Instructions on marketing plan for a new product

Imagine that your group is a company and want to launch a new product into the market;
hence, you need to describe how you develop a new product and build a marketing plan
for launching the new product into the market. Your work needs to include the following
parts:
Cover page
Table of contents
Executive summary
To summarise your work into 1 – 2 pages. You should write this part at the end when
you have completed all other parts to have an overview of your work.
Part A - Introduction of company
- Company history (name of company, year of establishment)
- Company’s business (product category, target markets)
- The company mission
Part B – Developing new product
You can develop a new product in your company’s existing product category to
serve existing markets or a new product to serve a new market.
To develop a new product, you need to conduct marketing environment analysis,
including micro and macro marketing environment.
1. Microenvironment analysis
- Company analysis (Internal environment) (page 73)
 Marketing
 Finance
 Manufacturing
 Organisation
→ To identify your company’s capabilities and resources (strengths and
weaknesses) to develop a new product.
- Customer analysis
 The segment’s characteristics, their motivations for using products in
your product category – such as the problem they are wishing to
solve, the need they are trying to satisfy.
  Their frustrations with the products currently in the market, for
example in the instant coffee category, there may be no low-price
no-caffeine product available.
 Their criteria for choice amongst competing brands (use the
“evaluation of alternatives” stage of the purchasing decision making
process as a guide), and their life goals that are relevant to the
product category.
Through customer analysis, you can identify a new need of existing customers
to develop a new product to serve them better or identify a new market to
develop a new product.
- Competitor analysis
 Analysing competing brands in the product category
 Target customers
 Product positioning
 Marketing mix
 A positioning map of your analysed brands (including your brand)
→ you can identify a gap to develop a new product.
2. Macroenvironment analysis
- Demographic environment
- Economic environment
- Natural environment
- Technological environment
- Political environment
- Cultural environment
Through your analysis of macroenvironment, you can have ideas to develop a new
product (for example, using a new technology (technological environment) or new
materials (natural environment) to develop a new product. Demographic
environment analysis may help you to identify a new market for your new product.
Covid-19 (natural environment) may elicit you develop a new product. New
regulations/laws (Political environment) may trigger a new product. Cultural
environment with new beliefs, interest and values may also help you to have ideas
for a new product. Economic environment analysis helps you to identify a new
product with high, medium or low price….
3. SWOT analysis
To identify company’s strengths and weaknesses, opportunities and threats to
develop a new product.
Part C – Financial and marketing objectives
1. Financial objectives (Business objectives)
- Increase ROI, profits, revenue….
2. Marketing objectives
- To develop a new product
- Brand awareness
- Customer trial
- Sales, profits of the new product
- Market share
- …..
Part D – Marketing strategy (for new product)
1. Target customers (describe your target customers: segmentation and targeting)
2. Product positioning, differentiation
Part E – Marketing tactics (for new product)
To develop marketing mix (Product, Price, Place, Promotion) that will implement and
communicate your Positioning of the product to the target customers. Demonstrate
application of theory from the lectures when you explain Mix details including Product
(i.e. what will your product actually be? How can you use the three-levels theory to
describe it?) Place (how and where will you sell it? Would you require intermediaries or
retailers for your product? If yes, then what do you want them to do?), Promotion (what
will be your advertising theme? How does that relate to your Positioning? Where will you
place your message (media vehicle matching?), and Price (how much will you sell it for
in the market? What pricing strategy are you going to use?).
Part F – Financial projections
- Sales forecast
- Expense forecast
- Break-even analysis
Part G – Implementation controls
- Specify goals and budget for each month/quarter
- Measurements of results to take corrective actions
You need to review Chapter 2, page 77 and page 83 (file E.book PDF on LMS) for a sample
of a marketing plan.
You are strongly encouraged to be creative in developing your new product. However, it
is important to note that we are looking for creativity that makes sense. Your New Product
Plan should be solidly grounded by your analysis of existing products and your
understanding of the target market as well as marketing environments. I am expecting that
you provide sources and evidence for your analysis, as well as demonstrate relevant
theories and frameworks you’ve learned as the guide for your work.

Referencing
 To avoid plagiarism, you are required to provide a reference whenever you include
information from other sources in your work.
 I attached a file on LMS to guide you how to cite in text and make a reference list at
the end of document.