Organize Notes of what we started:
Application 1
Business Mission & Objectives:
What type of business…what industry does this brand operate in?
What are the goals and objectives of the brand?
What do it need to do to accomplish these goals and objectives?
Problem definition:
What problem are you trying to solve?
Why is it an important challenge facing the company?
Application 2
Marketing Strategy/Situation analysis
Describe the approach your brand's existing marketing strategy; Begin a situation analysis:
Identify and describe the brand’s (former/current) source(s) of competitive advantage.
Identify and describe the brand’s (former/current) growth strategies.
Identify and describe 2-3 key Strengths and Weaknesses (SWOT) of the brand.
Application 3
Marketing Environment/Situation analysis:
1. Identify and describe 2-3 key Opportunities, and Threats (SWOT) of the brand.
2. Identify and describe social, economic, technological, competitive, and regulatory trends that may be pertinent to the performance of your business, both currently and in the future.
Application 4
Consumer Behavior
Problem Recognition: Describe the problem that might lead consumers to purchase this product/service.
Information Search: How might consumers go about gathering information about the product/service? (Identify internal and external sources of information)
Evaluation of Alternatives: Identify 2 alternative product options that consumers may encounter in their search. How do these alternatives compare to your product/service? (list at least one pro and one con of each alternative)
Purchase: What potential factors contribute to the consumer’s final decision to purchase the product/service?
Post-purchase Outcome: What are some potential reasons for consumers to experience feelings of a) satisfaction, b) dissatisfaction, or c) buyer’s remorse after purchasing the product/service? What can your company do to influence positive post-purchase outcomes?
Application 5
Segmentation, Targeting, and Positioning :
Identify and describe the key customer segment(s) for your assigned brand; and evaluate your target market.
a. Which customer segment(s) are currently targeted?
b. Who are they? What are they like? What are their needs?
How is your brand positioned?
Application 6
Marketing Research Planning
For the second half of the marketing plan project your goal will be to conduct a Marketing Mix (4P) Analysis and to provide Marketing Mix Related Recommendations for addressing the problem facing your brand.
For this week’s assignment you will develop a proposed market research plan for collecting the data and information that would be necessary for you to conduct the Marketing Mix Analysis.
