MKT490 MODULE 1-5 SLP

Module 1 – SLP

INTRODUCTION TO AND FUNDAMENTALS OF STRATEGIC MARKETING

Questions/Tasks

Assume that you are the newly appointed Marketing Manager for JC Penney. To quickly bring you up to speed on JC Penney, your VP of Marketing has asked you to prepare a short report that answers the following question.

What is the Target Market for JC Penney? Defend your position.

The Situation

JC Penney has changed its product mix and pricing strategy to reposition its image and, thus, attempt to expand its target market. Following are recent articles devoted to this strategy:

Beltrone, G. (2012). Ad of the day: J.C. Penney – Peterson Milla Hooks brings its poppy visual style to the retailer’s big new rebranding effort. Adweek (February 3). Available March 8, 2013 at

http://www.adweek.com/news/advertising-branding/ad-day-jcpenney-137988

Berfield, S. (2012), J.C. Penney vs. the bargain hunters. Bloomfield Business Week (May 25), pp.21-2. Available March 8, 2013 via EBSCO

D’Innocenzio, A. (2012). J.C. Penney slashing prices on all merchandise. USA Today (January 27).

Available March 8, 2013 at

http://www.usatoday.com/money/industries/retail/story/2012-01-25/penneys-price-overhaul/52787388/1

Girard, K. (2012). Is J.C. Penney’s makeover the future of retailing? Harvard Business School Working Knowledge (March 5). Available March 8, 2013 at

http://hbswk.hbs.edu/item/6944.html

Halkias, M. (2011). J.C. Penney buys stake in Martha Stewart’s company. The Dallas Morning News ( December 7).

Available March 8, 2013 at

http://www.dallasnews.com/business/retail/20111207-j.c.-penney-buys-stake-in-martha-stewarts-company.ece

Mattioli, D. (2012). How J.C. Penney was minted. Wall Street Journal (January 25).

Available March 8, 2013 via ProQuest

Mattioli, D. (2012). J.C. Penney chief thinks different. Wall Street Journal (January 26).

Available March 8, 2013 via ProQuest

Reingold, J. (2012). Retail’s new radical. Fortune, 165:4(March 19).

Available March 8, 2013 via EBSCO

Talley, K. (2012). Penney CEO says profits won’t suffer. Wall Street Journal (January 27).

Available March 8, 2013 via ProQuest.  As the Penney situation is quite fluid, be sure to check recent coverage in the trade press.

SLP Assignment Expectations

Remember: All SLP contributions relating to a discussion of competitive advantage must be specific in that key competitors must be individually identified and described with reference to the questions posed. General observations regarding your firm’s having competitive advantage (or not) over the competition are not up to the standard expected in BSBA capstone assignments!

You should also bear in mind that a fundamental goal, as with all the slps you build in MKT490, is to demonstrate your learning.

In preparing your SLP1, ensure that you demonstrate your learning of the marketing concepts and frameworks for analysis outlined in the modular learning objectives by using and referencing the background and slp material.

  1. Explain the target marketing strategies that firms use.
  2. Explain what factors are involved in the development of a target marketing strategy.

In other words, in answering the question, ensure that you demonstrate your understanding of market segmentation and target marketing.

In particular, review what you learned about consumer behavior (Background Readings for Module 1) and bolster your argument in terms of when consumers make their decisions based on brands and the retailers that sell those brands.

Note that this assignment does NOT require you to prepare a detailed essay. Instead use section headings for each of the topics you address in your paper followed by a discussion of that topic.

Instead use section headings for each of the topics you address in your paper followed by a discussion of that topic. In addressing the questions, as is illustrated in the outline for the total paper, use the CAPITALIZED and BOLD words in the sections above as headings.

Note that each of the centered sections listed in this outline for SLP1-5 of your paper correspond to the modules in which you are to address the outlined aspects of your paper.

INTRODUCTION (centered, bold, all caps)

NAME OF ORGANIZATION (subheadings at left margin)

MISSION STATEMENT

TARGET MARKET (centered, bold, all caps)

TARGET MARKET

PRIMARY ATTRIBUTES OF TARGET MARKET

COMPETITIVE ADVANTAGE/TARGET MARKET

 
 

Module 2 – SLP

THE MARKETING MIX: PRODUCTS AND BRANDING STRATEGIES

Assume that you are the newly appointed Marketing Manager for the product you chose for CASE2. To quickly bring you up to speed on your product or retailer, your VP of Marketing has asked you to prepare a short report that answers the following questions/topics in bold.

