BRIEF
Conduct an academic analysis (3,000 words) and develop marketing
communication strategies for a new
product or
service in response to technology trends.
ASSIGNMENT
INSTRUCTIONS
For this assignment, you will select an existing product or service of
your choice and decide whether you want
to penetrate or expand your current market share, develop a new
product/service, or sell an existing product
or service into a new market. Your decision should be driven by current
technology trends. For example, you
may consider how video search or chatbots could improve your service
offerings and change how you market
and communicate with your customers.
Select an existing product or service of your choice. You may select a
product or service your company
currently markets and sells, one you hope to develop, or one that has some
significance to you. Next, select
one of the following marketing goals you would like to accomplish:
1. Market Penetration or Expansion – Attempt to increase your current market
share with an existing
product or service.
2. New Product Development – Develop a new product or service for your
existing customers.
3. Market Development – Sell your existing products or services to either new
customer segments within
your country or expand internationally.
4. Diversification
– Develop a new product or service for an entirely new market.
Next, you will develop an analysis and outline the marketing communication
strategies you would recommend
to achieve your goals. Your analysis should include the following
elements:
1. Goal Overview
a. Describe the strategic vision and/or mission of your organisation.
b. Develop three or four marketing goals for your new product or market.
2. Product Brand Positioning
a. Assess the existing product/service brand. How would you explain and rate:
i. Brand value
ii. Brand equity
iii. Brand awareness
iv. Brand salience
v. Brand association
vi. Brand loyalty
b. Develop a new positioning strategy for your new product/service. Explain
how you might
change the new products/services’ brand and its positioning.
c. Be sure to use some of the marketing models described in your readings as
a framework for
your analysis and strategy development.
3. Target Market
a. Analyse the customer behaviour for your new product/service.
i. Explain the individual, social, and situational influences
ii. Summarise the new customer buying process.
iii. Consider how technology may change your target market
b. Develop your segmentation strategy.
Explain why you have chosen this strategy.
4. SWOT Analysis
a. Conduct a SWOT analysis for your new product/service.
b. You should create a visual representation of your analysis and provide a
written description of
each section.
c. Explain the competitive advantage of your product/service
5. Determine Marketing Mix
a. Develop a pricing strategy for your new product/service. Explain how the
strategy will connect
with your target market, support your brand positioning, and give you a
competitive
advantage.
b. Develop a channel or distribution strategy for your new product/service.
Explain how the
strategy will help you reach your target market and give you a competitive
advantage.
c. Develop a promotional strategy for your new product/service. Explain how
the strategy will
help you communicate with your target audience, support your brand
positioning, and give
you a competitive advantage.
6. Determine Evaluating and Controlling Activities
a. Explain what marketing activities and controls you would implement to
measure the success of
your marketing
strategies.
