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Essay text:
The marketing plan needs to involve a product that has a service component to the product. As students determine whether they will offer an existing product or a new product, consider the following questions:
o Is there a current product on the market that could benefit from updating or enhancing it?
o Are there market trends for which a new product will satisfy the needs and wants of prospective customers?
o Establish marketing goals and objectives.
o Additionally, you may want to ask yourself the following questions:
? Does the product fit with your interests?
? Is this a business product or a consumer product?
? Does it have market potential and is this market profitable? Is there a high likelihood for its success?
? Is it unique? What competitive advantages will this product have over existing products on the market?
? Is it feasible? How practical will it be to sell and distribute the product to the market?
Initially each student will need to choose a company name, write a brief strategic mission statement (Focus and the purpose of the hypothetical company), and decide on possible countries for market expansion and methods of market entry...
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