Assignment: Brand Management and Strategic Marketing
Group Research Project Outline
I. Cover Page (Brand/Title, Assignment name, group members' names, Course, date),
Table of Contents with page numbers (you should include all subheadings and indent to show different levels)
II. Introduction-you should introduce the industry, catch the reader's attention and provide a road map for the rest of the paper.
III. Definition of the industry - this section does not have to be long. It is essentially telling me the basis for your Industry's five forces analysis. Usually a short paragraph or two for each part is sufficient. This is also a good section to develop as a group.
A. Demand -side description - define or describe the industry in terms of companies trying to satisfy the same broad customer need. (The ____ industry consists of all companies satisfying the need of ...) This is the broader concept (of A & B). What need or needs is(are) being filled by your industry? You may incorporate more than one need in your discussion. You should start with the most basic one.
B. Supply-side description - define or describe the industry in terms of the group of firms that offers a product or class of products that have certain characteristics that are similar to your product. (The _____ industry consists of all companies that produce products with the following characteristics... or provide the service with the following characteristics ...) This is the narrower concept that you plan to study. The purpose of this description is so that we are both on the same page regarding what's in the center box of Porter's Five Forces. You should discuss what boundaries your group has chosen for your industry in the analysis and your rationale for establishing? However, your boundaries should make sense relative to the characteristics and industry you've identified. For example, if your industry is a global industry you cannot define it as only the domestic portion of the industry. (How broadly or narrowly are you defining your industry? What characteristics would make a company part of the industry or lack thereof would disqualify them from being part of the industry?)
C. Substitutes - What types of companies are not included in your industry - you're specifying what types of companies would be considered in the substitutes box rather than the center box. Companies that provide the same need [Part A] but are not part of the Supply-side description [Part B] would comprise your company's substitutes for analysis in the five forces analysis and the types of companies fitting this description should be identified here. I'm not looking for names of specific companies, but the types of products or services that satisfy the same need, but don't fit the characteristics you identified in B.) The purpose of this section is so that your group members and the reader (me) are all clear about the parameters of the industry versus the other four boxes.
IV. Situation Analysis
A. Industry Structural Analysis (using Porter's 5 Forces Analysis) - You will need to describe in detail the strength of each force and provide as much evidence as possible regarding your conclusions. You should characterize each force as being low, moderate or high in strength, and then indicate the force's specific impacts on profitability in your industry and the conditions leading to the current level of strength or weakness (see handout and notes). I should be able to tell from your rationale that you understand the difference between impacts and conditions and that you are basing your analysis on your research. I expect to see a lot of citations in this section. You must read enough and have sufficient background information on which to base your analysis. I want your analysis - not your report of someone else's analysis. Your information here should be as current as possible (five years or less) and primarily based on the library sources your group has summarized. You should use a subheading for each force and then the impacts and conditions within each force. This means you will have several levels of headings.
B. Profitability Analysis - is the industry attractive (earning large returns above the competitive floor rate of return)? Why or why not? (It is not enough to just be profitable.) Which forces are most responsible for the positive or negative assessment of the industry? You will need to assess the relative influence of the various forces on the current and potential profitability of the industry. Does one force's weakness (or positive effect) outweigh the stronger force's (negative effect) or vice versa? Which forces are most responsible for squeezing (and/or expanding) the profit margins in this industry? Do you see any conditions changing that will affect the future profitability of the industry? This is your synthesis of part A. You've described the power and impact of each force separately-now you must develop a composite picture for me-put the parts together. You do not need to restate part A. You should also provide some evidence (numbers) of the growth or decline in profit margins in the industry (not just your specific brand or company). Published profit figures may not be broken down as neatly as you've defined your industry; therefore, you may have to use a little broader definition, but should identify what profit figures you are using (and where you got them). Some of this information is on the Internet (for example - Yahoo Finance, but this isn't the only source out there.) Revenues are not the same as profits. You may also find this information is some of your library sources (particularly Wall Street Journal articles). Look for information on the average profitability of the industry in industry sources (check with reference librarian).
C. Environmental Analysis, Trends and Key Success Factors
1. Describe the environment for this industry including how the macroenvironmental factors (political, demographic, technological, natural, economic, social/cultural, etc.) are currently affecting the industry, and what factors will likely drive future change in the industry, market size, breakdown of market share, growth rate in the market, and whether the growth rate is increasing or decreasing.
