For this assignment you will need to write a 2-3 page paper. You will be writing about the New Product component of a Marketing Plan. Put yourself in the position of marketing manager for the restaurant organization. You will need to gather some information before writing. You should also look into the secondary literature regarding current information in restaurant sales. Identify each service and product specifically. For product, identify in terms of name, trademark, color, shape, and other characteristic, including packaging and labeling. Differentiate products/services in terms of exclusive processes or superior ingredients and other features. Describe product/service weaknesses. Describe product lines, and new products/services that will be introduced. Give cost of each product/service. Give the price you plan to charge for each product/service Identify percent of annual sales and total dollar amount each product/service represents. Determine level of production/service necessary to meet demand generated by marketing. Before you start writing—read all of the material for this week’s assignment. As you read, highlight the areas of the text that align to this week’s paper.
Next, take a few minutes to write an outline. This will save you a lot of time if you do this before starting to write. Here is an example of a sample outline for this paper. Your outline will look different—it will have the specifics that you intend to include in your paper.
Sample Paper Outline
Title: New Product Development
Introductory Paragraph (Write your thesis first…the rest of the paper will flow from your thesis.)
Paragraph 1: Idea Generation
Creating a new product based on observed need (link to mission & strategy) Paragraph 2: Screening
Discuss Competitors/market trends Paragraph 3: Idea Evaluation/Concept
Estimate costs Revenue Profit Market research Paragraph 4: Development of Product/Business
Analysis design and manufacture of the product Selling price Sales volume Market test Paragraph 5: Commercialization/Product Launch/Promotion Campaign
Paragraph 6: List and discuss the characteristics that affect the marketing of a service (which may be different from products).
Paragraph 7: Moving into the product adoption phase.
Conclusion Paragraph: Please do not introduce any new ideas here.
Provide references to support information in paper. List your references in the text of the paper and at the end of the paper in a separate section.