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.
Scenario:
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.
- Product
- What makes the product different (as above)
- What gives the product more value?
- What is the main benefit for the target market?
- Price
- 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
- Promotion
- What should be the message communicated? Why?
- Are there any specific mediums or channels to be used? Why?