2. Describe the industry trends (current common practices of companies/products in this industry), changes in the way things have been done in the past, changes in consumer preferences or buying habits, and current areas of emphasis for the industry).
3. Describe the key industry success factors. Go beyond the surface description and be sure to provide evidence wherever possible. Keep this at the industry level. (Think about what successful companies are doing that unsuccessful ones are not, or think about what competencies a company would need if they were just starting business in your industry. Your industry has more than 1-2 relevant trends - make sure your analysis gives the reader a good snap shot of what's happening and what's important in your industry.)
V. Competitive Analysis
A. Discuss the strengths and weaknesses of your company's key (2-3) competitors in your industry. How do they compare in terms of market share? How do they attempt to gain competitive advantage? (What generic strategies (Porter), business orientation, and marketing warfare strategies are the strategists in these companies pursuing?) How are their products positioned? How do their marketing practices compare? You should organize this section by competitor (and have a subheading for each competitor), not by topic. While the company website is a good place to start your research, you should seek out additional research on your competitors - other WSJ, Business Week, or other business press articles to provide a more objective picture and to augment the company's information. I am looking for diversity in your sources.
B. Analysis of your brand's pursuit of competitive advantage
1. Porter's Generic Business Strategy
a. Which generic strategy (or strategies) and orientation(s) is (are) being pursued by your brand? Justify your choice by demonstrating how it meets the requirements of that strategy.
b. How is the generic strategy supposed to provide protection against the five forces (theoretically - use your notes)? Has it provided protection for your brand/company in its current environment? Explain why or why not based on the research you have found. Should the company continue to pursue this strategy or do modifications need to be made?
2. Which warfare strategies is your company/brand using? Please justify your selection. Identify whether your company is the Market Leader, Challenger, Follower, or Nicher, but then also address the specific strategies within their overarching warfare strategy (see notes). Do they need to make changes to this strategy?
3. What growth/stability/consolidation strategies has your brand used up until now (Product Market Expansion Grid - Market penetration, market development, product development, and diversification - be specific about types and support with examples). Which strategies do you think it should pursue in the future?
4. SWOT Analysis - be sure to justify each strength, weakness, opportunity and threat - make sure your analysis shows what's most important for your company and industry based on the research you have done. You may want to summarize this in a chart, but you should also provide the information in paragraph form with your justification (and citations). The analysis should be companywide - you should save the marketing issues to discuss in the Marketing Strategy section.
VI. Customer Analysis
A. Potential Segmentation Dimensions in the industry or category. (Broad-based and Comprehensive - you're looking for all potential dimensions [geographic, demographic, psychographic and behavioral (and benefits)] and variables within those dimensions, even if your company does not pursue them. Be sure to include how consumer needs vary for each segment within each variable within each dimension - For example, within the dimension of demographics age is one potential variable (how do needs vary for children, young adult, middle-aged and senior individuals), gender is another (how do needs vary for men vs. women), stage in the family life cycle is a third potential variable (How do needs vary for single individuals, vs. married, vs. married with small children, teenagers, then empty-nesters, etc.) within the demographic variable.)
B. Targeting strategy (undifferentiated, multi-segment, single-segment/concentrated, micro/individual) and segments selected by your company or business unit. Develop profiles for main segments. Are there any segments from part A that they are not targeting, but you feel they are missing an important opportunity?
C. Market positioning - how the product is defined on important attributes relative to competitors (include a positioning statement - use generic format from notes), positioning strategy being used (attributes, benefits offered, users, symbols, value, against competitor, away from competitors, and/or against a different product class - see notes), points of difference, and points of parity.
D. Develop a positioning map for your industry (based on group's judgment and observation rather than market research - may use feedback from your focus group).
E. Customer motivation - conduct a focus group (of at least 8-10 current or potential consumers) of your product/service category to determine customer motivations. (These are only some possible questions-you may think of others). The focus group should be done as a group interview with a moderator/facilitator from your group. It is not a survey. It is important that the various participants can hear and build off what others say. Be sure to probe areas of interest and try to stimulate group conversation. (You do not need to go through IRB for this exercise, but you do need to ensure confidentiality and the right for individuals to not participate. If you use a survey or you're targeting a vulnerable market, you do need to go through the IRB process.)
1. In your product category what brands can they recall unaided?
2. Do they buy the same brand each time? Why or why not?
3. Why do they select and use a specific brand?
4. What elements of the product do they value most?
5. Where do they prefer to buy the product and why?
6. What changes are occurring in customer motivation?
5. Are there any unmet needs? Are some customers dissatisfied? If so, why are they dissatisfied and what are they doing about it? What is the severity of the problem?
