You selected a product and you’ve identified a target audience. Now, it’s time to define the specific details of your offering!
For this assignment, create a 5-6 page paper (not including title page) that contains the following information:
- Include a concept statement. Concept statements are useful during
the research phase as a means to obtain feedback on a new product idea
from potential consumers before bringing the product to market. A
concept statement must include the following key information:
- Headline (This can be as simple as “Introducing XYZ Product!”)
- Product Description (Include a short statement describing the key features of your product.)
- Value Proposition (What value does your product
commit to deliver to consumers? What are the key benefits of using your
product? What problem does your product help consumers solve?)
- “Reason to Believe” (Why should consumers
believe that your product will deliver the value it promises? Be sure to
provide facts here, not “fluffy” language!)
- Suggested Retail Price
- Image/Product Shot (Provide a drawing or mockup photo of your product.)
- Include a summary that explains the rationale for each component in
the concept statement (for example, why you included certain product
features, why the specified price was chosen, why the key benefits
highlighted are the most important ones, etc.).
- Describe two ways that you will do market research to identify who
your target audience is. Discuss the type of market research, how you
will implement the research, and why you selected those types of
- Create a persona that represents your target market based on your research.
- Create a SWOT analysis for your product to identify strengths, weaknesses, opportunities, and threats.
Include a title page, and proofread your final assignment for correct
spelling, grammar, and punctuation. For more information about APA,
please visit the Online Library, which is available through the Resources tab.