Reference no: EM131516628 , Length: 5

Overview

The final for this course is a completed Boston Consulting Group matrix (chart) and a five-paragraph essay. In this paper, you will draw upon the learning in the course to examine a real-world example of marketing principles.

In your response to the prompts, you should strive to demonstrate mastery of the outcomes listed below. Be sure to consult the rubric for this activity, as it provides a clear "recipe for success."

Outcomes

A successful final submission will incorporate the following:

• Employ basic terminology used in the marketing field in authentic ways

• Illustrate the necessity of marketing research using real-world examples

• Identify the relationships between consumer influences and positioning a product

• Describe how products are developed and then manipulated to maintain their market share

• Investigate a product portfolio analysis

Prompt

Having researched information about a product you like, conduct a product portfolio analysis incorporating the Boston Consulting Group matrix on the current and future position of the product with a recommendation on how you see its longer-term future.

You will first complete the Boston Consulting Group matrix and then write a short essay that will demonstrate the marketing concepts discussed in the course. Specifically, address the following in your paper:

Find and product you like.

• Part One: Boston Consulting Group matrix: Complete a Boston Consulting Group matrix, which can be found in the final paper template.

• Part Two: Positioning:

o Think about the current position of your product. Where on the matrix do you think it is and why?

o Once you have decided on the position of the product in the matrix, think about the implications of this position: what will be the best channel to promote the product to maintain its market share? Who are the competitors?

• Part Three: Market Share:

o Consider the type of market that you think the products will be in; is it a growing market? How much market share does the product have?

o Are there markets that have not yet been considered that could be exploited in the future?

• Part Four: Marketing Research: To establish marketing strategies so your product stays popular in its industry, what methods to gather primary and secondary data would you use to find out what consumers wanted?

Format

The final should be a five-paragraph essay: introduction, three body paragraphs, and a conclusion. You will also include your Boston Consulting Group matrix at the end of your essay. Use the final paper template provided.

1. Introduction

o Engage the reader with an introductory hook.

Example: The importance of charting a product on the Boston Consulting Group matrix is that it helps a business understand how it is positioned in the consumer's mind, which can help a business determine how it fits into growing markets.

o Describe the chosen product in sufficient detail to establish a context for your analysis.

o Write a thesis statement that includes the three parts in the body of the paper.

Example: This paper will analyze Sugar Frosted Flakes, a cereal in Kellogg's product line, to identify and make inferences about the product's position, market share, and marketing research that shaped its popularity among cereal brands.

2. First body paragraph

o Topic sentence should establish what this paragraph is about, which is the positioning of the product

Example: Sugar Frosted Flakes fall into the category of "cash cow' on the Boston Consulting Group matrix because they keep selling without any new major marketing campaigns. Kellogg's is able to reap the rewards of the money previously invested in the cereal.

o Use specific examples from the product, your coursework, and (if appropriate and necessary) outside sources to illustrate all of your answers to the first part of the prompt.

Example: The best way to advertise Sugar Frosted Flakes is on television during cartoons on Saturday morning. Children also recognize this cereal by the popular cartoon characters on the box; this packaging is used as a marketing tool different from their competitor, the store brand.

The store brand's packaging is a white box without pictures and primarily advertises in the newspaper, promoting with coupons. This example illustrates the importance of having a recognizable brand, which is crucial to product positioning and understanding how children view the product.

o Use the last sentence to wrap up your thoughts and transition to the next paragraph.

Example: In addition to considering how children view this cereal, a business would need to consider how their parents view it too.

By conducting a Boston Consulting Group matrix, a business can remain competitive in its market.

3. Second body paragraph

o Topic sentence should establish what this paragraph is about, which is the market share.

o Use specific examples from the product, your coursework, and (if appropriate and necessary) outside sources to illustrate all of your answers to the second part of the prompt.

o Use the last sentence to wrap up your thoughts.

4. Third body paragraph

o Topic sentence should establish what this paragraph is about, which is the marketing research.

Example: Sugar Frosted Flakes uses multiple research methods to ensure it remains profitable in an industry where there are many cereal choices for children.

o Use specific examples from the product, your coursework, and (if appropriate and necessary) outside sources to illustrate all of your answers to the last part of the prompt.

Example: One of its marketing research methods is to give samples of the cereal in grocery stores and ask shoppers to complete a survey after they have tasted the cereal.

o Use the last sentence to wrap up your thoughts.

5. Conclusion

o Restate your thesis.

o Draw conclusions and reflect upon the big picture.

Example: Sugar Frosted Flakes has become a popular breakfast cereal. Sugar Frosted Flakes tailors its commercials and packaging to position its product especially for children. Kellogg's is enjoying a high market share, but the market is declining as parents are feeding their children more nutritious cereal.

After looking at the marketing research it will have to decide if it should keep putting money into this cereal to grow into an even bigger market share or decide on a way to make it more nutritious so parents will keep buying it for their children.

Boston Consulting Group Matrix for Sugar Frosted Flakes