Assignment: Marketing Strategy
An effective marketing strategy is strategically comprised of multiple components that help promote a product or service. First, it includes the target market, or the intended audience to whom a company is marketing a particular product or service. Also required in a marketing strategy is the marketing mix (also referred to as the four Ps) (i.e., the variables the company puts together to meet the needs of the target group). The development of an effective marketing strategy plays an essential role in a company's success.
To prepare:
• Review the Business Victoria and Chief Outsiders articles provided in this week's Learning Resources.
• Although not required, it is highly recommended that you read Chapter 2 in your course text if you have already obtained a copy. In Chapter 2 of the textbook, topics of marketing strategy are discussed. These topics include target markets and segmentation, and the ‘Four Ps' of marketing Product, Price, Promotion (and positioning), and distribution (referred to a Place). If you do not have access to the textbook, search for the definitions of these terms online.
• Review the "3 Questions to Evaluate a Marketing Campaign" media piece provided in this week's Learning Resources. This is especially helpful when evaluating promotion elements.
Submit a 250- to 350-word paper in which you:
• Identify the company you selected and evaluate its present marketing strategy. Provide evidence to support your evaluation.
• Select a company or brand that you are familiar with and interested in. It could be from fashion, automobiles, farm equipment, gaming, technology, food banking or any other category. Well-known brands are easy to find information on but there may also be so much information that you will need to work hard to be thorough and to meet the word maximum for this assignment. Your first step is to search online for the product website.
• Once you find the manufacturer's (brand) website, you need to:
o Define the target market for the product or service.
o Describe the product.
o How the product is distributed (that is, where can customers buy the product? Identify as many distribution options as possible.)
o What is the price of the product (there may be multiple product sizes and prices by distribution channel (you need only select one price?)
o How is the product positioned and promoted? Be sure to think about traditional media as well as online and social media such as Facebook and You-Tube.
• If you cannot answer all of these strategic questions, search for your product on other websites; you could also go into a local store to investigate it.
• Next, determine what, if anything, the marketing manager should do to change the current strategy. Provide reasons for the suggestions you would make to the marketing manager
o Think about who buys the product. Could the market target be expanded?
o Do you see other uses for the product that have not been identified on the website o r on the product brochures or labels?
o How does the price seem? Is it too high? too low? Why?
o Are there distribution opportunities that are being missed?
• Support your work with specific citations from the Learning Resources and any additional sources including company websites that you may draw upon.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.