Objective: To recommend a new product strategy for a clearly identified target market that addresses the organizations root problem.
Begin by reading the Nascar Case in the text.
Assume the year is 2015 and prepare a 3 page proposal memo to the CEO with a comprehensive new product strategy for a clearly identified target market.
Your proposal must include:
Identification of the root problem you feel needs to be addressed in no more than one paragraph.
Identification of the target market you plan to attract with the new strategy including demographic, behavioral, geographic and psychographic segmentation descriptors. Include rationale for why this particular market was selected supported by data.
New Product Strategy – comprehensive description of tangible and intangible attributes of the product, “type” of product, form of strategy option used for this new product development, differentiation and positioning strategy. Be sure to include your rationale supported by data.
Be sure your proposal is comprehensive and includes the appropriate marketing concepts that will convince the CEO of your expertise and validity of ideas.