The purpose of this assignment is to come up with an idea for a new product or service and use secondary data about the industry, consumers, and competitors to show that your idea will make sense. Your idea should include the target market for the product, a positioning statement, a brand name, and a basic description of your product or service and its benefits.What kind of idea will be appropriate for this assignment?First of all, you do not have to come up with a Shark-tank-worthy big idea for this assignment! It will be sufficient to suggest a new brand in a well-known category that differs just a little from available brands. For example, you can launch a food product or beverage that has a different flavor or ingredient, or a personal care product with a different brand and packaging design.Some of you may already have thought about a product that isn’t available and that you think would have potential. If so, your next step is to research the industry, competitors, and consumer preferences in your category (see next section). It is important that you come up with an idea for which you will easily find the background information you need. The Passport and Mintel databases cover a range of products and services but if your product category is not represented in either of these databases, it will be challenging to complete the assignment.If you do not have an idea right away, start by doing some research about a type of product, or consumer trend that interests you. For example, if you are interested in healthy food products, start by reading the report about that category on Mintel.ResearchYour paper should include information about relevant consumer trends, the industry the product is in, and the competitive landscape. As you can tell from the sample assignment, you might be able to find everything you need in the Mintel database. Passport provides similar reports and can also be used. You are required to use at least one report from either Mintel or Passport, but are free to add additional valid sources (e.g., other databases or business press articles). Keep in mind that you need to access Mintel, Passport, or other databases through the UIC library webpage. These instructions will help you get started. How to use Mintel and Passport for the My Marketing Idea Assignment.pdfIf you have problems finding the information you need, please reach out to the UIC librarians who are experts on these databases and more than happy to help, or come by during office hours.What you will turn inYour idea should be presented in a short paper that should look like the sample paper. It should contain the sections listed below, use headings, and be no more than 700 words (about 1 to 1 1/2 pages). The sources you use should be indicated in the text and listed at the end of the paper. You should use at least two different sources but it is acceptable that these come from the same database. You can use any reference style you are familiar with.- Introduction- Consumer Trends- Industry Analysis- Competitive Analysis- Positioning Strategy for “brand X”- ReferencesDeadlines and GradingThis assignment will be graded on both content and writing. Please see the grading rubric for details on how this assignment is graded.Content: your paper should include all sections, and relevant data for the research sections that are clearly explained. The product idea and positioning statement should be linked to the background information. The positioning statement should follow the format presented in class.PLEASE USE EXAMPLE BELOW!
my_marketing_idea___example_paper.pdf
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My Marketing Idea
Introduction
This paper will present an idea for a new brand of pasta sauce called Con Legumi. The main
point of differentiation for this product is the health benefits provided by lentils, one of the
main ingredients in the pasta sauce.
Consumer Trends
US consumers are increasingly looking for healthier food options. These options include more
plant-based proteins and less meat. For example, in a recent Mintel survey 75% of respondents
indicated that they were trying or interested in trying to consume more proteins, and 58% had
tried or were interested in trying to reduce their meat consumption (Mintel, 2017a). The same
report also shows that parents, in particular, were trying to switch to healthier lifestyles,
perhaps based on concerns for the health of their children and a desire to teach healthy habits.
These trends are relevant for all categories of packaged foods, including ready made pasta
sauces.
Industry Analysis
The US pasta sauce market is estimated to reach 2.6 billion dollars in 2017 (Mintel, 2017b). This
is a mature product category with modest growth in recent years, potentially due to the lack of
growth in the pasta category. In the five years leading up to 2017, sales of pasta sauces grew by
10 percent. To combat the slowdown in sales growth, companies are trying to reach more
consumers by launching premium products, often marketed as having “clean” ingredient lists,
that is, fewer and more easily recognizable ingredients.
Competitive Analysis
Two brands, Ragu and Prego, currently dominate the pasta sauce industry, each with about 20
percent of the market. However, while Ragu lost 2 percentage points in the last year, Prego
gained 5 points. This growth was partially driven by the launch of Prego Farmers’ Market, a
premium line of sauces, which emphasizes better quality ingredients. Apart from the two
dominating brands, there is a range of smaller premium brands of pasta sauce, such as
Newman’s Own. The growth of premium brands is clearly illustrated by the recent success of
Rao’s Homemade that is based on the recipes of the family-owned Rao’s restaurants. While the
brand has only 3.6 percent of the market, it grew by almost 22 percent in the past year. Private
labels together hold a 9.2 percent market share (Mintel, 2017b).
Positioning strategy for Con Legumi
My marketing idea is to launch a premium line of pasta sauces that is differentiated from other
premium brands in the category by its higher protein content. Con Legumi is a line of tomato
and red lentil based pasta sauces with traditional Italian flavors. Red lentils have a mild flavor
and are high in proteins, minerals and fiber. This pasta sauce will therefore be healthier than
many other options in the category while providing a traditional flavor. The product will be
shelf-stable and sold in glass jars similarly to other brands in the category. It will be marketed at
a slightly higher price point than similar brands and therefore target middle-class housholds.
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The following positioning statement summarizes the strategy for the brand:
“For health-conscious middle-class urban parents who are looking for quick and healthy
vegetarian food options with added proteins, Con Legumi is a line of pasta sauces that provide
traditional Italian pasta flavors with the added benefits of plant-based proteins, minerals and
fibers and no additives.”
References
Mintel (2017a), Healthy Lifestyles – US – October 2018, Retreived February 7, 2018, from the
Mintel Database.
Mintel (2017b), Cooking and Pasta Sauces and Marinades – US – December 2017, Retreived
February 7, 2018, from the Mintel Database.
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