Marketing New Products for a Consumer Brand - Winter 2024
General
- Continuing Education
- 45 learners; teams of 5
- 60 hours per learner
- Dates set by experience
- Learners self-assign
Preferred companies
- 2/2 project matches
- Anywhere
- Academic experience
- Any company type
- Any industries
Categories
Skills
Project timeline
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January 15, 2024Experience start
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April 15, 2024Experience end
Overview
- Details
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In an increasingly competitive consumer marketplace, decisions around adding new products and services are more important to a company’s success than ever. Students in the Marketing program at McMaster University’s Centre for Continuing Education will research and prepare a report for your company that recommends a new product or service and/or plans its launch.
- Learner skills
- Marketing communications, Market assessment, Basic financial analysis, Competitive assessment, Environmental review
- Deliverables
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The final project deliverables will include a written report that includes the following key components (as appropriate to the context):
· Research and recommendations relating to the development of a new product or service.
· Assessments of the market situation of the product(s) or service(s) in question.
· External and internal environmental scanning.
· Market segmentation, targeting, and positioning.
· Marketing strategies
· Marketing Budgets
· Schedules, task descriptions, resource allocations, and timelines for implementation
Project Examples
Students, in groups of 4 or 5, will research and construct a plan that will help you achieve success in your marketing efforts. Your own staff will liaise with the course instructor and students to ensure that their work meets the objectives—whether financial, marketing, or societal—that your company sets out to achieve around the development and/or launch of a new product or service.
Based on information you provide, students will prepare a report that provides thoroughly researched and soundly reasoned recommendations relating to the development and/or launch of a new product or service. Student teams will address industry-specific concerns as well as broader elements of marketing best practice to provide as meaningful contribution to your firm’s decision making process around these questions.
Project Examples include, but are not limited to:
· Research and Recommend a New Product to a Company and Plan its Launch
· Research and Recommend a New Service to a Company and Plan its Launch
· Plan a New Product Launch
· Plan New Service Launch
Additional company criteria
Companies must answer the following questions to submit a match request to this experience:
Provide a dedicated contact who is available to answer periodic emails or phone calls over the duration of the project to address students' questions or provide additional information. Minimum of 2-4 interactions with each student group leader (approximately 4-6 hours over the duration of the project). Let the students/instructor know if you will be away for an extended time (e.g., vacation).
Provide an online video or link to your website to introduce the students to your organization prior to starting the project.
Be available for a quick phone call with the instructor to initiate your relationship and confirm your scope is an appropriate fit for the course. Advise the instructor if students will be required to sign an NDA prior to beginning the project.
To provide efficiency in the information sharing process, 2 - 3 web conferences may be scheduled in advance at appropriate intervals. The Instructor may ask for participation in an Instructor-led webinar session for students at the beginning of the project by providing an overview of your organization, project and desired/expected outcomes.
Share feedback and recommendations about the project deliverables with the students and instructor.