BUS 508 Assignment 3. MUST PASS SAFE ASSIGN
PLEASE FILL IN RESPONSE IN TEMPLATE
Book: How Business Works By Alexandra Black
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. Explain 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. Explain the rationale for your decision.
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. Explain the rationale for your decision.
Step 4: Price Finally, 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. Explain the rationale for your decision.
Step 5: Brand & Sales Pitch The company that makes one of the basketballs is looking to rebrand the product. They have asked for your input on possible brand 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.
Step 6: Market Segmentation The marketing plan for the basketballs at the Brooklyn store has been in place now for four months, and the marketing team has assembled a report reviewing sales data and customer feedback for the last quarter’s basketball sales. Overall, the results are lower than you expected and you are concerned that your marketing and creative staff have not properly segmented your target customers. Remember, like many products in the marketplace, the basketball’s marketing campaigns must target two different groups of customers: (1) adults who purchase the item as a gift and, therefore, do not actually use the product; and (2) adults and teenagers who purchase the item for their own use and enjoyment. Both groups have different reasons and expectations surrounding the item in question, and those reasons and expectations will have significant impacts on the buyers’ purchasing decisions. ◦Review the five customer segments detailed on pages 194-195 of your textbook: Behavioral, Sociographic, Psychographic, Geographic and Demographic. Select one focus area of each segment that you feel is most relevant to the sale of basketballs at this store location. ◦Keeping in mind the 4 P’s, write 1-2 questions for each focus area that will guide your staff as they investigate these aspects of your campaign. Example: ◦Segment: Geographic ◦Focus Area: Neighborhood ◦Questions: What combination of marketing and media channels did we use to reach current and potential customers? How are we gathering information on where current customers live who purchased a basketball?