Major Assignment #3 In major assignment #2, you described a new product or business, and did some marketing research. In exam 2 you answered some questions about promotions, pricing, and distribution. For this final major assignment, we are going to complete some elements of a traditional marketing plan. You should write 800-1000 words, in report format (single spaced, you would print on both sides of the paper if you turned in a hard copy). SWOT analysis and competitive advantage— Give me a SWOT analysis is paragraph form. Remember, a marketing plan is a marketer’s chance to sell a product or business. Emphasize the positives (the S and O’s), and try to minimize the negatives (the W’s and T’s). For example: “Day one aquatics has an amazing staff of instructors. Although our prices are high compared to other swim lesson companies, the reputation of the expertise of our instructors helps people to see our lessons are still a great value” (S—amazing instructors, O—reputation, instructor expertise means kids cry less, and fewer lessons are needed to complete the goal, and so the perceived value is higher, T—our prices are higher than the competition) Your analysis should include at least 2 elements for each category. Competitive advantage—talk about your competitive advantage(s) that were highlighted by your SWOT analysis. If it is a non-sustainable advantage (anything other than having a unique product), address how you will keep the competitive advantage as long as possible. Connecting to your customers using digital marketing—many traditional businesses use traditional methods to promote their products, things that you covered in Exam 2 such as advertising, PR, sales promotion and personal selling. Most of these methods are expensive, and effectiveness is hard to track. Digital marketing has opened new, less expensive, and effective ways to promote your business or product. I would like to know: If you would encourage online reviews or try to build a brand community, tell me how you would do this? If not, tell me why neither would be appropriate for your product. Would you use social media to promote your product or business? Why or why not? Are there specific platforms that you would focus on? What about your website, important or not? Will you use SEO or pay a browser company for priority? In Chapter 14 we discuss participation of consumers with a product or brand. Participation can be encouraged through digital media, but also by the nature of your product, and how likely your customers would be to talk about you to their life contacts. If you have a product like GoPro, participation is natural and fun. If your product is adult diapers, people will be less likely to want to engage. Discuss whether your product or business can take advantage of customer participation. If your product or business merits it, how you will use your digital marketing to encourage participation with your business or product? How will that participation affect Customer benefits, Convenience, Cost, and communication?