You may get ideas for new products from this discussion or test out some of your group's ideas.
6. Any other issues specific to your product that you feel are important to your analysis.
Be sure to provide a description of your focus group with basic demographic information (number of participants, age, gender, etc.), and justify the selection based on relationship to your brand's target market. Summarize your findings from the focus group in paragraph form within the paper. What did you learn from the focus group? If you have detailed comments from participants, incorporate them into an appendix at the end of the paper and refer to this appendix in your summary. I do not expect a complete script of the interview, but I do want to know what questions were asked and the types of responses heard. What were the most important things you learned?
VII. Current Marketing Mix Strategy
For the current marketing strategy section I have identified the basic concepts you should cover in each area. These concepts should be described in any Principles of Marketing textbook. You will likely want to refer to a Principles text to refresh your memory of these concepts so that you can apply them accurately. I have several Principles texts that I am willing to loan out for a brief time. A strong analysis of the company's current Strengths and Weaknesses along with recommendations in each section will greatly enhance your grade in this section. This section should be based on research of the existing company/brand your group has selected within the industry you've been assigned.
A. Product Strategy
1. Describe the brand's current product strategy (Product/service characteristics, product mix depth and breadth, product classification (convenience, shopping, specialty, or unsought) and any implications of its classification, new product development, packaging, customer service)
2. Brand Audit
a. Identify the brand's key brand elements (Chapter 4 and ppts) and evaluate them based on the criteria provided in that chapter.
b. Describe the company's Brand Portfolio - describe branding strategies: identify individual vs. family branding (and specify the type of family branding used), extent of line and category brand extensions, consistency, etc. What roles are represented (pp. 128-129)? Does their portfolio make good sense? Discuss any holes you feel they have (and make recommendations in the recommendations section below).
c. Develop an associative network mental model and a brand mantra for the brand.
d. Describe the sources of brand equity (how are they establishing - use our discussion and readings of branding and the Brand Resonance Pyramid brand equity model. (You should include a version of the pyramid chart for your brand - Chapter 4, but should also discuss in paragraph form). Describe any secondary brand association strategies they've used (Chapter 3).
e. Reinforcement and Revitalization Strategies (Chapter 4 and ppts.)
2. Identify strengths and weaknesses of the product strategy and provide recommendations for improving the product and branding strategies. (This is where you will lay some of the foundation for your new product choice. Evaluate the brand portfolio and identify any gaps.)
B. Pricing Strategy
1. Describe the brand's current pricing strategy (Pricing objectives and strategy relative to its stage in PLC, price range, elasticity of demand, any discounting) What factors drive the price the most? How does the buyer assess value? Is there price competition in the industry? If so, how have they responded to price fluctuations?
2. Identify strengths and weaknesses of the brand's pricing strategies and provide
recommendations for improving the pricing strategy.
C. Promotion Strategy
1. Describe the brand's current promotion strategy (What are the promotional objectives
relative to the stage in the product life cycle, identify how each element in the
promotional mix is being implemented (please be specific and include all elements - personal selling, advertising, publicity, sponsorships, sales promotion, direct marketing [including mailings, catalogues (if applicable), social media and Internet strategy]). Which elements are more and less emphasized? What media are used? What kind of media schedule is used? How can your brand leverage itself better through the use of promotions?
2. Identify your brand's strengths and weaknesses in its promotion strategy and provide
recommendations for improving the promotion strategy.
D. Distribution Strategy
1. Describe the brand's current distribution objectives and strategy (Direct/Indirect, types of channels, number of levels or length, type of channel system - type of vertical marketing system, intensity of distribution, current or potential channel conflict)
2. Identify your brand's strengths and weaknesses in its distribution strategy and provide recommendations for improving the distribution strategy.
VIII. Develop a marketing plan for a new product/service for your brand or product line - WHILE THE PRESENTATION NEEDS TO COVER THE ENTIRE PAPER, THIS FINAL SECTION OF THE OUTLINE WILL BE INCLUDED IN YOUR PRESENTATION, BUT DOES NOT NEED TO BE WRITTEN OUT FORMALLY. You should use subheadings and provide the information in point form (bullets). These bullets should consist of complete sentences and include your rationale. You should include a copy of your press release, a description of your launch event, all ads you've developed, a description of your social media strategy, and the parts of your website (along with a statement of your rationale for each) as appendices.
