Read very carefully Marketing homework.
Learning Outcomes:
- Distinguish appropriate marketing strategies and tactics given the SWOTs that exist for a firm
- Assess internal strengths and weaknesses and external opportunities and threats (SWOTs) that emerge from a situation analysis
Week 1
Topic 1
The text argues that marketing possesses very few rules for choosing the appropriate marketing activities. Can you describe any universal rules of marketing that might be applied to most products, markets, customers and situations?
Choose a specific product that you use on a daily basis (such as food items, toiletries, or your car) and apply the 5W model in Exhibit 3.4 to yourself (Page 61): Use the link: https://books.google.com/books?id=LakWAAAAQBAJ&pg=PA61&lpg=PA61&dq=5W+model+in+Exhibit+3.4+ferrell+marketing&source=bl&ots=mHsk-IGK4B&sig=---ldNNUwQZnIX6R1_Tml7hOXNw&hl=en&sa=X&ved=0ahUKEwjE17WazIfQAhUCSCYKHYMWBM0Q6AEIKDAC#v=onepage&q=5W%20model%20in%20Exhibit%203.4%20ferrell%20marketing&f=false
a. Who are you (demographics, psychographics, etc.)?
b. What do you do with the product (consumption, storage, disposal, etc.)?
c. Where do you purchase the product? Why?
d. When do you purchase the product? Why?
e. Why and how do you select the product?
f. Why do you not purchase competing products?
Assume your responses are similar to millions of other consumers. Given this profile, how would you approach the marketing strategy for this particular product?
Topic 2
Choose two companies from the same industry: one that is quite successful and one that is struggling. For each company, list every strength and weakness you believe it possesses (both the company and its products. Compare your answers with those of your colleagues. What could these companies learn from your analysis?
450 - 500 words minimum. Two (2) references are required beyond the text book. Be sure to cite and source in APA format.