Business Finance - Management Week 5 Assignment- Marketing for Competitivness

Marketing for Competitiveness

Week 5 Learning Resources

The 4 Ps

· Emerald Works Limited. (n.d.).  The marketing mix and the 4Ps of marketing    Download The marketing mix and the 4Ps of marketing . MindTools. https://www.mindtools.com/pages/article/newSTR_94.htm MindTools.com. The Marketing Mix and the 4Ps of Marketing: Understanding How to Position Your Marketing Offer. Management Training and Leadership Training – Online. https://www.mindtools.com/community/pages/article/newSTR_94.php Reprinted by permission of Mind Tools Ltd. Via the Copyright Clearance Center. Licensed in 2021.

· Kareh, A. (2018, January 3).  Evolution of the four Ps: Revisiting the marketing mix  Links to an external site. . Forbes. https://www.forbes.com/sites/forbesagencycouncil/2018/01/03/evolution-of-the-four-ps-revisiting-the-marketing-mix/?sh=10ef6c351120

· Paxton/Patterson. (2017, March 14).  The 4 Ps of the marketing mix simplified  Links to an external site.  [Video]. YouTube. https://www.youtube.com/watch?v=Mco8vBAwOmA

Selling Strategies

Selling strategies are dependent on the buyer and seller’s relationship. A successful selling strategy isn’t always cut and dry; each strategy needs to be tailored to a specific outcome to move toward a result. There are essentially four selling strategies: script-based selling, needs-satisfaction selling, consultative selling, and strategic partnering. Through these resources, you will take a deeper dive into discovering how selling strategies enhance a marketing strategy.

· University of Minnesota. (2015).  13.2 customer relationships and selling strategiesLinks to an external site. . In  Principles of marketing. University of Minnesota Libraries Publishing. https://pressbooks-dev.oer.hawaii.edu/principlesmarketing/chapter/13-2-customer-relationships-and-selling-strategies/

· Newman, L. (2018, November 27).  Sales is not a dirty word!Links to an external site.  [Video]. TED Conferences. https://www.ted.com/talks/lisa_newman_sales_is_not_a_dirty_word

· Pogue, D. (2006, February).  Simplicity sellsLinks to an external site.  [Video]. TED Conferences. https://www.ted.com/talks/david_pogue_simplicity_sells?language=en

· TEDxYouth@GrandBahama. (2019, March).  Did you really want that? Exploring how sales professionals influence our choices  Links to an external site.  [Video]. TED Conferences. https://www.ted.com/talks/did_you_really_want_that_exploring_how_sales_professionals_influence_our_choices

Consumer Behavior

Consumer behavior is the study of what influences individuals and organizations to purchase certain products and support certain brands. Consumer behavior is also the study of how people are making purchase decisions to satisfy their needs, wants, or desires, and how their emotional, mental, and behavioral responses influence the buying decision. Marketing psychology, or the study of how and why we purchase goods or services, closely relates to consumer behavior. There are four factors that determine the characteristics of consumer behavior: personal, psychological, social, and cultural. All factors have a major impact on a consumer’s behavior and the characteristics that define a customer will change as their life changes.

· Ariely, D. (2008).  Are we in control of our own decisions?  Links to an external site.  [Video]. TED Conferences. https://www.ted.com/talks/dan_ariely_are_we_in_control_of_our_own_decisions?language=en

· Bakhtiari, K. (2020, May 18).  How will the pandemic change consumer behavior  Links to an external site. . Forbes. https://www.forbes.com/sites/kianbakhtiari/2020/05/18/how-will-the-pandemic-change-consumer-behavior/?sh=7f979ad266f6

· Dawar, N. (2018, May–June).  Marketing in the age of Alexa .  Harvard Business Review ,  96 (3), 80–86.

· Grogan, K. (2018, November).  The dark side of our personal marketing data  Links to an external site.  [Video]. TED Conferences. https://www.ted.com/talks/kirk_grogan_the_dark_side_of_our_personal_marketing_data/transcript?language=en

Soman, D., Kim, M., & An, J. (2018, Spring).  Consumer behavior online: A playbook emergesLinks to an external site. .  Rotman Management , 36–41.

Value Creation and Value Capture

Marketers work to create and capture the most value possible while maintaining a competitive advantage. Value capture is important to ongoing business survival because it allows for reinvestment in the business to create a stronger competitive advantage or fund research and development (R&D) for new products. A company can capture value by monetizing users and pricing appropriately, and then they can pass on that value to shareholders. Using these resources, you will examine how marketers create and capture value.

