For this project, you must evaluate the market you have chosen to pursue. Primarily, you will create an advertisement that follows your research regarding the existing (or potential) market you plan to enter (or create). Also, you must define the customer you hope to serve. You should have a pretty good idea of who the customer is after the external feasibility project – here you will get more specific. You will need to figure out how you will get your product or service to the target market and how much you will charge.
See the Marketing Analysis Project Rubric for more details.
VIDEO:
You must update your elevator pitch. You must update and record a new elevator pitch. Incorporate what you have learned! Upload your video to Canvas. Use the Canvas provided media platform to record your videos. This 2-5 minute segment needs to be recorded on video separate from your commercial.
You must prepare a 60 second commercial (video) for your business. The most important factor is to align your commercial’s message with your target market. For example, if you are selling skateboards, then it might be appropriate to be sarcastic and edgy. However, if you are promoting a high-end luxury salon, then you might want to be proper and elegant. Your advertisement doesn’t need to win a Clio Award, but it does need to connect with your target market. I am grading the message, not the production value. Have fun and get creative! You may want to record your video at 480p to ensure your file is less than 1GB. This is a separate file from your elevator pitch.
WRITTEN SYNOPSIS:
The synopsis should include all the information you find and want graded. Include/describe all work/effort you put into the project. Be comprehensive. I expect your synopsis to reflect the weeks of work time allotted to complete this project. The synopsis can be an essay or an outline, but it must include everything you want the professor to review for your project grade. I suggest ordering you synopsis in line with the requirements listed on the rubric.
You must include the scripts (verbatim) for your elevator pitch and commercial.
You must describe your products, in detail.
You must include your justifications for who your target market is. Be able to justify your data (this will take some research). Use the data/research from the Industry Analysis Project. I am looking for real numbers, not just what you think others are doing. Get in the library (secondary data). Interview the locals (primary data). Include the names and places (sources) of your data in your synopsis.
You must describe how you will reach your target market. What is your distribution plan? Do your customers come to your brick & mortar store? Are you online? Be specific and detailed.
You must determine the price of your products. This is not based on costs! Your prices will be what people are willing to pay. To figure this out, you should do a comparative analysis using similar products. You can then justify the base cost of your items and add subtract from that price based on your specific differences in product or service. I suggest doing an online poll of people in your target market. Ask them how much they would pay for services you offer and go from there.
Synopsis Format:
Use MS Word, 12-point font, 1” margins, left justification. Your name and course number (MGMT 2820) should appear in the header. You must submit the MS Word document (.doc/.docx) file, not a link to your work.
