Question MMGP:Background Information

MMGP:Background Information

• Provide a description of your product/service and a brief history of the firm that produces your product/service.
• Describe and discuss (broadly speaking) the 4 Ps associated with your product/service. Below are the 4Ps described in your textbook, describe and discuss all four of the 4Ps.
• • Old 4 Ps – Product, Place, Promotion, Price
  • New 4 Ps – People Processes Programs Performance
• Scanning the Market Environment (See chapter 3) NOTE: If researching these topics proves difficult because of the product/service you have chosen, research a similar product/service, and report those results as a proxy for your product/service.
• • Describe and discuss the demographic trends associated with your product/service.
  • Describe and discuss the current economic trends and the influences they will have on the sales of your product/service.
  • Describe and discuss the technological changes that have affected consumer acceptance of your product/service.
  • Describe and discuss the consumer’s tastes and preferences for your product/service.
  • Describe and discuss the Social / Cultural factors for your product/service

  MMGP: Market Analysis

  • Analyzing the Consumer Market (See chapter 6)
  • Describe and discuss the cultural factors that have the most influence on consumers purchasing your product/service?
  • Describe and discuss the social factors that have the most influence on consumers purchasing your product/service?
  • Describe and discuss the personal factors that have the most influence on consumers purchasing your product/service?
  • Describe and discuss the psychological factors that have the most influence on consumers purchasing your product/service?
  • Which aspects of consumer behavior should your product or service emphasize in their marketing plan and why?

  Market Segments (See chapter 8)

  • Which variables should your firm use to segment its target markets?
  • How can your firm evaluate the attractiveness of each identified segment?
  • Should your firm pursue full market coverage, market specialization, product specialization, selective specialization, or single-segment concentration? Why?
  • What are your firm’s target market(s)? Explain
  • What specific needs does your product/service address for each target market? Be specific and creative.

  The individual submission is due by 11:59 p.m. (ET) on Sunday in Module 3.

MMGP: Positioning/Competition/Branding

Positioning (See chapter 10)

• What is an appropriate positioning statement for your product/service? Explain the statement.
• How is your product/service positioned in the market place? Provide examples and a detailed explanation.

Competition (See chapter 11)

• Which firm is the market leader in your industry, what are its strengths and weaknesses? Product Branding (See chapters 9 and 12)
• What brand elements would be most useful for differentiating your product/service’s brand from the competition?
• What is the brand promise for your product/service? If there is a similar brand promise that another product/services uses please discuss. What are the attributes and benefits of your product/service? How do they relate to your target market?
• How can your firm use packaging and labeling to support its brand image?

The individual submission is due by 11:59 p.m. (ET) on Sunday in Module 5.

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