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Marketing Strategy Project Outline – MRK 108 SECTION JJ FALL 2018

Overview

Pretend you and 2 or 3 of your fellow students are marketing managers for any one of the following companies:  Ultima Foods, McCain Foods, Kellogg’s Canada Inc., Kraft, Nestles, Brookside, Nature’s Path or Chapmans.  You have been asked to create a “new” product for the company. Remember, a new product can mean many things (see Ch. 10 of our textbook and review the six types of “new” products) but I want you to either significantly improve an existing product, launch a new product in a new category that is one that your company does not compete in (but it must be appropriate/realistic for the company to consider this category (provide a SWOT analysis to convince me of new category’s merit for the company)) or create a brand new, “never been seen before” product. You also have to consider which family brand of the company’s to use or whether you should introduce a new brand, and provide rationale for your choice. PLEASE NOTE I do not want your new product to simply be a new flavour or size of an already existing product. You must ADD REAL VALUE!

 

To start this project, look at the company’s website and any news about its business, its brands or its competitors. Look at its mission statements, objectives and familiarize yourself with the market/categories/segments it participates in.

 

Then, consider current eating trends (see a partial list below), and brainstorm potential new product ideas or ways in which you could significantly improve one of the company’s existing products (to meet evolving customers’ needs of course). Review the firm’s current target markets; you might consider changing a current target market and modifying a product to fit the new target market’s needs.   Remember, all good product ideas start by thinking about customers’ needs.  Again, if you decide to develop a new “never been seen before” product, or enter into a new category/market, make sure the product “fits” with your company’s corporate mission/objectives/branding/product mix, and capitalizes on your corporate strengths. 

 

Marketing Strategy Project Proposal

Hand in a typed two page document (and entitle it “Marketing Strategy Project Proposal”) identifying the MRK 108 section you are in, and the names of your group members (remember four group members maximum).

Identify the company’s mission statement, its objectives, and the various market categories/segments it participates in, along with a list of its brands by category.

Finally, you should, at minimum, identify the category you think you will be developing a product for, and the rationale for your choice. If you have a product idea, include it, and if you want, a very brief description of the target market and marketing mix (if you are able to).  Remember, the more information you are able to provide me, the more feedback I can give to you. You may hand this in any time but all proposals are due November 8th. Remember it is considered plagiarism if you do not cite your sources (the firm’s website, articles you used to get ideas, or an understanding about the company and its competitors AND you ARE NOT TO USE PREVIOUS SEMESTERS’ STUDENTS’ PRODUCT IDEAS!

 

If you do not hand in a project proposal on time you will not get any feedback from me. I ALSO want you to hand in this proposal with your project at the end. Failure to do so will result in a deduction in marks. So that there are no groups developing “similar” new products, approval will be given on a first come, first approved basis.   

 

To help spark new ideas, think about some current eating trends in Canada.  Don’t feel that you must limit yourself to these trends. 

·        
Healthier choices

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Lower fat/calories/sodium

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Foods high in fibre/antioxidants/omega-3 fatty acids

·        
Organic

·        
Ethnic

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Gourmet/small indulgences

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Fast preparation

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No preparation

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All-in-one kits

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Eating on the run (especially lunch)

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Skip breakfast & replace with a morning snack

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Fresh emphasis

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Lunch trends for “grazing” rather than sandwiches (eg. Crackers, cheese, snack bars, fresh fruit)

·        
Food allergies, the need for “gluten, peanut, nut, or lactose” free foods

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