Choose a product, service, or business in the industry of your choice. Make sure that there are at least two other similar (but with different target audiences ) products, services, or businesses in the same industry, so that you can compare the three. Examples: Theme Parks featuring Disneyland, Knotts Berry Farm, and Six Flags Magic Mountain or…. three magazines like Cat Fancy, Fortune, and Seventeen … or….car models like Tercel, an Xterra, and a Ferrari ….or…..food places like Jack-in-the-Box, Denny’s and Outback Steakhouse …. You get the idea???? Make up your own three.
Discuss, in as much detail as necessary, the following topics:
1.Pick any product on earth that has ‘multiple’ segments and explain how you would attempt to position your product to appeal to all of those segments….remember in class we discussed “Lean Cuisine” frozen entrees and how some people buy them for nutrition, some for taste, some for variety, some for price, etc….. Use your own example.
2.Describe all of the segmentation variables that your three choices used to target their customers. How are they different from each other? (Geographic, Demographic, Psychographic, and Benefits Sought). A chart that supplements your discussion is necessary.
3.Discuss the Marketing Mix for all three products. ( Four P’s ) . Compare all three in detail …Make a chart of the four P’s… I expect this section to be quite extensive ….
4.Visit the web sites for all three competitors. Give a synopsis of your findings and thoughts. Are they user-friendly sites? Do they provide needed information? Are they interactive? Do they offer coupons, locations, or directions, if applicable? Tell me as though I am blind.
5.How have each of the three competitors positioned themselves in the market- place? In your opinion, have they done a good job? If not, why not? Do you feel that the target consumers see the company properly (as the company expects)? Design a short survey…5 Questions / 15-20 people…..to find out and analyze the results. Do all three competitors occupy the same place in the consumers mind or are they somehow differentiated from each other? Is one the “quality leader” while the others are vying to be the “price” leader, etc.?
6.What issues do these competitors have to deal with? Think in terms of INTERNAL and EXTERNAL factors…. Do a SWOT analysis for your primary choice.
7.Think of any product in the world that is no longer being sold…. (Be specific about brand and description)….. How did it fail in your opinion….was it socially, technically, or scientifically flawed?? It must have been a good idea at one point….. So what was good about it before it lost its popularity with the consumers?
8.What can you find out about your three choices and how they are addressing the “societal marketing concept”? Do they pollute? Do they recycle? Do they use toxic chemicals? (Hint: look at their web sites or in-house literature). Do they support charitable causes?
9.Explain to me how you would argue that Walmart has several ‘sustainable competitive advantages over any other retailer in the world….. ( you will have to google this one and it should be about a page )
10.How does Personal Selling (RelationshipSelling) affect the final consumer who buys your product? Connect the dots for me….what kind of ‘white collar’ sales efforts from ALL the different suppliers was required to ‘create’ the final product? In other words, how did the efforts of all the B2B buyers and sales people associated with your primary choice finally impact the final consumer once they bought your product or service?
11.We have talked about ‘Land’s End’ and how they were able to sell more product by data mining a list of customers, out of their own data storage, and then matching accessories to the ‘Blue Sports Jacket and Grey Slacks” that were purchased as much as 18 months before by their ‘best’ customers…..remember, they offered those customers matching shirts, ties, shoes, etc., and the company was rewarded because over 30 % of those past customers ordered ‘new’ stuff from the special mailing that Land’s End sent them…..Think about ANY ONE OF YOUR THREE PRODUCTS….how would you try to get your ‘BEST’ customers to order MORE ? Your best customers are 1-RECENT….2-FREQUENT….and 3- HIGH DOLLAR people.
12.Give me a descriptive analysis of your impressions of each of the three competitive advertising efforts. Include a brief description of your favorite campaign or ad. If they don’t have one, suggest one.
13.Discuss at least three different activities that your choice has to deal with in their ‘Blue Collar’ supply chain management process. (i.e.: suppliers, assembly line workers, raw ingredients, resellers, forklift drivers, trucking companies, etc.). Explain how they interact with or handle these issues.