https://www.linkedin.com/company/brandwagon-delhi/ https://instagram.

com/brandwagon_iiftdelhi/
https://www.linkedin.com/company/insights-the-marketing-research-cell/ https://instagram.com/mrc_iift/

A LEGACY OF THE MARKETING

EXCELLENCE SINCE 1963 SOCIETY

Background

The Marketing Society of IIFT, brings to you a really exciting task of market
identification, product development and marketing strategies formulation.
Product development is a creative and interdisciplinary process that transforms a
market opportunity and technological innovation into a successful product. It is the
life-blood of companies and societies. Successful product development creates value
for customers, improves society beyond just the immediate gratification of the
consumer & facilitates the continued existence of the company while giving them a
competitive edge. Marketers play a key role in new product development by
identifying & evaluating ideas and working on their successful implementation.

Problem Statement Skills

Exposure to elementary
Choose any 2 product brands from completely different
marketing strategies
industries and imagine both of them planning to come
together and launch a product in the market. What
Rewards
would it be?

Considering it is your creative imagination, we announce 1. Gift Vouchers for

you as the brand manager of this product. You are top 5 performers of
responsible to introduce this product in the most the Pre-Induction
appropriate target market using the right value assignments
proposition. There is no bar on innovation and creativity 2. PPIs for the top 3
but it has to hold some value in your target market’s performers in JCC
life. selections
Dated
For example:- Pringles, a snackable potato chips
manufacturing company, joins hands with the publishing
16th June 2022
house called the Penguin, to introduce a limited edition
product in the market which would have a 1 pager comic Deadline
story as the secondary packaging on the box of 17th June 2022
Pringles. 5:59:59 pm

Submission Link https://forms.gle/WdATEXQU9sY1kd9V6

 Deliverables

Below mentioned are some “must-have but not limited to” inclusions:
1. Product Ideation: Put your creative hats on and come up with something that
stands out from the existing while at the same time ensuring the practicality of
it. Feel free to think out of the box as long as the product doesn’t cross the
ethical boundaries. (Any kind of demeaning or vulgar aspect in the product
would not be accepted for submission)
2. Pain Points Identification: Try to think what purpose does your product is going
to serve in your target consumer’s journey because smart marketing is about
help, not hype! Do some google searches, some report hunting, or use the biggest
card - conversations to figure out a way of mapping the benefits of your product
with the pain points of your target market. (Research is your way out -
irrespective of primary or secondary)
3. GTM Strategy: Once your product is ready and you are confident about its USP,
come up with a strategy to bring it to the market. Refer the links below to know
more about a go-to-market strategy and its components.

Submission Guidelines

Naming Convention: Name_Application Number_MarkSoc

Presentation of 3 slides (excluding the introduction and thank you slides)
For any other form of submission: Max 3 minutes
Font: Any (Suggested: Calibri), size 12.
File size not more than 20MB.

Parameters for Evaluation

1. Clarity/Approach: 30%
2. Innovative Thinking: 30%
3. Originality of Idea: 20%
4. Presentation Skills: 20%

Resources

Market Research for Product Development:

https://www.driveresearch.com/market-research-company-blog/market-research-
for-new-product-development/
The Marketing Mix/ 4 P's: https://www.mageplaza.com/blog/4-ps-of-
marketing.html
STP: https://www.yieldify.com/blog/stp-marketing-model/
PPT Tools: https://www.canva.com/en_in/

All The Best!