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Explains how a particular product meets the needs of a targeted market segment and includes the relative importance of the needs met in each case.

Submit a 3- to 5-page analysis in which you develop, explain, and justify a change in product marketing strategy for the product you selected. Beginning with the information you have gathered on the product and the wants and needs that it meets for customers, determine market segments to target, explain how the product might be better positioned for these segments, and identify the challenges involved in changing product positioning. Provide evidence to support your evaluation.

Note: You are encouraged to complete the assessments in this course in the order in which they are presented.

SHOW LESS

By successfully completing this assessment, you will demonstrate proficiency in the following course competencies and assessment criteria:

  • Competency 1: Apply theories, models, and practices of marketing.
    • Describe the characteristics of individual market segments.
    • Explain how a particular product meets the needs of a targeted market segment.
  • Competency 3: Develop innovative and sustainable solutions to strategic marketing challenges.
    • Describe how a product might be better positioned for target market segments.
    • Describe challenges involved in changing the positioning of a product.
  • Competency 4: Integrate marketing analyses into general business management planning and decision making.
    • Identify sources of information to determine the sizes and characteristics of market segments to target for a particular product.
    • Justify an evaluation of product marketing strategy.
  • Competency 5: Communicate in a manner that is professional and consistent with expectations for members of the business profession.
  • In this assessment, you will analyze and use the concepts of market segmentation, targeting, and positioning to develop a product strategy for your selected product. This analysis includes describing the information used to determine appropriate market segments to target and explaining how the product provides value to each market segment. The analysis should conclude by suggesting how the product might be better positioned for each segment targeted and describing the challenges involved in doing so.

    Note: In this assessment and the next, you will complete the background research and planning necessary to create an integrated global marketing case study based on a company of your choice for Assessment 5.

    Preparation

    Begin by using the information you developed for your competitive analysis to identify sources of information that will enable you to determine the size and characteristics of each market segment that could be addressed by the product you selected.

    Directions

    Complete the following using your selected company:

    Market Segmentation Analysis (2–3 pages):

    • Information Sources. In the second assessment, you developed information on the market potential for your product. Describe the information you found to help you determine market segments to target for your selected product.
    • Effective Targeting. Identify the market segments you think are effective to target for your selected product.
      • Explain how the product provides value to each market segment, in terms of the wants and needs of that segment.
      • Evaluate the effectiveness of the marketing strategy currently used to target that market segment.
      • Justify your analysis with evidence of where the marketing strategy is currently effective, and where it is less than effective.

    Targeting and Positioning Strategy Recommendations (1–2 pages):

    Based on your market segmentation analysis, suggest at least two alternative strategies for improving the marketing of your product.

    • Explain, for each strategy, how the product might be better positioned for each target segment.
    • Describe, given your recommendations, the challenges the company is likely to face when it changes the positioning for the product, particularly the challenges that may arise when attempting to change customers’ perceptions of the product.

    Additional Requirements

    • Written communication: Written communication should be free of errors that detract from the overall message.
    • APA formatting: Your analysis should be formatted according to current APA style and formatting.
    • Length: 3–5 typed and double-spaced pages.
    • Font and font size: Times New Roman, 12 point.
    • Research: Use a minimum of four credible sources.
    • Identifies sources of information to determine the sizes and characteristics of market segments to target for a particular product, and provides a rationale for each source.
    • Describes the characteristics of individual market segments and provides examples of customers who fit each segment.
    • Explains how a particular product meets the needs of a targeted market segment and includes the relative importance of the needs met in each case.
    • Justifies an evaluation of product marketing strategy and provides at least two sources of evidence as support.
    • Describes how a product might be better positioned for target market segments and provides market information that supports the suggested approaches.
    • Describes challenges involved in changing the positioning of a product and provides specific examples to illustrate the difficulties.
    • Communicates in a manner that is professional, scholarly, and consistent with expectations for members of the business professions. Adheres to APA guidelines and work is appropriate for publication.
    • ASSESSMENT 4
    • Submit a 3- to 5-page analysis of the integration of marketing communications in your selected company, with a particular focus on the manner in which the marketing mix is applied for the product you selected. Evaluate how well the company is integrating all aspects of the marketing mix, and identify an area that you see as a weakness.

      Note: You are encouraged to complete the assessments in this course in the order in which they are presented.

