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PART 1 : Online Discussion (a minimum of 150 words)
Watch the video, Pinkberry as attached file, and answer the following questions:
1.How would you update the personality of the brand to reinvigorate Pinkberry? Provide a rationale for your answer.
2.Determine the most viable target market for Pinkberry using the bases of segmentation to describe the customer profile. Provide a rationale for your answer.
3.Describe each level of Maslow's Hierarchy of Needs. Which level describes you the most when making purchases? Provide a rationale for your answer and use an example to highlight the level.
PART 2 : Response to peers (a minimum of 50 words)
PART 3 : Response to peers (a minimum of 50 words)
PART 4 : Financial Management (5-7 pages depends on info)
Due date within May,5
Assignment 2: Your Marketing Plan (continued part from the last assignment)
Using the same hypothetical company from Assignment 1, for this assignment, you will focus on the company’s branding strategy, primary and secondary target markets, positioning statement, and consumer behavior.
Note: You should create and/or make all necessary assumptions needed for the completion of this assignment.
Instructions
Create the second part of your marketing plan:
Describe or list the feedback you received on Part A of your marketing plan. Explain how you will use the feedback to improve your plan. (the feedback as the bottom)
Develop a branding strategy for your product / service that covers the brand name, logo, slogan, and at least one brand extension.
Thoroughly analyze the primary and secondary markets that you want to target. Thoroughly include the demographic profile (e.g., age, gender, ethnicity, etc.), psychographic profile, professional profile, geographic profile, and any other segmentation variable you deem necessary.
Prepare a positioning statement. Include a perceptual map that shows your company’s position against its competitors. From this map, create a statement that depicts your position.
Examine the relevant consumer behavior for your target market. Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement are right for the identified target market.
Use at least three academic resources as quantitative marketing research to determine the feasibility of your product / service. These resources should be industry specific and relate to your chosen product / service.
Note: Wikipedia and other similar websites do not qualify as academic resources.
The specific course learning outcomes associated with this assignment are:
1. Analyze marketing environments and strategies used to strengthen product or service positioning.
c. Examine the marketing science of customer behavior and products in the marketing exchange process.
2. Evaluate marketing strategies used to create/communicate customer value.
a. Analyze the marketing framework through a situation analysis.
b. Evaluate target customer segments and positioning products within these segments.
c. Evaluate the basis for market segmentation and approaches to segmentation.
3. Create an effective marketing plan.
a. Develop recommendations based on market analysis and strategy.
b. Develop strategies to assess performance and achieve marketing goals.
c. Develop dynamic strategies for competing.
d. Develop branding strategies for existing and new products or services.
Additional Pointer >>> Professor’s FEEDBACK from Last Assignment
Please, refer to the grading rubric for more detailed feedback. This is a very well-thought out plan, and I really enjoyed reading it. It is very important to create a comprehensive marketing plan for any business to be successful. This assignment is the first step in doing so. The rubric requirements have been fulfilled. Please review my feedback.
Introduction: Please explain more of your hypothetical company. The product/service description is not clear and the plan for a physical location presence is not clear. More details were needed to score in the exemplary category. You also need to introduce the contents of your marketing plan.
Mission Statement: See textbook, page 21 "To define its mission, a company should address Peter Drucker’s classic questions: What is our business? Who is the customer? What is of value to the customer? What will our business be? What should our business be?" Only three of these questions were addressed in your mission statement. Your mission statement is not comprehensive enough. Consider the following items in a mission statement:
1. Customers—Who are the firm’s customers?
2. Products or services—What are the firm’s major products or services?
3. Markets—Geographically, where does the firm compete?
4. Technology—Is the firm technologically current?
5. Survival, growth, and profitability—Is the firm committed to growth and financial soundness?
6. Philosophy—What are the basic beliefs, values, aspirations, and ethical priorities of the firm?
7. Self-concept (distinctive competence)—What is the firm’s major competitive advantage?
8. Public image—Is the firm responsive to social, community, and environmental concerns?
—Are employees a valuable asset of the firm?9. Employees
Goals: You had no stated goals of revenue, profit,market share, brand awareness or customer acquisition are SMART goals: S. – Specific; M. – Measurable; A. – Assignable; R. – Realistic; T. – Time based. There were measurements provided for your goals.
Environmental Analysis: All elements of the environmental analysis were addressed and explained. Good job being thorough and exhibiting an understanding of the environmental factors. Remember that environmental factors are outside of your direct control, but each of these factors has influence over your business.
SWOT Analysis: The SWOT and Needs Analyses are on target and show how your company will fare in the market. Your strengths and weaknesses are clearly internal as you can control them. Your opportunities and threats are clearly derived from the environmental analysis and, while you cannot control them, they can have a direct impact on your hypothetical business.
References and Citations: You provided the appropriate number of quality references, and showed a clear understanding of an academic reference. Most APA formatting is correct.
Overall, I really like the way that you wrote your paper. It was clearly written, and very well-organized, which made it very easy to follow your analysis.
RUBRIC:
RUBRICExemplary 90-100% A
Points Range:0 (0%) - 24 (10%)
Accurately describes or lists feedback received. Fully explains how feedback will
be used to improve the marketing plan.
Points Range:0 (0%) - 36 (15%)
Thoroughly developed a branding strategy for the product / service that covers the
brand name, logo, slogan, and at least one brand extension.
Points Range:0 (0%) - 48 (20%)
Thoroughly analyzed the primary and secondary target markets. Thoroughly
included the market segment demographic profile, psychographic profile,
professional profile, geographic profile, and any other segmentation variable
necessary.
Points Range:0 (0%) - 48 (20%)
Thoroughly prepared a positioning statement. Thoroughly included a perceptual
map that shows your company’s position against its competitors. From this map,
thoroughly created a statement that depicts your position.
Points Range:0 (0%) - 36 (15%)
Thoroughly examined the relevant consumer behavior for your target market.
Thoroughly explained the main reasons why the brand name, logo, slogan, brand
extension, as well as the positioning statement are right for the identified target
market.
Points Range:0 (0%) - 24 (10%)
In-text citations and references are error free and consistently formatted correctly
in APA style. Exceeds number of required references; all references high-quality
choices. Sources are consistently integrated using effective techniques of
quoting, paraphrasing, and summarizing.
7. Clarity, Writing Mechanics, Grammar, and
Formatting
Points Range:0 (0%) - 24 (10%)
Weight: 10%Information is provided in a clear, coherent, and consistent manner with reasons
and evidence that logically support ideas. Error-free or almost error-free grammar,
spelling, punctuation, or formatting.
1. Describe or list the feedback you received on
Part A of your marketing plan. Explain how you will
use the feedback to improve your plan.
2. Develop a branding strategy for your product /
service that covers the brand name, logo, slogan,
and at least one brand extension.
3. Thoroughly analyze the primary and secondary
markets that you want to target. Thoroughly
include the demographic profile (e.g., age, gender,
ethnicity, etc.), psychographic profile, professional
profile, geographic profile, and any other
4. Prepare a positioning statement. Include a
perceptual map that shows your company’s
position against its competitors. From this map,
create a statement that depicts your position.
5. Examine the relevant consumer behavior for
your target market. Explain the main reasons why
the brand name, logo, slogan, brand extension, as
well as the positioning statement are right for the
identified target market.
6. Citations and References / Information Literacy
/ Integration of Sources