Marketing Insights Assignment | Online Homework Help
I will download an example that my friends already done just to get ideas how that works and u could do better all the best work hard please it worth 40%. choose any product u think u can do the best about it
| MARS501: Product Proposal | |
| Stream/TA | Enter the stream number for your studio and TA’s name. |
| Student name | Enter your name |
| Student ID# | Enter your ID# |
| Product | Enter your product name |
| Product(s)/service description | Describe your product(s) or service in full. What is it (core & augmented layers), what problem does it solve, what does it help you do, what needs does it meet? Create a SWOT analysis to place your product in the marketplace. |
| Target market | Using segmenting methods, describe at least 2 distinct markets for your product or service. OR, if your offering is a niche market, describe and defend your position for creating an offering that only a single segment would buy. Discuss why the above target markets are worth pursuing (hint: are they profitable?)
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Use accessible data to determine marketplace size and demand for your product. |
| Pricing | Outline what price you will charge for your product. Explain why this is appropriate for your offering and target market(s) based on preliminary research. Justify the price using theory from class on pricing strategies and research on related products in this category. |
Product proposal – Marking Guide
Student name:
| Performance Criteria
(columns show maximum marks for each criteria) |
||||
| Objective/Criteria | Needs Improvement | Met Expectations | Good | Exceptional |
| Offering proposal idea/description – Describe your product(s) or service in full. What is it (core & augmented layers), what problem does it solve, what does it help you do, what needs does it meet? Create a SWOT analysis to place your product in the marketplace. | 3 | 6 | 9 | 12 |
| Exploration of market segments – Using segmenting methods, describe at least 2 distinct markets for your product or service. OR, if your offering is a niche market, describe and defend your position for creating an offering that only a single segment would buy. Discuss why the above target markets are worth pursuing (hint: are they profitable?)
Use accessible data to determine marketplace size and demand for your product. |
3 | 6 | 9 | 12 |
| Pricing- Outline what price you will charge for your product. Explain why this is appropriate for your offering and target market(s) based on preliminary research. Justify the price using theory from class on pricing strategies and research on related products in this category. | 3 | 6 | 9 | 12 |
| Written presentation – Use of academic and key professional resources. Clean and clear writing: Spelling, grammar, punctuation, and written presentation. | 1 | 2 | 3 | 4 |
|
Total Possible Marks for Each Criteria |
10 |
20
|
30 |
40
|
Total score:
MARS501: Business Venture Proposal
| Stream / TA | |
| Group Name | Nature Planet |
| Group Member (name & ID) | |
| Business Objectives | Our business objective is to develop the new idea of linen cup holders as well as metal straws which are the complemented goods to cup holders in order to reduce the amount of use of plastics. These two commodities have more benefits and features, which can be reused and convenient to carry. We need to sell at least half of our product to make sure our revenue and cost are covered. Finally, our ultimate goal is to support sustainable development through good customer service and product quality, gradually changing consumer awareness that helps to reduce the use of plastic bags. |
| Products / Service Description | As our market day is at AUT, our target will be students. Our main products are the linen cup holders and metal straws as our secondary product.
For the cup holder, we have 5 different pattern designs for the customer to choose. For metal straws, we have 3 different kinds of straws, one mixing spoon and two straw cleaning brush as a pack.
We want to promote the plastic free in New Zealand by giving our customer an opportunity to carry the action by using linen cup holder and metal straws.
We have to make sure what we promote is actually the product we sell, also making sure there is no defective product before selling it.
Strength – Standing on customer and environment side, it can replace the using amount of plastic bags and plastic straws. Standing on the business side, it can reduce the costs of these products which saves a lot of money.
Weakness – It can only be used for one cup comparing to plastic bags and take away paper cup holder which can be used for 2-4 cups. The customer might feel unnecessary and expensive when they first saw the product because the plastic bags and plastic straws are free when they purchase.
Opportunity – When linen cup holder and metal straws are commonly seen, it will become a trend and there is an opportunity to set up a policy about all banding plastic.
Threat – When people forgot to bring their own linen cup holder and metal straws, they will still use the plastic bags and straw. Which reduce opportunities for action. |
| Competitive Advantages | In order to promote eco-friendly, paper and plastic cup holders can be replaced by our products. The linen cup holder provides several useful functions, not only can be a cup holder but also got the linen handle on the side so that can be carried on hand without a plastic bag, thus, a plastic bag can be reduced.
