Assignment Task:
Product Repositioning Review an aging brand, evaluate its marketing strategy, and propose a strategic repositioning that will allow it to attract and retain loyal followers in the Millennial (aka Gen Y) and Gen Z generations. Assignment must be submitted as a video presentation. Part I - Current State of the Brand Utilizing the concepts reviewed in Chapters 12 and 13, share the following information about the current state of the brand: Positioning statement Target market, Demographics, Geographic, and Psychographic segmentation (dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers). What makes the consumer loyal? Point of differentiation Marketing mix Product range Price point Promotion strategy Distribution strategy Brand positioning Environmental factors Demographic Competitive What changes must the brand make in order to capture a more profitable share of the market and position itself for success with these generations? Part II - Recommended Changes to the Marketing Mix Product: What changes to the product must be undertaken? Realize that this is typically costly and will affect pricing. Consider product layers, and the varieties of utility that we covered in class. How will the product changes you suggest affect the cost? Price: Is the current price point the best choice for the brand positioning? If not, what is your recommendation? Promotion: How do you propose to communicate value and to influence preference with this generation? How will you manage the relationship? Place: What changes to distribution strategy will allow the brand to capitalize on changes on the next decade?