Specifically, the following critical elements must be addressed:
A. Branding and Idea Context building on the provided uploaded files, write a short paper that addresses the following: • Corporate mission and how the new product or service aligns with it • Defining features of the product(s)/service(s) o How the product will be marketed internally and externally o How the company is differentiating from competition o Alignment of pricing with market position and corporate mission • Your substantiated opinion of brand effectiveness
B. Defining Product or Service Need For your idea, continue your paper by addressing the following: • Behavioral and/or lifestyle demographics of the targeted consumer or buying style of organizational buyer and why they are a good choice • What unsatisfied need the product/service fulfills • How the customer/buyer seeks information to fill the need • How the product is purchased (characterize the buying situation) • Why your chosen target market is the best choice
C. Pricing Using the idea that you have chosen, finish your paper by covering the following: • Explain the fixed and variable costs and how these fit with the company’s short- and long-term goals. Use a narrative with a table to show calculations for cost categories. Provide reasonable estimates for each of the categories. Specific or in-depth financial analysis is not necessary. • Examine competitors’ pricing and explain reasoning for differences. • Estimate how much you think the target market is willing to pay for your product/service. Is this due to preferences for social responsibility, ethical behavior, or other intangibles? • What pricing strategy (skimming, penetration, economy, or premium) is most appropriate and why?
Guidelines for Submission: Double spacing, 12-point Times New Roman font, one-inch margins, and discipline-appropriate citations. It should be 8-10 pages in length and follow all APA formatting requirements.