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For this assignment, create a 5-6 page paper (not including title page) that contains the following information:
- Include a concept statement. Concept statements are useful during the research phase as a means to obtain feedback on a new product idea from potential consumers before bringing the product to market. A concept statement must include the following key information:
- Headline (This can be as simple as “Introducing XYZ Product!”)
- Product Description (Include a short statement describing the key features of your product.)
- Value Proposition (What value does your product commit to deliver to consumers? What are the key benefits of using your product? What problem does your product help consumers solve?)
- “Reason to Believe” (Why should consumers believe that your product will deliver the value it promises? Be sure to provide facts here, not “fluffy” language!)
- Suggested Retail Price
- Image/Product Shot (Provide a drawing or mockup photo of your product.)
- Include a summary that explains the rationale for each component in the concept statement (for example, why you included certain product features, why the specified price was chosen, why the key benefits highlighted are the most important ones, etc.).
- Describe two ways that you will do market research to identify who your target audience is. Discuss the type of market research, how you will implement the research, and why you selected those types of research.
- Create a persona that represents your target market based on your research.
- Create a SWOT analysis for your product to identify strengths, weaknesses, opportunities, and threats.