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MKT 571 Week 4 New Product Launch Marketing Plan, Part 2 -
Create a 1,400-word 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. Detail a minimum of two target markets. Note: Do not pick different target markets for the domestic and international markets. The two target markets should apply to both your domestic and international market.
• Detail the steps involved in a new product/service development specific to your product.
• Discuss the stages of the new product/service life cycle and how to manage each stage specifically for you product. Include tactical plans for the 4 Ps at each stage specific to your product.
• Develop a pricing strategy for the new product or service offering.
• Develop the product offering started in Week 3. 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.
Cite a minimum of six scholarly sources.
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 plan consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
Be sure you submit and confirm your acknowledgement of participation on the team assignment submission page.