Week 2—Marketing & Operations
Marketing – There are two major parts to the marketing section. The first is research and analysis. Here, you should explain who buys the product or service – or, in other words identify your target market. Measure your market size and trends, and estimate the market share you expect. Be sure to include support for your sales projections. For example, if your figures are based on published marketing research data, be sure to cite the source. Do your best to make realistic and credible projections. Describe your competition in detail, identifying their strengths and weaknesses. Finally, explain how you will be better than your competitors. The second part is your marketing plan. This critical section should include your marketing strategy, sales and distribution, pricing, advertising, promotion, and public awareness. Demonstrate how your pricing strategy will result in a profit based on the type of corporate venture you are proposing. Make sure to validate your innovation’s “fit” with the company’s strategy for innovation.
Who will be your customers (Target Market)?
How big is the market (Number of customers)?
Who will be your competitors?
How are their businesses prospering?
How will you promote sales?
What market share will you want?
Do you have a pricing strategy?
What advertising and promotional strategy will you use?
Operations – In this segment it is important to describe the mode of this corporate innovation concept (internal, external, or cooperative) and outline its advantages. Operating needs, projected operating costs, and general plans for operations should all be considered in this section.
What is the mode of this corporate innovation?
Have you outlined the advantages of this type of innovation approach?
Any operational needs in terms of facilities, or equipment?
What estimates do you have for operating costs?
Have you described the general operations of this new innovation?
Your weekly Team Innovation Project should be written in report format with very few and limited bullets. Headings for each section is acceptable, but sentences as headings should not be used. Submit using appropriate APA style and include the names of those that fully participated.
My part of the innovation plan is the marketing plan (This should be about 2 paragraphs!)
I will attach our topic and our professors feedback!
Answer & Explanation
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