      SHOW LESS

      By successfully completing this assessment, you will demonstrate proficiency in the following course competencies and assessment criteria:

      • Competency 2: Integrate fundamental principles and applications of marketing to address business problems.
        • Analyze how a company integrates its marketing communications efforts across the marketing mix.
        • Explain how a particular aspect of a company’s marketing mix falls short in relation to a particular product.
      • Competency 4: Integrate marketing analyses into general business management planning and decision making.
        • Analyze current pricing.
        • Analyze current distribution channels.
        • Analyze current promotion, public relations, and advertising activities.
      • Competency 5: Communicate in a manner that is professional and consistent with expectations for members of the business profession.
      • For this assessment, you will analyze the integration of marketing communications in your selected company, with a particular focus on the manner in which the marketing mix is applied for the product you selected. In Assessment 3, you addressed the aspect of product strategy. For this assessment, focus on the other three aspects—place, price, and promotion—to analyze how the company uses each, and in particular, how each is used to market your selected product. Evaluate how well the company is integrating all aspects of the marketing mix. Finally, identify and explain how an aspect of the company’s marketing mix falls short in relation to the product you selected.

        Preparation

        To gain a sense of the range of marketing activities utilized by your selected company, find and study all aspects of the company’s marketing mix. Pay particular attention to the media, tools, and approaches used to market your selected product. Analyze the characteristics of these activities so that you have a clear sense of how the company, and your product in particular, are presented to the market and how potential buyers are likely to see the product. Begin writing your analysis when you have a solid sense of both of these, along with a variety of examples to support your thinking.

        Directions

        For this assessment, complete the following:

        • Analyze each of the following aspects of the marketing mix, both for the company in general and for your selected product, in detail:
          • Pricing strategy (price). Analyze the company’s overall pricing strategy in relation to competitors. Then focus on the pricing strategy used for the product you selected. For example, is the product positioned at the high end of the market, as a midrange product, or as the low cost alternative?
          • Channels of distribution (place). Summarize the manner in which your selected company moves its products to market. Then focus on how these channels of distribution function for your selected product in particular. Besides noting the logistics involved, analyze how well the channel fits the image of the product. For example, if your product is a technological tool, describe how it is moved from production to customer availability, including the effectiveness of the outlets or interactions that have direct contact with customers. Consider the effectiveness of the company’s distribution overall—are they missing any productive channels? Could they gain better penetration in their existing channels?
          • Market messaging (promotion). Analyze the company’s messages to the marketplace through all of the channels the company uses. Include advertising, sales promotion, and public relations, as well as the manner in which the company uses any aspects of social media to support these efforts. Analyze the extent to which the company integrates print, media, and Internet efforts.
        • Analyze how the company integrates its marketing communications efforts across the marketing mix:
          • For the company in general.
          • For the product you selected.
        • Identify an aspect of the marketing mix that you see as a current weakness in terms of the product you selected. Explain your thinking, including specific examples from the company’s current marketing activities.

        Additional Requirements

        • Written communication: Written communication should be free of errors that detract from the overall message.
        • APA formatting: Your analysis should be formatted according to current APA style and formatting.
        • Length: 3–5 typed and double-spaced pages.
        • Font and font size: Times New Roman, 12 point.
        • Research: Use a minimum of four credible sources.
        • Analyzes current pricing and explains how products are positioned in relation to competitor pricing.
        • Analyzes current distribution channels and provides examples of how products are distributed in relation to their positions in the marketplace.
        • Analyzes current promotion, public relations, and advertising activities, including both traditional and Internet activities and the extent that the two are integrated.
        • Analyzes how a company integrates its marketing communications efforts across the marketing mix and provides examples of at least two kinds of integration
        • Explains how a particular aspect of a company’s marketing mix falls short in relation to a particular product and provides at least one detailed example of the problem.
        • Communicates in a manner that is professional, scholarly, and consistent with expectations for members of the business professions. Adheres to APA guidelines and work is appropriate for publication.
        • ASSESSMENT 5
        • Submit a 10–14 slide presentation of a recommended change in marketing strategy for a selected product. The change should be supported by, and consistent with, evidence related to the global market potential for that product, as well as the analysis completed in the previous assessments. The presentation should be provided in a PowerPoint file, suitable to be projected for a group meeting, with the essence of the ideas presented on the slides, and the details of the presentation in the Notes area.

          Note: You are encouraged to complete the assessments in this course in the order in which they are presented.

          SHOW LESS

          By successfully completing this assessment, you will demonstrate proficiency in the following course competencies and assessment criteria:

          • Competency 2: Integrate fundamental principles and applications of marketing to address business problems.
            • Create an overview of a company based on its size, markets, and product lines.
          • Competency 3: Develop innovative and sustainable solutions to strategic marketing challenges.
            • Identify a strategic marketing challenge.
            • Develop alternative solutions to a global business marketing problem or opportunity.
            • Recommend a change in product or marketing strategy.
          • Competency 4: Integrate marketing analyses into general business management planning and decision making.
            • Evaluate the effectiveness of the marketing of a particular product.
          • Competency 5: Communicate in a manner that is professional and consistent with expectations for members of the business profession.
          • For this assessment, you will a present a recommended change in marketing strategy for a selected product. The change should be supported by, and consistent with, evidence gathered related to the global market potential for that product, as well as the analysis completed in the previous assessments. Begin by summarizing relevant background information on the company and the product, and making the case for a change. Examine alternative approaches for changes in marketing strategy, then select and justify the best approach. The presentation should be provided in a PowerPoint file, suitable to be projected for a group meeting, with the essence of the ideas presented on the slides, and the details of the presentation in the Notes area.

