INTERNATIONAL MARKETING (FENTY BEAUTY)- Powerpoint

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Attached is my course project. (Use the information from my course project only)

 

Create a presentation that summarizes your Marketing Plan paper using the outline below.

Effective presentations are professional and to the point. Use a simple design template and stay consistent with effects, fonts, and colors. Include only relevant and essential information. Each slide should be a summary of the topic with a maximum of six lines. Bullet points are acceptable. Animations should not be used and graphics should be limited to two per slide. Double check your spelling, grammar, and punctuation. And be sure to include an on-slide reference for any images, charts, graphs, statistics, quotes, and so forth.

The presentation must be submitted as a Microsoft PowerPoint deck that is 12 slides in length, including one slide summarizing each of the following.

  1. Product Overview
  2. Environmental Scan
  3. Entry Strategy, Segmentation, and Positioning
  4. Brand Development and Management
  5. Product Standardization/Adaptation and Pricing
  6. Foreign Currency Implications
  7. Channel Mix and Management
  8. Integrated Marketing Communications
  9. Sales Management
  10. Organizational Structure
  11. References (Use APA 6th edition format.)Da Vielle Vinson

    DeVry University

    Course Project

    Fenty Beauty International Marketing

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fenty Beauty

    Fenty Beauty brand is owned by Robyn Rihanna Fenty that deals with cosmetics and it was launched on September 8, 2017 by Rihanna. Fenty Beauty is famous for its vast inclusivity across different sex and skin tones, the most popular is Pro Filt’R foundation.

    Product name

    Fenty Beauty

    Product attributes

    Attributes refer to the characteristics of a product, service, place, thing, or a person. Fenty beauty has been created to feel lightweight, and they strive to give their customers a creatable coverage that flawlessly layers, to eventually make skin look like skin. The Fenty beauty brand creates makeup to inspire and have fun with.

    Product value creation

    Creating value is always the main objective of any business and Fenty Beauty is no exception as the brand made a record $72.0 million through the media in its first month of being launched. The brand has made huge profits owing to the value added to the products. Fenty Beauty brand prides itself in having the best human resource team which ensures the timely deliveries and customer related issues are taken care of immediately when they are raised. Rihanna is a popularly known singer, songwriter, and the owner of the Fenty Beauty brand, as such most of the customers are her fans. Fenty Beauty believes that every person should have access to beauty regardless of the gender, race, or culture. Fenty beauty aims at filling the gap left by other brands in the market, where foundation colouring and product standards is exclusionary to most people in the society, involving individuals that require both lighter and darker shades. The response to the darker shades was so immense that they were sold out very fast.

     

    Environmental Scan

    Geographical

    Fenty Beauty is located in the United States and it has plans of expanding their operations to Hong Kong and South Korea where there are big expat communities enough to sustain the brand alone like in Hong Kong. Hong Kong’s cosmetic market is approximated to grow 3 times more than South Korea’s value, which is as a result of the over 30 million tourists in 2018, breaking the record of being the most visited city on earth.

    Political factors

    The stability of the place you plan on expanding your business should be politically and economically stable. Fenty Beauty has chosen to expand to Hong Kong and South Korea since the two countries are politically and economically stable. Political instability brings along chaos and lawlessness that are not favourable conditions for a business to thrive in.

    Societal

    The Fenty Beauty products are well manicured to fit well in any society as it puts in mind factors like gender and age.

    Economic

    The economic stability of a country is a very necessary factor to consider before expanding your business. The expansion to Asia is strategic as Hong Kong and South Korea boast of having a stable economy.

    Legal

    Every country has set aside terms of engagement that should be observed by foreign brands in case they do business in that country. Fenty Beauty is dedicated to following the set legal standards of business engagement when it expands to Asia and Hong Kong. Fenty Beauty is dedicated to delivering environmentally friendly products that won’t harm the environment.

    Ethical

    Fenty Beauty has a responsibility to uphold ethical behaviour when conducting its business by promoting a culture that observes and promotes ethics and the managers and leaders lead by example.

    Cultural.

    Setting up a brand in a foreign country can be challenging if the country is not market prepared for the product being offered. Different cultures live differently and have different beliefs as such when expanding internationally Fenty Beauty has made sure to understand the consumer and business culture of Asia.

    Entry Strategy

    Exporting is the most basic traditional and well-placed form of operating in international markets. Fenty Beauty exports its products all over the world through shipping companies.

    Fenty beauty understands the risks related to exporting like loss of parcels along the way, and it has security measures good enough to ensure the safe passage of your parcel.

    Entry mode

    Exporting is the most basic traditional and well-placed form of operating in international markets. Fenty Beauty exports its products all over the world through shipping companies.

    Fenty beauty understands the risks related to exporting like loss of parcels along the way, and it has security measures good enough to ensure the safe passage of your parcel. Later this year Fenty Beauty plans on expanding to Hong Kong and South Korea.

    Control versus risk

    The associated risks such as loss of parcels along the way, late deliveries, delayed deliveries are all examples of risks in the cosmetics market and Fenty beauty has put across measures that ensure the risks are controlled in advance.

     

    Cultural imperatives, electives, and exclusives

    Fenty Beauty is prepared to adjust accordingly in the respective markets in order to adapt well. Organisations fail internationally due to lack of adapting to the new environment.

    Legal and ethical implications

    Fenty Beauty is a law-abiding brand, and it plans to stay that way even in future.

    Market Segmentation

    Demographic

    Fenty Beauty uses demographics like age, race, gender, and income when developing the products.

    Geographic

    Fenty Beauty is available worldwide as they offer delivery services all over the world.

    Psychographic

    Fenty Beauty has several categories of products to accommodate their diverse customer base.

    Behavioural

    Fenty Beauty is key in dividing people into different groups with similar behavioural patterns to understand their customers better.

    Product Positioning

    Fenty Beauty is competing with the best brands in the industry which only shows the level of commitment to the product.

     

     

    Product user

    Fenty Beauty’s cash cow is the Filt’R foundation that sold out in the very few days after launching. The inclusivity of the Fenty Beauty product is key in the market.

    Brand Development and Management

    Brand development is multistage seeking to build equity in the customer’s mind. The brand development for Fenty Beauty in the host market aims to make the product distinct from its close competitors. The Fenty Beauty brand development would seek differentiation to accommodate all genders, skin texture and color, and albinos into the market segment. The host market’s brand development is used to represent beauty by associating it with other reputable brands. Brand management seeks to maintain and advance the brand through partnerships and promotions. Canada, as the host market used in this analysis, brand development has been achieved through price differentiation. More so, the brand management of Fenty Beauty uses online marketing and onsite retailers for promotion.

    In the domestic market (U.S), Rihanna’s Fenty Beauty not only focused on dark-skinned consumers but also incorporated other sections of the market, such as albinos and pale people. Similar to the host market, Fenty Beauty utilizes several ethnicity models for including different market segments (Indigo9 Digital Inc., 2019). The brand made a world-class partnership with the LVMH’s Kendo Beauty opening a wide distribution channel in the domestic market (Indigo9 Digital Inc., 2019). Contrary to the brand management strategies of price differentiation in the host market, the domestic market enhances brand management through quality over the competitors and through social media promotion via Rihanna’s social media accounts, making it famous worldwide.

    Product standardization and adaptation

    Having traveled across the globe during her career, Rihanna made it possible to source ingredients globally like vitamin C-rich Barbados cherry combined with the clinically acknowledged skincare components (Kendo Holdings, 2020). The brand has enjoyed vast economies of scale in research and development and marketing. Adaptively, Fenty Beauty leverage competition to acquire a product that incorporates a broad market, including the pale-skinned and albinos compared to the competitors solely focusing on the dark-skinned consumers.

    Standardizing a product enhances the uniformity of various aspects relating to shape, size, and quality (Rao-Nicholson & Khan, 2017). Using the product standardization and adaptation in this context would involve using social media promotion and uniform production technology across the globe. Additionally, recognizing the preference differences across regions and continents would be essential to adopt different packaging, different countries for the same product. This combination of standardization (same product) and adaptation (different packaging, different countries) is essential to incorporate the beauty industry’s differences for different countries, ages, and gender of the target market.