1) List what you believe are two PRIMARY ATTRIBUTES on which your business competes (such as quality and availability), then create and include in your SLP under ‘TARGET MARKET and PRODUCT STRATEGY’ a positioning map showing where you place your organization relative to its primary competitors on these two criteria.

You should not use quality and price. Many textbooks follow this approach but this usually results in a linear arrangement of the products on a diagonal, with two empty cells! Either the products are of high quality with a commensurate high price or of low quality with a commensurate low price. It is hard to imagine finding products with high quality and a low price or low quality and a high price, i.e. Price and Quality are highly correlated and this invalidates a fundamental assumption of positioning maps, namely that the dimensions used are independent.

Therefore, choose more interesting and useful dimensions. For example, look at the underlying dimensions or attributes on which quality might be based. This approach is not easy but it is far more useful. For example, if you are describing the market for colas, you might choose two of the following: carbonation, sweetness, and type of sweetener. Or if you are describing the market for ice cream, you might choose two of the following: creaminess, sweetness, and type of sweetener. Though meaningful positioning is multi-dimensional (that is it requires more than two dimensions, for this exercise, so that you get a feeling for the process, you are being asked to use only two dimensions. In terms of the above examples, you might even want to think in terms of presenting descriptions of customers in terms of their motivations to choose one product vs. another. For example, who wants a really sweet cola vs. one that is not very sweet (could the difference be based on the age of the buyer?)? And who wants sugar vs. sugar substitute (could the difference be based on the desired weight of the buyer?)?

The following resources will help you prepare your Position Map (also know as a “Perceptual Map”)

Boardman A. E. and Vining, A. R. (1996). Defining your business using product-customer matricesLong Range Planning, 29:1(February):38-48. Available March 8, 2013 via EBSCO

Positioning (2010). QuickMBA.com. Available March 8, 2013 athttp://www.QuickMBA.com/marketing/ries-trout/positioning/

Positioning (2012). Marketingteacher.com. Available March 8, 2013 athttp://www.marketingteacher.com/lesson-store/lesson-positioning.html

Search Engines

Go to http://www.mama.com and/or http://scholar.google.com. These are meta-search engine sites and scholar search engines. Type in ‘ Product Positioning Maps ‘ and visit various sites to see examples. The search will reveal more information on product positioning maps than you can possibly access in a lifetime. These sites will never fail you….learn to meta-search –my side lesson for today.

2) List your PRIMARY TARGET MARKETS (TMs) and name and define them. This is a repeat of what you did in CASE1 and in SLP01 for the product or retailer you have chosen to analyze.

For example:

TM 1 “Yuppies”                          Professional, fashion-forward, upwardly mobile. ..

3) List your primary PRODUCT CATEGORIES and name and define them. This is an expansion of Q3 in SLP01.

For example:

Paper Products                          Innovative greeting cards, stationary, and gift-wrap

4) Then, create a PRODUCT-MARKET GRID with each market segment listed down the side, and each product category across the top that illustrates which markets and products are served by your selected organization.

Below is an example of a 3×3 matrix (3 products and 3 markets). Substitute your own titles for “markets” and “products” in the table you create, and use as many columns and rows as you need. This is an expansion of Q3 in SLP01.

Since SLP2 asks you develop product/market matrices, when you start doing this part of the assignment refer to Boardman and Vining (1999), provided in the Background Info section.

You will use a Product-Market grid throughout the SLP so try very hard to refine it to reflect your business in the best way possible.

Example:

 

Product1

Product2

Product3

Target Market 1

(Cell 1)

   

Target Market 2

     

Target Market 3

     
       

In the model above, “Cell 1” has been identified. In other words, each of the blank spaces is the table is called a “cell”.

In terms of an illustration, the following matrix was prepared for a store that sells ice-cream.

 

Ice Cream Cones

Ice Cream Cakes

Soft Serve Frozen Yogurt

Fresh Baked Items

Gourmet Coffees

Middle Class

1

   

3

2

Upper Class

1

     

2

DINKS (Dual Income/No Kids)

1

 

3

 

 

3

Yuppies

1

 

3

 

3

Families

1

3

   

2

Children

Age 4-13

1 & 3

 

2

   

Adult Singles

Age 18-35

1

 

3

   

Key for interpreting the numbers in the table:

1Core products Marble Slab’s an expert in making super premium ice cream which is the best seller across all of the target market

2Rarely sold to these individuals. Product is included to offer more variety

3Biggest purchaser of items in this category

Now, look at your table and answer the following questions for the important cells.

