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MKT20031 Marketing and Innovation

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Task:

Creating the innovation and identifying key market factors After analysing the potential target markets and choosing one you would like to focus on, it’s finally time to get creative and actually develop an innovation! You will need to use the ‘product concept statement’ framework to guide your ideation.
Refer to 3 examples of a concept statement e (Spacey 2018) for a short example of how product concept statements can be made.
You need to accompany the concept statement with a justification that demonstrates links and consistency between your idea, the trend, and the consumer analysis. After you complete this, you will also need to provide a forecast analysis of at least two important market factors that may impact your proposed innovation. You will need to use the DENTPC and SIP-CCC frameworks for this.
Hint: Note that your two forecasts need to be based on real evidence, not 'what-ifs. You are encouraged to use market and industry reports such as IBISWorld, EuroMonitor, or other articles that can provide you with concrete evidence to support your forecast. 

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