You selected a product/service and you’ve identified a target audience. Now, it’s time to define the specific details of your offering! This is a two-part assignment, so please be sure you complete both parts!
You will create a ½ page concept statement for your new product. Concept statements are useful during the research phase as a means to obtain feedback on a new product idea from potential consumers before bringing the product to market. The concept must include the following key information:
- 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 product/service commit to deliver to consumers
- What are the key benefits of using your product or service?
- What problem does your product/service help consumers to solve?
- “Reason to believe”
- Why should consumers believe that your product will deliver the value it promises? (Be sure to provide facts here, not “fluffy” language!)
- Suggested retail price
- Image/Product shot that best represents your product or service (Integrate basic visual elements such as word art, clip art, or other images optional).
- Along with your concept statement, you should submit a 1-page summary that explains the rationale for each component in the statement (e.g. why you included certain product features, why the specified price was chosen, why the key benefits highlighted are the most important ones, etc.)
- Make sure to include an APA formatted title page. Use NoodleBib to document your sources and to complete your APA formatted reference page and in-text citations
Your final assignment should be proofread for correct spelling, grammar, and punctuation. Please remember to follow APA guidelines for in-text citations and a reference page for all written assignments. For more information on APA, please visit the Online Library, which is available through the Resources tab.