PLEASE BE ADVISED THIS IS PART 2: Part 2: New product plan (10 slide PowerPoint presentation saved as a PDF)Based on your analysis in Part 1, propose a new product that exploits a gap in the market, proposes a target segment for the new product, and recommends a marketing mix intended to implement and communicate your new product to your target segment. Hint: Return to 6.4 Product development and 6.5 Adoption of new products to help you develop this section. You will create a presentation (or pitch) a group of prospective investors. Your aim is to persuade them to invest in your new product. The pitch will be in these main parts: A section proposing your new product designed to exploit the gap in the market, using your positioning map from Part 1 to justify your identification of the gap.A section that details the target segment for this new product, and the marketing mix intended to implement and communicate your new product to them.You will entice investors to fund a new product your company will launch, based on the brand you have analysed in Part 1. Your presentation must explicitly include the following: Start with your positioning map from your report above.Based on the preceding information, you should be able to find a gap in the market where you could launch a product.Include the persona of the ideal target consumer segment for your brand in Australia from Point 4 in Part 1 above.Then, propose a new product to fill a gap that your company plans to launch. Justify its positioning in the market based on the gap you identified in Point 2 and the needs of your persona in Point 3.Develop a positioning statement for your new product including its unique selling proposition (USP) for your target segment (represented by your persona in Point 3).Then, develop a marketing mix that will implement and communicate your positioning of the product to this segment. Demonstrate application of theory from the Unit materials when you explain Mix details including the following:Product: What will your product actually be? Explain using Three Levels.Place: How and where will you sell it? Would you require intermediaries or retailers for your product? If yes, then what do you want them to do?Promotion: What will be your advertising theme? How does that relate to your positioning? Where will you place your message (media vehicle matching)?Price: How much will you sell it for in the market? What pricing strategy are you going to use?Hint: You covered the marketing mix back in Week 1. Take a look again at 1.6 Breaking down the 4Ps when creating this section of the PowerPoint. You are strongly encouraged to be creative in your presentation. However, it is important to note that we are looking for creativity that makes sense. Your new product plan should be solidly grounded by your analysis of existing products and your understanding of the target market. We are expecting that you provide sources and evidence for your analysis, as well as demonstrate relevant theories and frameworks youve learned as the guide for your work.
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