· Wienclaw , R. A. (2021).  Product innovationLinks to an external site. .  Salem Press Encyclopedia.

· Bython Media. (2018, February 14).  Why continuous product innovation and differentiation are keys to sustained business success  Links to an external site.  [Video]. YouTube. https://www.youtube.com/watch?v=n8AQ_78Moz8

Laja, P. (2019, May 16).  How to create a unique value proposition (with examples)Links to an external site. .  CXL . https://cxl.com/blog/value-proposition-examples-how-to-create/

· MaRS Startup Toolkit. (2015, October 13).  Creating value for the customer and developing a business model  Links to an external site.  [Video]. YouTube. https://www.youtube.com/watch?v=Y3KTvAELD_w

Customer Value/Business Value/Culture Value

Customer value is the perception of what a product or service is worth to a customer versus the alternatives. Business value is an informal term that includes all forms of value that determine the health and well-being of a company in the long run. Cultural values are the core principles and ideals upon which an entire community exists. These three principles are the core of a successful marketing strategy whereby the marketer understands an array of customer needs.

· Carr, D. J. (2019, January 28).  What value do you create? Marketing’s 3 types of value  Links to an external site. . Medium. https://medium.com/@djc1805/what-value-do-you-create-marketings-3-types-of-value-7b5f40cad756

· Del Capo, G. (2019, October 11).  The customer value journey  Links to an external site.  [Video]. YouTube. https://www.youtube.com/watch?v=Nrnxb_tdnnE

· Mahajan, G. (2020).  What is customer value and how can you create it?Links to an external site.   Journal of Creating Value ,  6 (1), 119–121. https://doi.org/10.1177/2394964320903557

Porter’s Five Forces Analysis

Porter’s Five Forces is a framework for analyzing a company’s competitive environment. The number and power of a company’s competitive rivals, potential new market entrants, suppliers, customers, and substitute products influence a company’s profitability. Porter’s Five Forces Framework is a method for analyzing the competitive environment of a business. It draws from industrial organization economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness of an industry in terms of its profitability. Five forces analysis helps organizations to understand the factors affecting profitability in a specific industry and can help to inform decisions related to whether to enter a specific industry, whether to increase capacity in a specific industry, and the development of competitive strategies.

· Emerald Works Limited. (n.d.).  Porter’s five forces: Understanding competitive forces to maximize profitability    Download Porter’s five forces: Understanding competitive forces to maximize profitability . MindTools. https://www.mindtools.com/community/pages/article/newTMC_08.php MindTools.com. Porter’s Five Forces: Understanding Competitive Forces to Maximize Profitability. Management Training and Leadership Training – Online. https://www.mindtools.com/community/pages/article/newTMC_08.php Reprinted by permission of Mind Tools Ltd. Via the Copyright Clearance Center. Licensed in 2021.

· Harvard Business Review. (2014, June 10).  The explainer: Porter's five forces Links to an external site.  [Video]. https://hbr.org/video/3590615226001/the-explainer-porters-five-forces

· Porter, M. E. (2008).  The five competitive forces that shape strategy .  Harvard Business Review ,  86 (1), 78–93.

Marketing for Competitiveness

Week 5 Assignment

Marketing Strategy Evaluation- Part 1

For this Assignment, you will take on the role of a marketer for a large corporate company that currently sells high-end products or services. Your task is to assess the possibilities of selling a less expensive product/service to boost sales while maintaining the quality expectations of your consumer base. The challenge will be to not tarnish your brand while bringing in new customers that will boost sales for the company.

To complete this Assignment, you will develop and present an assessment overview of a high-end brand that is planning to incorporate the possibility of selling a lower-end product or service to a new market. A big consideration is evaluating brand value. Your task will be to evaluate your current high-end brand and compare it to the potential new low-cost product/service and assess the real value aspect in order to make an impact on customer buying decisions and perceived value from the overall customer base, all while keeping your current customer base. You may select a company from the following industries as your chosen company to evaluate (fashion, technology, or hospitality—hotels/resorts, restaurants, etc.). You will want to select a large enough company with sufficient information on the web to be able to pull together the material you need for this exercise.

The product of your evaluation will be a report that you could deliver to the company’s CEO and senior leadership team for review. In addition to the requirements that follow, be sure to incorporate references to appropriate academic sources, such as those found in the Learning Resources, or those in the Walden Library.

Note: Your evaluation will be submitted over the course of 2 weeks. This week, you will submit Parts 1 and 2. In Week 6, you will use the same document to develop Part 3 and an executive summary.

