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BrandDescription1.docxRunning Head: CONSULTING PROJECT 1
CONSULTING PROJECT 8
I. Brand Selection Template: MKT 345 Consulting Project
File Name: PXG (Parsons Xtreme Golf) The 0811XF Driver
My Name: R.S
Date Due: 10 September 2017
I. Brand Selection
a) The Specific Brand I have selected is: PXG PARSONS XTREME GOLF 0811XF DRIVER: (https://www.pxg.com/en-us/clubs/drivers/0811xf ) Comment by Jeff McNelly: Describe in some more BREIF detail the brand-product and who manufacturer-seller is
b) I have taken the following steps to assure that this brand is not a market leader.
1. I have researched the top market leaders and the brand was not on the list
2. I have gone for a brand that most people have not heard of
3. I have gone for a brand that is relatively new in the market and whose company was established in the recent 10-years Comment by Jeff McNelly: MUCH MORE SPECIFIC details needed SOURCES…etc.….this is not your opinion…VERIFYABLE FACTS-SOURCES need to be stated here
c) I have found the following list of sites/resources of information which should prove that sufficient information is available to satisfy requirements of assignment.
1. https://www.golfdigest.com/hot-list#golf-clubs
2. http://www.todaysgolfer.co.uk/news-and-events/general-news/2016/january/you-may-not-have-heard-of-parsons-xtreme-golf-thats-all-about-to-change/
3. https://www.pxg.com/en-us/about
d) I have taken the following steps to determine if a target market is identifiable and accessible for survey purposes. Comment by Jeff McNelly: Target Market should NOT be your opinion …rather you are reporting…ACCORDING to verifiable informed sources WHAT THE CURRENT TARGET MARKET IS AS BEING Used by the manufacturer
1. I have questioned myself on why a customer would want to buy the product
2. I have selected a sample of the general population for trial
3. I have engaged in market research
e) I have determined that the target market for this specific brand is: people willing not to compromise on quality and those willing to spend money on golf clubs for instance the rich golf enthusiasts and professional golfers . Comment by Jeff McNelly: HOW…what verifiable sources used to determine…not an opinion Comment by Jeff McNelly: Target Market should NOT be your opinion …rather you are reporting…ACCORDING to verifiable informed sources WHAT THE CURRENT TARGET MARKET IS AS BEING Used by the manufacturer
References Comment by Jeff McNelly: References are DUE for each Section…and need to follow “formal reference formatting”
PXG (PARSONS XTREME GOLF) 0811XF DRIVER. Retrieved from URL;
https://www.pxg.com/en-us/clubs/drivers/0811xf
II. Brand Description Template: MKT 345 Consulting Project
a) The 0811XF driver was first introduced to the market on January 31st, 2017 at Scottsdale, Arizona, USA
b) 0811XF driver competition in the marketplace includes the following:
1. Callaway
2. TaylorMade
3. Titleist
c) The market segmentation currently being marketed is: psychographic. I made this determination based on the following information-factors-sources: http://study.com/academy/lesson/what-is-a-market-segment-definition-types-examples.html
d) Currently the brand provides the following benefits it maximizes MOI while maintaining a low CG position and low spin performance. The high MOI design helps reduce twisting on miss hits and currently the brand fulfills the following wants or needs in the marketplace golfing and lifestyle. Both of these findings are based on the following information-factors-sources: http://www.todaysgolfer.co.uk/news-and-events/general-news/2016/january/you-may-not-have-heard-of-parsons-xtreme-golf-thats-all-about-to-change/
e) Currently the brand employs the following marketing tactics; product features,
and pricing. The following tactics currently utilized influence consumer behavior features perception, attitude, and lifestyle.
f) Each current brand competitors’ marketing tactics compare and-or differ from my selected brand as follows (i.e., what are the points of difference and/or points of parity?).
Unlike this brand, the competitors’ marketing tactics are based on promotion efforts and brand loyalty
a) I have used (and cited) the following factors to determine why the brand is in my opinion “behind” its competitors.
· Because it is relatively new to the market and so it has not established itself
· It targets the rich leaving out the middle-class people. And so it is relatively expensive
b) The following evidence I am providing under each of the 3 topics below (both financial and behavioral) includes verifiable information on:
1. Consumer attitudes toward the brand
Some feel that the product is exaggerated in terms of price. http://pluggedingolf.com/pxg-0811xf-driver-review/
2. Customer loyalty (repeat purchases and/or referrals)
http://fairwaygolf.com/2017/05/31/pxg-0811xf-driver-released/
3. Negative word-of-mouth.
http://pluggedingolf.com/pxg-0811xf-driver-review/
c) My critique was developed following my creation and distribution of a survey questionnaire to provide support for my critique. My survey questions (and responses) were as follows:
1. How affordable is the product? It is not pocket friendly for low income earners
2. What features of the product stand out from the rest? It maximizes MOI while maintaining a low CG position and low spin performance. The high MOI design helps reduce twisting on miss hits
3. How available is the product? It can be found in some of the leading outlets
c) My survey was given to: 10 people out of whom three were from the wealthy class; another three from middle class and four low income earners. The respondents were a mix of people with different income range.
e) It is my belief that the following consumer behavior issues are possibly influencing the brand’s performance.
1. Price
2. Quality
3. Product availability
f) I believe affecting the brands marketing strategy include a number of factors which I will explain in detail below:
1. Reference groups
The people used to refer others to the product/brand can influence its marketing strategy depending on how positive or negative they advertise the brand to others.
2. Social class
The wealthy are more likely to be impressed and buy the product/ brand than any other class because the brand is made for the wealthy.
3. Culture and subcultures
The prevailing cultures of consumers and target audience and influence the marketing strategies for the product. This is because if the golfing culture does not prevail in certain areas or in a certain group of people, then it would be difficult to market it to them.
g) The following “specific marketing tactics” have been used which provide evidence of a flawed overall marketing strategy:
2. Unnecessary website designs
3. Unused social media networks
h) It’s my believe that the following three changes/actions would correct the shortcomings/deficiencies identified above.
· Avoiding unnecessary marketing efforts which make no difference in the market
· Hiring the best people to market the product
· Engaging in market research to detail the prevailing strategies and those that can fit the organization
References:
IV. Recommendations Template: MKT 345 Consulting Project
IV. Recommendations
a) I recommend the following course of action:
1. The brand should engage in more market research to determine what works for them
2. The brand should adopt strategic marketing efforts to make the product known
3. The brand should engage in promotion strategies to ensure the consumers appreciate the product more
b) My recommend course of action is the most appropriate alternative action to current shortcomings/deficiencies identified in the brand critique because:
1. Without the proper market research the brand cannot adopt the best marketing strategies
2. Product promotion gives consumers a chance to evaluate the product
3. It can also help attract more consumers to the company
c) The appropriate attitude scale survey instrument I developed and utilized was:
Surveys and questionnaires
d) My survey results indicated the following: (which support my final recommendations).
· Most people are concerned about the price of the brand especially since it is a new product
· The company is also not well known in the market
References
PXG (PARSONS XTREME GOLF) 0811XF DRIVER. Retrieved from URL;
https://www.pxg.com/en-us/clubs/drivers/0811xf
