MARKETING NEW PRODUCTS AND SERVICES

Read the chapter, “Customer-Driven Marketing” in Business Foundations: A Changing World. Pay particular attention to the definition and examples of the term, “target market.” In addition, consider psychological and social variables that affect buying behavior.

Read the chapters, “Dimensions of Marketing Strategy” and “Digital Marketing and Social Networking” in Business Foundations: A Changing World. Focus on the marketing strategies that are presented, including those involving social media and other technologies.

• View this week’s media and consider how marketing trends influence how organizations promote products and services.

Reflect on the new product or service that you proposed for the organization that you selected in Module 1. Identify the target market for the product or service as well as marketing strategies that you would use to promote the product or service, including at least one strategy involving social media or another technology.

• Submit a paper (not including references) that addresses the following:

Identify the new product or service you think that the organization you selected in Module 1 should develop. Explain how the new product or service will satisfy customer needs, and provide one specific example of what may differentiate it from similar products or services in the market.

• Describe the target market for the new product or service, and explain the reasoning that you used to identify the target market.

• Explain how one psychological variable and one social variable might influence buying behavior in relation to the product or service.

• With those variables in mind, explain two marketing strategies that would recommend for promoting the product or service. One of the strategies must involve the use of social media or another technolog