Product Journal
Using a company/product or service/brand** of your choice, please address the following issues chapter- by-chapter.
Part 1 Chapters 1,2,4,6,8
** I suggest that you use a product or service not a retail store.
Keep it simple. For example, do not try to address Proctor & Gamble, but rather one of their product lines.
Chapter 1 An Overview of Marketing
1. How does your company/product/brand embrace or demonstrate the marketing concept?
2. How does (or could) your company/product/brand develop customer loyalty? What value-added retention programs are in place?
Strategic Panning for Competitive Advantage
1. What is your company/product/brand's formal Mission Statement? (NOTE: It maybe called something else on their website). In your opinion, is the Mission Statement more product-oriented or is it more market-oriented?
2. Delve into your company/product/brand's history. Over the years, how have they grown? Explain how that growth was achieved in as much detail as possible using the product/market expansion grid (Ansoff's Matrix). If your company/product/brand is rather new, suggest likely growth strategies for them (also using the product/market expansion grid.)
3. Discuss your company/products/product lines within the framework of the Boston Consulting Group Portfolio Analysis tool.
The Marketing Environment
1. Explore the external environment of your company/product/brand. Specifically, how have changes or evolution in the following areas affected your company/product/brand? In other words, what opportunities or threats arose from changes in the external environment?
External Environment
* Demographic Environment: What demographic trends and developments had the (or could have the) MOST impact on your company/product/brand?
* Economic Environment : What economic trends and developments had the (or could have the) MOST impact on your company/product/brand?
* Technological Environment : What technological or scientific trends and developments had the (or could have the) MOST impact on your company/product/brand?
* Political Environment : What political trends and developments had the (or could have the) MOST impact on your company/product/brand?.
* Social/Cultural Environment : What cultural trends and developments had the (or could have the) MOST impact on your company/product/brand? Identify at least 3.
* Competitive Environment: Briefly describe key competitors and any recent strategic activities.
Consumer Decision Making & Buyer Behavior
Complete this section if your company/product/service is marketed to consumers.
1. Consider all the "Factors Influencing Consumer Behavior" as your framework, thoroughly discuss how the Social and Personal factors ONLY can influence the purchase of your product/brand. This question should be approached from the consumer perspective; i.e. how will the stage in the family life cycle or how will the consumer's reference groups influence his/her purchase decision regarding your product? [NOTE: You must address reference groups, family, roles and status, within the broad "Social" category...and so on for the Personal category].
2. Is your product/brand a high, moderate, or low involvement good? Please explain your reasoning.
3. Does cognitive dissonance play a role in the post-purchase behavior of your customers?
Segmentation, Targeting & Positioning
1. Using the "Major Segmentation Variables for Consumer Markets" as your guide, thoroughly discuss how the relevant variables are or could be used by your company/ product/brand to segment the consumer market. Please be aware that not all variables listed will be appropriate for your chosen company or product...only discuss the relevant ones. [Example: One's occupation may not matter to Procter & Gamble when attempting to market Crest toothpaste. Occupation will matter to Timberland, a company that makes and markets work boots.]
2. Which target market strategy does your company/product/brand adhere to? Undifferentiated, Multisegment(Differentiated), Concentrated? Explain your choice.