Mixtur Go To Market Homework Assignments


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Thinking about launching a new product or getting into a new market segment? Have you done your homework to make sure it makes sense? To get you started, we've outlined 7 assignments to help you prepare to develop your Go To Market plan!

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Mixtur Go To Market Homework Assignments

  1. 1. By Jeanette MifsudSr. Product Marketing Director,Mixtur Interactive Inc. go to market homework 7 essential assignments to do before product launch Not everyone likes doing homework. I did. My sixth grade son does not. It takes a mixture of threats, bribes, cajoling and nagging to get him to do his homework when he gets home. He’d rather reach for the X-men action figures–which, let’s face it, are much more fun. As marketing people, we’re often tempted to dive into a new product launch or market segment before we’ve done the homework to make sure it really makes sense for our business. To help you resist that temptation, I’ve drawn up some homework assignments! When you’ve completed these, and determined that a product launch really does make sense, then and only then do you get to the fun business of putting together a Go To Market plan. Assignment 1 – Show and tell “Bring” your product to the next team meeting and be prepared to answer the following questions about it: a. What value does it bring to your target audience? b. Can you really differentiate yourself enough from the competition to break in? c. What is your differentiation strategy–functionality, price, service, convenience, etc.? Be sure to capture in writing what you said…and what you learned from the team about your product. Assignment 2 – Size up the opportunity You need to complete this exercise whether you’re looking at pursuing one possible market or trying to prioritize when and if you should go after several markets. NOTE: Extra credit will be given to those students who answer all the parts of the question and present their findings in the form of a matrix! a. Addressable market size: There are some great government information sources that can give you detailed information by vertical–all for free. Analyst reports and articles are also a good source for market size data. b. Degree of market penetration: This is trickier to determine, but even if you can’t find hard data do your best to come up with an educated guess. Mixtur Interactive. Inc. | 900 Winslow Way East Suite 100 | Bainbridge Island, WA 98110
  2. 2. go to market homework c. Elasticity of demand: Is your product a “must have” or a “nice to have” for your target audience? Understanding that will help you put together realistic pricing and sales projections, especially in the case of a recessionary economy. d. Strength of existing incumbents: As is most often the case, your target market is also served by the competition. Try to get a feel for how strongly the incumbents are dug in, and how hard it would be to displace them. e. Awareness of your type of product: Will you need to spend cycles educating the market on the value of this type of product or is it more a matter of differentiating your offering? f. Barriers to entry: How easy is it for someone else to enter this market? g. Pricing patterns: Is there downward pressure on pricing, or has market consolidation and scarcity driven up price points?Assignment 3 – Describe your target customersThis is a critical part of the homework for your Go To Market course. Extra credit willbe given to students that create personas for their target audiences. Make sure youcover the following points:B2B Students: a. Pertinent industry verticals b. Company size c. Job titles d. Job level e. GeographyB2C Students: a. Age b. Sex c. Marital status d. Profession e. Geography f. Education g. Household income Mixtur Interactive. Inc. | 900 Winslow Way East Suite 100 | Bainbridge Island, WA 98110
  3. 3. go to market homeworkAssignment 4 – Know your competitionThis assignment requires you to find out all you can about your top 5 competitors.Extra credit will be given to those students who collect the most information. Besure to include the following points in your paper: a. SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) b. Examples of messaging and collateral c. Channels and partnershipsAssignment 5 – Map out your ecosystemIn this assignment you’ll draw a map of the ecosystem in which your product willplay. Clue: your target audience should be at the center of your map.Be sure to include the following in your map: a. Influencers b. Sources of information c. Purchase channels d. Competitive productsOh yes, extra credit will be given for the best use of PowerPoint Smart Art Graphics.Assignment 6 – Make your sales projectionsThis assignment builds on the knowledge you’ve been collecting so far. Make sureyou include the following: a. Average revenue / sale b. Margin – what you’re left with after cost of sales c. Average cost to acquire new customers d. Market share expectations for the first 2-3 yearsExtra credit will be given to students that make realistic projections...and get theirExcel spreadsheet to print out nicely with gridlines.Final assignment – RecommendationsYou’ve come a long way and learned a lot from the assignments in this course. Writea final paper that explains your recommendation to go ahead, or not go ahead Mixtur Interactive. Inc. | 900 Winslow Way East Suite 100 | Bainbridge Island, WA 98110
  4. 4. go to market homeworkwith your new product or pursuit of a new market segment. You will present yourfindings to the management team. Extra credit will be given to students who leavethe meeting with a promotion, pay raise or both.Brought to you by Mixtur – the agency for technology and startupsMixtur offers a full range of marketing services to help your company grow. Wespecialize in helping technology startups put their best foot forward. From strategicmarketing services to dazzling graphic design and production, Mixtur’s team ofprofessionals can help your business get started or go to the next level.Check out some examples of our work online: http://work.mixtur.comRead up on some of our ideas and experiences: http://blog.mixtur.comFollow us as we spend our days immersed in marketing and creative: http://twitter.com/mixtur Mixtur Interactive. Inc. | 900 Winslow Way East Suite 100 | Bainbridge Island, WA 98110 © 2011 Mixtur Interactive, Inc. All rights reserved. Mixtur, the Mixtur logo, and all other logos are trademarks or registered trademarks of Mixtur Interactive, Inc. or of their respective owners. 10.bp.001-6