To prepare for this Assignment:

· Select a current high-end brand that could theoretically sell a lower-end product or service to a new market.

· Download the  Module 2 Assignment Template  Download Module 2 Assignment Template .  Note: Be sure to keep a copy of your completed Assignment this week, as you will be adding to the same file for your Week 6 Assignment. 

Submit Part 1 and Part 2 of your report, to include the following:

Part 1: Incorporating the Marketing Mix (2-3 Pages)

· Analyze the importance of the 4 Ps in establishing the marketing analysis.

· As part of your analysis, explain how each of the 4 Ps factor into marketing decisions.

· Propose a new selling strategy for the organization based on your analysis of the organization’s current selling strategies.

· Analyze how persuasion can be used to influence consumer behavior.

Part 2: Incorporating Creative Value (3-4 pages)

· Examine value creation and value capture and what it means to apply a value proposition to a brand.

· Synthesize customer value, business value, and cultural value of the proposition and how that value proposition challenges the marketing environment.

· Summarize how you can use Porter’s Five Forces theory to develop an overall marketing strategy that creates value for your existing brand and proposed product/service offerings.

· As part of your summary, analyze the effects of Porter’s Five Forces theory on your current and proposed strategies.

· To support your ideas, do some research and locate at least two examples (a minimum of one example per strategy) of how marketing can shape strategy. 

Marketing for Competitiveness

Week 5 Learning Resources

The 4 Ps

· Emerald Works Limited. (n.d.).  The marketing mix and the 4Ps of marketing    Download The marketing mix and the 4Ps of marketing . MindTools. https://www.mindtools.com/pages/article/newSTR_94.htm MindTools.com. The Marketing Mix and the 4Ps of Marketing: Understanding How to Position Your Marketing Offer. Management Training and Leadership Training – Online. https://www.mindtools.com/community/pages/article/newSTR_94.php Reprinted by permission of Mind Tools Ltd. Via the Copyright Clearance Center. Licensed in 2021.

· Kareh, A. (2018, January 3).  Evolution of the four Ps: Revisiting the marketing mix  Links to an external site. . Forbes. https://www.forbes.com/sites/forbesagencycouncil/2018/01/03/evolution-of-the-four-ps-revisiting-the-marketing-mix/?sh=10ef6c351120

· Paxton/Patterson. (2017, March 14).  The 4 Ps of the marketing mix simplified  Links to an external site.  [Video]. YouTube. https://www.youtube.com/watch?v=Mco8vBAwOmA

Selling Strategies

Selling strategies are dependent on the buyer and seller’s relationship. A successful selling strategy isn’t always cut and dry; each strategy needs to be tailored to a specific outcome to move toward a result. There are essentially four selling strategies: script-based selling, needs-satisfaction selling, consultative selling, and strategic partnering. Through these resources, you will take a deeper dive into discovering how selling strategies enhance a marketing strategy.

· University of Minnesota. (2015).  13.2 customer relationships and selling strategiesLinks to an external site. . In  Principles of marketing. University of Minnesota Libraries Publishing. https://pressbooks-dev.oer.hawaii.edu/principlesmarketing/chapter/13-2-customer-relationships-and-selling-strategies/

· Newman, L. (2018, November 27).  Sales is not a dirty word!Links to an external site.  [Video]. TED Conferences. https://www.ted.com/talks/lisa_newman_sales_is_not_a_dirty_word

· Pogue, D. (2006, February).  Simplicity sellsLinks to an external site.  [Video]. TED Conferences. https://www.ted.com/talks/david_pogue_simplicity_sells?language=en

· TEDxYouth@GrandBahama. (2019, March).  Did you really want that? Exploring how sales professionals influence our choices  Links to an external site.  [Video]. TED Conferences. https://www.ted.com/talks/did_you_really_want_that_exploring_how_sales_professionals_influence_our_choices

Consumer Behavior

Consumer behavior is the study of what influences individuals and organizations to purchase certain products and support certain brands. Consumer behavior is also the study of how people are making purchase decisions to satisfy their needs, wants, or desires, and how their emotional, mental, and behavioral responses influence the buying decision. Marketing psychology, or the study of how and why we purchase goods or services, closely relates to consumer behavior. There are four factors that determine the characteristics of consumer behavior: personal, psychological, social, and cultural. All factors have a major impact on a consumer’s behavior and the characteristics that define a customer will change as their life changes.

