Canada Dry: Product Ideas, Target Market, and Positioning Map (Essay Sample)

Marketing Portfolio Assignment Part 2
This is the second part of the portfolio project that you will complete over the course of the semester. By the time you have finished, you will have essentially written a Marketing Plan for a consumer product in Canada.
1. Using the company Canada Dry, brainstorm a minimum of 5 new product ideas that the company could consider. Screen the list down to one selection and provide a rationale for your choice. Describe the product and provide a minimum of 5 features and 5 benefits. Establish a new name for your product. Provide your rationale. (10 marks)
2. Choose a single target market to focus your product on. Develop a detailed Target Market Profile. Your Target Profile can be submitted as a “Day in the Life”, a Collage, or any other format you deem appropriate that helps answer the question “Who is the primary market to purchase my product?”(i.e.: who is Most Likely to buy the from me?)Your profile should include a summary of the customer’s needs and wants and a description based on variables such as demographics, psychographics, lifestyle, behavioral, etc. (10 marks)
3. Develop a market Positioning Map using 2 variables that you think are important to your product target market and include at least 3 other competitors. Create a Positioning Statement and Tagline for your product (refer to ch 6 for a description of a Positioning Statement and the elements that are included in one). (10 marks)
4. Make a recommendation as to what objective, strategy, and tactics of pricing you should implement for your product. Provide a competitive analysis of at least 3 key competitors for your product. Explain. (Refer to Chapter 9) (10 marks)
5. Given your identified target market, the product life cycle, and the competitive landscape shown in your positioning, identify a minimum of 3 IMC tools in the Promotional Mix (e.g. Personal Selling, PR, Sales Promotion, Direct Response, Word of Mouth, Advertising - broadcast, print, etc.) you think would meet your Promotional objective. Provide rationale. (10 marks)
6. Outline what you think the advertising should be to promote your product. Explain the type and advertising objectives. What is the key message you are trying to share with your target audience? Provide your rationale. Specifically, what media form do you recommend for each? Provide a minimum of three. Support with rationale. (10 marks)
7. Subscribe to a trial account at http://animoto.com/ and complete a 25-30 advertising video for your product. Include the link in your Word doc (5 marks)