Define your service/product features and benefits and performance characteristics versus competitive products.

Define your service/product features and benefits and performance characteristics versus competitive products. How does the product/service fulfill the value proposition? What product/service changes are you recommending? What attributes do you want to add/delete to your product/service? What do you recommend in terms of changes to package design, logos, and/or brand identity? This may include the service promise, including any customer service andwarranty information. What new products/services do you want to launch under your current brand name? Provide rationale for your choices. ⇒Branding Strategy: Compare the brand knowledge and brand meanings that you want consumers to know about your brand (your brand identity) with your existing brand image. How will your existing brand enable and constrain you as you address your critical issues? What do you need to do on the branding front to achieve your goals? Pricing Strategy: Outline your pricing objectives and explain how they relate to your financial and marketing objectives. Present a list price for your product that retailers will pay you. Discuss payment terms/options including any discounts and allowances you will give to your retailer customers. Estimate your cost of good sold and calculate your product’s total revenue, total costs, and gross margin. Recommend a suggested retail price for your retailers and outline your expectations for retail pricing (both everyday and promotional) in each channel of distribution you plan to sell your product in. Calculate each channel’s penny profit and retailer margin rate. Discuss how you will balance pricing issues amongst different channels. Provide rationale for your choices. Place Strategy: Define your distribution strategy. In which retail channels do you want to sell your product? Why? Provide rationale for your choices. Define your selling approach. What selling message will you use to persuade your retail partners to carry your product? Promotion Strategy: Outline your integrated marketing communications (IMC) objectives. Design promotion programs to communicate your marketing message to consumers. Discuss if/how/why you will use the following promotion tactics: advertising (TV, print, radio, outdoor, Internet), consumer sales promotions (displays, price promotions, gift with purchase, sweepstakes/contests), event marketing/sponsorships, public relations, trade show and conference participation, direct marketing (mail, telephone, email), Internet marketing and Web 2.0 social media programs and other forms of communication. How will the customer receive information about the product? Be specific about what role each medium will play in the strategy and fulfilling the overall marketing objectives. What is the recommended timing and frequency of the marketing communications plan? How much will you spend on marketing communications?