Innovation commercialization marketing plan | Business & Finance homework help
Innovation Commercialization Marketing Plan
The final project is a strategic marketing plan for an innovation idea. The idea or the opportunity is embodied in the following:
Apple has also quietly begun building its own content delivery network. Previously, the company has relied on outside venders to distribute apps and video and to handle the iCloud service. Having its own network would give Apple more control and pave the way for its long-rumored TV service.
What would this be, how would they do it and what would the market be?
The report should consist of a maximum of 15 pages, and must cover the following areas:
1. Analysis of market situation.
2. Marketing strategy formulation.
3. Implementing strategy through marketing mix.
Key steps in preparing the marketing plan include:
1. Define the business situation which analyses past and present business achievements of the new innovation initiative.
2. Define the target market, opportunities and threats.
3. Market segmentation.
4. Strengths and weaknesses in target market.
5. Goals and objectives to measure the level of performance desired by the new venture.
An action plan must be well defined and include:
1. Specific activities to meet relevant organizational goals related to this innovative initiative.
2. Create a description of the new product or service in the context of commercializing the innovation.
3. Monetizing the opportunity (revenue) will need to consider costs, margins or mark-ups, and competition.
4. Distribution options that make the product convenient to the customer.