Developing a marketing strategy involves creating an integrated marketing mix (product, pricing, distribution, and promotion – the 4Ps) aimed at developing a long-term, value-oriented relationship with a clearly defined target market. Being able to succinctly and effectively communicate your analysis and recommendations is an important business skill and a component of your development in this course.
Project: Write a 3 pages paper that summarizes your analysis of the effectiveness of the company’s current marketing strategy as it applies to your chosen target market (from Assignment 2) and your recommendations to improve or build on this strategy.
Part A: Very briefly summarize the company’s/product’s current environment and the marketing mix components of the current strategy (i.e. to set the stage for Part B, review just the most important highlights of your Assignments 1 & 2).
Part B: Critique the effectiveness of the company’s marketing mix (all 4Ps). Is it appropriate for your chosen target segment from Assignment 2? Does it reinforce the company’s/ product’s positioning strategy? What is the company doing well, if anything? What mistakes, if any, is it making with its current strategy? Recommend improvements and/or additions to the company’s marketing strategy to make it more effective for your chosen target segment from Assignment 2.
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