    Product Pricing

    A common strategic objective for international pricing is penetration to create a demand for the new entrants’ product by lowering the price and diverting the demand from a regular supply channel to a new demand. Additionally, holding a larger market share is essential to survive competition by offering low or fixed prices to encourage new customers. This approach is designed to enhance sales objectives and adapt to the competition. The other aim is strengthening the share by offering comparatively lower prices, which may end not bringing profit but improves the market share by fighting competition, shortening the payback period, and preventing new entry.

    A pricing plan for Fenty Beauty that achieves purchasing power parity (PPP) with competitive products should allow a comparison of the purchasing capability across currencies. Creating an effective pricing plan for Fenty Beauty in the host market adopts variable cost-plus pricing, which entails adding a fixed markup percentage on the variable costs (Corporate Finance Institute, 2020). This approach attains PPP since one cannot buy at a cheaper market and sell it in a higher market. Secondly, adopting competition-based pricing would help achieve PPP with competitive products. It involves using the market information to operate the competitors’ prices for standard products based on price setting (Sammut‐Bonnici & Channon, 2015).

    Foreign Currency Implications

    According to the Morningstar for Currency and Coinbase for Cryptocurrency as of 22 November 2020, 1 Canadian dollar exchanges for 0.76 U. S dollars. Therefore, a decline in the host currency means will make the U.S imports expensive, and it will open a broader opportunity for business expansion (Gulyi, 2020). However, due to the fluctuations in the host currency, the interest rates will be low, and the Canadian dollar value might be low. It will require a change in pricing strategies to lower the prices to make the imports affordable and change the marketing strategies for cheaper and less vibrant ones. However, an increase in the Canadian dollar value will make exports to Canada expensive and less attractive to invest in. As a result, it will need a change in strategy to adopt competitive approaches to gain broad market influence and adopt sales-based and competition-based objectives.

    Channel Mix

    A channel distribution plan is a strategic document which points out the types of communication channel which can best reach out to priority audience and deliver the necessary information. Ideally, a channel mix comprises of three major things. The first one is the information on the most effective channels that can be used taking into account the priorities of the consumers. This is executed based on past information, customer preferences and the availability of channel distribution to be used. Secondly, the mix comprises of the recommendations to be followed based on how the cannel can combine multiple channels, associated advantages and disadvantages of the combination (HR & Aithal 2020). The third is the information about the resources present and how they can be utilized to ensure that the goals have been attained. Ultimately, the communication channel that will be selected will all depend on the characteristics of the audience, the communication landscape in place as well as the objectives of the program.

    Direct distribution channel allows consumers to directly buy products from the manufactures while indirect distribution channel allows the consumers to receive the products through intermediaries, and not directly from manufactures. Retailing and exporting are direct distribution channels that will allow consumers to get the audience to get Fenty beauty products directly (HR & Aithal 2020). There is a situation in which manufactures are unable to directly link with consumers. In such situations, intermediaries play an essential role in making the product available to consumers.

    The following procedural plan will be followed in examining establishing the right marketing distribution channel to be followed. Identification of the right distribution channel, which best works with the kind of target customers and which are compatible in terms of technology and communication linkages in place. The channel that supports retailing, exporting, or selling the product through intermediaries is best looked at in this case. The second step is the appropriate consideration of the audience includes understanding their needs, and ways through which they will be in a better position of accessing products they require (HR & Aithal 2020). Lastly is regular evaluation and updating of the distribution channel to be used. This will help in detecting potential difficulties and addressing them in the required manner.

    Channel Management

    Materials handling, inventory location, inventory control, order processing, and modes of transportation available in the host market are important elements to take into consideration when executing channel management. Being vital activities involved in channel management, they all rely on certain factors. These factors can have a positive or negative impact on channel management. From a general perspective, the following are the factors impacting channel management. The first factor is the unit value of the product under consideration. When handling costly products, small distribution channels should be used. Less costly products can employ the use of long distribution channels. The second factor is the technical nature of the product. Some products are best supplied to the users directly while some require intermediaries. Supplying products to the consumers directly allows the users to have a better understanding of the technicalities involved in handling the products. The third factor is the perishability of the product being distributed. Based on the item’s nature, manufactures can choose to have intermediaries or work on their own. This will ensure that the right decision in the distribution channel has been arrived at. The last factor is product standardization or customization (Kaye, 2016). Customized products are the ones made based on customer needs. Standardized is the one made based on the product development scope in place.

    Integrated Marketing Communications

    Integrated marketing communications facilitate the adoption of the products into the market both at local and international levels. Both pull and push strategies will be utilized simultaneously to ensure that regardless of the situations presented, the consumers can access the products they intend to. Pull strategy will be attained through developing desirable and eye-catching products that will draw the attention of customers. The push strategy will incorporate making the products available for customers and presenting them closer to them.

    In the contemporary world, technological advancement is on the rise. Therefore, social media marketing will be given more weight compared to print and traditional advertisement strategies. The content to be shared will be evaluated in the required manner and any form of bias eliminated. This will ensure that the advertisement is ethical and culturally friendly. Consumer and trade promotion will be undertaken at regular intervals. This is to ensure that customers do not forget about the products, and in case they need them, they will be in a better position of looking for them. trade promotions will be designed in a manner that is focused on company customers. Ensuring that the customers have been satisfied and all that they need is made available will ensure that sales are stimulated. Public relations refer to strategic communication which results in a mutual benefit between the parties involved (Meynhardt, Brieger & Hermann, 2020). It is the practice of managing communication made by a company about the product in the broader media.

     

    Sales Management

    Taking a more global requires a company to venture into international markets. In-depth knowledge of the language and culture of various global markets where the company does business is critical. Despite culture and language being a barrier to international sales management, success in selling at global level relies on an effective understanding of these two aspects in terms of precise translations. Doing research is very vital. A business venturing or aspiring to international sales needs to carry out research to make a generalized comparison between it and other business that have succeeded in the market (Baldauf & Lee, 2011). By doing the research, a business understands how to organize itself to start or initiate international sales with internal and external connections.

    According to the 2016 report by the Harvard Business Review, considering developing an assessment tool helps in gauging internal readiness for making significant sales at the international market (Baldauf & Lee, 2011). For instance, external aspects set the way for international opportunity. Thus, succeeding in these international sales will require a collective understanding of the adaptation language and cultural skills in a new global market. Therefore, recognizing the essence of language and culture makes a business not to have ill-prepared for what awaits it at the international level.

    Also, having global business to business sales helps in making sales to a team of real individuals and connecting to various people or business at advanced levels in the market. A business needs to make adjustments to its compensation systems to fit the global environment where the rewarded business employees or salespeople can help the business achieve its international sales (Gebauer et al., 2009). Thus, paying salesforce determine their motivation level and how they will be a vital contributing factor to global business sales.

    Organizational Structure

    Multinational companies rely on either functional, divisional, matrix, or flatarchy organizational structure. However, these four structures give different results when used. Thus, they have a significant impact on planning, organization, and control of market operations of a business or company. For instance, the divisional structure has more impact compared to functional. Within the divisional organizational structure, a company enables or facilitates more freedom, autonomy among workers or existing groups within the organization (Gebauer et al., 2009). Thus, planning, organization, and control of market activities become challenging since every existing group of the company may operate differently from one another despite working toward achieving shared goals. In contrast, functional structure enhances planning, organization, and control within the business because people of groups are formed and assigned to work on only the assigned specific roles or tasks (Gebauer et al., 2019). For instance, a group can be formed to work on IT and another in marketing. Thus, coordinating these two groups becomes easy because they do not interfere with the activities of one another. The work structure is clear.

    For my course project, I will use a matrix organizational structure. With this structure, it means Fenty Beauty employees or workers report to at least two seniors depending on the circumstance or project (Ahmady et al., 2016). For instance, under usual functional situations, Fenty Beauty marketing manager will work for one boss, but a new business project can arise his skills are required. For the project’s duration, the workers would report to the manager of the project and his boss for all daily roles or assignments.

