Marketing

Wednesday 20th November, 2019 - 15% contribution to CW (5% presentation, 10% document)

Your team works for a company called TCI Marketing Experts, who has just asked you to develop a new product to be marketed within the Turks and Caicos Islands. The company is in its fifth year of operation and its growth strategy is to expand throughout the Caribbean, island by island, with diverse and sustainable products for the persons living and visiting there.

A. Identify and explain all eight (8)steps in the New Product Development Process (32 marks – 1 mark for each identified and 3 marks for each explained)

B. Based on the above, come up with two (2) new products using the first step, identify for each: the target market, the customer proposition, the competition, the development time and earning potential. (30 marks, 3 marks each item, 15 marks total for each product, if no completion exists then redistribute marks)

C. Using the R-W-W framework in the second step of the new product development process, narrow the three (3) products down to one (1). (15 marks, 5 marks for group’s explanation on each letter)

R-W-W (“real, win, worth doing”) new-product screening framework that asks three questions. First, Is it real? Is there a real need and desire for the product and will customers buy it? Is there a clear product concept and will such a product satisfy the market? Second, Can we win? Does the product offer a sustainable competitive advantage? Does the company have the resources to make such a product a success? Finally, Is it worth doing? Does the product fit the company’s overall growth strategy? Does it offer sufficient profit potential? The company should be able to answer yes to all three R-W-W questions before developing the new-product idea further

D. Clearly identify and explain the marketing mix strategy. (12 marks, 3 marks for each P which explains how the product will be priced, developed, distributed and promoted)

E. Other marks will be allocated as follows:

Grammar – 3 marks

Proper APA referencing – 2 marks

Executive Summary – 2 marks

Introduction – 2 marks

Conclusion – 2 marks

Total 100 marks for written document – 10%

Presentation – 30 marks – 5 %

No more than 15 slides, 20 minutes each.

EVALUATION ITEMS

(5 marks each)

i. Effective introduction

ii. Clarity in responses

iii. Effective use of visual aids

iv. Demonstrated understanding

v. Effective conclusion

vi. Delivery of content (presentation skills)

TOTAL: 30 ( )