A. Justification for the new product-you should incorporate aspects from your earlier analysis
into your rationale.
1. What unmet need will you be satisfying?
2. How does this target market differ from your original target?
3. Justify the potential of this market.
4. What competitive strategy (Porter's generic strategy and warfare strategy) will you be pursuing in this market and how will your product achieve a competitive advantage?
B. Marketing Strategy - (Be sure to provide the rationale for each part of your marketing strategy)
1. Product:
a. Describe the new product's characteristics - how is it different from current offerings (core, actual & augmented characteristics)
b. Product classification (convenience, shopping, specialty, unsought)
c. Branding strategy (individual vs. family-branding [be specific about type of family branding to be used if you use family branding]). Why did you choose this strategy?
d. Positioning strategy in the marketplace (attributes/benefits, users, symbol, value, away from competition, against competition, and/or against a different product class). You should include a positioning statement for the new product using the generic format from class.
e. Packaging - describe how it meets the important functions of packaging (protection, promotion, and safety).
f. Develop a prototype or a picture of your new product and its packaging.
g. What customer service will be provided?
2. Price:
a. What introductory pricing strategy will you use for your new product (penetration vs. skimming)? Explain how this supports your objectives and strategy for competitive advantage. What specific price do you plan to charge?
b. How elastic is the product category? How do you anticipate that competitors will react?
3. Promotion:
a. Promotion objectives based on your product being in the introduction stage of the product life cycle and any changes needed based on the stage of the PLC that the product class is in.
b. Develop and justify an appropriate promotion mix (based on objectives stated above) for your new product. Will you use a push or a pull strategy? Describe how you will use the various types of promotional elements (advertising, personal selling, sales promotion, public relations, direct marketing). Which media will you use? Be sure to include your strategic rationale for each part of your strategy. You will also need to include:
1) A description of an introductory event to launch the product.
2) An example of a press release announcing the introduction.
3) What types of consumer sales promotions would you use? Justify your selection.
4) Prepare two different types of ads to use in the introduction. (For example you may use a video or a storyboard of a television ad, the script or audio tape for a radio ad, the layout for a magazine or newspaper ad, or a direct mail piece). Tell me about the placement of these ads and justify your selection. Make sure that the types of ads selected are based on what is needed for an effective introduction of your product and justify your choices. These should be included with your final paper as appendices.
5) What role will personal selling play in the introduction and promotion of your new product? (Don't forget selling to wholesalers and retailers or using retail salespeople to sell your product to the end consumer [if applicable])
6) What direct marketing strategies will you use?
a) Prepare a new web page for the new product announcing its introduction and providing information about its benefits and your launch event. If you plan to use the Internet as part of your distribution strategy, describe the process for ordering the product online. How will you attract and hold visitors to your site. How will you entice them to return? How will you learn about your customers' preferences and how will you use the Internet to develop customer relationships. Justify your Internet strategy for the company and provide any relevant recommendations for implementation. You may use Word, Wix, Word Press, or any other easy website maker. I should be able to check your links. If you put it on the Truman server or where people outside our class may view the site, be sure to identify that the site is for educational purposes only. You should print off each page and include them as an appendix in your paper.
b) Describe how you will incorporate social media into your marketing plan. Develop and describe one social media campaign for your product including your objectives for the campaign.
4. Distribution: How will your product be distributed? Be specific - types of outlets, number of levels, level of intensity, any potential channel conflict?
IX. Conclusion - Summarize situation, your forecast for the future, and review for the client your recommendations made in the above sections.
X. Reference List - Alphabetize by author's last name. Include only those sources actually cited in the paper. (Be sure you've used the required 15 library sources and 20 total sources.) Do not number the sources. (You must use the APA style manual. Within notes, as specified below, should be used throughout the paper for any ideas that you did not originate. With the exception of your proposed strategy for your new product and recommendations for improvement, most paragraphs should have at least one citation.)
Installment Assignments:
1. Brand/company selection approval - due by September 12. You should identify the existing company and brand your group has decided to study along with the rationale for your choice (selection is subject to my approval).
