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Solution Library
Marketing Plan - Create a new product
Question:
Our goal is to create a new product and we have chosen “heated insoles using kinetic energy.”
Heated insoles are what you put inside your shoes to keep your feet warm during cold weather.
TASK:
1. Competitive Analysis
a. Identify the current and prospective competitors – how many are there; how big are they (in total sales dollars); what is their relative strength (market share) in the marketplace?
b. Describe the structure of the industry or market e.g. monopoly, oligopoly, monopolistic competition
c. Identify substitute products and/or processes
d. Identify competitive barriers to overcome.
resource: witiger.com/ecommerce/competitorintelligence.htm
Summary:
The assignment in marketing is about competitive analysis for a new product namely “heated insoles”. These heated insoles can be put in shoes and they can protect the wearer’s feet by keeping them warm during cold winters. The assignment contains the details about how such a product can be marketed and what kind of competition that this particular product can face.
Total word count is 1089
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