MARKETING 716
Marketing Portfolio Part 2 Assignment
Instructions:
This is the second part of the portfolio project that you will complete over the course of the semester. By the time you have finished, you will have essentially written a Marketing Plan for a consumer brand in Canada of Hudson Bay Company.
You will be doing this in same group that you did with Assignment #1. You can also do this on your own, or if you did this on your own for Assignment #1, can join other students. However, each group can only have maximum 3 students in it. If you want to change or merge groups, please email me so I am aware.
Using the same consumer product that you have chosen from assignment 1, you will need to identify your target market and consider where you think your product is on a product life cycle. Your group will also need to conduct a competitive pricing analysis, determine your promotional objective, and outline a promotional plan.
This report should be a written summary of 5-7 pages answering the following questions:
1. Choose a
single target market to focus your marketing plan on
. Develop a detailed Target Market Profile. Your Target Profile can be submitted as a “Day in the Life”, a Collage, or any other format you deem appropriate that helps answer the question
“Who is the primary market to purchase my product?”
(ie: who is Most Likely to buy the most from me?) Your profile should include a summary of the customer’s needs and wants and a description based on variables such as demographics, psychographics, lifestyle etc. Be sure to quantify this target market.
(10 marks)
2. Develop a market Positioning Map using
2 dimensions
that you think are important to your target market and
including at least 3 other competitors
who sell within this product category. Create a Positioning Statement and a Tagline for your product.
(10 marks)
3. Draw a Product Life Cycle and identify the stage that you think your product is at on it. Explain why you think that your product is at this stage. What marketing strategies should be considered next and why? (10 marks)
4. Identify and critique your product’s current Pricing (i.e. do you think that the current pricing is appropriate? Why or why not?). Make a recommendation as to what type of pricing objective, strategy, and tactics your product should be taking. Explain your recommendation.
(10 marks)
5. Given your identified target market, the product life cycle, and the competitive landscape shown in your positioning map, identify a
minimum of 3 IMC tools
in the Promotional Mix (e.g. Personal Selling, PR, Sales Promotion, Direct Response, Word of Mouth, Advertising – broadcast, print, etc.) you think would meet your Promotional objective. Explain and provide rationale. (10 marks)
6. Given your i
Assignment #1 – Phase One Marketing Plan
Shamik Kunder – 301140117
Darshana Lad – 301201762
Srinivasarao Indla – 301200707
The Business School, Centennial College – Toronto
Global Business Management
Marketing – MKTG 716 – 403
Prof. Lesley E. Lessard
February 9th, 2022
Q.1)
A) External Trends
B) Implications: + and –
Technology Environment:
Consumers are shifting into online shopping without the necessity of being physically there. The company is implementing the use of robots in its operations.
Positive:
· On the internet, you won’t have to deal with long queues, hefty shopping bags, or traffic. As an alternative, you are presented with a wide choice of products to peruse and contrast at your leisure. Thanks to advances in logistics technology, you no longer have to wait weeks for your order to be delivered. In some cities, online retailers like Amazon even provide same-day delivery.
· They are more adaptable when it comes to their job schedules.
Negative:
· Humans have been replaced by robots in the workplace. Virtually all major industries throughout the world have seen employment losses due to automation. Unemployment and poverty are a result of this.
· There are continuing costs associated with industrial robots such as maintenance that must be considered with any potential savings from their use. Keeping your robot and any other IIoT-connected devices safe from cyber threats will also be an expense to bear in mind.
Economic Environment:
The use of lean Production
The implementation of Total quality management (TQM)
Positive:
· Along with improved customer focus and satisfaction, adaptability to changing or rising market conditions and environmental and other government requirements is another benefit of TQM.
· The goal of lean principles is to reduce all types of waste, from a wide range of sources, such as faults in materials and worker ergonomics (Agarwal, Grassl & Pahl, 2012). An out-of-calibration machine can be easily identified and corrected for producing a high volume of problems. Employee productivity is impeded by environmental factors that hinder their ability to do their job effectively.
Negative:
· Overuse of lean methods should be avoided. The solution becomes an issue when it begins to have an influence on production time due to the tracking of productivity and waste. At first, the benefits of lean principles are greater than later on. Although it may be tempting, it is important to consider the benefit of making improvements. If you can only supply 500 parts per hour to a single section, then you haven’t boosted your output by increasing throughput to 1,000 parts per hour in that section.
· Reducing production costs by utilizing lean methods to extract more efficiency out of the process might demoralize workers and undermine your leadership if the level of refinement has been reached (Agarwal, Grassl & Pahl, 2012). Workers may be re
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