Scenario
Your team is looking for a way to make some revenue as either a for-profit or not-for-profit organization. This organization can market locally, nationally, or internationally, and can be a privately-owned company or a franchised organization. The product that you have decided to sell is lemonade. To make the endeavor work, you will have to define a marketable form of the drink and decide on a target market.
Your marketing team’s mission is to prove through research, strategy development, and reasoning why this form of this product is viable and will meet the company’s goals. In the first half of this project, your team will complete this worksheet to report on the following:
- Target market
- Product’s definition to the target market
- Viable pricing strategy
- Brand’s position in the competitive environment
- 1. Select a company name and determine the real business world industry of operation.
Company Name
Industry of Operation
2. Describe the new and unique form of lemonade that will be launched by your company in no more than 90 words.
3. Complete the chart describing your organization in no more than 90 words.
Industry of Operation
Mission and Values
How Is Your Organization Different from Other Organizations?
4. Identify the composition of the target market and segmentation criteria in no more than 90 words each.
Composition of Target Market
Segmentation Criteria Used in Identification
5. Describe how you will define the lemonade to your target market (including information on packaging, labeling, etc.) in no more than 90 words. Determine how this adds value and differentiates the brand and product from the competition while encouraging the target market to buy.
Definition to Target Market
Differentiation
6. Compare your company with industry competitors in no more than 90 words for each competitor.
Top Business Industry Competitors
Your Company’s Positioning
7. Define the pricing strategy that you will use for the introduction of the product in no more than 90 words.
8. Discuss the maturity life cycle stages of your product in no more than 90 words for each stage.
Stage of Maturity Life Cycle
Discussion
9. Describe how you will use suppliers, agents, or distributors to create your distribution channel in no more than 90 words.
