Marketing Audit and YouTube Video Production
GENERAL-TEAM PROJECTS (Worth 400 points or 40% of your grade)
1. Groups will comprise 3-5 students each.
2. Teams will stay together for the remainder of the class and be responsible for completing all team/group related material.
3. If you get "fired" from your team due to lack of participation, you will be responsible for completing all aspects of team work, on your own as a team of 1. Don't get fired.
TEAM PROJECTS-MARKETING AUDIT AND YOUTUBE PROJECT COMPONENTS/SECTIONS
I. MARKET RESEARCH/SECONDARY DATA AND SOURCES
1. Review topics incorporated in Audit Questions (see below) and Exam Study Guide.
2. Meet with your team and choose product for Team Project
a. You will address all questions in the Audit from the perspective of the product you choose.
3. Create a Googledoc, copy the Audit question list into the Googledoc that you create and invite me and the other members of your group to edit your Googledoc. My email address is [email protected].
a. There are a total of 20 questions. Decide as a group how you are going to assign the questions. Write the responsible team member name (first and last) next to each question.
4. Create a Googlesheet, copy the Exam Study Guide into the Googlesheet that you create and invite me and the other members of your group to edit your Googledoc.
5. For each generic term (highlighted in green) in the Audit, write a definition in the Exam study template (Excel file), and provide at least two (2) YouTube examples for each, see example.
6. For the Audit, under each question (Googledoc), find 2-3 online sources (reports, videos, other) that speak to each question for the product your group has chosen. Read/review each source to confirm that it applies. Copy/paste each applicable URL under the respective question.
a. Then, summarize in 2-5 sentences your response to each question.
7.Marketing Audit Research and Exam 1 Study Guide are due at 2:00pm on Wednesday, September 27, 2017.
Marketing Audit Questions: Initiating the Marketing Process (Chapters 1, 2, 3 and 4)
1. Company mission statement
a. What is the company mission statement?
"Inspired by the nearby Sierra Nevada Mountains, our beers are designed to be as bold, wild and unwavering as those storied granite peaks.
With respect to tradition and an unbridled passion for innovation, Sierra Nevada beers are inspired by the philosophy that anything is possible. We are committed to pushing the boundaries of craft beer and we look forward to the day that flavorful beers are the standard throughout the world."
b. Is the product you chose to analyze in line with the company's mission statement?
2. The present status of the company/product Fahad
a. How is the company/product positioned in terms of its competencies, customers and competitors?
3. Product(s) position within the company.
a. Is the product a star, question mark, cash cow or dog in terms of the BCG matrix?
This product is a cash cow.
4. Company/product growth
a. How will the company/product grow in the future? Use the Market Product Strategy Matrix (Figure 2-5) to determine future growth. Products grow in multiple ways.
5. Environmental scan (5 environmental forces)
a. How will the following environmental forces affect your company/product? Describe them in terms of opportunities and threats to the company/product.
1) Demographic shifts and cultural changes.
2) Demographic conditions and consumer income
3) Changing technology and technology's impact on customer value
4) Type of competition faced in company's/product's industry and how this might change in the future
5) Regulation impact on the industry/company/product
6. Situation analysis for strategic marketing Fahad
a. What are the company/product strengths, weaknesses, opportunities and threats? Provide a SWOT matrix for your company for your product specifically. The SWOT for Nike Free would be different from the SWOT for Nike golf. How has the company used strengths to take advantage of market opportunities?
7. Ethical and social responsibility
a. Does the company have a published/visible code of ethics? From that code, what appear to be the important values of the company?
b. What ethical issues face the company/product?
c. What would a social audit tell us about the company/product? Marketing Audit Questions: Understanding buyers and markets and targeting market opportunities (Chapters 5, 6, 7, 8 and 9)
8. Consumer decision process Fahad
a. Assume you were a new buyer of your audited product. How would you go through the five steps of the purchase decision process (Figure 5-1)?
9. Involvement with product
a. What type of purchase process would you use to buy the product (see Figure 5-3)?
b. Are there lower and higher involvement groups for the product? Who are they and how do they differ from you?
10. Other influences on consumer behavior Fahad
a. Examine any psychological, sociocultural or situational factors that influence the purchase of your product.
11. Global marketing presence German
a. What type of global presence does your company/product have?
b. What is the overall importance of global sales to the company/product? Be specific,
c. Is your product marketed differently in different countries? How is it different?
12. Marketing research
a. What types of marketing research is the company involved in?
b. How will the research affect the marketing activities of the company?