    Generally, this structure will make business employees have an in-depth understanding of their roles, work priorities, and responsibilities. They will have to share their skills across various functional divisions, thus improving communication and developing knowledge of each other’s task. Working across functions, workers will expand their skills, abilities, and knowledge, thus growing their professional within the business (Ahmady et al., 2016). However, the business must have a well-defined priority to prevent confusions since employees will have to report to many managers.

    Recommendations for Future Marketing

    The emerging changes in global marketing involve more informed customers and increased business competition (Rana et al., 2020). These two trends will make my product uncompetitive in the market since the customers will have the ability to determine if the product meets their needs. To change over time, my global marketing of product needs to adjust to media mix and exhibit overseas. For instance, determining the best marketing channel in each global market and taking a position at trade shows at the international level to know what competitors are doing.

     

     

     

     

     

     

     

     

     

     

     

     

    References:

    Weinstein, A. T. (1994). Market segmentation: Using demographics, psychographics and other niche marketing techniques to predict customer behavior. Probus Publishing Co..

    Ahani, A., Nilashi, M., Ibrahim, O., Sanzogni, L., & Weaven, S. (2019). Market segmentation and travel choice prediction in Spa hotels through TripAdvisor’s online reviews. International Journal of Hospitality Management, 80, 52-77.

    Corporate Finance Institute. (2020, March 24). Variable cost-plus pricing – Overview, how to calculate, uses. https://corporatefinanceinstitute.com/resources/knowledge/economics/variable-cost-plus-pricing/

    Gulyi, A. (2020, March 4). How do foreign exchange rates affect a business. FXStreet. https://www.fxstreet.com/education/how-do-foreign-exchange-rates-affect-a-business-202003040917

    Indigo9 Digital Inc. (2019, July 18). Fenty beauty’s growth strategy: What you need to know. https://www.indigo9digital.com/blog/3-secrets-to-the-success-of-fenty-beauty-you-may-not-know-but-need-to

    Kendo Holdings. (2020). Globally sourced clean ingredients: Fenty skin. Fenty Beauty. https://www.fentybeauty.com/about-fenty-skin/globally-sourced-clean-ingredients

    Rao-Nicholson, R., & Khan, Z. (2017). Standardization versus adaptation of global marketing strategies in emerging market cross-border acquisitions. International Marketing Review.

    Sammut‐Bonnici, T., & Channon, D. F. (2015). Pricing strategy. Wiley Encyclopedia of Management, 1-3.

    HR, G., & Aithal, P. S. (2020). Rational Distribution Channel Mix for Lifestyle Brands in India–An Empirical Study. International Journal of Case Studies in Business, IT, and Education (IGCSE), 4(1), 136-154. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3641279

    Kaye, E. J. (2016). U.S. Patent Application No. 14/845,678. Retrieved from https://patents.google.com/patent/US20160071050A1/en

    Meynhardt, T., Brieger, S. A., & Hermann, C. (2020). Organizational public value and employee life satisfaction: The mediating roles of work engagement and organizational citizenship behavior. The International Journal of Human Resource Management, 31(12), 1560-1593. Retrieved from https://www.tandfonline.com/doi/abs/10.1080/09585192.2017.1416653

    Ahmady, G. A., Mehrpour, M., & Nikooravesh, A. (2016). Organizational structure. Procedia-Social and Behavioral Sciences, 230, 455-462.

    Baldauf, A., & Lee, N. (2011). International selling and sales management: Sales force research beyond geographic boundaries. Journal of Personal Selling & Sales Management, 31(3), 211-217.

    Gebauer, H., Pütz, F., Fischer, T., & Fleisch, E. (2009). Service orientation of organizational structures. Journal of Relationship Marketing, 8(2), 103-126.

    Rana, S., Prashar, S., Barai, M. K., & Hamid, A. B. A. (2020). Determinants of international marketing strategy for emerging market multinationals. International Journal of Emerging Markets, 23, 34-67

 
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Consumer Behaviour Assignment

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Choose ONE of the two case studies listed below from our Consumer Behaviour reference book and answer the following questions on this assignment.

Please see document “Buyer Behaviour” with all assignment instruction. You must choose one of the two case studies and answer the questions set out.

the instruction sheet, case study 1 and case study 2 are attached to this.

Any my question please do not hesitate to contact

BSc Buyer Behaviour Minor assessment

Academic Year 2018/2019, term 2 Percentage of Module Grade: 40%

 

Course: UG6005 Buyer Behaviour Module Leader: Julie Harpley Lecturer: Paper due: November 3rd 2019 Oral Presentation: Week 6 Word count: 2000 +/- 10% per student Group preferably 2 or 3 per group Percentage of final grade given: 40% of final grade Project Description Students are invited to choose ONE of the two case studies listed below from our Consumer Behaviour reference book (buying, having and being 12th Edition Michael R. Solomon) and they are requested to answer the following questions on this assignment. It is highly recommended to go to the store in order to conduct a professional research for the chosen case. It is also strongly advised to answer the questions with breadth and depth of relevant reading and observations, as well as understanding and application of theory and analytical models. Please, respond IN ESSAY form. Pay particular attention to the extensive use of referencing. Case p126-127: A lush treat for the senses a) Brief Introduction of the company and explain how consumers get currently involved with Lush products and their promotional message. b) Describe and explain the perceptual process at Lush stores and how Lush uses sensory marketing for its products and encourages its customers to process information. c) Are the decisions of Lush’s consumers driven by a rational consumption appeal or is it influenced by hedonic consumption? Explain and discuss. d) Critical: Are there any counter indications to the use of sensory marketing in the retail industry? Is there evidence of it occasionally backfiring and when? OR Case p196: Has the death of the watch been greatly exaggerated? Apple gets into the game a) Brief introduction of the company and explain how consumers get currently involved with the iWatch product and promotional message.

 

 

b) use the affect theory to explain how emotional responses impact iWatch consumer usage; c) research one or more communities of iWatch users and explain the 5 most common issues raised by community members in relation to the use of such product and some possible insights on the iWatch typical consumer profile as opposed to that of other similar products; d) Critical: identify some possible criticisms posed to the use of communities in sports that the iWatch producers should be aware of. Grading:

Deliverable Weighting Date due

Group component 10% Nov 3rd 2019

Group presentation 5% Week 6 @class time

Individual content of group report 25% Nov 3rd 2019 STRUCTURE AND FORMAT OF THE REPORT: This is a group assignment. Groups should be made up of 2 to 3 participants. Groups can be chosen at your convenience and should be submitted to the course lecturer with the subject of your project. In the event that groups cannot be amicably selected the course lecturer will select groups, even amongst those groups already decided. The course lecturer reserves the right to select groups without recourse or debate. Make sure your writing is precise and to the point. Your paper should not exceed 2000 +/-10% words per student, excluding appendices and references. Format of the report: 1. 1 The report should display a coherent structure: title page should include student name, module name, lecturer name, date and school name followed by contents page, introduction, executive summary, methodology, findings, analysis, recommendations, referencing and appendices. 2. The report should be prepared as a neatly typed Word document (Times New Roman 12 points), with double spacing and page numbering. 3. All report will be discussed in class in a power point presentation of no more than 20 minutes. The presentation should be a summary of your work. The powerpoint presentation should be printed 4 slides per page and submitted attached to your project, otherwise submission will be rejected. 4. Tables or work/data taken from other sources may be included in an appendix. 5. All sources must be referenced in the text and a full bibliography must be provided (including visited websites) in the Harvard style referencing system. Paraphrasing or direct quotes taken from other sources must be clearly indicated with citations. No footnoting!

