Is there a latent need for your product?
LEARNING OUTCOMES
On completion of this subject, students will be able to:
b. Identify and articulate a clear understanding of different product groups
c. Design strategies to introduce new and improve existing products
e. Develop product management strategies that lead organisations towards business goals
BRIEF
Prepare a 10-minute presentation and deliver a product pitch based on an analysis of the market.
ASSIGNMENT INSTRUCTIONS
For this assignment, prepare and present a product pitch based on an analysis of the market. First, you should conduct a market analysis to evaluate the current environment. Next, you will develop and propose two different product concepts based on your market analysis. The products can relate to the same industry but across any section including consumer electronics, cars & bicycles, shoes, machinery, food, housing, education, travelling, etc. Also, product concepts should be a ‘clean design’. This is open to interpretation. However, you could consider anything from ‘sustainability’ to ‘sleekness’ to ‘simplification.’
After selecting your product concepts, you will assess each product concept and evaluate its ability to meet market demands and will be viable. Lastly, you will develop a product pitch focusing on the value it will bring and the likelihood of success in the marketing.
You are required to develop a slide deck and record the delivery of your presentation. You should refer to the learning management system for specific instructions on how to record and submit your presentation.
For your presentation, you should include the following criteria:
1. Conduct a market analysis
a. Is there a latent need for your product?
b. What trends or movements are worth exploring?
2. Customer/Market Segmentation
a. Which segments are the most attractive?
b. Who are they? How do you reach them?
3. Given the analysis, provide two different products concepts
a. Outline some of the features.
b. Explain what type of new product it is.
4. Product Assessment
a. Assess each product, including what is the likely market demands?
b. What are the competitors doing?
c. What are the forecasted sales given market data?
5. Select Most Viable Product
a. Select the most viable product.
b. When evaluating the two different product concepts, what is the most likely to lead to market
success?
c. Select a system to evaluate the product concepts.
d. Develop a summative product pitch that outlines your value proposition
e. Provide reasons behind the product’s likelihood of success in the marketplace
SUGGESTED STRUCTURE
Your presentation may be structured in any what that best presents your product pitch. However, the
following suggested structure can be used as a guide.
1. Title Slide
2. Market Analysis
3. Market Segmentation/Consumer Analysis
4. Two Alternative Product Concepts
5. Viability Assessment of Each Product
6. Chosen Concept and Value Proposition
7. Final New Product Pitch
8. Reference Slide
9. Conclusion