Moreover, the linen can prevent the water outside of the cold drink dropped and heat insulate for the hot drink. Moreover, we provide metal straws as a combo set with the linen cup holder to encourage customers to reduce the use of plastic straws.
In addition, the company plans to increase the job opportunity for the people who are seeking for the second career after retirement or inconvenience person, provide them to produce the products if they are willing to, targeting to create a win-win situation with all-out effort. |
| Exploration of market segments | The characteristics of our potential customers are basically the ones who are well educated and are at least earning average incomes or above in terms of demographic segmentation. No matter what the genders are, or their ages, as long as they have the perception of environmental protection, also decide to transform their consuming behaviours by purchasing our products instead of using plastic bags and straws. Our targeted customers might identify themselves as environmentalists or the ordinary citizens who are willing to devote their own efforts to achieve a better future for the Earth. There are two main advantages that the target market is worth pursuing. One is there will be a huge market potential on the alternatives to plastics due to the ban on plastic bags (NZ-wide ban on all single-use plastic bags, 2018), thus our eco-friendly reusable products might meet the needs in the marketplace. The other is more than economic values, social values will be able to achieve by running this business. Our business concept is to gradually change consumer behaviours which result in harmful consequences for the environment, so to create a feasible solution for combating the increasingly severe environmental problem is definitely another advantage to pursue the target market. |
| Prices | Cup Holder(Quantity: 40) – $5 each.
Metal Straw(Quantity: 15) – $6 each.
We offer different promotions for the consumers. One of them is if customers buy a cup holder and a set of metal straws as a combo, we will give them a discount which would be $9.99 instead of $11. This refers to the concept of price ending. Furthermore, we also encourage consumers to purchase more. Two cup holders would be sold as $7.99 and two combos of the cupholder and metal straws would be sold as $17.99. These are also regarding as the price ending. |
| Application of concept(s) & creativity | Our business concept is to make a set linen cup holder and metal straw. The reason is that we hope consumers can reduce the use of plastic by implementing our idea. Not only the use of environmentally friendly cup holder but still use a plastic straw. This does not solve the problem of sustainable development. Our business idea is to apply the concept of consumer products. Consumer products are goods that consumers ultimately buy for themselves (Franklin, 2019). The marketing considers the convenience of products with high purchase frequency, low price and easy access the goods. For instance, buying a cup of coffee every morning is a habit of many office workers or students buying drinks after school. That is because consumers often buy frequently and without many comparisons. |
| Sales forecast and budget income statement |
| Stream | 4 | ||||
| Business Name | Nature Planet | ||||
| Sales Forecast | |||||
| Estimated Quantity To Be Sold | Total | Sale Price | Sales | ||
| Description of Cup Holders | 40 | 40 | 5 | 200 | |
| Description of Metal Straws | 40 | 15 | 6 | 90 | |
| 290 | |||||
| Variable Cost Calculation | |||||
| Component | Quantity | Price | Cost | ||
| Cup Holders | 40 | 1.5 | 60 | ||
| Metal Straws | 15 | 3 | 45 | ||
| 105 | |||||
| Budget Income Statement | |||||
| Sales | 290 | ||||
| Cost Of Goods Sold | 105 | ||||
| Gross Profit | 185 | ||||
| Fixed Cost Calculation | |||||
| Less Expenses | Quantity | Price | Total | ||
| Plants | 5 | 2 | 10 | ||
| Paper | 2 | 1 | 2 | ||
| String | 1 | 2 | 2 | ||
| Stall | 1 | 20 | 20 | ||
| 34 | |||||
| Net Profit | 151 | ||||
| Funding Required | 100 |
References
Franklin, D. (2019). MARS501 Week 3 S1 2019 Goods & Services. [PowerPoint PDF slides]. pp.24. Retrieved
from https://blackboard.aut.ac.nz/bbcswebdav/pid-4752450-dt-content-rid-8953226_4/institution/Papers/MGMT501/Publish/MGMT501%20Study%20Guide%20Semester%20One%202019.pdf
NZ-wide ban on all single-use plastic bags by July 2019. (2018, December 18). NZ Herald.
Retrieved from https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12178674
