Theme: Innovative marketing strategy and social marketing
Read: Read Part 3 of Kotler. Find and read two additional articles on marketing strategy.
Discussion Board or Weekly Discussion Questions (Examples): DB 1 What are the possibilities for new innovation in the industry you are studying?
DB 2 Either from the WSJ or another business publication you read this week, what evidence did you uncover of a company being innovative? Where there other articles that illustrated a staid or non-innovative company? (Post the article if possible so that others may review it.)
Assignment : Marketing a Product This assignment will deconstruct the marketing plan of a product that you consider to be innovative. In your analysis consider these questions: Does the product fulfill market needs - if so, what is the need? What is innovative about the product?
How is the firm marketing the product? You will need to cite at least three reference sources for this product; one source may be the website of the company, others may be articles from magazines, newspapers, websites, etc.
Include the following topics in your paper:
1. Introduction - what product did you select and why. What is the market need
that this product fills?
2. Target market - What is the target market for this product - describe? Be very detailed describing the demographics, psychographics, attitudes, etc.? How big is the market? Is it growing or shrinking, etc.?
3. Product description - describe the product. (You may use photos or diagrams, but be sure to cite the source.) Include information about the company that is producing the product also. How big is it? How experienced is the company? Etc.
4. Pricing - include the total cost for the product. Is there a range of prices for various versions? Are there discounts? What else does the buyer need? (Ex: additional fees, shipping, warranty, installation, etc.) Are there any tax credits available for the buyers (i.e.: solar panels)?
5. Distribution - explain how the product is both sold and distributed. Where can you buy it? Is it regional, national, or global? (Ex: Stores, websites, distributors, etc.)
6. Promotion - describe the promotional tactics that are used for the product. Are there ads on TV, radio, banner ads, websites, endorsements, etc.? (At least three should be analyzed)
7. Summary - What is your final opinion of this product and its marketing? Explain.
8. Reference page
This paper should be 4-5 pages plus a reference page/cover page and written in APA format. Write in the 3 . person since this is an objective research paper. All research papers must include reference citations in the body of the paper and a reference page.
Rubric: See Critical Thinking Rubric Week 5. See page 5 for letter grade rubric.
Class discussion topics: This week will build innovation topics into the marketing strategies. Innovation is an over-used word, but it under-used in most companies. Businesses tout innovation as a critical element, but what does it really mean?
This week, explore different ways to promote innovation on an individual level. Also evaluate the application of innovation principles in students' organizations.
Topics will include: O Is the focus of business on innovation over-rated or under-rated? How so? O What is the most interesting part of Kotler? O Interesting topics from your reading. O One thing you learned this week that you can apply at work