Does the target market described on the left buy in the product category described on the top? Remember that if target markets do not buy products in a particular category, those cells will be blank. For example, people classified as middle class might buy their gardening implements at Wal-mart but may not buy their clothing at that store.

Why or why not?

5) Does your organization have a COMPETITIVE ADVANTAGE relative to its PRODUCT MIX? Your answer should be a “yes” or “no” followed by your defense of why you chose “yes” or “no”. You should also include references to background materials to help support your discussion.

How is this competitive advantage manifested? (e.g. In the examples above, perhaps that my paper products serve yuppies very well because they are more innovative and of a higher quality than my competitors? products are.)

SLP Assignment Expectations

Note that this assignment does NOT require you to prepare a detailed essay. Instead use section headings for each of the topics you address in your paper followed by a discussion of that topic. In addressing the questions, use the CAPITALIZED and BOLD words in the sections above as headings. Note that you are only graded on the information added to this ever growing paper.

INTRODUCTION (centered, bold, all caps)

NAME OF ORGANIZATION (subheadings at left margin)

TARGET MARKET AND PROD STRATEGY (centered, bold, all caps)

TARGET MARKET

PRIMARY ATTRIBUTES OF TARGET MARKET

PRODUCT CATEGORIES

PRODUCT-MARKET GRID

STRATEGY

COMPETITIVE ADVANTAGE/PRODUCT MIX

References

This is an academic paper, and as such should include properly cited references. If in your SLP you refer to information obtained from talking with an owner/manager, you should cite what that manager told you. 

 

 

Module 3 – SLP

THE MARKETING MIX: DISTRIBUTION (PLACE) STRATEGIES

Questions/Tasks

Assume that you are the newly appointed Marketing Manager for P&G’s Art of Shaving. To quickly bring you up to speed on your product, your VP of Marketing has asked you to prepare a short report that answers the following question: Should P&G open more retail stores (physical (brick n’ mortar) & web (click n’ pick)) in upscale shopping centers? Defend your position in terms of whether or not P&G has the expertise to move into the direct-to-consumer channel of distribution versus its current methods of distributing products and whether or not sales though the direct-to-consumer channel will cannibalize sales from its current methods of distribution.

The Situation

P&G is vertically integrating. It is buying specialty stores that sell its products. It is also trying to divest itself of poorly performing acquisitions.

SLP Assignment Expectations

In answering the question make reasonable assumptions, (clearly you won’t have the same information available to you as the actual manager, e.g. about competitors, but make some assumptions and follow through in your analysis).

You should also bear in mind that a fundamental goal, as with all the cases you build in MKT490, is to stimulate your learning. Your answers should therefore aim to demonstrate that learning.

In preparing your SLP3, ensure that you demonstrate your learning of the marketing concepts and frameworks for analysis outlined in the modular learning ooutcomes by using and referencing the background and case material.

  1. Define marketing channels and channels of distribution.
  2. Explain how the channels of distribution integrate with the firm’s marketing strategy.
  3. Evaluate an organization’s channels of distribution in terms of competitive advantage and an organization’s marketing strategy.

In SLP3, what should be P&G’s target market(s) for its direct retail operation(s)? Hint, how should its packaging (e.g. size) reflect those target markets? Should its product(s) be priced higher or lower than competitive products? Should it advertise more or less than competitive products? Defend your positions on any and all of the issues you tackle. In other words, in answering the question, ensure that you demonstrate your understanding of channels and factors affecting channel success, as well as your learning from previous modules.

Note that this assignment does NOT require you to prepare a detailed essay. Instead use section headings for each of the topics you address in your paper followed by a discussion of that topic.

Readings

Marino, Jonathan (2009). P&G makes another shaving buy. Mergers & Acquisitions Report,22:25(June 22):14.

Available March 8, 2013 via EBSCO

Marino, Jonathan (2009). Art of shaving dealt to P&G. Mergers & Acquisitions Report. 22:23,(June 22):15. 
Available March 8, 2013 via EBSCO

McCracken, Jeffrey and Byron, Ellen (2009). P&G considers booting some brands. Wall Street Journal Eastern edition (October 29):B1. Available March 8, 2013 via ProQuest

References

This is an academic paper, and as such, should include properly cited references. If in your SLP you refer to information obtained from talking with an owner/manager, you should cite what that manager told you.

