MKTG/300 MKTG300 MKTG 300 Week 4 Assignment Cereal Development Proposal Week Four: Cereal Development Proposal Purpose To assess your ability to: â€¢ identify a market opportunity â€¢ work through the initial stages of the new product process â€¢ segment, target, and position a product Overview Developing a new product idea is a creative process. Many people mistakenly think of creativity as requiring the invention of a completely brand new idea. In reality, new products are rarely completely new. Most often, creativity in product development comes from novel combinations of existing ideas. For instance, the quality of material in a high-quality garden hose might be redesigned to give a lighter weight product that is more convenient for older people to handle. Or, producers of garden hoses might maintain the material and weight but include an inexpensive but quality hose rack with wheels that makes the hose portable from the store and around the garden for older people, especially the elderly. In Cereal Aisle Analysis, you collected data through a field observation, analyzed your data, and identified key findings. With this understanding as a foundation, you are identify a market opportunity and make a specific recommendation for a new product in the cereal market space. This new product can be completely new, could be a meaningful extension of an existing product, or could be a radical reinvention of breakfast cereal product (e.g., remember a time before cereal bars?) Your idea should be both reasonable (e.g., no liver-flavored cereals or nanotech cereals that expand to 100 times their size in milk) and different enough to register as new (e.g., suggesting General Mills add a Nut-Honey version to their Honey-Nut Cheerios is not different enough, but Banana-Blueberry might be). Note: This assignment is introduced in Week 3 and due in Week 4. Action Items 1. Review your textbook – especially the concepts of STP (Chapter 10) and the new product development process (Chapter 12). 2. Review your submission for Cereal Aisle Analysis (including your original field notes and your instructor’s feedback). 3. Think. Begin by actively thinking about cereal. Have a bowl. Try to visualize what you experienced in the cereal aisle observation assignment. How is cereal used/consumed? How could cereal be modified to appeal differently to people, or to appeal to different people? Are there any flavors, ingredients, or features that could be added or removed? Ask friends and family what they think of cereal. 4. Quit thinking. Inspiration often comes after our subconscious mind has had a chance to “percolate” on a problem. So, after you’ve given the problem some active thought (step 3), set it aside for a day or two. Your mind will continue to work on it in the background. Note: These next steps are generally not as separate and sequential as the list makes them appear. Creativity is messy. You’ll likely find yourself thinking of products and target markets and promotions and packaging all at the same time. That’s good. The best ideas have unity – meaning all of the aspects make sense together. 5. Generate ideas (step one of the Product Development Process). Brainstorming a written list is one approach. Creating a mind map may work for you. Or, look to a product that is unlike cereal and see if you can “force fit” some of those characteristics into a cereal product. Whichever approach you choose, don’t be critical at this stage. Instead, go for a large volume of ideas. Write them down. Shoot for at least 20 ideas, more if you can. 6. Screen your ideas. Develop three screening criteria (step two of the Product Development Process). Then, apply your criteria to your product idea list and select the best two or three product ideas. 7. Identify the characteristics of the target market for your product. Your description should include at least one characteristic from each of these four segmentation variables: demograp
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