It can be a product that already exists, or one you would like to launch. It must be a legal product. Write a 1- to 2-page paper (250 to 550 words) that specifically describes your product. The most important requirement for this assignment is that the reader has a clear understanding of your product, what it does for the consumer, and how it works or functions.Some information you should include is the name of your product. If you are choosing to write about a product you would like to launch, be sure to create a name for your product and try to be creative. Explain the features and benefits, making sure to differentiate between these two concepts.The “product” section is the most important of the four Ps of marketing: product, price, place, and promotion. Effectively completing this part of the project should set you up for success for the rest of the project.STEP 2: SWOT ANALYSISConduct a SWOT analysis for your product. Your SWOT analysis should address the following points:Strengths: What are the positive internal factors for your product? Examples could be a new, innovative product or service; location of the company; quality processes and procedures; or any other aspect that adds value to your product or service.Weaknesses: What are the negative internal factors for your product? Examples could be undifferentiated products in relation to your competitors; location of the company; poor-quality goods or services; or a damaged reputation.Opportunities: What are the positive external factors that could influence your product? Examples could be mergers; joint ventures or strategic alliances; new market segments; international markets; or a market vacated by an ineffective competitor.Threats: What are the negative external factors that could influence your product? Examples could be new competitor in your market; a competitor has a new, innovative product; a downturn in the economy; taxation; or other government regulation that affects your product.STEP 3: SEGMENTATIONCreate a marketing segmentation plan for your product. Write a 1- to 2-page paper (250 to 550 words) identifying and defining the market segment at which you will aim your plan. Choose one market segment for your product and describe that segment in as much detail as possible. You need to explain the common need/want of potential customers in the segment, the demographic characteristics of the segment, the psychographic characteristics of the segment, and the geographic characteristics of the segment. STEP 4: DISTRIBUTIONWrite a 1- to 2-page paper (250 to 550 words) explaining the distribution plan for your product. The distribution plan should explain what distribution channels you plan to use, including both on-the-ground (brick and mortar) channels and online distribution channels. Be sure to outline all the different companies, people, and/or technologies that will be involved in the process of getting your product to your customer.STEP 5: PROMOTIONWrite a 1- to 2-page paper (250 to 550 words) explaining the promotion section of your marketing plan. You should describe how you are going to communicate the benefits of your product to your target market. Be sure to use some combination of the following to promote your product:Traditional Advertising—TV, radio, newspapers, magazines, billboards, and direct mailOnline Media—Websites, social media, and blogsSales Promotion—Free samples, coupons, point of purchase displays, trade shows, and product demonstrationsPublicity—Press releases, product launches, special events, community involvement, writing articles, and testimonialsPersonal Selling—In-store salespeople, outside salespeople, inside salespeople, and sales trainingSTEP 6: PRICINGWrite a 1- to 2-page paper (250 to 550 words) explaining your pricing plan for your product. Select and explain one of the new product pricing strategies available to the company. Be sure to explain why you chose your strategy. What advantages or disadvantages do you foresee in the strategy you chose? Will your pricing plan aid you in making a profit? If sales are not meeting your objectives, what change might you make in your pricing plan?STEP 7: FINAL PAPERFor the final paper, you will combine the assignments from Modules 1 through 6 into a cohesive 8- to 12-page paper (2000 to 3300 words) that thoroughly explains your overall plan. Your final paper must:Include an introduction to your projectSeamlessly incorporate Steps 1 through 6, including any revisions based off of mentor feedbackInclude a conclusion that summarizes your planRemain consistent in appearance (font choice, size, citation style, etc.)Fulfill the length requirement (8 to 12 typed, double-spaced pages, font size 12, Times New Roman)Include a references page with accurately cited resources*** Please note that from step 1 to step 6 each step must be 1 page (275 words) and step 7 (8pages)