University of michigan yeti

This is a group project, I only need to work on the budget and timeline part. The other group member parts are post in the file, check file title "group project". based on the group project, keep writing from the last page, add after my group member's work. Add the budget and timeline part. Word count need to add at least 550.

Here are the writing requirement:

Budget/Timeline: Using the new product development process, determine your likely timeline for each stage of development for your plan, and the estimated costs/budget for your overall plan, as well as a specific budget for your promotional tool (% are great to use!).
One example essay post in the attached file, please check. Need to add 3 graph as the example essay did. Thanks.Budget The costs associated with introducing Muscle Cakes include research and development costs, product testing costs, manufacturing costs, and promotional costs. Refer to Appendix I for an overall budget break down. For our promotional mix budget, we used the percentage of sales method to determine how much money we should invest in the promotion of our new product. We decided to allocate 3% of Cytosport’s $370,000,000 of sales revenue toward promotion, which comes out to just over $11,000,000 (Kell). After breaking down how we would like to allocate that money on promotional tools, we estimate that we will be able to fulfil our promotional needs for Muscle Cakes with just over $10,000,000. Reference Appendix I for the detailed description of our promotional budget. Timeline We estimate that our entire process of introducing Muscle Cakes, beginning with idea generation and ending with our final method of promotion, will take approximately two years from start to finish. The development and testing of our product will most likely take about six months. Once the characteristics and product attributes have been decided upon and tested, we expect to dedicate about two months to finding retailers who are interested in offering our product. As soon as we have deals in place with retailers, we will begin organizing and negotiating partnerships with athletes, negotiating deals with entertainment companies for product placement, and preparing other promotional tools. About 11 months after the process of creating Muscle Cakes began, and the deals have been finalized and other promotional tools are in place, we will begin offering our product to consumers. At this point, we will start putting our promotional mix into action, beginning with promoting Muscle Cakes to our Subscribe and Save members, starting our Instagram competition, and offering samples in select retail stores. After the Instagram competition has been completed, we will stop promoting the competition with our promotional video, and we will then begin running a promotional video that is separate from the competition, and it will air for sixth months. Reference Appendix J for month-by-month timeline of our process. Appendix I Budget Appendix J Timeline • • • One page, single-space review summary of key insights from your Situation Analysis (from Phase One) Marketing Objectives – What are your specific objectives for your new product introduction? Be as SMART (specific, measurable, achievable, realistic, time-bound) with your objectives! Marketing Plan (STP, Marketing Mix) 1. S-T-P: 1. Segmentation: How have you segmented the market? Why have you segmented the market this way, using the variables you used and in the order you used them? Include your segmentation circle graph(s) in your appendices. 2. Target Market: Who is your target market segment(s) and why? What is your target market strategy you recommend and why? ▪ Identify pertinent and influential consumer behavior insights about your target market(s): for example, psychological, cultural, social issues; decision making process issues;