Individual Marketing Strategy Formulation Assignment Page numbers 6-7 + Appendices (Be concise – do not allow your report to exceed the maximum number of pages)
Directions: Select a small or mid-size business or a new tangible product (not a Service), This could be either a local or national business, and describe its marketing strategy using the below guideline.
Individual Marketing Strategy Formulation Assignment for the New Product Description
Business Name and Location or the new product description:
Summarize the marketing strategy in a paragraph:
1. Describe the businesses general market and specific target markets.
2. What is the Purchase Behavior for the typical customer (frequency, quantity, involvement, brand loyalty, etc)?
3. Product Strategy
1. Description of product
2. Product Quality Strategy
3. Product Service Strategy
4. Competitive positioning of product
5. Competitor issues
4. Distribution Strategy
1. Channels used to distribute the product. Individual Marketing Strategy Formulation Assignment
2. Costs
3. Competitor issues
5. Price Strategy – explain the business’ pricing strategy, cost and markup considerations, competitive pricing considerations and value to the consumer.
A. Basic Price Strategy
1. Skimming vs Penetration
2. Cost Plus
3. Others?
4. Competitor issues
6. Promotion Strategy – Overall, how does the business communicate with its customers?
1. What is the advertising strategy?
2. What is the personal selling strategy?
Foundations of Marketing – MKT302
Page 7
3. What Sale Promotional devices are used?
4. What Publicity options are used? Individual Marketing Strategy Formulation Assignment
5. Competitor issues
7. Technological Issues
1. Trends
2. Impact on product offering.
8. Financials
1. Sales Volume Forecast
2. Marketing and Service Provision costs
3. Estimated Income.
4. Competitor issues
9. Any positive and Negative points Recommendations or course of actions.
Individual Marketing Strategy Formulation Assignment and Suggestions Formulation
You need to formulate your own suggestions covering changes in marketing strategy that will improve the future performance of the company or the new product for the benefit of the stakeholders. Individual Marketing Strategy Formulation Assignment Justify your choices again using marketing methods and techniques that were learned in the class.
These recommendations should be your own ideas but may include marketing tactics and strategies used by other successful organizations but in different industry sectors as applies into this company. Please do not just restate the strategies used by your chosen firm but outline your own recommendations and ideas for improved performance.
The report should include facts and figures from company, academic and professional journals, newspapers, magazines, and text book. The material used from other sources should be referenced properly. Individual Marketing Strategy Formulation Assignment
