Classy Writers

Classical Writers

Virtual Outfit Fitting and Shopping App

• Product/Service Description. o (2) Describe your product/service in detail (e.g., brand name, physical attributes of the product). o (2) What value/benefits does it offer? Note here that value is important. While consumers consider a product/service’s attributes in their decision making, perhaps more important to consumers are the product/service’s benefits. So what are the key benefits (value propositions) of your product? • Competition and Positioning. o (2) Who is the competition, o (2) How is your product/service different from the competition, and what are the key points-of-difference of your product/service from the competition?  Use a perceptual map to show how your product is positioned differently than the competition. • Target Audience. o (4) Who is the target audience for your product/service?  Use segmentation variables to discuss your audience.  Why is your product/service attractive to this audience? • Market Research. o (2) Survey at least 5 people in your target audience about how they think your product should be priced, promoted, and sold (i.e., place or distribution).  Attach your survey questions in an Appendix. o (2) Briefly summarize here the results of your survey. These results should inform the next three points.   • Price. o (2) Explain the price you recommend selling your product/service for. o (2) What pricing method did you use?  Cost-plus (mark-up pricing)  Target costing – based on demand  Price leadership – based on the competition  Value pricing – based on consumers  Price skimming or penetration (new product pricing) o Justify your choice in the context of your target audience, research, and the competition. • Promotion. o (2) How will you promote your product  What type of appeals will you use to grab your target audiences’ attention)? o (2) Which media outlets (social media sites, magazines, sales promotion tools, etc.) will you use to communicate your message to your audience? Make sure your message and outlets match the media consumption habits of your target audience (based on your research). o (2) Provide one example of an ad for your product/service (this can be put in an Appendix). • Place. o (4) Where do you plan to sell your product/service (online, in a store, etc.). What are the factors you need to address to assure your product/service will be successful in your recommended channel (e.g., will you need to pay slotting fees?).  As above, make sure your channel meets the consumption behaviors of your target audience (again, you should refer to your research).

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