 

 

6. Students are reminded that depth, relevance and variety are the crucial elements of quality research. (Wikipedia is not considered to be a relevant source of information; any students referencing Wikipedia will be deducted marks! Alternatively if you find information on Wikipedia use the original sources listed at the bottom of the article) 7. Students are reminded to use valid and peer-reviewed references to support their work. Websites should only be used if they represent an established source and only for facts and figures. Students should make the most of academic and practitioner books and articles. 8. Submission should be by the deadline below and should include a hard copy to the lecturer and an electronic copy to your academic coordinator 9. All work must conform to University regulations on Cheating, Collusion and Plagiarism’ as described in your program handbook. You are advised to use the Harvard referencing style and avoid plagiarism. Deadline: Midnight November 3rd 2019 Projects, must be delivered by email to the lecturer and the academic office, and be loaded on Turnitin by midnight on November 3rd 2019. Only when this has been done will the project be considered submitted. Coursework must be submitted for assessment by the due date. Coursework is deemed to have been submitted once it is lodged in accordance with the assessment requirements for the module or unit. Late submission: Coursework may be accepted after the deadline, but 5% will be deducted from the face value mark (5 marks) for work submitted before the end of the day after the due date, and 10 marks for course work submitted up to one week after the due date. (For example, if a piece of work deserves a mark of 48pc, 43pc will be recorded if the work is submitted before the end of the day, and 38pc – fail – if the work is submitted up to a week late). If the imposition of the penalty deduction results in a fail mark, the student will be deemed to have failed the assessment. Assessments which are marked with a literal grade, or which take the form of presentation, performance or exhibition may not be submitted late. Submission of coursework arising from reassessment may not be submitted late. If you fail to submit an electronic version of your work, your mark will normally be recorded as a non-submission. However, if on the due date for your assignment, Turnitin is unavailable due to technical difficulties, students must submit the electronic version of your work as soon as possible to the academic Office. Your tutor will be aware of the situation and may well have informed you of such problems, so you will not risk penalties. You should submit the hard copy of your work as normal by the deadline. A paper copy of the project must be delivered to the lecturer at the start of the next class after the deadline. Oral presentations will be held in week 6.

 

 

Students absent on the date of the oral presentation, without valid justification, will receive 0 as a mark for the oral component. Turnitin Details: Please see submission details on the ESE Student Portal

 

 

 

GENERAL MARKING CRITERIA (UNDERGRADUATE STUDIES)

Outstanding Quality 80-100%

Excellent work: 70%-79%

Above satisfactory work:

60% – 69%

Satisfactory: 50 – 59%

Below satisfactory work:

40% – 49%

Failure: Below 40%

Relevance Innovatively addresses objectives of the

assessment task, especially those components

requiring sophistication of critical analysis, synthesis

and evaluation.

Excellent knowledge and understanding of

material and an imaginative sense of its relevance across a range of issues, and context or

policy situation; excellent

use of course material and other relevant

information to support argument

Very good use of course material and other information;

well-chosen to support arguments relevant to question

Competent use of course materials

and other information to support most

arguments

Some use of appropriate course

materials and experience to support arguments; capacity to identify

relevance, but may be rather

narrowly focused and miss out important

areas

Little or no sign of relevance

Content A clear and consistent line of highly critical

and evaluative argument, displaying the ability to develop

one’s innovative ideas from the work of

others. Creative flair in theoretical and

conceptual analysis.

Independent and creative, and

demonstrates clear thinking; ability to

analyse and critically evaluate material

Good knowledge and understanding of the material, across a

broad spectrum, combined with an ability to evaluate,

analyse and reflect on key issues

Reasonable knowledge of the

material and ability to draw upon more

than one source for ideas; uses key

themes well.

Adequate understanding and use

of course and other relevant material;

mostly descriptive, but with some grasp of key

course themes and issues and a capacity to discuss these in context

Very limited knowledge and

understanding and the issues involved

Depth Wide range of recommended and

relevant sources used in an innovative and consistent way to

support arguments. In depth use of sources

beyond recommended texts, demonstrates

creative flair in independent research.

A sensitive awareness of conflicting arguments

and ideas and of their

provenance. Clear grasp of implications.

Well organized use of most of the major points with an ability to draw upon them

creatively and critically; awareness

of conflicting arguments and

ideas and attempt to address them in

context

Capacity to grapple with conflicting

arguments and ideas; beginning to draw together and

synthesize ideas and perspectives from a

range of theory

Some attempt to address the conflicting arguments and ideas

from the course, some signs

of an attempt to take an evaluative,

analytical and critical stance; some

appropriate use of concepts, but with only

limited evidence of independent thinking

Lack of awareness of conflicting

arguments and ides

Structure Outstanding visual and written presentation.

Sophisticated yet clear and accessible style. Possibly innovative yet logical and

fluent organisation and development of materials. Articulate, coherent and succinct. Relationships between statements and sections are clear and

precise. Referencing is accurate and, appropriate.

Excellent organisation of

material; clear, logical flow of argument; good sign-posting throughout

Good, clear framework and

reasoned argument with evidence of careful thought

Sensible use of major points

integrated into the answer; logical flow of ideas is

apparent

Framework is apparent with an

introduction, argument and conclusion, but the logical flow and

coherence is not always consistent and may be

difficult to follow

Little or no evidence of

planned structure and organisation

 
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MKT 100 EXAM 1

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Question 1

Potential strategic fit is a function of all of the following EXCEPT:

[removed] A. firm’s strengths
[removed] B. firm’s resources
[removed] C. brand personalities
[removed] D. product prices

Question 2

What are two perspectives a business can use in assessing each segment’s attractiveness in terms of its potential for targeting?

[removed] A. profitability and marketability
[removed] B. profitability and strategic fit
[removed] C. marketability and strategic fit
[removed] D. marketability and positioning

Question 3

A company tries to serve the segments whose needs match their _______, and in doing so hope to make very happy and loyal customers who will be very profitable.

[removed] A. abilities to deliver/delight
[removed] B. Opportunities
[removed] C. financial resources
[removed] D. Targets

Question 4

Fiat Chrysler is developing a marketing strategy for a new hybrid car and just discovered that their biggest competitor is launching a very similar product at almost exactly the same time.  In a SWOT analysis, the competitor’s product would be a (n) _____.

[removed] A. Strength
[removed] B. Weakness
[removed] C. Opportunity
[removed] D. Threat

Question 5

A form of comparative analysis where customers show their opinions of another firm’s strengths vis-à-vis their competitors is a ______.

[removed] A. perceptual map
[removed] B. SWOT analysis
[removed] C. conjoint analysis
[removed] D. target comparison

Question 6

Which branding approach provides stronger financial outcomes to the company?

[removed] A. umbrella approach
[removed] B. house of brands
[removed] C. community branding
[removed] D. marketing approach

Question 7

Companies build associations to their brands through _____.

[removed] A. classical conditioning
[removed] B. operant conditioning
[removed] C. Learning
[removed] D. behavioral studies

Question 8

A brand name whose image is waning is less of a liability in which approach?

[removed] A. umbrella approach
[removed] B. community approach
[removed] C. house of brands
[removed] D. marketing approach

Question 9

Which is an example of co-branding?

[removed] A. Krispy Kreme gets a new donut flavor
[removed] B. Nike offers golf balls as part of its golf line
[removed] C. QuickBooks has its basic software, a version for Macs, another for small business needs, and premier packets for professionals, nonprofits, retailers
[removed] D. Brembo brakes are in Aston Martins

Question 10

One way marketers get customers to relate to brands is by creating a brand _______, such as Apple’s classification as “exciting” or how Gillette is action oriented.

[removed] A. Spokesperson
[removed] B. Image
[removed] C. Personality
[removed] D. Awareness

Question 11

A __________ is the general term used to describe both goods and services.

[removed] A. Price
[removed] B. Product
[removed] C. Promotion
[removed] D. Place

Question 12

Marianne is shopping for a new Apple Watch. Which of the 4Ps is most central to her purchase?

[removed] A. Price
[removed] B. Promotion
[removed] C. Place
[removed] D. Product

Question 13

_______ attributes are those that require some trial or consumption before evaluation.

[removed] A. Search
[removed] B. Product
[removed] C. Credence
[removed] D. Experience

Question 14

A _____ is comprised of several product lines that can vary in breadth and depth.

[removed] A. product mix
[removed] B. marketing mix
[removed] C. Company
[removed] D. Service

Question 15

What does good variability consists of?

[removed] A. Errors in the system, logistics, human resources and marketers want to reduce this variability.
[removed] B. The customization and tailoring of the service delivery for the customer’s unique needs.
[removed] C. A service provider representing the company.
[removed] D. Advancing in many industries wherein a customer interacts with technology, banking, airport check-in, etc.

