Select a local or international business that has a website and link to Facebook, Google+, YouTube, Twitter and/or Pinterest.
1. Provide an overview of the business selected (e.g. business sector, nature of operations, size, number of employees, etc.).
2. In the company’s effort to redefine its relationships with its customers and other stakeholder groups, the marketer (marketing team) needs to research and evaluate the trends and developments in the marketing environment (micro and macro) that have a direct or indirect impact on the firm’s marketing efforts. You are asked to discuss in detail the environmental forces and actors that have an impact on the business that you have selected (5%)
3. Based on the information provided through the firm’s website and social media tools what is in your opinion the marketing management philosophy that the firm has adopted and why? Put forward your own critical assessment of the philosophy adopted (e.g. strengths/weaknesses) (5%)
4. Propose a NEW product/service to be launched by the business in the local or international market in the Summer of 2023 in order to strengthen its current portfolio of
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products/services and businesses. Part of your responsibilities as a brand manager for the new product are to:
A. Propose Segmentation, Targeting, Positioning and Differentiation strategies for the NEW PRODUCT (10%)
Therefore, you must describe the various Segmentation Variables that the company could apply in order to segment the market in order to identify customers’ needs, characteristics and requirements. Then describe those customer segments that emerge from the segmentation effort and which the firm could explore for future development and growth. Discuss the key cultural, social, personal and psychological factors (Consumer Behaviour) that in your opinion could influence the purchase behaviour of the customer segments that the company aims at targeting and which the marketers will have to study and understand in order to succeed in their marketing effort. Suggest and describe one of the key Targeting Strategies that the company can implement. Propose a Differentiation and Positioning Strategy that the firm can adopt for the New Product/Service.
B. Design an Integrated Marketing Mix Strategy again for the NEW PRODUCT consisting of the following elements: (10%)
1. The Product Strategy (propose a product (brand) from the firm’s product mix/product portfolio and discuss in detail the three levels of the product)
2. The Pricing Strategy (propose a pricing strategy to be adopted by the firm)
3. The Promotion Strategy (propose marketing communication/promotion tools that the firm
can use in order to position the product (brand) effectively in the specific segment.
4. The Distribution Strategy (identify the most important channel management decisions that
the marketer should take).
✓ Word Limit: 4,000 words
Learning Outcomes:
1. Learn to practically apply the fundamental principles and philosophy of marketing.
2. Demonstrate an ability to use information and make marketing decisions in a real business context.
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3. Design an Integrated Marketing Mix Strategy.
Rationale:
This assignment requires students to understand, analyse and prescribe the main marketing aspects of a business. Students are expected to gather, interpret and apply marketing information towards the development of the required tasks, utilising the knowledge gained throughout this course.