2. Articles Summaries and Tentative Reference List in APA format - due by September 21.
Article summaries - each group member should provide three summaries of library source articles (from one of the periodicals I have identified below). Each summary should be approximately 1-1½ pages in length (double-spaced), with the individual's name and reference list information [in APA format] at the top of the page). The summaries should be organized by group member rather than alphabetically. You need to coordinate this activity so that you don't summarize the same articles. Obviously the article will have to have some substance to it in order to write a 1-1½ page summary about it. The summary should include the important facts provided and any direct quotes you feel might be useful in the paper. Any direct quotes should include a page number or paragraph number (for Internet articles). You should also discuss how the article will be useful for the paper (in which sections will it likely be used as a source and how - you will need to review the outline in order to determine this (and you are responsible for seeing that the group member responsible for those sections has the needed information). Please be specific. For example, don't just say this article will be helpful in the promotion section. You need to tell me what it says about the company's promotion. These articles should have been written within the last 5 years. Information older than 5 years is usually not relevant for this paper.
What is a library source? These articles must come from one of the following major business publications (WSJ, Bloomberg BusinessWeek, Fortune, Forbes, Advertising Age, New York Times, Washington Post, Fast Company, and Time). These should be articles, not blogs (blogs from expert sources can be included as sources, just not counted in the 15 library sources). In most cases you will find it easier to use the library databases to locate these articles. However, not all sources in the library databases are library sources for the purposes of this assignment.) If you want to use anything other than the specific periodicals I have listed above - you should send me a link and ask for approval. Most publications that are only online are not appropriate for your article summaries or the library source requirement. However, many of these may be used as additional sources for the paper.
You will receive an individual grade on your summaries. The basis of evaluation for this section will be:
a. Do your articles come from the business publications listed above (WSJ, Bloomberg BusinessWeek, Fortune, Forbes, Advertising Age, New York Times, Washington Post, Fast Company, and Time) and are they less than 5 years old? You should summarize the article and discuss the information that is relevant to the paper (you should look over the project outline to see what information will be needed and be specific about what you found). These summaries should be organized by group member and show the group member's name and reference information using APA format at the top of the page.
b. Are your article summaries long enough and did you tell me for which section(s) the information will be most useful (and make sure you share the article with the individual(s) working on that section). The article should have enough substance to it that you can write a 1 to 1 ½ page summary about its content.
c. If you identify potential quotes, did you include a page or paragraph number? Quotes taken from an Internet source should be cited with a paragraph number if no page number is given.
Group Tentative Reference List - here you should have your 15 library sources and at least 5 additional sources. They should be listed in alphabetical order according to APA format.
Please combine the article summaries from the entire group (by group member) and the alphabetized Tentative Reference List, and then submit it (with a cover page) as one file on Blackboard.
3. Installment: due by October 17.
The Installment should include: Your cover or title page (with Title, names of group members, class, and date), Table of Contents (with page numbers), and Sections III, IV, V, and VI from the above outline, and an updated Reference List (in APA format). The Reference List should include at least the 15 library sources from major business publications (WSJ, Bloomberg BusinessWeek, Fortune, Forbes, Advertising Age, New York Times, Washington Post, Fast Company, and Time) that are found in your article summaries (and/or other articles from these periodicals that you have found since writing your article summaries) and a total of 20 sources. You should include only those sources that are cited within your paper. (50 group points based on content and following directions.)
The basis of evaluation for this section is:
a. Did you follow directions and are all parts included?
b. Did you use subheadings in proper APA format? Have you provided within note citations in proper APA format throughout the installment? Do they correlate directly with the information in the Reference List? Are there sufficient sources and a balance of sources in each section? (You should aim to have at least one citation for each paragraph.)
c. Is your content information complete, coordinated, well-written and free of grammatical and spelling errors? Did you use information from the library source article summaries? Did you use multiple sources for each section?
d. Is your updated Reference List complete (this list will include the reference information from the article summaries and any other sources you think will be relevant - Must have at least 15 library and 20 total sources. Those of you in groups of four will need to add 3 library sources beyond what you used for the summaries.) Your sources must be presented in correct APA format in alphabetical order. All references used within the paper should be listed in the Reference List and there should be no references in the Reference List that are not cited in the paper.
You should submit a hard copy to me in class and an electronic copy to the SafeAssign assignment function in Blackboard. Please combine the content sections of the paper with the updated Reference List and submit as one file on Blackboard.
5. Your Final paper is due the class session following your presentation. Please bring a hard copy to class and submit a copy to the SafeAssign function on Blackboard. Your file should include your group name. The Who Did What Page and the Group evaluations are due on this day as well.
Attachment:- Project-Outline.rar