The Product’s Value Proposition–Part 1
This assignment is due in Unit 8, but start Part 1 now.
According to Kotler et al. (2022), well-differentiated products can create a significant competitive advantage. Therefore, creating a distinctive aura for a product helps distance it from competitors. Moreover, marketers must have strong pricing strategies to remain profitable and competitive.
This week, you will start working on Part 1 of your Unit 8 Assignment. You will complete Part 2 in Unit 8 and submit Parts 1 and 2 as one document in Unit 8.
You will be assessed based on the following Course Outcomes:
MT450-4: Design a product’s value proposition using branding, pricing, and sales promotions.
GEL-8.03: Apply critical thinking to formulate a logical solution to a problem.
Before beginning this assignment, complete the following learning activity/tutorial, which focuses on value proposition, branding, pricing, and sales promotional strategies. Be sure to refer to the readings in this unit to assist you in this area and to review the learning activity below.
Access the Learning Activity
Assignment
Your complete Unit 8 Assignment should be a 900- to 1,150-word essay (with additional title and references pages) consisting of parts 1 and 2 using correct grammar, spelling, and the current APA format and citation style.
In the following assignment, you are presented with two scenarios. Choose one of the scenarios for this assignment as seen on the tabs above. In each case, the company is struggling to develop a product and pricing strategy. Read the scenario and address the checklist items in line with the goals of a hired marketing consultant by the company owner.
Generic Goals:
Sell several hundred thousand units.
Create awareness of new product line to new, prospective clients.
Incorporate digital marketing.
Hire more employees.
Target B2B clients.
Identify the best distribution model for selling to customers.
The company is struggling to develop a product and pricing strategy.
Pizza in a Cone*
In 2020, Toni of Toni’s Pizza launched a new concept of eating pizza — pizza in a cone! Instead of eating pizza in its traditional form, the pizza dough is eaten like an ice cream cone. The cones are made through a patented device created by Toni. This technique allows consumers to eat pizza on the go with one hand. Therefore, the pizza does not drip with grease or sauce. The cones are personalized with whatever fixings the consumer desires. Market research indicated this product would be a huge success. The organization even started franchising the concept in 2021. Nevertheless, the company has had lackluster sales. Toni believes her company needs a better product and pricing strategy.
Generic Goals:
Sell several hundred thousand units.
Create awareness of new product line to new, prospective clients.
Incorporate digital marketing.
Hire more employees.
Target B2B clients.
Identify the best distribution model for selling to customers.
*Disclaimer: The organization and any characters and brands depicted in this exercise are fictional. Any resemblance to real organizations, individuals, or brands is purely coincidental. This exercise may include actual companies and brand names solely for instructional purposes; this exercise is not associated with any such existing company or brand name. All trademarks remain the property of their respective owners.
Checklist: (Note the checklists are the same for both scenarios.)
Part 1–Unit 7
Provide a brief introduction to your selected scenario and define the problem.
Describe attributes of how marketers can differentiate their products from their competitors.
Explain several attributes to your chosen scenario to differentiate your product.
Explain the packaging and labeling for your product.
Design a proposed product portfolio design, including width, length, depth, and consistency similar to Figure 8.1 in your text.
Part 2–(Parts 1 and 2 are due in Unit 8)
Integrate a service with your product using the five determinants of service quality. Provide specific examples for each determinant.
Describe the concept of branding.
Create a brand mantra for your product.
Design secondary sources of the brand referencing similar to Figure 10-1, using specific examples for your product.
Recommend three incentives to market your product to your customers.
Explain the pricing goals using the four common pricing objectives.
Recommend a pricing method.
Preview the Unit 8 Assignment grading rubric.
Directions for submitting this assignment in Unit 8: Combine Parts 1 and 2 into a 900- to 1,150-word essay with additional title and reference pages. Use the current APA format and citation style for any short quotes or paraphrases with accompanying references (see Unit 1 reading area for assistance with APA formatting and citation).
