Step One, choose a real company.
First, choose a real company based in the United States. It does not have to be the
company you work for, but it could be. A good company choice would be one that
has a well-established market in the U.S. with a good deal of public information
available, or one where you will be able to conduct original research by doing
interviews with company managers. It should be a consumer-oriented company
(B2C). You will be researching and writing about this company for several weeks,
so give this choice careful thought.
A not-good company choice would be a small business, a start-up business, or a
business idea that does not yet exist. Why? Most likely there will not be detailed
market information available for the marketing plan you must construct later.
What if you work in the military or government sector? Choose a company with
products targeted to individual consumers rather than the military or the
What if you work in the non-profit sector? Remember, the purpose and goal of this
contest is to identify new revenue-producing products for the company of your
choice. So, choose a company with products in a for-profit setting.
Step Two, consider some new products this company might offer and choose
your best three ideas.
Product ideas should fulfill a want or need of your company’s customers. If your
idea solves a problem, increases happiness, or lessens pain for a real customer you
probably are thinking in the right direction.
The three ideas proposed must be:
For individual consumers in the U.S. market;
A novel (new) offering;
Useful to the consumer; and
Feasible to produce with current available technology and offer to the
consumer market within the next year.
Novelty should be measured as a product new to the company and also new in
terms of the category or market. Offerings similar to what competitors are offering
would not meet the novelty criterion.
The ideas must not be:
“Free” or without cost to the consumer;
Minor enhancements of existing products or re-positionings; or
An electronic application such as a smart device app.
Example of “free” would be in-store experiences, events, social media experiences,
customer experience improvements, give-away, free-with-purchase item, freemium
Examples of minor enhancements would be a slight change to packaging or a price
change. This also includes any repacking of existing offerings, such as a subscription
box. Minor enhancements of existing products are not likely to impress company
leadership, so they are not sufficient for this assignment.
See the grading rubric below for additional detail on how your ideas will be
assessed for this assignment
Step Three, write and submit a 2-page, single-spaced memorandum proposing
THREE possible product ideas. The font size is 12. List your ideas in order of
your preference (i.e., your best or favorite idea first, second-best listed second, etc
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