 
 

Module 4 – SLP

THE MARKETING MIX: PROMOTION STRATEGIES

Questions/Tasks

Assume that you are the newly hired expert witness for either Coca-Cola or Old Israel Dairy. If you choose to be the expert witness for Coca-Cola prove that the referenced advertisement is NOT a rip-off of an Old Israel Dariy commercial. If you choose to be the expert witness for the Old Israel Dairy prove that the referenced advertisement is a rip off of your commercial.

The Situation

NEW YORK (AdAge.com) — The creative community is buzzing with allegations that a Coca-Cola commercial that aired during the Super Bowl is a ripoff of an 8-year-old ad for an Israeli milk brand. The beverage giant has firmly denied it copied the commercial, saying any similarities are purely a coincidence.

SLP Assignment Expectations

In answering the question make reasonable assumptions.

You should also bear in mind that a fundamental goal, as with all the cases you build in MKT490, is to stimulate your learning. Your answers should therefore aim to demonstrate that learning.

In preparing your SLP4, ensure that you demonstrate your learning of the marketing concepts and frameworks for analysis outlined in the modular learning objectives by using and referencing the background and case material.

  1. Does Coke’s Super Bowl Ad Look a Lot Like Old Israeli Dairy Spot?

In particular, in answering the question, ensure that you demonstrate your understanding of what violates a copyright.

Note that this assignment does NOT require you to prepare a detailed essay. Instead use section headings for each of the topics you address in your paper followed by a discussion of that topic.

SLP Readings

Christ, P. (2008). Principles of marketing. KnowThis.Com.
Pricing Decisions
Selling Price

Available March 8, 2013 at

http://www.knowthis.com/tutorials/principles-of-marketing.htm

Henricks, Mark (2010). Price-Cutting Peril: Do You Know What You’re Doing — Really? CBS Money Watch (November 19). Available March 8, 2013 at
http://www.bnet.com/blog/business-myths/price-cutting-peril-do-you-know-what-you-8217re-doing-8212-really/477?promo=857&tag=nl.e857

Parekh, Rupal (2010). Does Coke’s Super Bowl ad look a lot like Old Israeli dairy Spot? Comparison of both commercials on YouTube has creative community buzzing. Advertising Age (February 11).
Available March 8, 2013 via ProQuest

References

This is an academic paper, and as such, it should include properly cited references. If in your SLP you refer to information obtained from talking with an owner/manager, you should cite what that manager told you.

 
 

Module 5 – SLP

THE MARKETING MIX: PRICING STRATEGIES

Questions/Tasks

Will Walmart’s return to ‘everyday low pricing’ bring Walmart its targeted Sales Volume, Profit, Turnover, and ROI?

Defend your position.

The Situation

Walmart is mired in the worst US sales slump ever.

SLP Assignment Expectations

In answering the question make reasonable assumptions, (clearly you won’t have the same information available to you as the VP of Marketing at Walmart, e.g. about costs, but make some assumptions and follow through in your analysis).

You should also bear in mind that a fundamental goal, as with all the slps you build in MKT490, is to demonstrate your learning.

In preparing your SLP5, ensure that you demonstrate your learning of the marketing concepts and frameworks for analysis outlined in the modular learning objectives by using and referencing the background and slp material.

  1. Explain the pricing strategies that firms use.
  2. Explain what factors are involved in the development of a pricing strategy.
  3. Explain the relationship between costs and prices.
  4. Explain the relationship between a firm’s pricing strategy and its product, distribution, and promotion strategies

In particular, in answering the question, ensure that you demonstrate your understanding of pricing, the factors affecting success of pricing, as well as your learning from previous modules.

In particular, review what you learned about consumer behavior (Background Readings for Module 1) and bolster your argument in terms of when consumers make their decisions based on price, as opposed to brands and the locations of retailers.

Note that this assignment does NOT require you to prepare a detailed essay. Instead use section headings for each of the topics you address in your paper followed by a discussion of that topic.

SLP Readings

Bustillo, Miguel (2011). With sales flabby, Wal-Mart turns to its core. Wall Street Journal (Eastern edition, March 21):B1.

Available March 8, 2013 via ProQuest

Bustillo, Miguel & Martin, Timothy W. (2010). Wal-Mart bets on reduction in prices. Wall Street Journal (Eastern edition, April 9):B1.

Available March 8, 2013 via ProQuest

Neff, Jack (2011). Walmart moves back to core pricing message. But some consumers may be finding needs better met elsewhere. Advertising Age (March 21). Available March 8, 2013 via ProQuest

 

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