RULES TO FOLLOW Choose a product which you think will sell very well in your country (this could be a new product or an existing product such as bottled water). Create a marketing strategy for this product by including answers to the following questions. 1. Who is your target market? What are the characteristics of the consumers you think will buy your product? What is their market segment? Justify your answers. 2. How does your product meet their needs? Why will consumers buy your product rather than a competitor’s product? What is your product’s unique selling point (USP) that makes it different to your competitors’ products? Justify your answers. 3. What price will the target market be willing to pay? What pricing strategy will you use? Justify your answers. 4. Which methods of distribution (place) will you use and will these be suitable for your target market? Which methods of distribution do your competitors use? Justify your answers. 5. What methods of promotion will you use? Remember you may have a limited budget/amount of money to spend. Decide both where you will advertise and what promotional offers you might use. Justify your answers. 6. Summarise by explaining why you think your new product will be successful.