            Preparation

            Conduct a brief study of marketplace needs related to your selected product. Select two international markets in addition to your own and identify any variations you find in aspects of the marketing mix. For example, if you have been doing your analyses so far in relation to marketing in the United States, you could research the expectations of products like your selected product in Europe and Asia. The most important aspects that you find, both similarities and differences, will be the basis for your strategy presentation. Your brief study should enable you to answer the following questions:

            • What common expectations can you identify for your product in each market?
            • What significant variations can you identify among expectations in each market?
            • What would you conclude are the core expectations for all three markets?
            • What alternatives do you see for your product, price, place, and promotion strategies that:
              • Emphasize how the product addresses the core expectations that are common to all markets for this type of product.
              • Allow for slight marketing variations by market, without undermining the ability to satisfy the shared core expectations.
              • Provide at least one significant differentiating factor that could provide your selected product with a competitive edge in each of the markets you researched.

            Directions

            Develop a 10–14 slide presentation that follows this structure:

            • Title: The title should include the name of the selected company and product. It should also suggest the direction of the new aspect of product strategy.
            • Introduction (1 slide): Provide the following:
              • An overview of the process followed to arrive at the recommendations provided in the presentation.
              • A summary of the background context needed for a member of your audience to understand the issues raised in your analyses and the choices made in your conclusions.
            • Company Overview (1 slide): The overview can provide a historical perspective on the selected company, the marketplace, culture, and key players. Measures of size, effectiveness, and specifics on market dynamics enhance the understanding of the size and scale of the organization and the importance of the marketing strategy.
            • Product Overview (1–2 slides): Describe the product involved, including its uses, the needs it meets from the user’s point of view, and the core aspects of the marketing mix.
            • Current Situation (3–4 slides): Explain how and where the product is currently marketed, summarizing all aspects of the marketing mix and utilizing information gained through your analyses in the four previous assessments you completed–Company Selection and Product Analysis, Competitive Analysis, Market Segmentation and Product Strategy, and Integrated Marketing Communications. In each case, keep the focus on the critical details so that the results of your analysis clearly point to the change(s) you will recommend.
            • Action Alternatives (3–4 slides): Explain your thinking about improving the potential for this product, particularly in relation to the global market. At the very least, this explanation should include answers to the following questions:
              • What are the greatest strengths of the product for a global market? (Provide evidence.)
              • What aspect(s) of the product or its current marketing should be addressed to strengthen the product in a global market? (Provide evidence.)
              • What alternatives might make sense to strengthen the appeal of the product to a global market? (Provide an explanation for each alternative.)
            • Conclusion (1–2 slides): Describe the change(s) you recommend in the product or marketing strategy that you believe will increase the market potential for the product. Explain why you think this approach is superior to the other alternatives you listed, including the evidence you have to support your conclusion.
            • Appendices: List the resources you used to develop your company, product, and market information, citing them as appropriate within slides where evidence is provided. Each appendix should help build understanding and contextual information necessary to explore and advocate a marketing strategy.

            The best test of the effectiveness of your presentation is actually making the presentation to a friend or colleague, showing the slides, and talking through the notes. Ensure that the ideas are sequenced to make sense to another person who is not familiar with them and supported well enough that this person can see the logic of the ideas.

            Additional Requirements

            • Written communication: Written communication should be free of errors that detract from the overall message.
            • Formatting: Presentation should be provided in a Microsoft PowerPoint file, with headings and slide allotments corresponding to the directions in the assessment.
            • Length: 10–14 PowerPoint slides, with detailed explanations for each slide in the Notes section. The slide count does not include the Title or Appendices slides.
            • Font and font size: Arial or similar font, minimum 18-point, including a mix of font sizes on each slide.
            • Research: Appendix should include at least 8 references, formatted according to current APA style and formatting.
            • Creates an overview of a company based on its size, markets, and product lines, providing references to credible sources for supporting information.
            • Evaluates the effectiveness of the marketing of a particular product and provides specific evidence of shortcomings.
            • Identifies a strategic marketing challenge and explains the primary areas of difficulty involved.
            • Develops alternative solutions to a global business marketing problem or opportunity, and clarifies the greatest strengths of each alternative.Recommends a change in product or marketing strategy and presents evidence that the change will be effective.
            • Communicates in a manner that is professional, scholarly, and consistent with expectations for members of the business professions. Adheres to APA guidelines and work is appropriate for publication.
            • Recommends a change in product or marketing strategy and presents evidence that the change will be effective.

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