Question 16

Hannah and Ellen rely on consistent messages received via word of mouth, and are older and more conservative than other customers of Product X.  Hannah and Ellen most likely fall into which of the following categories?

[removed] A. late majority
[removed] B. early majority
[removed] C. laggards
[removed] D. innovators

Question 17

In which phase of the Product Life Cycle is customer awareness getting stronger, and there may be some buzz in the marketplace?

[removed] A. market introduction
[removed] B. Decline
[removed] C. market growth
[removed] D. Maturity

Question 18

What term refers to the group of people who are the most risk averse, skeptical of new products, and stereotypically lower in income?

[removed] A. early adopters
[removed] B. early majority
[removed] C. innovators
[removed] D. laggards

Question 19

If a company wants to be innovative, which strategy are they most likely to use?

[removed] A. market penetration
[removed] B. product development
[removed] C. market development
[removed] D. diversification

Question 20

At which stage in the new product development process does the company have a number of ideas that it thinks might work, and gets customers’ feedback as to which ideas sound most promising?

[removed] A. test marketing
[removed] B. concept testing
[removed] C. product development
[removed] D. product testing

Question 21

The different types of purchases are different because ______.

[removed] A. of the product itself
[removed] B. of differences in the mind of the customer
[removed] C. of customer attitudes
[removed] D. the price varies

Question 22

Which phase of the vehicle purchase process generates word of mouth?

[removed] A. customer evaluation
[removed] B. pre-purchase
[removed] C. Purchase
[removed] D. post-purchase

Question 23

A ____ item is something that is purchased without much thought before the purchase.

[removed] A. Quick
[removed] B. Specialty
[removed] C. Convenience
[removed] D. Shopping

Question 24

If a company wants a customer to have a higher motivation to learn more about their products, they should do what?

[removed] A. create customer involvement
[removed] B. advertise more
[removed] C. lower prices
[removed] D. increase brand awareness

Question 25

Customer involvement is ____ on a B2C specialty purchase.

[removed] A. Very low
[removed] B. Low
[removed] C. Medium
[removed] D. High

Question 26

Instead of trying to appeal to the entire marketplace, smart marketers and smart companies will try to find out ______.

[removed] A. what will appeal to high end customers
[removed] B. which customers might like their product, and how to get the product into their hands
[removed] C. which customers are price sensitive
[removed] D. which customers have brand loyalty and seek a brand image similar to other brands they like

Question 27

__________ means that each customer serves as his or her own segment. This approach sounds appealing from the customer point of view because the product would be tailored specially for each person’s idiosyncratic desires.

[removed] A. Geographic marketing
[removed] B. One-to-one marketing
[removed] C. Mass marketing
[removed] D. Psychological marketing

Question 28

Newlyweds are most likely to spend money on which of the following?

[removed] A. charitable giving
[removed] B. Furniture
[removed] C. Music
[removed] D. health care

Question 29

As segments increase in size, it becomes _______ to satisfy them with the same product.

[removed] A. more difficult
[removed] B. Easier
[removed] C. Cheaper
[removed] D. more fun

Question 30

_______ means that all customers are treated the same. This approach might sound attractive because it simplifies the marketing task, but it is usually unrealistic because customers differ.

[removed] A. One-to-one marketing
[removed] B. Gender marketing
[removed] C. Group marketing
[removed] D. Mass marketing

Question 31

The 4Ps include all of the following EXCEPT:

[removed] A. Positioning
[removed] B. Price
[removed] C. Product
[removed] D. Place

Question 32

Most firms advertising’s goal is to enhance _____.

[removed] A. Brand Image
[removed] B. Profit
[removed] C. Marketing
[removed] D. Purchases

Question 33

Fundamentally, the best marketers at any company put themselves in the place of their _____.

[removed] A. Company
[removed] B. Customers
[removed] C. Competitors
[removed] D. Friends

Question 34

Due to marketing’s success in business, what do management gurus think about marketing’s role in a company?

[removed] A. they think its role is to direct sales
[removed] B. it takes no special skill to be a good marketer anymore
[removed] C. that it’s not just a function anymore
[removed] D. it’s the most important aspect

Question 35

_____ and _____ are the central players in the marketing exchange.

[removed] A. Context, customer
[removed] B. Collaborator, competitor
[removed] C. Context, company
[removed] D. Customer, company

Question 36

Product leadership refers to companies that ______.

[removed] A. are good at production and delivery, and price and convenience
[removed] B. are expensive but is expected to pay off in long-term loyalty and enhanced customer lifetime value
[removed] C. pride themselves on quality and innovation
[removed] D. are willing to tailor their products to particular customer needs

Question 37

A firm’s positioning statement should address their target segment.  Anything else they’ll say in the positioning statement will have _______ meaning to customers who are not in that segment.

[removed] A. a lot of
[removed] B. No
[removed] C. very significant
[removed] D. Confusing

Question 38

The positioning statement can serve as an internal memorandum keeping all managers aligned as a basic guiding principle in all their collective decisions, so as to enhance the likelihood of ______ in the results of those decisions.

[removed] A. Innovation
[removed] B. Consistencies
[removed] C. Boredom
[removed] D. Excitement

Question 39

Marketers and senior managers like to see graphical depictions of where their brands are, and where their competitors are in the minds of their customers.  What are these called?

[removed] A. Histograms
[removed] B. perceptual maps
[removed] C. Genograms
[removed] D. opinion charts

Question 40

Operational excellence refers to companies that ________.

[removed] A. are good at production, delivery, price, and convenience
[removed] B. pride themselves on quality and innovation
[removed] C. are willing to tailor their products to particular customer needs
[removed] D. are expensive but is expected to pay off in long-term loyalty and enhanced customer lifetime value

 

 

 
"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"

MRKT 310 Principles of Marketing

/in /by

MRKT 310

Principles of Marketing

University of Maryland University College

 

 

 

 

Rev. July 2013

1

Marketing Plan Template A Student Aid for Successfully completing the final project

 

 

 

 

 

 

 

 

1

How to use this template

2

Use this template to navigate the marketing plan term project. You can either:

Print these slides and use them as tools to develop your own format

Keep the headings but remove all the directions and tips and use this template format

 

Check out the Effective Power Point Presentation Tips in your Marketing Toolbox. The examples are specific to this project.

 

Many topics will need more than one slide, don’t try to cram it all on one side even though the template has only one slide per topic. Add additional slides if you need more space to effectively present key information.

 

Be sure the numbering system used in the template begins each of your slides.

 

Feel free to change the presentation theme to one of your own, or design one specifically related to your product.

 

 

 

2

Marketing Plan Term Project Objectives

3

By completing this project you will be able to:

 

Demonstrate knowledge of basic marketing principles

 

Apply marketing principles to a product/market situation

 

Develop/improve Power Point presentation skills

 

Demonstrate critical thinking skills

 

Demonstrate information literacy skills

 

 

 

 

 

3

Suggested Initial Approach to the Marketing Plan Term Project

4

Select your company or product/service in Week 1 and get faculty approval

 

Determine external research needs by end of Week 1 and use the UMUC virtual library. Complete external research by Week 3.

 

Check out the product website and competitor websites; visit the store to see where your product/service is sold.

 

Buy your product (if possible) and keep it near you as you draft your marketing plan.

 

Check out the discussions on the marketing plan term project where your faculty member may be inserting additional tips and hints.

 

 

 

4

Tips for completing the Marketing Plan Term Project

5

Stay current with text readings and online discussions or classroom discussions

 

Draft sections as topics are covered in class while the material is still fresh in your mind.

 

Don’t wait until the day the project is due. It is impossible to do a good job in one weekend.

 

Refer to grading rubric frequently so ensure you have devoted enough emphasis to those items with higher point values.

 

Edit! Be sure your presentation looks professional and addresses all the issues.

 

Ask questions early and often!

 

 

 

5

Expectations for External Research

6

All your external information should be gathered within the first three weeks.

 

Finding perfect information is not realistic; budget time spent on research carefully

 

Look for sources that provides additional product and competitor information, industry trends and other readily available data. Refer to the Marketing Webliography in the Marketing Toolbox for ideas. Ask the librarian if you still need help.

