Reference no: EM133115134

Assignment - Marketing Management

A friend of yours is calling you. He tells you about his own cryptocurrency he has created. The coins have little to no value other than as a unit of exchange. That would not stop consumers from buying it, argues your friend, as he refers to similar cryptocurrencies that have experienced a recent surge in demand. The friend thinks his cryptocurrency could see a similar surge in demand if you could help him introduce it to the market. You agree to help him out. You tell your friend that you will get back to him after you thoroughly studies potential value propositions.

Determining and developing your value proposition

Question 1. First, you are going to identify and outline 3 market segments that operate in this fragmented market. Make sure to document the i) psychographics, ii) demographics, iii) geographics, and iv) the segments' behavioral patterns of these 3 market segments. Substantiate each of the segments that you have identified by referring to both a piece of qualitative data and a piece of quantitative data that you have come across during your market research
250 words max. per market segment, excluding data; 750 words max. in total, excluding data

Question 2. Next, you will target 1 segment toward which you will be directing your marketing efforts. Argue why you believe your resources are best spent targeting this market segment.
250 words max.

Question 3. Write a positioning statement. Use the following format: "To [target segment and need] our [brand] is [concept] that [point of difference]. Explain the rationale behind your formulation. Refer to Maslow's Hierarchy of Needs to explain on what need(s) you will focus.
250 words max, excluding the positioning statement Communicating your value proposition

Question 4.
a. Establish your communication objective. On which of the five levels of the Hierarchy of Effects will you be focusing? Explain why you believe this communication objective suits your product in this stage best.
250 words max.

b. Additionally, what kind of promotional efforts will you be deploying in order to meet your communication objective? Explain your pick.
150 words max.

c. Do these promotional efforts qualify as push marketing or pull marketing? Explain your answer.
150 words max.

Question 5.
a. Which of the three models of Marketing Communication fits your marketing communications strategy best: one=to-many, one-to-one, or many-to-many? Explain your answer.

150 words max.
b. Additionally, indicate the extent to which you, as marketer, have control over the impact of your marketing communication efforts. Refer to the Control Continuum. 150 words max.

i. If you think you have little control over the impact of your efforts, explain why this does not necessarily have to be a problem.
ii. Alternatively, if you think you have much control over the impact of your efforts, explain what a potential downside could be.

Question 6. Which persuasion principle(s) will be at the core of your marketing communication? Why do you think this/these will be the most effective one(s) in persuading your target audience to buy your product? You could use more than one of Cialdini's persuasion principles.
250 words max. per persuasion principle