The purpose of this research paper is to develop a business plan for a proposed new product, custom-tailored shoes for podiatric patients. The project framework assumes a working title Therapeutic Footwear with aims, background information, concepts, proposed research methods and possible outcomes proffered accordingly. As part of the plan, the researcher likewise aims to discuss and analyze relevant issues pertaining to the 4Ps in marketing, particularly product, place, price, and promotions, specifically outlining details on launching the new product. Launching of a new product, that is discussed in the research paper, entails a close examination of issues that relate to the following: enforcing awareness for the selected brand; designing strategies for the target market; addressing perceived potential barriers for the launching of the product; and defining and enhancing the strengths or competitive advantage; and monitoring each phase of the marketing plan. The researcher states that this study would also include an executive summary for the business plan which would proffer a brief situation analysis of the new product; a business plan for a proposed new product - Therapeutic Footwearclearly; define the marketing objectives; present an overview of the well developed and designed marketing strategies and tactics; define relevant financial considerations including a proposed budget, the projected volume of pairs to be custom-made, and the target market share; and a time table for the product launching.
2. Background information People have been found to have diverse requirements in footwear. Footwear is classified as a necessity product but at the same time, footwear became a more sophisticated consumer product that evolved in terms of functional features and aesthetic values, as reasons for purchase. The study would thereby delve into secondary sources of research on footwear made for people who have special needs. When appropriately identified that this particular target market is worth serving, the business plan would thereby present relevant matters pertaining to the marketing mix of the proposed product. 3. Relevant concepts, theories and/or terminology The concepts and theories that need to be examined would pertain to new product development, from conceptualization, strategy design according to marketing mix (product, price, place and promotions), marketing plans on launching the new product, and a review of potential barriers and ways to address them. The creation of a marketing plan takes into consideration a review of the environment, including competitors and threats that could impact on the launching of the product. Some analytical tools, like the SWOT analysis or the PEST analysis, could assist in determining capacities of the internal resources, as matched with the external factors that could influence the new product. 4. Primary & Secondary Research Methods The project would use both primary and secondary research methods within the given time frame and applicability of gathering sufficient information to prepare the needed business plan. Primary information could be gathered from interviewing podiatrists and diabetic specialists who are most qualified and authoritative to advice patients of the accurate specifications for the correct type of footwear (including materials and style) for patients with foot problems, to