Marketing II Final Project

This project is designed to mirror the full-time work world in several ways: It is a team effort, as is the case with almost all work-world projects, and it requires you to present the final results to a live audience of either potential investors or customers – a so-called “road show.”

Team Assignments and Grading:

Team assignments are made by midterm grade with all teams being as equal academically as possible. Each person gets two project grades: an individual grade based on the individual responsibility assigned to that person (make sure all work is labeled with your name) – and a team grade based on overall performance of the team responsibilities. Thus every team member has a stake in the work of every other team member. Final project grades are averages of the two grades.

Project Overview:

You have developed a new fashion-related product (what is it?) and are taking the necessary steps to make it and bring it to the market. At each stage of the process, your strategy must be clearly mapped out with nothing taken for granted – you will have to detail each and every step!

Team Responsibilities:

Product Concept: What is the product? What is its name and what is the name of your company? Will you produce the product in your own facility or have someone else do it? How much money will you need? (Your money projections must be realistic.) How will it be priced – to the public and to retailers? How much time will be required from initial concept to final delivery of the product? Once again, your planning must be realistic.
Distribution: You may decide to sell directly to consumers, or through retailers, or both. If you decide to sell direct, will it be through your own stores (identify locations: mall, shopping centers, etc.) or via non-store methods (catalog, internet, etc.)? If you’re going to try to sell via QVC or HSN, how will you convince them to carry your product? If you plan to sell through retailers, how will you win them over – especially if you’re also selling direct to the public.

Individual Responsibilities:

NOTE: Each job must be assigned to one person except on five-person teams where two people share the promotion assignment:

(OVER)

Market Research: Secondary data from the Census Bureau should be obtained and augmented with primary data from a study designed by you (material and actual questions must be provided in detail). The object is to identify your specific target market(s) – who they are, their sex and ages, where they live, their incomes, etc. – and whether they have a need/desire for your product.

Competition: Gather all available information on existing or potential competition – what it is, who makes it, how it’s sold, price points, promotion, etc. You don’t need to purchase the products themselves, but samples of promotional advertising and literature should be provided.

Promotion: If you’re only going to sell your product direct to consumers, you’ll need ads prepared for use in general print/broadcast media (which ones?). If you’re going to try to sell through retailers you’ll need both consumer and ads for trade publications. In both cases, your appeal must be both clever and practical. Don’t forget that you’ll want to present your consumer ads to the retailers to show them that you intend to create customers for the item. NOTE: For sample TV ads, equipment is available for loan through the Equipment Cage in the main building.

Packaging: A crucial element in your success is the way your product is packaged – especially if it’s to be sold on TV. Make up realistic packaging samples. Be sure to give prominence to both the product name and your company name. NOTE: Still photo equipment is also available for loan through the Equipment Cage in the main building.