- Provide a description of your product/service and a brief history of the firm that produces your product/service.
- Describe and discuss (broadly speaking) the 4 Ps associated with your product/service. Below are the 4Ps described in your textbook, describe and discuss all four of the 4Ps.
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- Old 4 Ps – Product, Place, Promotion, Price
- New 4 Ps – People Processes Programs Performance
- Scanning the Market Environment (See chapter 3) NOTE: If researching these topics proves difficult because of the product/service you have chosen, research a similar product/service, and report those results as a proxy for your product/service.
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- Describe and discuss the demographic trends associated with your product/service.
- Describe and discuss the current economic trends and the influences they will have on the sales of your product/service.
- Describe and discuss the technological changes that have affected consumer acceptance of your product/service.
- Describe and discuss the consumer’s tastes and preferences for your product/service.
- Describe and discuss the Social / Cultural factors for your product/service
MMGP: Market Analysis
- Analyzing the Consumer Market (See chapter 6)
- Describe and discuss the cultural factors that have the most influence on consumers purchasing your product/service?
- Describe and discuss the social factors that have the most influence on consumers purchasing your product/service?
- Describe and discuss the personal factors that have the most influence on consumers purchasing your product/service?
- Describe and discuss the psychological factors that have the most influence on consumers purchasing your product/service?
- Which aspects of consumer behavior should your product or service emphasize in their marketing plan and why?
Market Segments (See chapter 8)
- Which variables should your firm use to segment its target markets?
- How can your firm evaluate the attractiveness of each identified segment?
- Should your firm pursue full market coverage, market specialization, product specialization, selective specialization, or single-segment concentration? Why?
- What are your firm’s target market(s)? Explain
- What specific needs does your product/service address for each target market? Be specific and creative.
The individual submission is due by 11:59 p.m. (ET) on Sunday in Module 3.
MMGP: Positioning/Competition/Branding
Positioning (See chapter 10)
- What is an appropriate positioning statement for your product/service? Explain the statement.
- How is your product/service positioned in the market place? Provide examples and a detailed explanation.
Competition (See chapter 11)
- Which firm is the market leader in your industry, what are its strengths and weaknesses? Product Branding (See chapters 9 and 12)
- What brand elements would be most useful for differentiating your product/service’s brand from the competition?
- What is the brand promise for your product/service? If there is a similar brand promise that another product/services uses please discuss. What are the attributes and benefits of your product/service? How do they relate to your target market?
- How can your firm use packaging and labeling to support its brand image?
The individual submission is due by 11:59 p.m. (ET) on Sunday in Module 5.
MMGP: Services/Pricing
Services (See chapter 13)
- What support services do buyers of your product/service want and need?
- What support services does your firm’s main competitor offer? How do those efforts affect their sales?
- What post-sale service arrangements must or should your firm provide to handle repairs/services?
- How will repair/service efforts affect customer satisfaction?
Pricing (See chapter 14)
- What price adaptations should your firm include in its marketing plan? Be specific.
- Describe and discuss any changes your team would make in the pricing of your product. Be specific and provide examples where applicable.
MMGP: Promotions/Marketing
Promotions (See chapter 17-18-19)
- Describe, discuss and analyze all of the various Integrated Marketing Communication (IMC) mix components your product/service uses.
- Describe, discuss and analyze the internet marketing possibilities for your product/service.
- Describe, discuss and analyze the use of social media in marketing your product/service.
- Surveying the current promotional efforts for your product/service, what specifics could you provide that show your firm is delivering value for their customers? Remember, value is what customers get in return for paying the retail price for the product. Customers are not buying features and benefits!
Socially Responsible Marketing (SRM)
- What examples could you provide of firms (any firm, in any industry) that successfully engaged in socially responsible marketing?
- What specific suggestions could you provide for your firm to follow in order to be more socially responsible?
