02 May WHICH PRODUCT IS THE FOLLOWER, CHALLENGER AND NICHER IF THOSE CATEGORIES APPLY?
Creating Value for Customers. Consider the customers you believe currently use your product or service and the definition of marketing offered in the course content. As we begin our study of marketing, what are your preliminary thoughts as to how you think the company creates value for its customers based on the concepts in this weeks readings.
Role of the Customer in the Companys Strategic Plan. The readings indicate that the best marketing begins with the customer and that commitment to the customer begins with including the customer in the companys mission statement. Find your companys mission statement. Repeat it (or attach as an exhibit if it is too long) and comment on its effectiveness in demonstrating the companys commitment to having a customer focus. Could the mission statement have more focus on the customer? How would you recommend it be modified? Is it supported with value statements or other evidence of a customer focus?
SWOT analysis. Identify at least one element of each of the SWOT categories (a strength, a weakness, an opportunity, and a threat). Explain your choice using a citation if needed. Then identify possible implications for each of the four elements. For example, if a strength is a a strong national brand name, the implication is that the company may be able to launch other related products under the positive umbrella of the same brand name. Conversely, if a major weakness is the company is carrying a lot of debt, the implication is that the company not not be able to achieve significant growth, but may have to consider retrenchment strategies.
Competitive Analysis. Identify at least two major competitors or those two products that are trying to sell essentially identical products to the same type of consumer. Then, identify at least three criteria that are important to those consumers when they are making their decision as to which of the three competing offers to buy (e.g. price, specific benefit, service, warranty, convenience, specific feature, etc.). Make a little chart with the three criteria along the left-hand side and the competitor products (including your own product) across the top. Rank each of the products on a scale from 1= low to 5= high on each performs on each of the three criteria. Add down each column. Which product ranked highest overall based on the sum of the columns. Then, look at the highest score in each of the criteria boxes. Which products ranked the highest on each of the three criteria? Was it the same product, was it three different products? What do these results tell you about the competitive environment of your product category. Which product is the leader? Which product is the follower, challenger and nicher if those categories apply? Attach your chart as an exhibit.
General Submission Requirements
Prepare as a word processed document (such as Microsoft Word).
• Your assignment should be the equivalent of two pages of double-spaced text, approximately 1/2 page for each of the four questions. Do not exceed this maximum unless permitted by your faculty member. Writing concisely and on point is one of the objectives of this course. You may attach exhibits that will not be counted towards your two page of double-spaced text.
• Be sure your name, writing assignment number, and the name of your product or service are on the first page of your writing assignment.
• Use a simple 12-point font such as Times New Roman. Use black ink for majority of your work and only use colors if it enhances your ability to communicate your thoughts.
• If the writing assignment requires external research, be sure to use footnotes and include a bibliography. You may use MLA or APA style, or any other college-level style guide.
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