Written Assignment
Instructions
OXO Kitchen Gadgets - Developing marketing strategy on a budget
Assignment Objectives
1. Apply concepts of market targeting and positioning.
2. Describe a company's marketing mix.
3. Appreciate how businesses can promote products on limited budget
4. Demonstrate effective writing skills.
Course Concepts
1. Marketing targeting strategies
2. Positioning
3. Value proposition
4. Levels of product
5. Product lifecycle
6. Customer perception of price
7. Distribution strategies
8. Use of social media
Overview
You might know OXO for its well-designed, ergonomic kitchen gadgets. But OXO's expertise at creating hand-held tools that look great and work well has led it to expand into products for bathrooms, garages, offices, babies' rooms, and even medicine cabinets. In the past, this award-winning manufacturer has managed to move its products into almost every home in the United States by relying on a consistent and in some cases non-traditional marketing strategy.
But in a highly competitive and turbulent market, OXO has focused on evaluating and modifying its marketing strategy in order to grow the brand. This video demonstrates how OXO is using strategic planning to ensure that its marketing strategy results in the best marketing mix for the best and most profitable customers. The video will also demonstrate how OXO is using social media in its promotion mix.
Your Task
You will be demonstrating that you understand the above-noted course concepts by applying them to the OXO product/market scenario.
Directions
• View the OXO video, which can be found in Mymarketinglab under Chapter 14.
• Check out the following articles; all of which can be found in UMUC's virtual library:
1. Bruner II, Gordon C., and Anand Kumar. "Gadget Lovers." Journal of the Academy of Marketing Science 35.3 (2007): 329-39. Web.
2. Handy Gadgets for $30 Or Less." Consumer reports 62.12 (1997): 36. Web.
3. Perry, Dawn. "Handiest, Smartest, Sturdiest, Snazziest, Best." Real Simple 14.5 (2013): 192. Web.
4. Tools & Gadgets: Staying Steady." Housewares.159 (2001): 22. Web.
• Check your kitchen drawers. Do you own any OXO kitchen gadgets? Do you seem to favor other brands? Do you know why?
• Ask your family and friends about their kitchen gadgets. What brand do they own, if OXO why do they buy OXO? What is the main source of their information about kitchen gadgets?
• Review the requirements for written assignments and the grading rubric in your course syllabus under project descriptions.
Prepare your three- to four-page written assignment by addressing each of the following questions in order.
Questions
1. OXO target market. Who are OXO's most profitable customers? Describe them as specifically as you can. Might want to refer to Chapter 7 for the segmentation criteria. How does this compare with the kitchen gadget markets described in the research?
2. OXO value proposition. What value proposition does OXO provide to these customers? Is this value proposition different/same as competitive offerings? How so?
3. OXO product mix. How has OXO developed their product line to be different from competing kitchen gadget manufacturers? Describe the OXO products in terms of the three levels of product discussed in Chapter 8. Can you make any product strategy recommendations? Describe them in terms of value to the customer.
4. OXO distribution strategy. Does OXO follow an intensive, selective, or exclusive distribution strategy? How do you know? Would you recommend other distribution strategies, and if so, describe them with emphasis on how it brings value to the customer.
5. OXO pricing strategy. Given OXO's competitive environment, do you think they are priced right or would you recommend changes to their pricing strategy? What would you recommend and why?
6. OXO's use of social media. What do you think about how OXO is currently using social media to promote its products? Should they use social media differently, and if so, what would you recommend?
Be sure to edit your work and submit your best effort into your assignment folder by the due date noted in the course schedule. Refer to the grading rubric and note that points will be deducted for grammar and composition errors. Be sure to use an appropriate style guide for writing and referencing.
Your written assignment, including proper citations and references, must conform to standards of formatting and documentation found in an acceptable college-level writing guide, such as the Modern Language Association's MLA Handbook for Writers of Research Papers, the Publication Manual of the American Psychological Association, the Chicago Manual of Style, or UMUC's Online Guide to Writing and Research.
Your written assignment must
• be at least 3-4 pages long
• be typed in 12-point Times New Roman or Arial font, double-spaced, with margins no wider than one inch
• have footnotes or end notes with correct citations
• have a bibliography of sources formatted as specified in one of the style guides noted above
• be prepared using word-processing software and saved with a .doc, .docx, or .rtf extension
.