 

Expect to make educated generalizations and include some rationale for your conclusions.

 

Expect to use endnotes to verify information and a bibliography, both in an acceptable citation style, e.g. MLA, APA

 

Expect 90 percent of sources to be academic sources, not Wikipedia and Google searches

 

 

 

6

You can delete these introductory slides when you submit your parts 1 and 2 and begin with your own title slide.

7

Your Marketing Plan Term Project will start with the next slide

 

 

 

 

 

 

 

 

7

Natisha N. Young

Marketing Principles/310, Section,

Summer 2014)

8

Home Depot

 

 

 

 

 

 

 

Be specific, e.g. Ford Taurus, Apple iPad, Tide Detergent with Bleach, etc. It is important to know if you are preparing a marketing plan for a single product or an entire product line.

8

Executive Summary

9

Prepare this slide last and submit with your finished product at the end of the semester.

 

An executive summary should include:

Summary of key findings in the analysis of the current marketing situation

Briefly state your marketing mix recommendations for the coming year.

 

(See Appendix 1, pg 612 in the text 15th ed. or find the related appendix in the online version for example, but be sure to frame it as a Power Point, not prose)

 

 

 

 

9

Table of Contents

10

Prepare this slide twice:

When you are ready to submit Part 1, prepare your Table of Contents for Part 1

 

When you are ready to submit Part 2, prepare your final Table of Contents incorporating both Part 1 and Part 2

 

 

 

Prepare this slide twice: 1. When you are ready to submit Part 1, prepare your Table of Contents for Part 1

2. When you are ready to submit Part 2, prepare your final Table of Contents for both Part 1 and Part 2

10

Section A Current Marketing Situation

11

Section A — Title slide for Section A, no additional content needed but be sure to include a title slide so your reader can follow your presentation accurately.

 

Part 1 focuses on the current situation, in other words what ‘is’ not what you think it should be.

 

Hints

 

Do not include a history of the company

Do research and be sure to provide citations both as endnotes and in a bibliography, refer to UMUC virtual library for citation and bibliography styles.

Consider your reader to be members of the company’s management team.

Do not approach this as a term paper where you regurgitate information you may be finding. Follow the topic numbers precisely.

 

 

 

11

A.1.a. Market Description Description of market segments

12

Develop two to three distinctive market segments the product now reaches using the hints below. Then, select the primary target market. This primary target market will be the focus of your marketing plan term project for the remainder of Part 1. You might be recommended one of the other target markets to be the focus for Part 2.

 

Hints:

Use Chapter 7, Table 7.1 on page 193 in text 5th ed. for a list of potential characteristics of market segments and be specific. For example, if age is a characteristic, then mention the age ran range, e.g. 25-49 year olds.

If product is mass marketed, e.g., no segmentation, then do not provide a target market description, but do explain why it is a mass market. See Chapter 7, Requirements for Effective Segmentation 2

Most market segments have multiple characteristic in common.

Articles written about the product may have some expert analysis of the current target market.

This topic works well in chart format

 

Alternative: Use the PRISM system to find two to three possible market segments and their descriptions. Refer to the following websitehttp://www.claritas.com/MyBestSegments/Default.jsp?ID=30 for more details.

 

 

 

 

 

 

 

 

 

12

A.1.b. Market Description Current Marketing Targeting Strategy

13

Select and defend one of the four market targeting strategies currently used by the product and defend your choice.

 

Hints:

 

Undifferentiated – Also called mass marketing, ignores segment differences and goes after whole market

Differentiated – Also called segmented marketing, company markets to multiple segments with separate offerings

Concentrated – Also called niche marketing, company focuses on the one market segment they can serve better than competitors

Micromarketing – Variations include local marketing, individual marketing, used for marketing to local customer segments

 

See Chapter 7, Evaluating Market Segments and Selecting Market Segments for more details.

 

Note, to keep things simple, you will focus on only one target market for the remainder of your marketing plan, even if you decided the company uses a differentiation targeting strategy. Be sure to identify the primary target market and keep their characteristics in mind as you complete your marketing plan.

 

 

 

 

13

A.1.c. Market Description Value Proposition

14

What is the product/service’s current value proposition for the primary target market?

 

Hints:

 

Reference Chapter 1 for a general definition of value proposition and relationship to developing customer lifetime value.

 

Reference Chapter 7, specifically Figure 7.4, on page 215 of the text 15th ed. for the generic value proposition categories, pick one and defend your choice.

 

 

 

 

14

A.1.d. Market description Factors influencing consumer behavior

15

Based on the characteristics of your primary target market, what are the major factors influencing their buying behavior?

 

Hints:

 

Use Chapter 5, Figure 5.2 on page 137 of the text 15th ed. for a framework.

Do not need to address each factor, but those factors you believe are part of the consumer’s ‘black box’ for this purchase.

 

 

 

Based on the characteristics of your primary target market, what are the major factors influencing their buying behavior?

 

Hints:

 

Use Chapter 5, Figure 5.2 for a framework.

Do not need to address each factor, but those factors you believe are part of the consumer’s ‘black box’ for this purchase.

15

A.1.e. Market description Buyer decision process

16

Based on these factors influencing their buying behavior, discuss the type of buying decision they most likely will use when deciding on the purchase or non purchase of your product/service. Your choices are:

 

Complex buying behavior

Dissonance-reducing buying behavior

Habitual buying behavior

Variety-seeking buying behavior

 

Hints:

 

See Figure 5.5 in Chapter 5 on page 153 of the text 15th ed. for a framework for the types of buying decisions.

Be sure the logic for your choices are evidenced in your presentation.

 

 

 

 

16

A.2.a. Product Review Levels of product/service

17

This begins your description of your product/service as it currently exists.

To complete this topic, skip ahead to Chapter 8, specifically Figure 8.1, on page 228 in the text 15th ed. Three levels of product. Describe your product/service in terms of each of these levels.

 

Hints:

 

Be sure you understand each of the three levels as this will be important in assessing and developing marketing strategy.

If your product is a service, be sure to refer to the service characteristics as discussed in Chapter 8 beginning on page 237 of the text, 15th ed.

 

 

 

This begins your description of your product/service as it currently exists.

To complete this topic, skip ahead to Chapter 8, specifically Figure 8.1, Three levels of product. Describe your product/service in terms of each of these levels.

 

Hints:

 

Be sure you understand each of the three levels as this will be important in assessing and developing marketing strategy.

17

A.2.b. Product Review Type of product/service

18

This topic also skips ahead to Chapter 8. Here you will pick the type of product/service most appropriate to your primary target market. Use Table 8.1 on page 229 of the text, 15th ed. to help you determine the type of product

 

The types of product are:

 

Convenience

Shopping

Specialty

Unsought

 

Hints:

Table 8.1 Table will be an invaluable aid in Part 2 when you determine future marketing strategy. It provides clues to marketing mix strategy based on the customer’s behaviors and the type of product.

Be sure you are considering only your primary target market

 

 

 

 

18

A.2.c. Product review Product/service lifecycle

19

Refer to the discussion of the product lifecycle in Chapter 9, page 279 in the text 15th ed. List the stage your product/service is currently in and your rationale for your decision.

 

Hints:

 

Table 9.2 gives a lot of clues as to what may be happening in each of the stages giving you the rationale you need to defend your choice

Table 9.2 will also give you ideas as to future marketing strategy recommendations in Part 2.

 

 

 

 

19

A.2.d. Product Review Benefits/features analysis

20

This topic should list the features of the product in one column and then correlate the feature with the customer benefit it provides. For example, a feature of an iPad might be a built-in camera. The benefit to the customer is the ability to take photos and share them without uploading from a separate camera.

 

Hints:

 

Check out Table A1.1 in Appendix 1 for a good example; but unlike the example, you only need to do it for one primary target market you identified earlier.

The feature is always something the company puts in the product, the benefit is the reason why this feature is important to the customer.

 

 

 

 

20

A.2.e. Product Review Differentiation

21

This begins your description of the marketing mix (product, price, place and promotion) that currently exists. You can find most of this information in your research and where needed, make educated and well-grounded guesses. Here you will discuss the points of differentiation as seen through the eyes of the primary target market. Your choices are:

 

Product differentiation

Services differentiation

Channel differentiation

People differentiation

Image differentiation

 

Hints:

 

Check out Chapter 7, Identifying Possible Value Differences, beginning on page 211 of the text, 15th ed.

