Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Marketing Management Expert

MRKT 310

Part 1 - Creating Offerings

Learning Outcomes

1. Offering. Student can describe an offering based on features, benefits, price, and costs of ownership

2. Type of consumer offerings. Student can suggest marketing strategy implications based on the type of consumer offering under examination.

3. Product line extensions or new product development. Student can suggest possible product line extensions or related product or service offerings based on the student's chosen product or service offering.

4. Product lifecycle. Student can suggest potential marketing strategies based on the product or service's lifecycle stage.

Directions

• Your job in this Writing Assignment is to develop marketing mix strategies to ensure a value offering for the target market you identified in the previous assignment. We begin with the value offering this week.

• We don't expect you to develop strategies based on a total knowledge of the product or service since you are not, or most likely not, employed by your product or service's company. We will be looking to see if you can apply the marketing concepts to the real world situation.

• Again, do not fall into the trap of reporting on the product or service. This is obvious because your assignment will look like a rewrite of the company's website. Don't be afraid to make strategy recommendations based on what you have discovered about the product or service, and how you think it can move forward. Be creative, be reasoned, take risks.

• Remember your product's target market(s) from the previous paper. Always keep them in mind when making your recommendations. You now work for the company, and your goal it to help them grow sales.

• Prepare your assignment beginning with a title page with your name and the name of your product or service. Then answer each of the following eight questions (four in part 1 and four in part 2) in order and number the beginning of your response to each question. You do not need to repeat the question. The paper should contain approximately 5 pages of analysis for the responses to the eight questions.

1. Offering. Describe your product or service offering as it is currently in terms of features and benefits, price and the total cost of ownership as discussed in the week's readings. Is it more product dominant or service dominant? What are the tangible and intangible aspects?

2. Type of consumer offering. Based on the four categories of type of offerings discussed in course content, describe the category in which your product or service offering belongs. Based on your new target market, would that category of the offering change and if so, how? How would it change the marketing strategy?

3. Product line extensions or new product development. Should the current product or service be modified to more fully meet the needs of your new target market? Would the changes constitute a new product line, a product line extension or a new product? If no product changes are needed, how does the same product or service meet the need of your target market differently than current customers? Would the product line extension or new product allow the offering to occupy uncontested space in the perceptual map for the target market as covered in thr previous paper?

4. Product lifecycle. In which stage of the product lifecycle is your product or service offering now? Would the changes described in number 3 above change the lifecycle stage and if so how? What would this mean to the lifecycle marketing strategy?

Part 2 - Using Marketing Channels and Price to Create Value for Customers

Learning Outcomes

1. Marketing Channels. Student can outline a multi-channel distribution system

2. Marketing channel strategy. Student can recommend a marketing channel strategy for a product or service offering that assures the correct amount of intensity.

3. Value chain. Student can discuss how each channel in the product or service offering adds value to the customer.

4. Pricing strategy. Student can analyze a current pricing strategy and make recommendations for modifications.

Directions

• This part of the assignment assesses your ability to relate marketing mix concepts of distribution and pricing to your product or service offering. You will also have a chance to recommend new distribution and pricing strategies based on your new target market to meet their needs.

• Answer each of the following four questions, in order, numbering each of your responses. There is no need to repeat the question.

1. Marketing channels. To the best of your ability, outline the marketing channels of your product or service offering as they currently exist.

Refer to Figure 6.2 for some ideas. Most product and service offerings will have more than one channel, so your system should include at least two; for example

(1) a direct channel for internet sales: manufacturer --> customer; and

(2) an indirect channel such as manufacturer --> distributor --> wholesaler --> retailer --> customer. If your product or service only has only a direct channel, explain why. Would this channel strategy change as a result of your new target market? Why or why not?

2. Marketing channel strategy. Why type of distribution intensity strategy does your product or service currently use? How do you know this? Would this distribution intensity strategy change for your new target market? Why or why not?

3. Value chain. Referring back to your marketing channel diagram, discuss what each member of the value chain does to bring value to the consumer.

4. Pricing strategy. Referring to the various pricing strategies outlined in the week's readings, which one does your product or service currently use? Would you recommend any changes for your new target market? If so, how would you change it and why?

General Submission Requirements

• Prepare as a word processed document (such as Microsoft Word). Use a simple 12-point font such as Times New Roman. Use black ink for majority of your work and only use colors if it enhances your ability to communicate your thoughts.

• Your assignment should be the equivalent of approximately five pages of double-spaced text, approximately 1/2 page for each of the eight questions (four in Part 1 and four in Part 2). You may attach exhibits that will not be counted towards the page count of double-spaced text. The cover page and Bibliography page are not part of the five pages of written analysis.

• Be sure your name, writing assignment number, and the name of your product or service are on the cover page of your writing assignment.

• Include a bibliography, which includes at least four references.

• You may use MLA or APA style, or any other college-level style guide. More information about using a style guide can be found in the UMUC's virtual library accessible from your LEO classroom or at umuc.edu/library.

• Upload your word processed document in your LEO assignments folder by the due date in the LEO calendar.

Marketing Management, Management Studies

  • Category:- Marketing Management
  • Reference No.:- M92558264
  • Price:- $80

Priced at Now at $80, Verified Solution

Have any Question?


Related Questions in Marketing Management

Objectiveto demonstrate an understanding of international

Objective To demonstrate an understanding of International Marketing To show how an understanding of both the theory and practice of International Marketing To show an good understanding of the subject matter of the indi ...

Assignment -prepare a marketing plan for given

Assignment - Prepare a marketing plan for given product. Product - Use Pencil Box as the product. REQUIREMENTS - Cover Sheet (USE APA TEMPLATE FOR THIS ASSIGNMENT) Marketing Objectives - Just one concise paragraph. Inclu ...

Question key assignmentconduct a current literature no more

Question: Key Assignment Conduct a current literature (no more than 5 years old) review on 21st-century marketing strategies. In a 12-15-page scholarly paper, discuss and examine strategic plans for new markets. Provide ...

Question case studies are an important learning strategy in

Question: Case studies are an important learning strategy in business classes as they provide an opportunity for you to critically analyze events that have taken place in real-life businesses. This develops your critical ...

Marketing research assignment -1 case study - read the case

Marketing Research Assignment - 1. Case study - read the case and answer the questions which follow: Case - Your Supermarket Is Spying on You Tesco, one of the biggest supermarket retailers in the United Kingdom, has a w ...

Question write a 700- to 1050-word paper in which

Question: Write a 700- to 1,050-word paper in which you: 1. Identify five recent commercials that you have seen or watched that you believe are effective at advertising. 2. Identify the part of the Hierarchy of Effects M ...

Question please refresh your knowledge of chapter 6

Question: Please refresh your knowledge of Chapter 6 (Consumer Behavior) before attempting the assignment. Read the case (titled: The Diet Battle) at the end of Chapter 6 (in Marketing by Grewal and Levy, 6thedition), an ...

Quesiton business ideas for nurse practitioner

Quesiton: Business Ideas for Nurse Practitioner Entrepreneurs Presentation Nurse practitioners can practice in many locations and can be a clinical practice as well as a consulting business, educational business. Read th ...

Question respond to your discussion topics after you have

Question: Respond to your Discussion topics after you have completed your reading. As one of the more popular tools in marketing research, surveys have become automated. These on-line surveys address various types of dat ...

Question digital storytelling is a popular phrase and

Question: Digital storytelling is a popular phrase and component of IMC right now. At the root of PR 101 is storytelling. That is, how do you make your product or person or organization which you are pitching to reporter ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As