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BUAD 311: Principles of Marketing

Instructions

  • After picking a single opportunity to pursue, justify your recommendation. Use both quantitative and qualitative data here (i.e., explicitly refer to your P&L - see below); discuss risk/reward of this option and how it fits the company's objectives.
  • Explain your segmentation scheme and describe the segments within it. This segmentation could be the same as the one you assumed in your earlier analysis (if so, don't spend much time on it here), or could be updated to reflect new thinking and opportunities.
  • Who is your target market? What are their unique needs? Why would you want to meet these needs and how are you uniquely qualified to do so? What is your positioning?
  • Marketing Mix: For each of the four P's, describe your strategy/plan in some detail and justify it (e.g., if you want to use a direct sales force to promote your new toy to school teachers, explain why).

The Four P's of Marketing

The traditional 4 P's include the following:

  • Product: What is your good or service? Why is it needed? 
  • Price: What value/uniqueness does the product bring to the market? How will you price it accordingly?
  • Place: Where will the product be sold? 
  • Promotion: Given your targeted consumer, how will you promote your product?

Determining the answers to the 4 P's depends on how thoroughly you've investigated the company, its competitors, the industry (historical and forecasts), and consumers.