 

 

 

21

A.2.f. Product Review Branding strategy

22

This covers the topic of how the company that produces the product/service brands the product/service. Discuss the following:

 

Is your product/service a national brand that already has brand equity, or is it a new brand with little or no brand equity?

Is your product/service part of a product line, and if so, what else is included in the product line?

Is the brand adequately represented in the packaging such that the primary target market can identify the positioning strategy?

 

Hints:

 

The manufacturer’s brand is not always the product brand. Refer to Chapter 8, Product and Service Decisions.

 

 

 

 

22

A.3.a. Competitive Review Competitive Analysis

23

Identify each of your product/services direct competitors. These are competitors who offer a similar value proposition to meet the same consumer need. Compare each competitor, including your product, on relevant criteria such as price, channel system, brand image, features, etc.

 

Hints:

 

Refer to Appendix 1, Table A1.2 for an idea of how to compare each of the direct competitors. You can add as many columns as you think relevant. In addition to features you might compare price, assortment, numbers of locations, competitive advantage and other variables relevant to your product.

Refer to Chapter 18 for more information on competitive analysis.

 

 

 

 

 

23

A.3.b. Competitive Review Market share

24

This is the list of who has the largest to smallest market share. If possible, find this information from an industry source. If you have to guess, be sure to include your rationale.

 

Hints:

 

Hoovers.com usually has comparable revenue numbers for public companies. Industry trade magazines frequently give comparative statistics. See the Marketing Webliography in the Marketing Toolbox for more ideas.

Be careful your number is only for your product, not the company’s entire portfolio of products

A quick and dirty measure is the amount of shelf space devoted to each competitor, if you have chosen a consumer product. But, true market share indicators based on volume sales or sales dollars, or units sold would be better.

 

 

 

 

24

A.3.c. Competitive Review Competitive positions and roles

25

This topic will draw your conclusions from your competitive analysis. Minimally, include the following:

 

Which product/service is the market leader, market challenger, market followers or market nichers?

What are the differences in the positioning strategies of each, if any?

What are the vulnerabilities in each of the competitors that can be ‘attacked’ in future marketing mix strategy?

 

Hints:

Check out Chapter 18 for a thorough discussion of competitive positions and roles, see Figure 18.2 and related narrative on page 536 in the text, 15th ed.

 

 

 

 

25

A.3.d. Competitive review Strategic Sweet Spot

26

The Strategic Sweet Spot is not covered in your text, but it means the convergence of market needs and company’s ability to meet those needs better than any of the competitors.

 

Your product/service may or may not have a strategic sweet spot. If so, identify it here. If not, discuss why this is a problem, which is generally the case for products where consumers do not really believe there are any product differences amongst the competitors.

 

Hints:

 

Sample of a strategic sweet spot: The Macbook Pro is the most light, most powerful full functioning laptop available to college students and comes with Apple’s industry leading service and guarantees easily accessible for free via phone or at the college’s IT support department.

 

The Strategic Sweet Spot is NOT the positioning statement, although they may look alike. The difference is that no other competitor owns your sweet spot. If they do, then both competitors are positioned similarly and that creates a major marketing challenge.

 

 

 

26

A.3.e. Competitive review Positioning

27

This topic covers the important question of how does the product/service position itself in the minds of the primary target market. What position does your product/service hold in the minds of your primary target market? Your discussion of the sweet spot should set the stage for this discussion.

 

Hints:

If possible, a good way to describe the product/service’s position is to develop a positioning map for the product/service category. See Figure 7.3 in Chapter 7, page 211 in the text 15th ed. for an example of a positioning map.

 

See also the sample positioning statements under Differentiation and Positioning on page 210 in the text, 15th ed.

 

 

 

 

 

 

 

 

27

A.4.a. Distribution review Current supply chain members and roles

28

Who are the channel members that takes the product from producer to end user and what does each channel member do to to add value to the final customer

 

Hints:

 

You may want to draw one or more of the channel design illustrated in Figure 12.2., page 343 in the 15th ed. Be as specific as you can, e.g. for retailer, exactly what stores is the product sold.

 

Discuss the channels for the primary target market only

 

You may need to discuss more than one channel system. For example, may have a direct to customer channel, and one or more indirect channels to the final customer. For example, you can buy best selling books via a direct channel on the web. You can also buy a best selling book via a retail channel utilizing a publisher (manufacturer), wholesaler and retailer. You can also buy a best selling book via a discount channel such as Costco, which functions as both the wholesaler and retailer.

 

Be sure to discuss how each adds (or doesn’t add) value for the final consumer. You can find a basic list of channel functions in Chapter 12, page 342, 15th ed.

 

 

 

 

28

A.4.b. Distribution Review Value delivery network analysis

29

Refer to Chapter 12, discuss whether your product or service is distributed via a:

 

Conventional distribution channel

Vertical marketing system (VMS)

Corporate VMS

Contractual VMS

Administered VMS

Horizontal Marketing System

Multichannel Distribution System

 

End with your conclusion as to whether the current value delivery network is appropriate for your product/service to add value to the primary target market.

 

Hints:

 

This may be a topic for which you may not be able to find perfect information. Do your best and explain the rationale for your choices.

 

 

 

 

29

A.4.c. Distribution Review Current type of distribution strategy

30

Discuss which of the distribution strategies is currently used, e.g. selective, intensive or exclusive distribution.

 

Hints:

 

Refer to Chapter 12, beginning on page 351 in the text, 15th ed. identifying major distribution alternatives.

 

 

 

 

30

Title Slide – no need for additional content

31

Part B SWOT Analysis

 

 

 

 

 

 

 

 

31

B.1. SWOT microenvironments

32

Strengths and weakness come from a company’s microenvironments. Refer to Chapter 3 and list the strengths and weaknesses of the company producing your product/service here. You can include any or all of the actors as described in Chapter 3.

 

Hints:

Check out the SWOT worksheet provided in the Marketing Toolbox under How to Analyze a Case Study.

 

 

 

 

 

32

B.2. SWOT macroenvironments

33

Opportunities and Threats come from a company’s macroenvironments. Referring to Chapter 3 list the opportunities and threats that may exist from any or all of the actors in your product/service’s macroenvironments.

 

 

 

 

33

This concludes Part 1

34

Be sure to go back and develop your Table of Contents

 

Be sure to edit your work, follow the tips for effective Power Point Presentations

 

Be sure to include your endnotes and bibliography

 

Check your work against the grading rubric

 

Upload your Part 1 to your assignment folder by the due date listed in the course schedule.

 

Remember your analysis so that you can make recommendations in part 2 grounded in the current situation and how it can be improved.

 

 

 

34

Begin Part 2

35

 

Part 2 will be your ideas, suggestions and recommended marketing strategies going forward.

 

Do not repeat information from Part 1. That is historic, we now want recommendations and your critical thinking.

 

Little if any external research will be needed for Part 2 as we are looking for your thoughts and recommendations as you critically assess the part 1 information to design new marketing strategies.

 

Remember, you are students in an introduction to marketing class; your recommendations do not have to be at the level of actionable strategies as the company might pursue; but they should be a demonstration that you understood the current situation sufficiently to determine the product’s future marketing efforts.

 

 

 

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Title slide – No need to add content

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Part C Objectives and Issues

 

 

 

 

 

 

 

 

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C.1. Objectives and Issues First year marketing objectives

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Develop new objectives for your product/service based on your analysis of the current situation.

 

Hints:

 

If your product/service was the market challenger, your objective might be to become the market leader. This would be an increase in market share objective. Or, you may have concluded that you need to find new customers for your existing product. This would be a market penetration from x to y strategy. You will probably have more than one objective going forward.

 

Refer to Chapter 2, Setting Company Objectives and Goals, for more discussion. Refer to Appendix 1, Objectives and Issues, on page 618 of the text 15th ed. for some idea on how to write marketing objectives. You do not need to cover year 1 or year 2, just some general marketing objectives that will signify growth going forward. The product/market grid illustrated in Chapter 2, Figure 2.3, on page 47 of the 15th edition is a good framework for developing marketing objectives.

