You selected a product and you’ve identified a target audience. Now, it’s time to define the specific details of your offering!For this assignment, create a 5-6 page paper (not including title page) that contains the following information:Include a concept statement. Concept statements are useful duringthe research phase as a means to obtain feedback on a new product ideafrom potential consumers before bringing the product to market. Aconcept statement must include the following key information:Headline (This can be as simple as ‘Introducing XYZ Product!’) Product Description (Include a short statement describing the key features of your product.) Value Proposition (What value does your productcommit to deliver to consumers? What are the key benefits of using yourproduct? What problem does your product help consumers solve?) ‘Reason to Believe’ (Why should consumersbelieve that your product will deliver the value it promises? Be sure toprovide facts here, not ‘fluffy’ language!) Suggested Retail Price Image/Product Shot (Provide a drawing or mockup photo of your product.) Include a summary that explains the rationale for each component inthe concept statement (for example, why you included certain productfeatures, why the specified price was chosen, why the key benefitshighlighted are the most important ones, etc.).Describe two ways that you will do market research to identify whoyour target audience is. Discuss the type of market research, how youwill implement the research, and why you selected those types ofresearch.Create a persona that represents your target market based on your research.Create a SWOT analysis for your product to identify strengths, weaknesses, opportunities, and threats.Include a title page, and proofread your final assignment for correctspelling, grammar, and punctuation. For more information about APA,please visit the Online Library, which is available through the Resources tab.
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