Describe the product and its primary benefits to consumers

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Reference no: EM133200404 , Length: 2 pages.

Project Assignment: Positioning and Marketing Mix for the Google Home Mini Paper

Your group should select a product and a company of interest. For purposes of this project, I would recommend that you choose a company that is a publicly held company, so you will have access to the necessary information.

The Report will include:

1. A cover page, listing the names of the contributors alphabetically by last name, and add a relevant product image on the cover page, and a table of contents listing the initial page number for each section.

2. Product Descriptionfrom a marketing perspective, not necessarily a technical, perspective.

a. Describe the product and its primary benefits to the consumers.

b. Describe the overall company image and brand perception. Derive any relevant brand related issues/challenges?

c. State the determinant attributes first.

Then, identify the key competing products and articulate the unique value proposition of the product and explain how it relates to the determinant attributes.

In other words, why would consumers choose this product over those of the competitors' and how does your product rate against those of the competitors on important aspects (determinant attributes) of the purchasing decision? (Include a product comparison chart).

Then, finish with a statement of unique value proposition

3. Market trends

What are the major current and emerging market trends impacting on this type of products or product category, not your product per se? (For example, trends in consumer needs and behavior, shifts in consumer perception of value, technological advances, trends in industry cost drivers, change and evolution of the industry in terms of competitive dynamic, and product life cycle, etc.)

a. Based on the market trends, derive relevant opportunities and threats for the company

b. Based on the market trends, determine relevant opportunities for product innovation and development

4. Segmentation and Targeting

a. Discuss what segmentation approaches would be used to derive potential segments

b. Who are the potential segments? Provide a descriptor and brief description for the chosen segments?

c. Once the potential segments are derived, discuss what criteria for evaluating the segment attractiveness have been used to select the final/chosen segment(s). Clearly substantiate the criteria that you have chosen and use available statistics on market size, market growth etc.

d. How will you target the chosen segment(s) and what targeting strategy will be used and why?

5. Positioning

a. Develop a perceptual map using the key determinant attributes that are important to your customers for making purchasing decisions

b. Discuss the perceptual map and determine whether the product is currently at the ideal point

c. If the product is at the ideal point, what would be your positioning strategy and why?

d. If the product is not at the ideal point, what would be your repositioning strategy and why? (Use an arrow to indicate where you want to reposition your product on the perceptual map)

e. Either way, come up with a positioning statement. The positioning statement should include the target audience, the category in which the brand competes, the point of difference or differentiation, and the convincing proof that the brand delivers what it promises (see template provided in class lecture notes). If you are repositioning, you will be producing a positioning statement before the repositioning and then another positioning statement after the repositioning.

6. Marketing Mix

Based on the overall positioning strategy and positioning statement describe the elements and implementation of the marketing mix, explain how the marketing mix reinforces the positioning?

a. State the overall positioning and then explain how the marketing mix will reinforce the overall positioning in terms of:

b. Product strategy: describe how the product and its features support the overall positioning?

c. Pricing strategy: Explain the unique value proposition in terms of value versus price. Describe the price differentials to those of the key competitors. Provide examples and use real prices to substantiate your discussion.

d. Distribution strategy: explain what distribution strategy you would use and why? What tradition channel as well as online distribution would you use and why? Give real life examples.

e. Promotion strategy: what would be the purpose of your overall promotional campaign and why? How does it align with the overall positioning strategy? What would be the central message? Any slogans or tag lines? What would be the promotional schedule and other related promotional tactics to support your overall promotional campaign?

Attachment:- Product-Description-and-its-Primary-Benefits.rar

Reference no: EM133200404

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