NOTE: You will use the same product throughout the duration of the course project, so please choose wisely! I have done project 1 and project 2 using the same product name.
You selected a product and you’ve identified a target audience. Now, it’s time to define the specific details of your offering!
For this assignment, create a 5-6 page paper (not including title page) that contains the following information:
Include a concept statement. Concept statements are useful during the research phase as a means to obtain feedback on a new product idea from potential consumers before bringing the product to market. A concept statement must include the following key information:
Headline (This can be as simple as “Introducing XYZ Product!”)
Product Description (Include a short statement describing the key features of your product.)
Value Proposition (What value does your product commit to deliver to consumers? What are the key benefits of using your product? What problem does your product help consumers solve?)
“Reason to Believe” (Why should consumers believe that your product will deliver the value it promises? Be sure to provide facts here, not “fluffy” language!)
Suggested Retail Price
Image/Product Shot (Provide a drawing or mockup photo of your product.)
Include a summary that explains the rationale for each component in the concept statement (for example, why you included certain product features, why the specified price was chosen, why the key benefits highlighted are the most important ones, etc.).
Describe two ways that you will do market research to identify who your target audience is. Discuss the type of market research, how you will implement the research, and why you selected those types of research.
Create a persona that represents your target market based on your research.
Create a SWOT analysis for your product to identify strengths, weaknesses, opportunities, and threats.
Include a title page, and proofread your final assignment for correct spelling, grammar, and punctuation. For more information about APA, please visit the Online Library, which is available through the Resources tab.
Submit your completed assignment by following the directions linked below. Please check the Course Calendar for specific due dates.
Save your assignment as a Microsoft Word document. (Mac users, please remember to append the “.docx” extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below:
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