Reference no: EM133202597 , Length: 3 pages.
Assignment: Marketing Management Analysis
For a large discount retail store like Target and Walmart, it can be difficult to get the marketing mix just right for a given product. There are so many products in the store fighting for the attention of customers. There is also the challenge of helping the suppliers of each product maximize their profits while making sure the store is making money. With so many things to consider, working in marketing for such a large business can be a challenge.
Scenario
You'll be acting as a Marketing Manager in the sporting goods section. Marketing managers are responsible for developing, implementing, and executing marketing plans, either for an entire organization or for particular categories or products within the organization, in order to attract potential customers and keep existing ones. Their day-to-day tasks include managing and coordinating marketing and creative staff, leading market research to improve existing products and services, working with advertising agencies, and determining the best way to get products in front of customers.
As a marketing manager for a discount retail store in brooklyn, you have been asked to evaluate a marketing plan for basketballs to ensure that the 4 ps of marketing are being applied well. Using your knowledge of the 4 ps and the best approach to generating sales, you'll take a look at a number of marketing recommendations and choose the approach that you believe will sell the most products.
Instructions
Write 2 to 3 pages paper according to the following instructions:
I. Step I: Product
In the Marketing Analysis presentation provided in the assignment resources, Slide 2 (Product Descriptions) shows three different basketballs that need to be included in the product display. Each product has unique features. Slide 3 (Customer Profile) shows information about the customers who shop at the store location.
Recommend the basketball that will sell best by explaining how the product characteristics match the customer profile.
II. Step II: Place
Slide 4 (Potential Buyer Survey) of the Marketing Analysis presentation shows the results of a survey that asked potential buyers where they are most likely to purchase these products.
• Recommend the best channel to place the product (either online or retail store sales) based on the place principle of the 4 Ps of marketing. Support your answer with references to the Marketing Analysis as well as readings and other course materials.
III. Step III: Promotion
Slide 5 (Potential Promotional Offers) of the Marketing Analysis presentation shows three recommended advertisements, including a special deal promotion, for the product that is expected to sell the best.
Determine which promotional activity will lead to the most sales at a particular store location based on the promotion principle of the 4 Ps of marketing. Refer to Slide 3, Customer Profile. Support your determination with reference to the Marketing Analysis, as well as readings and/or other course materials.
IV. Step IV: Price
Slide 6 (Pricing Options) presents three pricing options. Each option shows pricing for each of the three products together.
Based on your knowledge of the pricing strategies discussed on pages 186-187 in the textbook, recommend the option that has the best pricing mix for all three products. Explain your recommendation based on the customer profile and pricing strategy.
Note: You should complete Step 5 after reading the material.
V. Step V: Brand & Sales Pitch
The company that makes one of the basketballs is looking to rebrand the product. They have asked for your input on possible brand ideas
First, read the Brand Vision statement in the assignment resources, which summarizes the goal for the new brand. Then, look at the logo, name, and tagline recommendations. Which of the two brand directions do you think best meets the goals of the brand vision? Support your decisions and use terms from the course materials correctly.
Second, write a sales pitch that you would use to try to convince someone to purchase this product. The sales pitch should align to the brand direction you selected and include the steps of an effective sales pitch.
VI. Step VI: Market Segmentation
The marketing plan for the basketballs at the Brooklyn store has been in place now for four months, and the marketing team has assembled a report reviewing sales data and customer feedback for the last quarter's basketball sales. Overall, the results are lower than you expected and you are concerned that your marketing and creative staff have not properly segmented your target customers. Remember, like many products in the marketplace, the basketball's marketing campaigns must target two different groups of customers: (i) adults who purchase the item as a gift and, therefore, do not actually use the product, and (ii) adults and teenagers who purchase the item for their own use and enjoyment. Both groups have different reasons and expectations surrounding the item in question, and those reasons and expectations will have significant impacts on the buyers' purchasing decisions.
Review the five customer segments detailed on pages 194-195 of your textbook: behavioral, sociographic, psychographic, geographic, and demographic. Select one focus area of each segment that you feel is most relevant to the sale of basketballs at this store location.
Keeping in mind the 4 Ps, write 1-2 questions for each focus area that will guide your staff as they investigate these aspects of your campaign.