Strategy Project and outline - Tagged PDF

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MRK 108 Section All sections Marketing Strategy. Outline and Strategy Prof. Carlos E. Fernandez Fall 2021 Notable Information THE ASSIGNMENT HAS ABSOLUTELY BE IN TEAMS OF 4, OTHERWISE THE MARK WILL BE zero  Worth 20% of final mark  Project outline is worth 5%:  Strategy project worth 15%:  Grammar and spelling count Overview You will be creating a “new” product for Canadian Tire. You can create an entirely new product, or make a significant improvement to one of Canadian Tire’s current products. You can find all of Canadian Tire’s products at www.canadiantire.ca To decide how to change the product, you might consider the current target market’s needs or you might consider changing the current target market and adjusting the product to fit the new target market’s needs. Remember, all good product ideas start by thinking about customer’s needs first. Comments on writing your project Your project will be about 6 to 10 pages long, lines spaced at 1.5, with 12 point font. Grammar and spelling do count. Any section that contains poor grammar or spelling will have the mark downgraded due to weak communication skills. If your team does not have someone with strong English skills, make sure that you leave enough time to have someone review your project to help you fix these problems. You can get help with English through the peer tutoring service, offered through the Learning Commons. If you find information from another source, be sure to use MLA citation. It is no problem to include information from another source, but you MUST give credit to the original author (through citation). See the library website for help with citation at http://library.senecacollege.ca/Research_Help/Citing_Sources/mla_guide.html

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Due Dates The Project Outline:

by 10pm, the night before the class when is due

A late penalty of 10% per day will be given if you miss this deadline. After a week, the mark will be ZERO The Strategy Project:

by 10pm, the night before the class that is due.

Each group must submit only 1 copy through SafeAssign. You will be able to access Safe Assign through Blackboard on our course website. All assignments that are submitted after the due date will lose 10% off for each day up to 5 working days. Anything submitted after this time will receive a mark of zero.

…project outline and strategy project requirements follow on next pages

Project Outline Group Members

Product Identification Short name of your product (eg. “solar-powered cell phone”)

Target Market: Describe your Target Market

/5 Product: Briefly describe your new product and why people will buy it compared to similar products already available.

/5 Promotion: general description of how you will promote your product? e.g. advertising: tv, radio, internet, billboards etc sales promotion: coupons, free samples personal selling: salesperson

/5

Distribution/Place: besides Canadian Tire, where else would it be sold?

/3 Price: what pricing strategy are you going to use? e.g. charge a price that is lower/same/ higher than competition, why?

/2

TOTAL

/20

Strategy Project Marks Executive Summary A 1-page summary of your entire report. This is not an introduction – it contains all the important information in your report. Try to write 1-3 sentences about each of the following sections.

5

Target Market Describe your target market. Be sure to use marketing terms from the textbook. Remember there is more to a description than just demographics.. See Target Market Example on last page of this document.

5

Product Describe entire new product. Use marketing terms from the textbook where possible. Reference chapter 9

10

Promotion Describe how you will communicate your new product to the target market (and the distribution/channel members if appropriate). If you are going to use advertising, describe or sketch the first ad. Don’t forget about promoting to retailers (and wholesalers if you are using them) as part of your Channels strategy. Reference chapter 13.

10

Place Describe how you will get your product to your end customer (your distribution strategy). Consider additional retailers (examples?), wholesalers and your own sales staff. Reference chapter 13.

5

Price What will be your MSRP? What price will the retailers pay? What price will the wholesalers pay? Explain your logic when outlining your strategy. Reference chapter 12.

5

Positioning and Perceptual Map Create a positioning statement which clearly identifies why potential customers should choose your product. Create a perceptual map, which shows how your product compares to its competitors on the 2 most important attributes. Reference page 144.

5

Format ( appearance, hoe you used fonts, underlines, bold letters, etc)

5 TOTAL

50

Target market Considerations: Age Occupation Educational level Family size & lifecycle Use of Free Time Special interests Attitudes & beliefs about food Attitudes & beliefs about personal health Personal goals Lifestyle focus User status: first-time, regular etc Brand loyalty Benefits sought

Example for A Hair Salon 

eco-conscious, unmarried, college-educated women who are between the ages of 20 and 35.



They're city-dwellers who rent homes and apartments and have jobs in creative or social services fields.



They share a passion for causes that help improve their communities and environments. They may spend their weekends at the local farmer's market, attend music events, create art and crafts to sell in their online stores and read blogs about healthy eating and living.

Cover Page:

COURSE CODE: MRK 108 section ______

Assignment #1 : “Strategy Project”

NAME OF the Product :

Partners:

_____________________________________________________________________ _______________________________________________________________________ ______________________________________________________________________ Last Name first, then first Name

Date:

Strategy Product Assignment Rubric 1. Product:  Complete product description…including:  Dimensions  Branding  Product line  Warranty • Ingredients • Packaging (design, materials, functionality, environment) • Labelling 2. Channels of Distribution  Direct or Indirect?  Identify retailers  Determine if wholesalers needed  Consider transportation issues  Consider cost of shelf space (eg. Grocery stores)  Distribution Intensity: Exclusive, Intensive, Selective 3. Promotion  Media to use ( Radio, TV, Newspapers, Magazines, Bulleting Boards, other  Specific details of media: Channel 26, CFRB 1010 radio station, Toronto Star, etc  Use Personal Selling, Sales Promotion, Public Relations, other  Goals of promotion: Inform, Remind or persuade? 4. Price  Profit-oriented, Sales-Oriented  Provide the actual prices per item and compare with competition  Price to wholesaler, Price to Retailer, Price to the consumer (MRSP)  Strategy: Skimming or Penetration. Target market Considerations: Gender Age Occupation Annual income Educational level Family size & lifecycle Special interests Personal goals Lifestyle focus User status: first-time, regular etc Brand loyalty

NOTE: the student has to always give a reason for every item that you are including. In other words, why did you choose skimming, why are you using TV, Why are you using Wholesalers, why are you using personal selling, etc...