Task 1: Find a new product on Indiegogo, Kickstarter or similar website with limited Marketing initiatives.
Tip: It is beneficial for you if the product you select has a reasonable amount of information e.g. proposed price, product details etc. This will help you with task 2.
Task 2: Once you have decided on your product you should carry out an audit of the operating environment, researching the product, sector and environment.
Tip: You should consider the opportunities and challenges your product may face, these could include (but are not limited to) rivals, distribution, market demand etc.
Things to consider:
- Analyse how your product captures and demonstrates value.
- Is your product truly innovative or is it just a slight variation of an existing product?
- How does it differentiate itself from the rivals?
You should focus on the theories and concepts we have explored during the module.
Task 3: Following your analysis of the product and the environment make evidenced and theory-based recommendations on the future marketing direction and decisions of the company.
Tip: This might include areas such as the name, pricing strategy, target market, advertising and supplying decisions.
