BUSINESS 220-Create a marketing plan for a NEW product for an existing Fortune 500 company

Marketing Plan Requirements:Create a marketing plan for a NEW product for an existing Fortune 500 company. The new product may either be a real product that your chosen company does not currently offer (such as a snowmobile marketed by Ford Motor Company) or, it may be an imaginary, futuristic product (such as a solar powered car marketed by Ford Motor Company). You must include a minimum of two research citations from a written library source.Paper should be a minimum of 2,000 words and maximum of 3,000 words.Executive summary: a brief summary of the product and business positioning. This should be a powerful “selling of the product” section. Current marketing situation. Include the following:Type of business, i.e., specify whether retail, service, Internet, etc.Description of product or service. Be sure to include:Actual Product, i.e. features, brand, packaging, logo, etc.Core Benefit offered by productOther Benefits, i.e., warranty, delivery, 1-800 assistance, customer service, etc.Comment on the general business environment/market structure which the business operates in or will be operating in, i.e., pure competition, monopolistic competition, etc. Customer profile/target market (Select and describe those that apply)Demographic Elements, i.e. age, gender, income level, etcGeographic ElementsPsychographic Elements, i.e. personality, lifestyleBehavioral ElementsCompetitionNearest direct and indirect competitors – identify at least threeStrengths and weaknesses of competitorsAssessment of how competitors businesses are doingDescription of the unique features of your product or serviceSimilarities and dissimilarities between your product or service and competitorsPromotional Strategy (Select and justify those elements that apply. Include in your strategy a discussion on the message that you wish to communicate to your target market)AdvertisingPrint mediaRadioTelevisionInternetPersonal SalesPublic RelationsSales PromotionsDirect MarketingChannels of Distribution Identify existing or proposed location and its associatedadvantages and disadvantages.Identify any applicable channel members (i.e. manufacturers, wholesalers, retailers) and describe their role in the distribution process.Describe and justify your transportation method, i.e. rail, air, truck, ship, or pipelineDescribe and justify your distribution intensity, i.e., intensive, selective, or exclusive.Pricing Strategy (Select and justify those strategies that apply) Strategy Options:Market Penetration StrategySkimming StrategyCompetition-based StrategyCost-based StrategyValue-based Strategy1) Explain your new product and the company you will team up with and why.Answer) The product I am using is an imaginary product i.e. Speedo is a low budget car ofVolkswagen group. It has attractive design with a good styling like masculine SUV. Volkswagengroup is not only focusing on car making they are known for the services they are offering totheir consumers. Speedos have protruding wheel arches, it has a shape of masculine SUV, broadbody of the car justifies the name, and it has a very powerful engine with good mileage andspeed. Company engineers design a masculine body but also maintain the comfort, style, looksand safety as their prime priorities.The Volkswagen is big group in the automobile manufactures it is the largest car makingcompany in the Europe. Volkswagen has its headquarters in Europe (Wolfsburg). They not onlysell cars but they take care of the consumers as a whole by providing excellent services. Thesales of company are at increasing pace. It has increased from 9.7 million in year 2013 to 10.13million in years 2014. They have earned yearly revenue through group sales is 202 billion poundafter tax in 2014.I would like to team up with this company as they know the market, competitors and consumerswell. They design, price the product as per the needs of market. 2) Explain the current market situation surrounding your product/industry.Answer) Market is flooded with the competitors of the Volkswagen. The competitors are such asToyota, Honda, Hyundai, Chevrolet’s, Kia Picanto. . Being in a competitive segment it isimportant to do analysis of Micro and Macro environment. The product Speedo is a low budgetcar satisfying the need of the consumer at low cost with high value. Market for low budget carsis very competitive as companies are doing market research for the various essential features thatconsumers are looking for in the car while maintaining the cost and profit ratioNow a day’s companies are focusing on designing low budget cars keeping in mind theconsumers changing needs. Car is a necessity for every household like fridge, television etc.There are various factors that contribute in the increase in demand for cars for small incomegroup such as , family are getting nuclear , income bracket is increasing now almost every familycan afford to purchase a car, easy and attractive credit facilities is provided by the financialinstitution such as EMI on 0% interest. Consumers are become status conscious.it we talk in themarketing terms major reason for the increase in demand is , Demographic factors , UseRelated , Behavior factors etc 3) Who is your target market(s) and why.Answer) The product Speedo is a low budget car satisfying the need of the consumer at low cost withhigh value. The Company is targeting the consumers of various segments such as who wish to purchasebut can’t afford, the teenagers who need their personal vehicles, a family who have all working peoplebut have one four-wheeler can purchase. Small shopkeepers, who travel from town to city on daily basisfor selling of their small items, this car satisfy the need of various segments in some or other way. Itprovides comfort, good engine and smart driving mechanism for the new drivers as well. Companydivide the target market on the ground of Geographic, Demographic, use related, Behavioral etc. Referencesa) Volkvogan.com. Retrieved from http://www.volkswagenag.com/content/vwcorp/content/en/the_group.htmlb) Business Today. Top cars in your budget: Rs 3-8 lakh. Retrieved from http://www.businesstoday.in/photos/tech-watch/auto-bild-lists-best-cars-within-yourbudget-range/223.htmlc) Ishaan Rastogi. (2015, December).Auto Expo 2016: Upcoming New Cars That May Be Showcased. Retrieved from http://auto.ndtv.com/news/auto-expo-2016-upcoming-newcars-that-may-be-showcased-1259388