- This begins the marketing mix strategies to ensure a value offering for the target market you identified in in last week assignment. We begin with the value offering this week.
- Note don’t expect you to develop strategies based on a total knowledge of the product or service since you are not, or most likely not, employed by your product or service’s company. We will be looking to see if you can apply the marketing concepts to the real world situation.
- Again, do not fall into the trap of reporting on the product or service. This is obvious because your assignment will look like a rewrite of the company’s website. Don’t be afraid to make strategy recommendations based on what you have discovered about the product or service, and how you think it can move forward. Be creative, be reasoned, take risks.
- Remember your product’s target market from last week. Always keep them in mind when making your recommendations. You now work for the company and your goal it to help them grow sales.
Prepare your assignment beginning with a title page including your name, your product or service, and the name of your target market. The answer each of the following four questions in order and number the beginning of each question. There is no need to repeat the question text.
- Offering. Describe your product or service offering as it is currently n terms of features and benefits, price and the total cost of ownership as discussed in the week’s readings. Is it more product dominant or service dominant. What are the tangible and intangible aspects?
- Type of consumer offering. Based on the four categories of type of offerings discussed in course content, describe in which category your product or service offering belongs. Based on your new target market, would that category of the offering change and if so, how? How would it change marketing strategy?
- Product line extensions or new product development. Should the current product or service be modified to more fully meet the needs of your new target market? Would the changes constitute a new product line, a product line extension or a new product? If no product changes are needed, how does the same product or service meet the need of your target market differently than current customers? Would the product line extension or new product allow the offering to occupy uncontested space in the perceptual map for the target market as covered last week?
- Product lifecycle. In which stage of the product lifecycle is your product or service offering now? Would the changes described in number 3 above change the lifecycle stage and if so how? What would this mean to the lifecycle marketing strategy?
- Prepare as a word processed document (such as Microsoft Word).
- two pages of double-spaced text, approximately 1/2 page for each of the four questions.
- Use a simple 12-point font such as Times New Roman. Use black ink for majority of your work and only use colors if it enhances your ability to communicate your thoughts.