Assignment #2: Identify One Marketing Opportunity for New Product
As mentioned before, one of marketers’ major tasks for marketing management process is to identify unmet needs of target customers after implementing the trend analysis as a part of situation analysis. As an example, marketers within the for TV industry provide the forecast of what kind of TV will appear in the next few years, given that black & white TVs, color TVs, HD TVs, Smart HD TVs, etc. have so far been introduced into the market. The forecast as the output of trend analysis will provide you with some clues about consumers’ unmet needs for new TV product idea.
To this end, it is recommended that you should 1) implement environmental or situation analysis to identify a list of major trends occurring in your chosen marketing field, 2) convert them into a list of new product ideas, and 3) suggest a new product concept and specific marketing goals for this new product, after implementing 5C situation analysis for justification. For instance, you, as a marketer of GPS company, can identify several new GPS product ideas after monitoring major trends in the GPS industry and design the detailed concept of one new solar GPS system. The following is the format of the report you may consider when composing.
• Specify your role as a marketer in your chosen marketing field or industry as you did in Lecture Assignment #1.
• Monitor current market environment in your chosen field and identify at least 5 major trends which had occurred, are occurring, and will occur in the target market in your chosen marketing field;