13. Market segments and product positioning
a. How is the market (buyers) for your product segmented?
b. Who is the main target market for your product?
c. What is the size of the target market? What is the size of the other market segments?
d. What is the potential for growth of the company's chosen markets?
e. How is your product "positioned" in the minds of consumers? Write a positioning statement for your product.
f. How are the competitors' products positioned compared to your product?
g. What would a positioning map look like for your products compared to competing products (provide at least one positioning map as an exhibit)?
h. What is the market share breakdown for your product and your competitors?
I. What is your company/product competitive advantage in the marketplace?
Marketing Audit Questions: Developing, managing and pricing products (Chapters 10, 11, 12, 13 and 14)
14. Classification of products
a. Is your product a good, service or idea? You should use the goods-services continuum to help you classify the product.
b. In what category would you place your product: convenience, shopping, specialty or unsought?
c. How is your product classified within the company in terms of the company's product line and product mix? Provide an exhibit that illustrates this.
15. Type of new product ---
a. How would you characterize your product when it was introduced in terms of its innovativeness (Figure 10-2)?
b. How did the degree of innovativeness of the product impact how the product was first marketed?
c. Did your product, when it was first introduced, meet expectations?
d. Were there any problems with the introduction of your product?
16 Managing the product
a. Where is your product in terms of the product life cycle (Figure 11-1)?
b. Use the PLC graph of Figure 11-2 to describe how the stage of the life cycle impacts your product in terms of marketing activity
c. Where is your product in terms of the life cycle of consumers (Figure 11-5)? Who were the innovators and early adopters of your product?
d. How has your product been modified or repositioned to better serve customers? Did the company try to go after different customers by a modification of the product or a repositioning campaign?
e. Describe your product's brand personality?
f. How has your product created brand equity?
g. Describe your product in terms of its present and past branding strategy(s).
h. Are there any packaging qualities that distinguish your product (provide exhibits and web links to illustrate your product's packaging.
17. Pricing strategies
a. How is your product priced compared to the competition? Provide an exhibit comparing your product's prices to the competitors.
b. What type of pricing policy did your product use: penetration pricing, prestige pricing, odd even pricing, target pricing, standard markup pricing, etc.
c. What are your products points of differentiation or points of difference? How have these points of difference affected the price of the product compared to the
competition? Provide an exhibit that compares points of difference.
d. Describe how your product creates value compared to the competition.
e. Is your product classified as price elastic or inelastic? Explain. Discuss the price sensitivity of different market segments for your product.
f. Describe the product line pricing strategy for your product.
Marketing Audit Questions: Managing marketing channels and communicating product ideas: Chapters 15, 17, 18, and 20
18. Channels of distribution
a. How would you describe the distribution channel for your product (direct and/or indirect channel)? Provide an exhibit illustrating channel levels (Figure 15-3,4,5)
b. Does your product have an electronic marketing channel? If so, describe it.
c. Does your product have a dual distribution strategy? If so, describe it.
d. If your company has a vertical distribution strategy, describe it.
e. Does your product exhibit intensive, exclusive or selective distribution? Describe why your product was classified in one of the categories above.
f. Is there tension in the distribution channel for your product? Why?
g. In terms of supply chains, how does your product get to its final customers? Provide an exhibit to illustrate your supply chain (Figure 15.9)
19. Marketing communications and direct marketing ----
a. Describe the push and pull channel strategies for your product.
A. The push strategy for the pale ale is to continue
20. Advertising, sales promotion and public relations
a. Does your product exhibit both "product advertisements" and "institutional advertisements?" Give some examples of each.
b. What media does your company use to advertise? Give some examples of each.c. Based on your personal observations, what are some of the most effective ads for your product? Provide ad examples that illustrate your product's position with a specific target markets. Why do you think these ads are so effective?
d. Does your company use consumer sales promotions for your product? If so, what promotions are used and are they effective? Provide illustrations.
e. Are public relations a part of the promotional mix for your product? If so, describe an example of a public relations piece and state how effective you think the piece was in terms of affecting the target audience.
f. Describe your product's social media platform.
21. Personal Selling& Sales Management Fahad
a. How does your company use personal selling?
b. What kind of personal selling is used? Relationship? Order taker?
c. Describe the sales process (steps in the sale) for your product. How would you sell the product (face to face) to a customer? Is selling more or less important in other parts of your distribution channel?
d. What is the USP (unique selling proposition) for your product?
e. How do your sales people "create value' for the customer?