PART A 400-600 words with citations and references APA Format
Now that youâ€™ve analyzed the environmental situation and established who is in the target market, it is time for product development. Product design is crucial because new products are being introduced every day. So, while other people focus on that aspect of development, you turn your attention to branding.
Primary Task Response: Within the Discussion Board area, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
This morning, walking into the office, you greet Michelle who says, â€œIâ€™d like to meet with you tomorrow to develop the branding strategy for the new product. Letâ€™s meet for a working lunch and brainstorming session.â€ â€œThat sounds great,â€ you reply. â€œIâ€™ll schedule the meeting and order in lunch.â€
Entering your office, you begin to think about the items that you will be discussing during tomorrowâ€™s meeting with Michelle.
We havenâ€™t even come up with a product name yet, you think. We also need to work on an advertising slogan or tag line. You know that Michelle has an extensive background in marketing, but you really want to make a good impression and bring a sound branding strategy to the meeting. How are we going to distinguish our product from our competitors? What are the benefits that we are going to highlight in our brand that will meet the needs or wants of our target customers?
You create the following list of items that you need to address:
Identify in one sentence your overall branding strategy or brand image you want to achieve in the mind of your target segment.
- Product name
- Advertising slogan or tag line
- Product attributes
- Product benefits
1-2 pages with a cover letter and reference page APA Format
Michelle has asked you to send her a memo that explains the target market for MMâ€™s new product. Because a global market is under consideration, she wants you and Elena to meet for an in-depth discussion of the different characteristics of your target market before sending her the information.
Elena meets you for coffee the next morning to explain her reasons for advocating the global market. As you finish your discussion, Elena stops and says,
“We’ve discussed a lot of different market segments to target with the new product, but the choice comes back to you,” says Elena. “What’s your final decision on the target market that we should focus on? Are you going to propose that we try to market this product globally?
You sigh, knowing this is a key decision in your marketing strategy. “I appreciate our discussion today. I’m going to have to do some more research to determine the exact market and if we should go global or not.”
You know Michelle is expecting a detailed description of your targeted market segment including justification for selecting the market. You also need to remember to include your recommendation for or against marketing globally.
- What are the demographic characteristics of your target market and why are they important?
- Where is your target market located geographically and why is that important?
- What psychographic characteristics define your target market? How do these impact your marketing strategy?
- What behavioral characteristics are shared by your target market? Why are these important?