Learning Goal: I’m working on a marketing presentation and need an explanation and answer to help me learn.
Semester Project Report (Weightage 50% of IA)
MARKETING RESEARCH PROJECT ON INNOVATIVE PRODUCT/SERVICE
This activity will help individuals understand/develop:
- Understand the marketing concept
- Develop creative abilities/skills for entrepreneurial venture
- Apply innovative concepts and make a proposal to market a product or service
- Apply the marketing mix in an integrated form
Students are to complete this project in groups with each group having no more than 2 members.
Task 1 (Give a Product/Service Idea)
You are required to suggest an INNOVATIVE product or service idea for Market Research. Give justification for the Topic(idea) which has to be a brand or service and submit your proposal with initial literature review. Topic will be approved after the initial literature review is done. Students are required to browse research journals, newspapers and periodicals like Business Today, Business India, Business Standard, Economic Times etc. for their secondary data (literature review) search. The suggested product or service has to be one which currently does NOT exist in the proposed region (country). However, the product/service idea should either be evidently proven successful in a foreign country OR its existence and applicability is proven technologically. Please note that it will be difficult for you to convince for getting your idea approved for any product or service which has doubtful credentials of its commercial viability or technological feasibility in Indian context. Please frame a proper title for your topic e.g. “Electricity Generation from Rice Husk Litter- Feasibility study for Uttarakhand” OR “Evaluating market feasibility of carbon emission gases”
Task 2 (Market Research for the given Idea)
Further to the initial secondary data, search and subsequent approval of your topic design a market research approach (qualitative or quantitative) needs to be suggested along with a questionnaire for exploring the prospect of the suggested product or service. Decide sample type, size and analysis method for your project.
Task 3 (Marketing for the Proposed Product/Service)
Marketing campaign strategy for your product/service. You need to administer the questionnaire on a sample selected, collect data, analyze data in task 2 and present your findings. The data analysis should incorporate:
Product- What is the central marketing theme for the product? Which USP is highlighted in the campaign? What are product/service benefits and why would customers need it (in case of entirely new product)?
Price- How is price communicated in the marketing campaign? What would be the estimated cost to develop the product or providing the service (in case of new product).
Place- Distribution plan: Which region or regions you will launch the marketing campaign first? Why have you chosen those regions? Future plans of expansion.
Promotion- Design an advertisement strategy based on your research. Which all media you will choose for advertising the product? What will be your message strategy? Display a print or video advertisement which exemplifies this strategy (through role play or actual video). Any promotional schemes you have in mind to promote your product?
Task 4
Project Report (Weightage 25 Marks)
Students need to compile their findings in the form of a marketing project report. The contents of the report should fit the standard and quality to that of a MBA level. The report should be a neat document with clear table of contents, chapter plan including Introduction, literature review, data representation and analysis, recommendations etc. and proper formatting. The format for the project will be mailed to students in a different file.
Task 5
Presentation on Semester Project (Weightage 25 Marks)
After the group has completed the project compilation work it needs to present the project proposal in front of the class. The presentation will be a formal presentation which will have specified criteria for grading. Communication skills, presentation and expression of idea, innovation and creativity, group coordination would be criteria for grading the presentation. After the presentation of the product idea in front of other groups they will face a query session. Handling queries would also be a criteria for grading the presentation. All the other groups will act as an idea screening committee and ask genuinely important questions. All the groups will be marked for asking questions.
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