Tiffany Brand for gold and jewelry
Part 1 - Marketing Plan (3,000 words)
For the first part of Unit 5 Project, you will be proposing a new product that will fit with an organization's brands and product line. Create segmentation, targeting and positioning strategies for your new, fictitious product that falls within the organization and brand identified in Unit 3. Also, consider the need for a marketing mix in a marketing strategy. What would be the danger in too little or too much of a focus on one of the P's?
Finally, you will develop strategies for your chosen brand that will foster a competitive advantage for your proposed product. Consider how organizations can develop objectives and strategies to manage a product or brand through inception, growth, decline and new growth through new products or brands. Review Porter's 5 Forces model, and check some of the Sector Overviews in the Interbrand Web site. Study the ways by which some of the world's top brands strategise to maintain a competitive advantage.
To prepare for your Unit 5 Project Part 1:
To complete your Unit 5 Project Part 1:
For this part of the Unit 5 Project, include the following:
- Produce a graphic representation of your segmentation strategy for your new, fictitious product. Include any niche or subgroups in your graphic depiction that you think might be effective. Also, include in your graphic representation a brief summation of the needs of each segment.
- In addition to this graphic depiction, write a 1,000-word essay that outlines strategies for creating or increasing brand equity for your branded product. Include:
o One strategy for targeting marketing efforts to each segment
o One strategy for positioning your product for each segment
- For each of the strategies, explain why they would be effective. Include specific examples and appropriate citations/support from the literature for your findings.
- Evaluate the effectiveness of the current marketing mix for the brand you selected for your Project. Does the marketing mix meet goals of forming consumer brand relationships? Include in your evaluation whether the marketing mix includes the right mix of P's.
- In a 1,000-word essay, create a marketing mix you believe would be more effective for this new product in order to build brand equity in an international market, and explain why you chose this mix. Include a variety of marketing methods, including digital marketing. How is the marketing mix for this new product different from the marketing mix that was most likely used for the organization's other products? Why?
- In a 1,000-word essay, create a plan for increasing competitive advantage for the selected organization and brand. The plan should include three appropriate strategies for increasing competitive advantage in your chosen organization. For each strategy, include the following:
o Explain how the strategies support overall corporate business and marketing strategies to increase the competitive market advantage.
o Identify essential resources required to execute these strategies for increasing competitive advantage.
o Explain how you might measure performance related to meeting strategy objectives for increasing competitive advantage.
Part 1 of this Project should be approximately 3,000 words in length.
Part 2 - Critical Review of a Current Debate in Marketing and Brand Management (1,500 words)
No organization, product or brand exists in a vacuum, so it is important to understand current issues in marketing and to be able to critically analyse their significance.
Among other issues in marketing and brand management, perhaps one of the most transformational has been the rise of the digital age. Social media sites have changed both the form and function of marketing. Gone are the days when customers passively accepted the messages organizations passed down to them in the form of advertising campaigns. Due to the ease of relating information on products and services to one another, today's customers are actively engaged in the marketing process, which has both positive and negative consequences for organizations. Within this technological evolution are many related issues and debates. For example, marketing experts caution that customers have transitioned from the ‘funnel' approach in which they considered many options, narrowing them down until making a choice, to a new path to decision making (Edelman, 2010). This new, four-stage path is critical to understand when developing strategic marketing plans for any new service.
To prepare for your Unit 5 Project Part 2:
- Select a current debate in marketing and brand management.
- Search the Internet and University of Roehampton Library, and identify a relevant article about the current debate you selected.
To complete your Unit 5 Project Part 2:
Compose an essay of approximately 1,500 words that includes the following:
- An introduction paragraph that identifies the current debate you selected, and why it interests you
- A paragraph that critically reviews the article you identified
- An explanation of what side, if any, you take in the debate, incorporating learning from the module (If you did not take a side, explain why.)
Part 2 of this project should be approximately 1,500 words in length.
Your total submission should be approximately 4,500 words in length.
Advice on word count: Submissions that range from 10% below to 10% above the recommended word count are acceptable. Students should recognise that assignment submissions that fall outside these parameters may be marked down. This restriction encourages the development of a concise writing style, as assignment quality is likely to suffer given the potential for overly verbose submissions. The policy is available to review on page 16 of the University of Roehampton Online Policies document, which can be found .