MKT 113 Final Project Part I – HARVEST PET FOOD MARKET ANALYSIS

OverviewPart I of the final project for this course is the creation of a written product overview.You have been named the marketing director of a large pet supply company. Your company makes pet food, toys, and supplies that are sold in retail locations andvia its online store. While the company has a robust website, it is not on any social media websites and prefers traditional media channels to promote itsproducts.Your first job is to help the company launch a new pet food line. This line will be for both cats and dogs, and the company is excited because the product is madeof all natural ingredients. The new pet food will be sold for about 10% more than its competitor’s pet food product. You will need to make some key strategicdecisions about how to launch and promote this new product line. Assume you will have the budget that you need.The project is divided into two parts: Part I, which has two milestones and a final submission, and Part II, which is a final presentation. These will be submitted atvarious points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Two and Three.Final Project Part I is submitted in Module Five. Final Project Part II is submitted in Module Seven (see the Final Project Part II Document for more details).In Final Project Part I, you will demonstrate your mastery of the following course outcomes: Utilize foundational marketing terminology for identifying effective marketing strategiesDescribe internal and external market factors that impact marketing decisions and strategiesDescribe the role of the consumer for improving marketing strategiesAnalyze the strengths and weaknesses of a company’s marketing activities to influence future strategies PromptYour Final Project Part I: Product Overview will be a written document, 2–4 pages in length, in APA format. A template has been provided to give additionaldetails on the paper structure and content.Specifically the following critical elements must be addressed:I. Initial Overviewa) Market FactorsDescribe the internal and external market factors the company should consider.i. Complete the SWOT matrix and include information on the product strengths, weaknesses, opportunities, and threats. Provide necessarydetails to support each example. ii. Explain the SWOT findings and how they can help you market your new product. Consider what the strengths of the products are andhow you can leverage those to take advantage of opportunities.b) Target Market AnalysisDescribe the target market for the new product.i. What is your company’s target market? What is the demographic, psychographic, and geographic breakdown of your target market?ii. What are the wants and needs of this target market? Why would the product either appeal to their wants or satisfy their needs?II. Marketing StrategyIdentify marketing strategies that you would suggest for the company.a) Identify the most important marketing strategies that you would recommend the company use, and explain why you have chosen them.b) Outline the 4 P’s (price, place, promotion, and product) for each of the strategies you have identified. How will you use the 4 P’s to inform yourstrategies?c) Identify one marketing strategy you would recommend that the company avoid, and explain why.d) Outline the 4 P’s (price, place, promotion, and product) for the strategy you are not recommending. Are there changes you could make to the 4P’s that would make the strategy more likely to be successful? MilestonesMilestone One: SWOT Analysis and DiscussionIn Module Two, you will submit a SWOT analysis through the discussion board. Your SWOT analysis will outline the strengths, weaknesses, opportunities, andthreats facing the pet supply store’s new product. Ensure that you discuss which of the product’s strengths you will be leveraging in your marketing activities. Inyour response posts to your classmates, discuss how the threats or weaknesses could affect your classmates’ proposed marketing activities. This milestone isgraded with the Milestone One Rubric.Milestone Two: Target Market AnalysisIn Module Three, you will submit your written target market analysis in a 1- to 2-page Word document that will describe in detail your selection of the targetmarket of the pet supply store, including the demographic, geographic, and psychographic details, the needs and wants of this target market, and how this newproduct will satisfy one or more of these needs or will appeal to a want of the target market. This milestone is graded with the Milestone Two Rubric.Final Submission: Product OverviewIn Module Five, you will submit your detailed written product overview that will include your proposed marketing strategy in addition to the product overview.A template has been provided to guide you. Your paper should be a complete, polished artifact containing all of the critical elements of Final Project Part I. Itshould reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Part I Rubric. Final Project Part I RubricGuidelines for Submission: Using the template provided, your product overview must be 2 to 4 pages in length (plus a cover page and references) and must bewritten in APA format (APA 6th edition). Use double spacing, 12-point Times New Roman font, and one-inch margins.Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information,review these instructions.Critical ElementsInitial Overview:Factors: SWOT Exemplary (100%)Meets “Proficient” criteria andprovides resources to supportanalysis Proficient (85%)Completes the SWOT analysis forthe product and incorporatesappropriate details to clarifyexplanationsInitial Overview:Meets “Proficient” criteria andExplains the SWOT findings andFactors: Findingsmakes connections betweenarticulates how they can help thestrengths and opportunitiesmarketing of the new productInitial Overview:Meets “Proficient” criteria andIdentifies the company’s targetTarget Market: Your utilizes outside resources tomarket, including demographic,Companysupport the target marketpsychographic, and geographicidentificationinformationInitial Overview:Meets “Proficient” criteria andIdentifies the target market’sTarget Market: Wants draws comparisons to wants and wants and needs and explainsand Needsneeds of target markets ofwhy the product will appeal tosimilar productsthose wants or needsMarketing Strategy: Meets “Proficient” criteria andIdentifies the most importantIdentifyprovides real-world examples of marketing strategies that wouldhow these strategies have been be recommended for theusedcompany to use and explainschoiceMarketing Strategy: Meets “Proficient” criteria andOutlines the 4 P’s (price, place,4 P’sdescribes how 4 P’s will be used promotion, and product) for eachto inform strategiesof the strategies identifiedMarketing Strategy: Meets “Proficient” criteria andIdentifies one marketing strategyAvoidprovides real-world examples of that would be recommended forhow this strategy has been used the company to avoid andexplains whyMarketing Strategy: Meets “Proficient” criteria andOutlines the 4 P’s (price, place,Not Recommending describes how the 4 P’s of thepromotion, and product) for thestrategy could be changed tostrategy not being recommendedmake it more effective Needs Improvement (55%)Completes a SWOT analysis forthe product that is cursory ordoes not incorporate appropriatedetails to clarify explanationExplains the SWOT findings butdoes not relate them tomarketing the new productIdentifies the company’s targetmarket, but does not include allappropriate data Not Evident (0%)Does not develop a completeSWOT Identifies the target market’swants and needs, but does notexplain how the product appealsto those wants and needsIdentifies marketing strategies,but does not explain why theyhave been chosen Value12 Does not explain the SWOTfindings 12 Does not identify company’starget market 12 Does not identify ta
rget market’swants and needs 12 Does not identify marketingstrategies 12 Outlines some of the 4 P’s or only Does not outline the 4 P’soutlines the 4 P’s for one strategy 12 Identifies one marketing strategy Does not identify a marketingthat would be recommended for strategy that will be ineffectivethe company to avoid, but doesnot explain whyOutlines some of the 4 P’s for the Does not outline the 4 P’sstrategy not being recommended 12 12 Articulation ofResponse Submission is free of errorsSubmission has no major errorsrelated to citations, grammar,related to citations, grammar,spelling, syntax, and organization spelling, syntax, or organizationand is presented in a professionaland easy-to-read format Submission has major errorsrelated to citations, grammar,spelling, syntax, or organizationthat negatively impact readabilityand articulation of main ideas Submission has critical errorsrelated to citations, grammar,spelling, syntax, or organizationthat prevent understanding ofideasEarned Total 4 100%