Assignment:
Marketing is all around you. Examples are all around you. In fact, people market themselves every day. Consider how you landed your current or past job. How did you persuade someone about your idea? Maybe you convinced someone to try eating at a different restaurant that he or she wasn't familiar with. Marketing also includes the 4 Ps of marketing-product, place, price, and promotion.
To help start brainstorming how to market your client's product, discuss with your colleagues the following:
• Write your own definition of marketing.
• Research and cite a definition of marketing from a reliable source.
• From a personal perspective, what is one way that you market yourself? Provide an example.
• Is your definition of marketing yourself different than the textbook definition of marketing a product? Why or why not? What are a few of the differences or similarities?
• Discuss how the 4 Ps of marketing contribute to a brand's success.
• Which of the 4 Ps do you think is most important, and why?
Part 2 (7 to 8 Slides) (100 to 150 speaker note)
• Choose 1 consumer product brand to be your "client." You may choose any consumer brand or select a brand from this list.
• Review your client's brand by researching their Web site and other supplemental resources, such as this directory to learn everything you can about the company, its customers, management team, and anything else that will help you understand its brand.
You are the chief marketing consultant for your company's brand. Your goal is to help the company create an updated marketing plan by learning to apply the marketing process to communicate how great the company's brand is to its current and potential customers in the marketplace and market space.
One of the first steps of the marketing plan is to understand the business goals of the project. The job of the marketer is to help design a marketing plan so that the company can realize additional revenue and profits through increased market share or motivating existing and new customers to buy the product. Sometimes this requires repositioning or changing the brand's image and the way the brand is perceived by customers in the marketplace by using the 4 Ps of marketing.
Your client has asked you to draft the goals of the marketing plan by suggesting how to use the 4 Ps of marketing that will help reposition the brand in the marketplace. The client wants a brief PowerPoint presentation to help brainstorm the interaction of the 4 marketing Ps and other ideas with the company's marketing team.
The presentation will help everyone on the team understand how to apply the 4 Ps of marketing to a brand by developing 2 objectives for each marketingP that can be used in the final marketing plan. Analyze how the marketing Ps will help reposition your selected brand.
Create a PowerPoint presentation of 7-8 slides showing the goals of the marketing project by illustrating 2 objectives for each marketing P. Explain your ideas for each P by writing at least 100-150 words per slide of speaker's notes. The presentation should include the following:
• Slide 1: Product Overview
o Briefly explain the company and brand you are working on. Add a picture of the brand to the slide.
o Give an overview of the brand and its current position or perception by customers in the marketplace. For example, do customers seem to think the brand is too expensive compared to its competitors?
• Slide 2: Competition
o Identify 1 competitor of this brand. Add a picture of the competitor brand.
o Explain 1 reason why this brand is a competitor of your client's brand.
• Slide 3: Product Objectives
o Draft 2 objectives of the marketing plan to show how product can be applied to your brand. Examples are as follows:
Objective 1 could include a statement about the features of the product and the benefits of those features for the customer.
Objective 2 could include a new product satisfaction guarantee policy that can be communicated in the advertising message.
• Slide 4: Price Objectives
o Draft 2 objectives of the marketing plan to show how price can be applied to your brand. Examples are as follows:
Objective 1: One goal of the price marketing P could consider how to possibly discount the price for a short time in an advertising campaign to entice current and new customers to try the product.
Objective 2: You could competitively price the product against its competitors for maximizing market share.
• Slide 5: Place Objectives
o Draft 2 objectives of the marketing plan to show how place can be applied to your brand. Examples are as follows:
Objective 1 should be designed to find as many distribution outlets as possible for the product.
Objective 2 could be to introduce the product in an online capacity to gain market share.
• Slide 6: Promotion Objectives
o Draft 2 objectives of the marketing plan to show how promotion can be applied to your brand. Examples are as follows:
Objective 1: One objective on promotion is to find a creative and different targeted message that "speaks" to the target customer segments, attempting to show how much better one brand is over the competition. For example, one message could be to explain the quality of the brand over the competition.
? Objective 2: Another objective of promotion could be to create advertising campaigns that reinforce the brand for the customer. For example, a special promotion offering a 25% discount on the first online purchase is another way to advertise and promote the product for increased brand awareness.
• Slide 7/8: Conclusions
o Write a paragraph about your understanding of how the 4 Ps are linked for this particular brand.
Part 3 (400 to 600 words)
Check your client's Web site to find out if it discusses its business plans for now and in the future. This is often found in a public company's annual report. Private companies sometimes list their business activities under the "About Us" or "Newsroom" tabs on their Web sites.
Based on what you know about marketing, discuss the following:
• Briefly explain your understanding of the basic concept of a marketing strategy to your colleagues in 2-3 sentences.
• Discuss with your colleagues how you think research can help your selected company understand its brand's economic value in the marketplace.
• Compare your client's brand "personality" to a character in a movie, book, or cartoon.
o How would you describe the brand relative to a character, and why?
o Use a few adjectives to describe the brand's personality.
• Add one thing that you think your company has not researched well about its brand.