Research-based Marketing Plan Initial Proposal - Product Development for: Biodegradable Plastic Bags

A marketing plan includes:

• competition – what does the current market landscape look like

• targeted customers – what does the customer look like; where do we find them

• product/service – what product/service do we manufacture and offer to customers

• price – what price do we charge for the product/service

• promotions – how/where do we advertise the product/service

• place – how do we deliver the product/service to the customer

The above is called the marketing mix or the 4Ps – Product, Price, Promotion, Place. You

will be working through the 4Ps for your assignment during the next few weeks.

THIS WEEK’S ASSIGNMENT 2.3 IS ABOUT PRODUCT

Discussion 2.3 Research-based Marketing Plan Initial Proposal Section 2

This is your assignment in the Market Analysis Template that you downloaded within Discussion Question 1.3. Several examples of Product Development and Market Demand are provided on the next slides:

EXAMPLE: Ten-year old Miles Barker in Austin, Texas has capitalized on the high demand for hand sanitizer amid the coronavirus outbreak by making his own and selling it for $3 a bottle. Here is his Product Development specifics: He calls it CoroNO Gel. Miles makes the sanitizer using Aloe Vera, essential oils, and alcohol. Miles said it meets the 60% alcohol standard recommended by the CDC. The label says Hand Sanitizer and it is a 2 oz. bottle.

For an analysis of demand, Miles knows it’s selling fast, and he could have a high demand. He should ask neighbors how many bottles they might purchase then estimate the number he needs.

ASSIGNMENT: State the specifications, characteristics, and/or features of JGJ’s offering which will differentiate it from other competitors

ASSIGNMENT: If JGJ was going into the hand sanitizer business, then under the Product Development section, you would state JGJ’s product specifications that would beat the competition. For example: • Brand name, packaging, label, ingredients, bottle size, logo

• For the analysis of demand, you will research the quantity currently selling in the market and tell JGJ the market size

ANOTHER EXAMPLE: Distilleries now making hand sanitizer

With the raw materials needed already on hand, Barr Hill is racing to make juniper scented alcohol- based sanitizers for their colleagues, first responders and community after closing their bar and retail store.

https://www.10best.com/interests/d rinks/distilleries-now-making-hand- sanitizer/

DEMAND ANALYSIS: Here’s the article describing the quantities being produced from 4,000 bottles to 10,000 gallons:

PRODUCT DEVELOPMENT Brand name, bottle, size, label, ingredients, logo

Recap of Assignment 2.3 Product Development Section

Week Two is about the Product and its Demand. Here is

my direction on how to approach this assignment. Be sure

to also read the information available in the Workshop for

Discussion Question 2.3

• Product – the assignment asks for specification and

characteristics of the product JGJ will offer.

o You will describe the product/service with

information such as ingredients, design, branding,

packaging, size, color, etc.

o You will also describe the key characteristics that

JGJ needs to consider making their product

different than the competition or the value

customers will perceive

Analysis of Demand in the Market Discuss what is happening in the market. Is demand up or down? What is the current trend driving the demand? Are there other factors affecting the demand; such as, consumer tastes & preferences, consumer demographics such as income, government regulations, technology improvements, raw material availability, other items that can be easily substituted, complementary items that may affect the demand of this product, etc.