Scenario: In Week 3, you selected a product or service that you believe your organization should invest capital resources to develop the product or service for sale. To speed up the new product investment, you decide to write a memo proposing and advocating for the launch of a new product or service to the company president.Create a memo proposal using the AIDA model in a Microsoft® Word in a minimum of 1,400 words. You will add an introduction and conclusion, and your paper will include the following components:Convince your audience to invest capital resources to develop the product or service you intend to sell and explain your rationale. See Figure 9.5 – Persuasive Message Using AIDA model.Gain credibility (for yourself and your request) and (2) to make your readers believe that helping your product/service will indeed benefit the company. Close with a request for some specific action, and make that course of action as easy to follow as possible to maximize the chances of a positive response.Include secondary research to support your argument, related to your product and/or service.Explain what you will do in case the selected product or service does not initially sell as much as expected.Indicate potential digital channels for marketing your product or service.Consider cross-cultural and multinational implications.Note: Main points from this memo will be included in the Week 5 Persuasive Presentation.The following guidelines will help you effectively format specific memo elements, Business Communication Essentials, 7/e (Pg. 410):Addressees. When sending a memo to a long list of people, include the notation See distribution list or See below in the position at the top; then list the names at the end of the memo. Arrange this list alphabetically, except when high-ranking officials deserve more prominent placement. You can also address memos to groups of people–All Sales Representatives, Production Group, New Product Team.Courtesy titles. You need not use courtesy titles anywhere in a memo; first initials and last names, first names, or even initials alone are often sufficient. However, use a courtesy title if you would use one in a face-to-face encounter with the person.Subject line. The subject line of a memo helps busy colleagues quickly find out what your memo is about, so take care to make it concise and compelling.Body. Start the body of the memo on the second or third line below the heading. Like the body of a letter, it’s usually single-spaced with blank lines between paragraphs. Indenting paragraphs is optional. Handle lists, important passages, and subheadings as you do in letters.Writer’s initials. Unlike a letter, a memo doesn’t require a complimentary close or a signature, because your name is already prominent at the top. However, you may initial the memo–either beside the name appearing at the top of the memo or at the bottom of the memo.Format consistent with APA guidelines.