Product Development and Market Demand
In the first section of the consultant’s report, you determined and discussed the total market demand and the market share of some of the current competitors, and you discussed current price points. You also identified where, in the positioning matrix, the JGJ, Inc. offering should fit based on an unsatisfied need in the market.
After determining “where” in the market JGJ, Inc. will compete based on the positioning matrix, you will now determine “how” based on developing a specific offering that fits the selected segment as shown on the positioning matrix.
In this section of the consultant’s report, you will identify and describe the characteristics of the proposed offering that will make it fit the previously identified preferred segment of the market
You will be the creative genius in the project, coming up with what will be offered and designing the offering—all of the specifications and features necessary to make it different and successful. The offering you design must fit the parameters of the market segment as you defined it. In other words, if the target opening was in the high end, high personal touch part of the market, then you would need to design an offering that had those characteristics and not a low price option version with high levels of automation.
Upon successful completion of this discussion, you will be able to:
• Create product development strategies and market demand estimates.
• Assess the market structure to determine the crucial factors influencing the marketing strategy.
Resources
• Textbook: Malcolm McDonald on Marketing Planning : Understanding Marketing Plans and Strategy, Ch. 8, pp. 135-145
Instructions
1. Construct a proposal to JGJ Inc. of 1000 words (+/- 50 words) using at least 4 credible and objective sources not provided as resources in the course in your analysis, plus at least one source provided in the course reading list.
2. Use the titles in the Market Analysis Report Template (attached) to provide structure for the following four elements in your consultants’ report:
1. Product Development
1. Key differentiating characteristics of the offering
2. Analysis of demand in the market
3. Detailed Requirements:
1. Product Development
1. Fully describe the offering that fits the positioning from the prior proposal. You need to state the specifications, characteristics, and/or features of the offering which will differentiate it from other competitors. You should focus on what your product is, not what the competitive offerings are because that was covered in the prior section.
2. Remember that these weekly sections form one larger consultant’s report. Each section must be internally consistent with other sections of the paper regarding where and how your proposed offering fits the identified opening in the market. If you find that your prior positioning was incorrect or not suitable, you are allowed 100 additional words in this section of the report as an introduction to state what is being changed and why it was changed
3. Do not describe the product development process except as you describe the product. This means there is no introduction to or discussion of the theory of the product development process. You are writing a report to executives who understand the process so it does not need to be discussed. Your consultant’s report immediately discusses the proposed product and why it is being offered as designed. You should briefly discuss how the offering will be finalized if you believe your initial idea is not final.
