Action Plan Project (Implementation steps, Responsibilities)

Action Plan Project
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Action Plan Project
In this group project, the group members have a company and they need to build a product and sell it. The action plan of building and selling a product will entail the following key implementation steps: (i) Idea generation: this is a systematic search for new product opportunities. The ideas of the type of product to be built and analyzed. (ii) Idea screening: the aim is to eliminate ideas which are not sound before resources are devoted to them. Group members will ask themselves: will the client in the target market benefit from the product? Will the product be profitable when built and sold at the target price? What is the growth forecasts and size of the target market? Is it technically possible to build the product? (iii) Concept testing: prototypes are made and introduced to the target consumer to measure their attitudes and know their opinions and feelings about the product.
(iv) Marketing strategy development: the planned price, marketing budget and distribution strategy are outlined. The long-run profit goals and sales, as well as marketing mix strategy are described. (v) Business and financial analysis: the possible selling price is estimated basing on customer feedback and competition. Sales volume, breakeven point and profitability are also estimated. (vi) Test marketing: this will involve placing the product for sale in a few selected areas and then observi...