarantees.
- Create a new positioning statement and strategy for the product/service.
- Justify the position strategy.
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