Measuring Marketing Performance: Most measures of business performance are internal financial measures, such ROI, ROA, and cost per unit. Measures of marketing performance are external measures that consider customer perception and competitor position. Business and marketing performance measures can paint very different pictures.
Part 1: Researching Marketing Performance Metrics
Using mainly articles from the library's full-text databases, research the measures of marketing performance. You may rely on general research in the area or focus on an industry that is related to your career. Complete the following:
• Discuss 3 measures of marketing performance.
• Analyze the metrics that are used to evaluate the measures.
• Provide a case study of a company that exemplifies the best practices of each measure.
Part 2: Researching Net Marketing Contribution Over the Life Cycle
Using mainly articles from the library's full-text databases, apply these concepts to the real world. This section must address the following:
• Present 2 marketing strategies, and analyze how they can affect the net marketing contribution in the short-term.
• Analyze net marketing contribution in the introductory stage.
• Analyze net marketing contribution in the late-growth stage.
The Marketing Plan: Every business should determine its own criteria for success when evaluating the attractiveness of a market because every industry has its own unique circumstances. Forces that shape segment attractiveness include the following:
• Market growth (market size, growth rate, and market potential)
• Competitive intensity (the number of companies, the ease of entry, and substitutes)
• Market access (customer familiarity, channel access, and company fit)
Although an index that is based on these criteria is useful in capturing the qualitative aspects of a market situation, the profit potential must also be assessed for all of the segments that are deemed attractive based on their market-attractiveness indexes.
Part 1: Segmentation Application
Develop a product-focused business. Please do not use an existing company or a scenario that you utilized in a previous course. You will continue working with this business throughout the course. Complete the following:
• Introduce the scenario of the business and the main product that it sells.
• Analyze customers' needs for the target product.
• Discuss segmentation strategies that are based on 2 real competitors' market positions.
• Devise a niche marketing strategy that would be appropriate for your company's product.
Part 2: Gap Analysis, Benchmarking, and Competitive Advantage
Complete the following:
• Carry out a gap analysis of 2 competitors. Discuss how the findings would be used.
• Develop competitor and competitive benchmarking.
o Competitor benchmarking involves identifying a business's main competitors and then comparing itself against them in key performance areas. Competitive benchmarking involves going outside a business's market or industry to study a company that excels in an area where the business is deficient.
• Devise strategies to achieve a competitive advantage for the company
Pricing and Channels: This assignment requires you to apply pricing strategies to your company's product.
Part 1: Pricing
Using mainly articles from the library's full-text databases, complete the following:
• Research the pricing schemes of the 2 competitors.
• Compare and contrast 3 pricing strategies for the product.
• Select the appropriate pricing plan for the next year, which may be comprised of different strategies.
Part 2: Channel System
Using mainly articles from the library's full-text databases, complete the following:
• Research channel systems.
• Apply a channel system to enhance customer value.
Part 1: Working on the Plan
Complete the following:
• Assess the market attractiveness and competitive position for the product.
• Create an exit strategy and guidelines for its implementation.
Part 2: Tactical Marketing Mix Strategy
Complete the following:
• Develop a detailed tactical marketing mix strategy (product, price, promotion, place, and service).