You have recently joined as a marketing manager for a company that has been making a branded product X* for the past 10-20 years. The product has now reached its maturity and its sales have stabilized. The management is worried that the sales will soon start declining for this product. Before that happens, it wants to be prepared with its next plan of action. The management is thinking about either reviving the product or introducing a new one in the same line. The management has asked you for ideas and suggestions regarding the future of X. How will you go about doing that? Will you revive X? Will you innovate and introduce a new product in the same line? This is your chance ...view middle of the document...
You may also use databases such as EBSCO Host for your research.
Analyze this data and formulate a marketing plan that addresses the following areas of analysis:
I. Company Analysis
Company's mission: Identify the company's mission
SWOT Analysis: Based on your data, what can you say about the company's strengths, weaknesses, opportunities, and threats faced.
Marketing and financial objectives: Mention how these fit with your recommended mission and strategy
II. Competitor Analysis
Competitive Scope: Scope of the company with regard to the industry, products, and applications, competence, market-segment, vertical, and geographic area in which it operates.
Competitive Strategy: Which of Porter's generic competitive strategies would you recommend the company to follow? What should be its product strategy?
III. Customer Analysis
Marketing Research and Demand Analysis Market Research:
Draw up a sample research plan for your research including the questionnaire design: - Clearly mention the objective
- Give the research methodology
Mention data sources you plan to use, both primary and secondary
Organize Focus Group discussions (Sample size: 5 people)
Conduct Surveys (Sample size: 5 people)
Analysis of Buying Behavior:
What cultural, social, personal, and psychological factors influence X's consumers the most? What research tools will help you better understand the effect on buyer attitudes and behavior?
What consumer-buying roles and behaviors are relevant for X?
What kind of marketing activities should your company plan to coincide with each stage of the consumer-buying process?
Segmenting, Targeting, Positioning, and Differentiation Strategy
Segmentation: Which variables should your company use to segment its consumer markets? For example, in addition to income and geography, does your company want to focus on consumers who have specific lifestyles, needs, or attitudes?
Targeting: How can your company evaluate the attractiveness of each identified segment? Should it focus on one consumer segment and one business segment or target more than one segment in each market? Why? Should your company pursue full market coverage, market specialization, product specialization, selective specialization, or single-segment concentration? Why?
Positioning: In developing your positioning, identify the benefits most valued by your target customers. Will you stress one or more than one benefit in your positioning? In one sentence, what...