WIL Assignment Structure
- The overall structure of the project is represented here. The project links to all content area you cover this semester – the strategy of a company and the role of product innovation, the front and back end of the product innovation process, consideration of success factors and dealing with risk and resource constraints.
Analysis and Persona
– Identify an opportunity in the market
– Analyse the most attractive consumer segment
– Create a product innovation persona
– Due week 6
Don’t come up with a Come up with a product here product here
Assignment 2a: New Product Concept and Launch Strategy
- Drawing on the persona and research conducted in the first assignment and feedback to the class from the client, teams will ideate and sketch out a new product concept and a strategy to launch it.
- The main sections are:
- Refine persona and update key consumer demographics, motivations, and product requirements / drivers.
- Ideation and screening (20%)
- Final concept elaboration (25%)
- Financial (business) case (10%)
- Marketing and launch strategy (20%)
– Gantt chart – what is the timing and timeline to get the product to the market if a “go” decision is given
- Production considerations and assumptions (5%)
- Call to action – summary of the ‘so what’ and ‘why should we’. (5%)
- Overall quality and presentation of report (10%)
Assignment 2a: Submission Details
- Due date: Week 12
- Maximum 3500-4000 words
- Excluding coversheet, title page, ¾-1page executive summary, references, appendices
- If you are using appendices don’t expect them to be graded – all relevant information and needed detail should be in the main report.
- A consultant-style report style (not a long essay)
- Must reference main sources of data and information and have a bibliography
- Must use summarised tables, illustrations and pictures, graphs and charts etc. to give life and excitement to the report
- Must be submitted through TURNITIN via Canvas
• Executive summary
– (3/4 – 1 page, not included in word count)
• Table of contents
– (not included in word count)
• Target market update
– Refine persona and update key consumer demographics, motivations, and product requirements / drivers.
- Ideation and screening – using formal ideation method(s) to come up with and screen appropriate potential new product ideas
- Need to show how you came up with multiple ideas and screened them to find the best one to develop further
- Need to clearly align with your Persona, the critical drivers of their need and purchase behaviour and the industry
- Show ideation workings in appendix and show final outcomes in report body
- Final concept elaboration – describe and explain your selected idea in more detail – the actual concept and likely product to be developed, including:
- Brand/product name – an exciting and catchy brand/product name that will resonate with consumers
- Positioning – how the product is to be positioned in the market/ product category and how it relates to competition and target market needs, wants, desires.
- Product attributes and benefits – describe the product attributes, features, function and any packaging attributes, and how they relate to benefits to be delivered to your target market.
• Product design – develop a
graphical/pictorial representation of the new product and its packaging
- Augmentation – how the company might add appropriate extra value to their offer to further differentiate it from competition.
- Scalability and scope – how might the product evolve over the next 2 generations or iterations
- Financial Business Case – provide a well thought-out business case for the new product
- Pricing strategy – e.g. retail price, channel margins, ex-factory price etc
- ATAR based Sales forecasts -/volumetric forecast/assessment
- Sensitivity analysis
- Other analyses you feel would highlight the attractiveness of the business case
- We understand you will need to make assumptions around costs and margins etc in this area.
• Launch Marketing requirements – how
should your new product be launched in order to create the best opportunity for success (given budget restrictions).
- Channel strategy – how and where will the product be sold
- IMC strategy – basic strategy with an emphasis on low cost but maximum impact and effectiveness
– Launch timing and schedule
• Gantt chart
– what is the timing and timeline to get the product to the market if a “go” decision is given.
• Production and Making Issues
- Production and manufacturing issues – what major production/supply/manufacturing issues might need to be dealt with prior to launch.
- Potholes – what main potential problems do you envision for management in developing the new product
- what main assumptions have you made about the potential viability of the new product?
• Call to action
– summary of the ‘so what’ and ‘why should we’.
– please note any references or sources you use in the report
– Should only house additional information. Key information or summaries of work should be in the main body of the assignment
Assignment 2b: ‘Shark tank’ Video Pitch (20%)
- Based on assignment 1 and 2 each team will create a ‘shark tank’ style video pitch for our WIL based partner
- Presentations should consider:
- The Australia market place as an opportunity
- What is the product category and consumer opportunity?
- What is the exciting new product that will capture the opportunity?
- Who should it be launched to drive sales?
- What is the value of the opportunity for the business? – Call to action
- Due Week 12
- 5 minutes duration