· Ariely, D. (2008).  Are we in control of our own decisions?  Links to an external site.  [Video]. TED Conferences. https://www.ted.com/talks/dan_ariely_are_we_in_control_of_our_own_decisions?language=en

· Bakhtiari, K. (2020, May 18).  How will the pandemic change consumer behavior  Links to an external site. . Forbes. https://www.forbes.com/sites/kianbakhtiari/2020/05/18/how-will-the-pandemic-change-consumer-behavior/?sh=7f979ad266f6

· Dawar, N. (2018, May–June).  Marketing in the age of Alexa .  Harvard Business Review ,  96 (3), 80–86.

· Grogan, K. (2018, November).  The dark side of our personal marketing data  Links to an external site.  [Video]. TED Conferences. https://www.ted.com/talks/kirk_grogan_the_dark_side_of_our_personal_marketing_data/transcript?language=en

Soman, D., Kim, M., & An, J. (2018, Spring).  Consumer behavior online: A playbook emergesLinks to an external site. .  Rotman Management , 36–41.

Value Creation and Value Capture

Marketers work to create and capture the most value possible while maintaining a competitive advantage. Value capture is important to ongoing business survival because it allows for reinvestment in the business to create a stronger competitive advantage or fund research and development (R&D) for new products. A company can capture value by monetizing users and pricing appropriately, and then they can pass on that value to shareholders. Using these resources, you will examine how marketers create and capture value.

· Wienclaw , R. A. (2021).  Product innovationLinks to an external site. .  Salem Press Encyclopedia.

· Bython Media. (2018, February 14).  Why continuous product innovation and differentiation are keys to sustained business success  Links to an external site.  [Video]. YouTube. https://www.youtube.com/watch?v=n8AQ_78Moz8

Laja, P. (2019, May 16).  How to create a unique value proposition (with examples)Links to an external site. .  CXL . https://cxl.com/blog/value-proposition-examples-how-to-create/

· MaRS Startup Toolkit. (2015, October 13).  Creating value for the customer and developing a business model  Links to an external site.  [Video]. YouTube. https://www.youtube.com/watch?v=Y3KTvAELD_w

Customer Value/Business Value/Culture Value

Customer value is the perception of what a product or service is worth to a customer versus the alternatives. Business value is an informal term that includes all forms of value that determine the health and well-being of a company in the long run. Cultural values are the core principles and ideals upon which an entire community exists. These three principles are the core of a successful marketing strategy whereby the marketer understands an array of customer needs.

· Carr, D. J. (2019, January 28).  What value do you create? Marketing’s 3 types of value  Links to an external site. . Medium. https://medium.com/@djc1805/what-value-do-you-create-marketings-3-types-of-value-7b5f40cad756

· Del Capo, G. (2019, October 11).  The customer value journey  Links to an external site.  [Video]. YouTube. https://www.youtube.com/watch?v=Nrnxb_tdnnE

· Mahajan, G. (2020).  What is customer value and how can you create it?Links to an external site.   Journal of Creating Value ,  6 (1), 119–121. https://doi.org/10.1177/2394964320903557

Porter’s Five Forces Analysis

Porter’s Five Forces is a framework for analyzing a company’s competitive environment. The number and power of a company’s competitive rivals, potential new market entrants, suppliers, customers, and substitute products influence a company’s profitability. Porter’s Five Forces Framework is a method for analyzing the competitive environment of a business. It draws from industrial organization economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness of an industry in terms of its profitability. Five forces analysis helps organizations to understand the factors affecting profitability in a specific industry and can help to inform decisions related to whether to enter a specific industry, whether to increase capacity in a specific industry, and the development of competitive strategies.

· Emerald Works Limited. (n.d.).  Porter’s five forces: Understanding competitive forces to maximize profitability    Download Porter’s five forces: Understanding competitive forces to maximize profitability . MindTools. https://www.mindtools.com/community/pages/article/newTMC_08.php MindTools.com. Porter’s Five Forces: Understanding Competitive Forces to Maximize Profitability. Management Training and Leadership Training – Online. https://www.mindtools.com/community/pages/article/newTMC_08.php Reprinted by permission of Mind Tools Ltd. Via the Copyright Clearance Center. Licensed in 2021.

· Harvard Business Review. (2014, June 10).  The explainer: Porter's five forces Links to an external site.  [Video]. https://hbr.org/video/3590615226001/the-explainer-porters-five-forces

· Porter, M. E. (2008).  The five competitive forces that shape strategy .  Harvard Business Review ,  86 (1), 78–93.