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MKT 571 Week 3 New Product Launch Marketing Plan, Part 1 -
Create a 1,400-word Product Launch Plan in a Microsoft® Word document. The Product Launch plan will be for two countries. Select your home (domestic) market and another for the international market.
Choose a specific domestic country and a specific international country. You may not choose the U.S. and Canada, the U.S. and Britain, or Canada and Britain as your combinations. Your domestic country does not have to be the United States. While the audiences should have the same need for the product or service you come up with, they should have distinctive cultures and habits. This assignment requires research on both of your markets.
Select a new product that has never been marketed as the basis for all of the team papers. You can make a major modification/improvement to a product/service on the market or create your own product/service.
Include the following components:
• Define the product or service being offered.
• Describe the product or service offering.
• Assess the market needs for this product or service.
• Choose an anticipated target audience and include a description.
• Defend your choice of product or service and your country choices.
• Develop a brief SWOT analysis.
• Analyze potential or existing competition - both direct and substitution.
• Evaluate the potential growth rate. Look for information on similar products or services to come up with a growth rate over three years; this may be adjusted in later revisions.
• Develop a 10-question survey instrument including potential answers for closed-ended questions and scalar questions that you will use for the final marketing plan. The questionnaire will be used to collect additional primary data about buyers. Your survey should be placed in your appendix and discussed in the body of the paper. As a part of this discussion set at least one goal for this survey:
• Why is it being conducted?
• How will the team benefit from the results in terms of planning and decision-making?
Leverage opportunities to demonstrate marketing management learning by using expert testimony and scholarly sources to support your points or definitions.
Use the Sample Marketing Plan in Ch. 2 of Marketing Management as a guide in developing the components of your plan. This should not be a guide to formatting your plan.
Format your paper according to the updated APA standards.
Be sure to read the rubric for guidance on how the paper will be graded.
Click the Assignment Files tab to submit your assignment as one complete document. Do not submit multiple documents.
Be sure you submit and confirm your acknowledgement of participation on the team assignment submission page.