Group project on marketing opportunities for a brand of consumer products.
Group project on marketing opportunities for a brand of consumer products. You will choose/be assigned a brand of consumer products. Each group will be assigned a different brand. Research the brand, the organization that markets the brand, the marketing environment, the market and the market segments in the UAE. Then infer the marketing opportunities (including targeted segments) available for the brand from the market information.
This is an external work which must follow APA Formatting guidelines. This project will cover CLOs 1, 2, 3, and 4. You will submit a written report consisting of 1500 to 2000 words. The market research survey questionnaire(s) should be submitted as appendix to the report. Following the report submission, individually you will orally defend your marketing analysis and plan at a set date and answer specific questions on your assignment.
Guidelines for Market Research
- To research about the brand, the product, the marketing environment, the market and the market segments in the UAE from information that is publicly available.
- Use credible sources of information and, where possible, use the databases available on the HCT library website.
Part A of the report:
Current Market Situation
- Brief background information about the Brand
- Brand: (1) where it originates from, (2) when it was introduced in the UAE, (3) existing product lines/items in the UAE
- Organization that markets the brand: (1) business activities, (2) date of establishment in the UAE, (3) structure and size, (4) strengths and weaknesses
- Market environment
Market environment: (1) two micro-environmental and two macro-environmental factors that have the biggest impact on the brand’s existing product lines/items in the UAE, (2) major changes and trends that impact marketing decisions of the brand’s existing product lines/items in the UAE
- Consumer product: discuss the product you have chosen in terms of
- Description of the product: describe the core and actual product
- Associated services offered with the product
- One strength and one weakness of the product
- Market Description and Segmentation
- Market for the brand’s product lines/items in the UAE: (1) define the market, (2) who are customers buying them from, (5) customers’ current needs and wants,
- Market segments: (1) define the existing market segments, (2) segments in which the brand’s existing product lines/items are offered
- Market segmentation could be done using at least two variables.
- Target market for the brand/ product identified and described using at least two variables; use of more relevant variables will be graded higher
- To research about the market and the market segments in the UAE from information that is not publicly available.
- Prepare a survey questionnaire to determine: (1) customers’ current needs and wants, (2) potential changes to customers’ needs and wants, (3) existing market segments, (4) potential changes to existing segments, (5) potential new segments, (6) customer psychographics, (7) customers’ buying behavior
- Conduct the survey on a representative sample of appropriate size.
Part B of the report
- Marketing Opportunities
- Describe four growth opportunities for the brand using the product/market expansion grid that could be used by the company to increase sales.
- From the market information, infer the marketing opportunities for the brand in each of the existing and potential new market segments using the product/market expansion grid
- Choose ONLY one of the above described marketing opportunities (you cannot choose market penetration).
- Decide whether to target existing market segments or potential new market segments by offering existing product lines/items or new product lines/items. Explain with reference to the market research.
- Application of the marketing mix:
Develop a marketing mix including current and or new target market which addresses the marketing opportunity that you have identified to grow the business based on your market research.
Application of the Marketing Mix – Proposed Product
In this section of the report, you need to explain how your brand should use the “product” mix. The way that you explain the proposed product needs to be in-line with your assigned marketing opportunity (keep in mind that your marketing opportunity needs to be discussed at a local level, i.e., Abu Dhabi, Dubai or UAE).
- Product specification – consumer/industrial product
- Fully describe the product in terms of the core, actual and augmented levels.
- Actual product
- Augmented product
- Product specification – convenience, shopping, specialty, unsought
Application of Marketing Mix – Proposed Price
The product price is structured based on the findings as well with elaboration on the pricing strategy used and reasons behind using this specific strategy. In this section of the report, you need to explain how your brand should use “price”. The way that you explain the proposed price needs to be in-line with your assigned marketing opportunity (keep in mind that your marketing opportunity needs to be discussed at a local level, i.e., Abu Dhabi, Dubai or UAE)
What the product specification is, will influence the pricing strategy.
- What are the costs involved in producing the product or service, importing it, distributing it.
- Which strategy are you choosing? Why? How does the price reflect the decisions you have made in the product strategy (e.g. luxury good, convenience good, etc.)
- Price skimming or price penetration
- How does the product classification influence the pricing strategy
Application of Marketing Mix – Proposed Place
Propose the most suitable distribution channel for the product. In this section of the report, you need to explain how your brand should use “place”. The way that you explain the proposed place needs to be in-line with your assigned marketing opportunity (keep in mind that your marketing opportunity needs to be discussed at a local level, i.e., Abu Dhabi, Dubai or UAE)
- Type of distribution – intensive, selective, exclusive
- How does this relate to the product classification
- Where do you (the Brand and your opportunity) lay within the supply chain? How does this influence your distribution strategy?
- Push or Pull strategy within the distribution strategy
Application of Marketing Mix – Proposed Promotion
Develop a thorough promotion mix covering all the elements that might be used or where it is applicable e.g. Advertising, Personal Selling, Sales Promotion, Public Relations, Direct Marketing.
In this section of the report, you need to explain how your brand should use “promotion”. The way that you explain the proposed promotion needs to be in-line with your assigned marketing opportunity (keep in mind that your marketing opportunity needs to be discussed at a local level, i.e., Abu Dhabi, Dubai or UAE)
- Push or pull strategy – tied directly to the distribution strategy
- IMC strategy
- What is the mix of promotional elements you are using or will use?
Analysis from market research (Charts are encouraged)
- You now need to carry out primary research to be able to complete part B of your project.
You need to research about the market, the market segments in the UAE, and the marketing mix from information that is not publicly available. So, you need to prepare a survey questionnaire. Then, conduct the survey on a representative sample of appropriate size (minimum 20 respondents). Please read the information mentioned below to guide you in this part.
- To complete this market research, ensure that your questionnaire covers some of the following criteria:
- Current brand/ product usage rate including usage of competitor brands/ products
- Level of satisfaction with brand / product including competitor products.
- Reason for satisfaction with brand / product including competitor products. This may include elements of the marketing mix.
- The customers’ current needs and wants, potential changes to customers’ needs and wants (based on your research)
- Existing market segments, potential changes to existing segments, potential new segments,
- Customer psychographics, customers’ buying behavior,
- Marketing mix questions (price, product, place and promotion)
- Include any other relevant information that you feel is necessary to explain your chosen marketing opportunity.
- Identification of the marketing opportunity.
- Ensure that your teacher approves the questionnaire before you conduct the survey.
- Put your results of the questionnaire in tables
- Use the results to discuss in details your proposal for the marketing growth opportunity
- Discuss the following: type of product, the 3 levels of the product, and the branding strategy.
- Two (2) promotional tools you recommend should be used. Discuss why you have chosen these tools.
- Which pricing strategy should be used? Discuss the factors you took into consideration when choosing the pricing strategy.
- Distribution strategy and type of channel used.
- References- make sure that you use at least 4 different sources. Make sure that you use the right referencing techniques.
Each group should make one recommendation and a marketing idea and give details of its objective, cost, appeal and target audience.
Provide full details of the marketing opportunity covering the 4P’s
This should be the main focus of your presentation and must discuss the marketing mix.