Question

Objectives The Team Course Project requires you to act as consultants for a fast food chain and develop a new food product. Your competitor has just launched a new campaign introducing Junior and Grand sizes to their already famous and successful hamburger and is drawing sales away from your client. Time is of the essence, yet you do not want to over-react and make a costly mistake. You wil need to be innovative and capitalize not only on your client's success, but also focus on how to bring back lost revenue and launch a strong marketing campaign. Your market research and product launch strategy will be described both in a written paper as well as presentation of your recommendations to the class. Guidelines Your typed paper (using Microsoft Word) should be no more than 12 pages in length (not including the cover page, table of contents, and reference pages), double spaced, using Times Roman 11-point font, and one-inch margins. APA citation format Paper should go through a complete spelling and grammar check in Word. Minimum of six scholarly references cited in the paper The DeVry Plagiarism Policy applies to this project. Your instructor may submit your paper to Turnltin to ensure compliance. You should review the APA tutorial referenced in the course syllabus.

Answer 1

Many times business lost a huge amount in trying to react to competitors strategy. Just by copying their product can lead to a me too situation that might not be appealing to the customer thus leading to low revenue. So launching a new product should be strategic and sustainable in the long run.

Market need identification :

One of the reason why the competitors product was a success is because they used the brand image of their already popular hamburger and as per the need , tapped into the consumer space. So for us, it is very important to do a primary survey so that our new product fits the market need. Try to gain insights into the feedback from customers what they like, dislike currently in our offerings. What improvements would they like. Based on these inputs decide on the offerings.

Competitor study: first try to conduct a SWOT (strength, weakness, opportunity, threat) analysis of our company and see the internal and external environment. Then see how competitors are offering products similar to the one that we are going to launch. Once identified, try to analyse their prices, materials used, services etc in regard to the new product. This will help in creating a differentiated product.

Unique value proposition: At this stage, you ought to have a reasonable comprehension of what you should offer so as to stand separated from your opposition and who will need to exploit your offer. Be that as it may, do you know why clients will need to purchase from you versus the huge field of contenders out there? What advantages and highlights will you give that your planned clients will esteem most? Most importantly your item or service "package" ought to be one of a kind and address the issues and wants of your best prospects.

Formulate marketing strategy: Next, pick your deals and advertising channels. Will you showcase on the web, by means of outlets or through catalog, for instance? For the most part, multi-channel advertisers make the best progress. But here based on the target segment we need to study the whole buying process. For example: If our target segment is working professionals, then we might look at the time of breakfast when they dine more in our outlets and so, hand over the catalog to them or provide a special discount to promote the product at that time.