 

 

 

 

 

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C.2. Objectives and Issues Issues that may hinder objectives

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Based on your analysis of the current situation throughout Part 1 and your new marketing objectives, what are the issues your company might encounter that would hinder their ability to reach these objectives?

 

Hints:

 

See Appendix 1, Objectives and Issues section on page 618 of the text 15th ed. for an examples of issues.

 

 

 

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Title slide

 

No need for additional text

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Section D Marketing Mix Recommendations

 

 

 

 

 

 

 

 

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D.1. Marketing Strategy Recommendations Positioning strategy

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Refer back to A.2.e. Do you want to recommend a change to the positioning strategy to more adequately reflect the value proposition to the primary target market; or is the current positioning strategy sufficient? If so, be sure to justify why the current positioning strategy should continue.

Do you want to recommend a new target market because you conclude the primary target market is saturated and your objectives include developing a new market? If so, describe the target market characteristics for this new group of consumers.

 

 

 

 

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D.2. Marketing Mix Strategy Recommendations Product and branding strategy

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What recommendations would you suggest to change the product/service? Go back to the three levels of the product and make changes that you think would enhance the value proposition. Would you change the packaging? Would you change the branding? Would you suggest additions to the product line? Be sure to provide your rationale.

Be sure to read the text chapter on branding and product decisions to understand how they apply to your case.

 

 

 

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D.3 Marketing Mix Strategy Recommendations Pricing Strategy

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What changes to the current pricing strategy would you recommend and why?

 

Hints:

 

If the product currently uses cost plus or other non consumer focused strategy, a good recommendation might be to change to a consumer focused strategy such as value added or good value pricing.

 

You can rarely raise the price of a product/service unless you add additional value. If you recommend product changes to enhance the value proposition you can consider a price increase.

 

Highly competitive product categories are usually victims of the principles of supply and demand, and in that elastic situation may have to lower prices in hopes of increasing sales volume.

 

Be sure to check out all the pricing issues discussed in Chapter 10 to determine the best pricing approach for your product/service.

 

 

 

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D.4 Marketing Mix Strategy Recommendations Distribution Strategy

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What changes might you recommend to the current value chain and value delivery network and why?

Remember, every channel member needs to be performing some value added service in order to be included in the value chain.

 

Hints:

 

If delivery is an issue for your product/service, changes are good that some change will need to be made. This includes post purchase services.

May want to draw a recommended channel system design

 

 

 

 

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D.5. Marketing Mix Strategy Recommendations Marketing Communications Strategy

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What changes would you recommend to the marketing communications strategy to more adequately communicate the value proposition to your primary target market? How would the marketing communications integrate to provide synergy to reinforce the brand. Be sure to list which promotion mix tools would be used to reach each of the objectives. You should have at least three marketing communication objectives. Is your marketing communications strategy mostly push or pull and why.

 

Hints:

Use the buyer readiness stages, Figure 14.3 and related discussion in Chapter 14, page 414 in the text 15th ed. and the related discussion on communication objectives in Chapter 14 and develop several marketing communications objectives.

Warning, the example of Marketing Communications in the Appendix plan is NOT sufficient; you need to include a discussion of how the promotion tools integrate.

 

 

 

 

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D.6 Marketing Research

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How will marketing research be used to support development, implementation, and evaluation of strategies and action plans?

Although the marketing research chapter was not covered in class, it might provide you with some ideas on how marketing research can support your marketing objectives.

 

Hints

If you developed an objective to expand the product line, your market research needs might include some test marketing to ensure the new product meets the consumer needs you identified. Similarly, if you developed an objective to increase brand name awareness, you might need a pretest of the current brand name awareness so you have a base line on which to gauge any increase in brand name recognition as a result of the marketing recommendations.

 

 

Title Slide

No need for additional text

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Part E Action Programs

 

 

 

 

 

 

 

 

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E.1. Action Programs – IMC

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Provide some detail as to when the marketing communications would take place over a specific period of time, e.g. calendar year. Be sure to keep your primary target market in mind, for example, if you are selling holiday ornaments, there is no need to promote year round. Think of when the consumer is most like to be in the buyer decision making mode.

 

Hints:

 

See Appendix 1 under action programs for some ideas of how to approach this topic.

 

 

 

 

 

 

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E.2. Action Programs Message design, content and structure

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Your marketing communications will be driven by the right message design. Review an existing marketing communications and make recommendations for changes as may be appropriate given your recommendations in Part 2. You can also create a marketing communication, e.g. an ad, a buzz campaign, billboard, TV or radio etc. creative strategy. Be sure your message is designed to effectively reach your primary target market.

 

Hints:

 

Check out Chapter 14, Designing a Message, beginning on page 415 of the text 15th ed. for more details.

 

 

 

 

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E.3. Action Programs Media choices

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Where will you place the communication message? Based on each of the promotion mix tools you identified, how would the message be used to communicate with the primary target market?

 

Hints:

You can base this on personal and nonpersonal communication channels discussed in Chapter 14.

Be specific, e.g. not just TV ads, but on what TV shows and why you think that show will reach your target market.

 

 

 

 

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E.4. Action Programs Promotion Mix Tools

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List each of the promotion mix tools you plan to use in your marketing communications strategy. Describe why you think each tool will contribute to achieving your communications objectives?

 

Hints:

A good marketing plan will have at least three different promotion tools and have clearly identified objectives for each that integrate with each other to create synergy and overall attainment of marketing communications objectives.

 

 

 

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Title slide – No content needed

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Part F Budgets

 

 

 

 

 

 

 

 

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F.1. Budgets Objective/Task method

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Chapter 14 discusses several budget methods, but the most useful is the Objective/Task method.

List each of your promotion tools and then assign a percent of a budget that should be allocated to each tool and why. For example, you may indicate you would spend 35% of the marketing communication budget on sales promotion because you have a marketing communication objective to induce product trial among 50% of the primary target market. This means a massive sampling campaign.

Or, you may have a large percent devoted to advertising because you want to increase awareness.

Hints:

Be sure your percentages total 100%.

 

What is most important is that you can differentiate between the tools and what they are being used to accomplish.

 

Knowing the costs of all these promotion action plans is impossible, but describing your rationale is doable.

 

 

 

 

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Title slide – No content needed

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Part G Controls

 

 

 

 

 

 

 

Title slide – No content needed

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G.1. Controls Metrics to monitor progress

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Go back to your marketing objectives listed in C.2. How will you know if these objectives are being met? Sales within a certain timeframe is definitely one way, but develop at least three other metrics that would be useful to measure the effectiveness of your marketing plan.

 

Check out Appendix 2, Marketing by the Numbers, for some ideas.

 

Hints:

 

Increase in awareness can be a marketing communication objective to support a marketing objective. This can be measured with marketing research pre and post IMC campaign.

 

Remember social media metrics such as ‘hits’ or website visits.

 

These are only a few ideas, think through your particular product/market situation, your objectives and what will be the tangible evidence that the marketing plan is on the right track

 

 

 

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Endnotes

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Be sure to use a proper citation format or you will lose points.

 

Endnotes should be included for both Part 1 and Part 2 as appropriate.

 

 

 

 

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Bibliography

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Be sure to use a proper citation format or you will lose points.

 

Refer to the excellent reference tools found in the UMUC virtual library.

 

 

 

 

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Exhibits

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Exhibits are optional, but are a good place to put detailed charts and graphs and then reference them in your presentation. Be sure your exhibits are numbered and have a relationship to your marketing plan content, not just extra information.

 

Use this slide for an index of your exhibits and include as many additional slides as you may need to adequately convey your marketing plan topics.

 

 

 

 

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End of Part 2

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Make any changes recommended in your faculty’s feedback on Part 1. You may be granted extra credit.

 

Incorporate Parts 1 and 2 into a final, cohesive document.

 

Complete the Executive Summary.

 

Edit carefully! You are being assessed on your grammar, composition and Power Point skills.

 

Upload into your assignment folder by the due date.

 

 

 

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