What kind of need does product satisfy based on a hierarchy of needs pyramid?
The term project has two parts. Part 1 Parent CompanyPick a public company in the United States. In this part of your term project you will prepare a company report. Company report will include the following:(Minimum 2 pages) Current Business: Provide details of current business description of the company. This part also should include the following information-Current major brands of the company -Product Lines -Major Competitors-Financial information such as revenues, profits research and development expenditures-SWOT analysis for the company- How environmental forces can affect the company. (Minimum 2 pages) Part 2 New ProductIn this part you need to check current products of the company and come up with a new product idea that suits well on to the current product portfolio of the company, your innovativeness is also an important criteria. The product has to be a consumer product. Pick a name for your product and explain your reasoning. You can also design a logo for it but it is optionalProvide a report about:2-1) Product and Competition-Description and benefits of the product. Type of the product (Convenience Product, Shopping Product, Specialty Product or Unsought product)-What kind of need does product satisfy based on a hierarchy of needs pyramid? Why ?-SWOT analysis-Apply Porter 5 forces model. (Minimum 1 page) 2-2) SegmentationPick a target market for the new product, choose three of the following segmentation base and explain the reasoning of the segmentation. ”Geographic Segmentation (this is the base, each of the below is a variable)region of the countrymarket sizemarket densityclimate Demographic Segmentation (this is the base, each of the below is a variable)age segmentationgender segmentationincome segmentationethnic segmentationfamily life-cycle segmentationPsychographic Segmentation Benefit Segmentation Usage-Rate SegmentationFurther, decide (here again, justify) which strategy for selecting target markets you will be using:Undifferentiated targetingConcentrated targetingMultisegment targeting “1 (Minimum 1 page) 2-3) PriceSet a price for your product. Which pricing objective you will pursue (justify your choice):”Profit-orientedProfit maximizationSatisfactory profitsTarget return on investmentsSales-orientedMarket share (units or dollars)Sales maximizationWhich pricing strategy you will follow (justify your choice):Price Skimming/Premium PricingPenetration Pricing/Discounting”2 2-4) Channels”Choose which of the following distribution channels would be most adequate for your product (justify your choice in terms of market factors, product factors and producer factors):Producer- ConsumersProducer-Retailers – ConsumersProducer – Wholesalers – Retailers – ConsumersProducer -Agents or Brokers – Wholesalers – Retailers – ConsumersWhat level of distribution intensity will your product require and why?Intensive distributionSelective distributionExclusive distribution”3 2-5) PromotionDecide which tools for consumer and trade sales promotion you will use (justify your choices):Consumer Sales Promotion:CouponsPremiumsLoyalty Marketing ProgramsContests and SweepstakesSamplingPoint-of-Purchase Displays”4 2-6) AdvertisingCreate a slogan for your new product and explain your reasoning. (Minimum 3 pages for price, channels, promotion, advertising) APPENDIXAdd your graphs, figures and pics to the appendix. Please cite If the original work belongs to another resource.