You are to complete the following scenario by selecting a product, brand name and target market for a new product to be marketed in Canada. You are to complete this exam by providing the product positioning and marketing mix elements for the product YOU selected.
You have recently opened your own Marketing Consulting Practice. Your first (and only) client has asked you to a lunch and presented you with the following conversation:
“I know you are new to the consulting industry, yet I believe in you. I want to hire you to help me gather information so that I may make a presentation to my company board. I have recently purchased an operating factory in Malaysia that creates ( X – product ) and I am interested in marketing this product in Canada.”
Since this product will be a new area for my company and new to Canada, I’m looking at this being a new Branded Item and will need to market under a new brand name. The ( Y – new brand name) has been sold under different names in other countries through retailers targeting ( Z- Target market ) and has done well. Since there are alternative products here in Canada, like elsewhere, I need to have branding, positioning, and strategic Marketing Mix Analysis to provide information for my Department Managers. This information will be my selling tool and I will present to the board asking them to approve investment in marketing the Y/X in Canada. To Z”
The Client has offered you a contract for $15,000.00 to complete this Marketing Mix Analysis for the new ( Y/ X ).The Catch? – He needs the analysis in 7 days so he may present a proposal at his next Board meeting.
To help you get this project started you should provide information on the following areas: (remember you are providing information so that a CEO may give a presentation to a board)
Marketing Mix Analysis for the (Y/X)
- Provide a brief description of (X) and describe the consumer benefits
- Suggest a (Y) Brand Name for (X) Value to Company?
- Who is the main (Z) target market? Why?
- What are alternatives and who is the main competition?
- Suggest a Positioning Strategy
- How does the product meet the needs of the target market?
- Describe points of parity and points of difference
- What is the product’s most distinguishing feature?
- Provide at least 3 main points for each of the Marketing Mix Elements – including the information requested below.
- What makes the product different (as above)
- What gives the product more value?
- What is the main benefit for the target market?
- Considering the target market – what is the value to price proposition?
- How should the price be set?
- Any specific pricing method?
- Distribution (Place)
- What should be the distribution channel? Why does this add value to the target market?
- Should it have a Push or Pull Strategy – Why?
- Are there any special channel considerations
- What should be the message communicated? Why?
- Are there any specific mediums or channels to be used? Why?