Bus 100 assignment 3 step 4

BUS 100 Assignment 3 Poduct Life Cycle

For a large discount retail store like Target and Walmart, it can be difficult to get the marketing mix just right for a given product. There are so many products in the store fighting for the attention of customers. There is also the challenge of helping the suppliers of each product maximize their profits while making sure the store is making money. With so many things to consider, working in marketing for such a large business can be a challenge.

Your Role

This week, you’ll be acting as a Marketing Manager in the sporting goods section.

What is a Marketing Manager?

Marketing Managers are responsible for developing, implementing and executing marketing plans, either for an entire organization or for particular categories or products within the organization, in order to attract potential customers and keep existing ones.

Their day-to-day tasks include managing and coordinating marketing and creative staff, leading market research to improve existing products and services, working with advertising agencies, and determining the best way to get products in front of customers.

As a marketing manager for a discount retail store in Brooklyn, you have been asked to evaluate a marketing plan for basketballs to ensure that the 4 P’s of marketing are being applied well. Using your knowledge of the 4 P’s and the best approach to generating sales, you’ll take a look at a number of marketing recommendations and choose the approach that you believe will sell the most products.

Instructions

Step 1: Product

In the Marketing Analysis Presentation provided by your marketing team, you’ll see three different basketballs that need to be included in the product display on Slide 2. Each product has unique features.

· Based on the information provided about the customers that shop at the store location on Slide 3, choose the basketball that you think will sell the most. Write 2-5 sentences explaining the rationale for your decision.

Step 2: Place

On Slide 4 of the Marketing Analysis Presentation, you’ll see the results of a survey that asked potential buyers about where they are most likely to purchase these products.

· Use your knowledge about product placement to choose the best place to sell the products, deciding between traditional stores and online. Write 2-5 sentences explaining the rationale for your decision.

Note: You should complete Steps 3, 4 & 5 after reading the material in Week 7.

Step 3: Promotion

Slide 5 of the Marketing Analysis Presentation shows three recommended advertisements, including a special deal promotion, for the product that is expected to sell the best.

· Based on the information provided about the customers that shop at this store location on Slide 3, determine which promotional activity will sell the most product at this particular store. Write 2-5 sentences explaining the rationale for your decision.

Step 4: Price

Look at the pricing options available for each of the three products together on Slide 6.

· Based on your knowledge of the Pricing Strategies discussed on pages 186-187 in the textbook, choose the option that has the best pricing mix for all three products. Refer to the customer information on Slide 2, if needed. Write 2-5 sentences explaining the rationale for your decision.

Step 5: Brand and Sales Pitch The company that makes one of the basketballs is looking to rebrand the product. They have asked for your input on possible brands ideas. • First, read the Brand Vision statement, which summarizes the goal for the new brand. Then, look at the logo, name, and tagline recommendations. Which of the two brand directions do you think best meets the goals of the brand vision? Please support your decisions. • Second, write a 2-3 sentence sales pitch that you would use to try to convince someone to purchase this product.

Assignment 3

Step 1: product

The basketball that will sell the most is the one that has more unique features. These features favor the interests of the customers. The basketball with the least features or rather less unique features will not sell much. Customers go for goods and services that can satisfy their needs fully.

Step 2: place

Buyers are most likely to purchase products such as basketballs on online stores. It is impossible to find such products in traditional stores since the buyers that visit such stores mostly do not require the basketballs. Traditional stores are mostly found in rural settings. Therefore, the buyers will opt for the online stores to purchase the basketballs.

Step 3: Promotion

In promotions, the products that are expected to sell the most are products that have unique features. However, the marketing strategy also determines how best the product will sell. A product could be better than the other but not sell as much due to the marketing strategies used.

Step 4: Price

The pricing of a product determines how well it will sell. Once a product is too expensive, most customers will not look at it twice. However, if the price is lower, customers will always opt for that specific product. Originality also matters when it comes to specific products. This is when customers do not mind about the prices but rather how original the product is.

Step 5: Brand and Sales Pitch

The company should ensure that their rebranding does not change the identity of the product they are selling. They should also ensure that the product maintains its originality. It should also match its logo, tagline and name.