Marketing & Entrepreneurship 11/12
Product Redesign Plan Unit
Instructions:
You have been tasked with the redesign of a failing product. Each week you will be given an updated design brief from the focus group. You will need to incorporate their requests in your new design. Below is a breakdown of what you will need to complete and how your work will be graded. A submission checklist is also included. You can work in groups of 2.
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By the end of this project, you will be able to:​
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Critically reflect on their design thinking and processes, and identify new design goals, including how they or others might build on their concept;
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Identify tools, technologies, materials, processes, cost implications, and time needed for development and implementation;
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Use project management processes when working individually or collaboratively to coordinate or create processes or products;
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Identify and analyze gaps to explore possibilities for innovation;
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Critically analyze how competing social, ethical, and sustainability factors impact designed solutions to meet global needs for preferred futures
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By the end of the project, you will know:
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Factors that can promote innovation and entrepreneurial success, including networking, product/service knowledge, and market analysis
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Interpersonal and presentation skills to promote products and/or services and to interact with clients
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Types of business ventures and social entrepreneurship
Submissions MUST be in Powerpoint, Google Slides, Canva, or equivalent.
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Rubric Break Down​
Weekly SWOT Analysis & Self-Reflections
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1. Product Analysis (30 Points)
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Cost - Cost to make the new product with breakdown (see materials)
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Price - New selling price of the product (what is the profit on this product?)
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Materials - Materials used in the new product and reasoning (required for cost breakdown)
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Sustainability - What has been done to make the product sustainable to produce?
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New Life Cycle - In the new life cycle, what is planned for the Decline stage?
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2. Marketing Plan (30 Points)
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Promotions
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1 Collaboration - Partner with another business or celebrity to promote the product (NOT a classmate)
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1 Seasonal Commercial - Seasonal commercial to promote sales in less popular seasons
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1 Digital Ad - Social Media Ad with moving elements
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Packaging - Remember cohesive branding; packaging should represent the brand just as much as the product
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Customer Base - Make sure to specify why this product meets the needs of this customer base
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Competition - Identify competition for the product; what makes your redesigned product better?
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3. New Product Design (20 Points)
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Branding
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Slogan
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Product Name
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Colour Scheme
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4. Does it Match? (20 Points)
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Brief #1.1 - The Product should cost less than $150 to make.
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Brief #1.2 - The Product should have multiple uses/be more functional than the original.
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Brief #1.3 - The Product should be available in multiple colours.
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Brief #2.1 - The Product should be available for purchase year round.
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Brief #2.2 - The Product should be marketed to 18-45 year olds.
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Brief #2.3 - The Product will sell better in warmer seasons. Market it in the colder months.
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Brief #3.1
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Brief #3.2