MRKT 310 Principles of Marketing

MRKT 310 Principles of Marketing Week 6 Writing Assignment (Ugly Sticks Fishing Rods) Creating Offerings & Using Channels to Create Value for Customers Learning Outcomes Offering Type of consumer offerings. Student can describe an offering based on features, benefits, price, and costs of ownership. Student can suggest marketing strategy implications based on the type of consumer offering under examination. Product lifecycle. Student can suggest potential marketing strategies based on the product or service’s lifecycle stage. Marketing channel strategy.Student can outline a multi-channel distribution system and recommend a marketing channel strategy for a product or service offering. Pricing strategy.Student can analyze a current pricing strategy and make recommendations for modifications. Directions Your job in this Writing Assignment is to develop marketing mix strategies to ensure a value offering for the target market you identified in the previous assignment. We will be looking to see if you can apply the marketing concepts to the real world situation. Assume you now work for this company, and your goal is to help the company grow sales.We don’t expect you to develop strategies based on insider knowledge of the product or service since you are most likely not employed by your product or service’s company. Do not fall into the trap of simply “reporting on” the product or service.This is obvious because your assignment will look like a rewrite of the company’s website.Don’t be afraid to make strategy recommendations based on what you have discovered about the product or service, and how you think it can move forward.Be creative, take reasoned risks. Always keep in mind your product’s target market from the previous paper when making your recommendations. You will also have a chance to recommend new distribution and pricing strategies based on your new target market to meet their needs. Part 1 Type of consumer offering.Describe your product or service offering as it is currently in terms of features and benefits, price and the total cost of ownership as discussed in the week’s readings.Is it more product dominant or service dominant?What are the tangible and intangible aspects? Based on the four categories of type of offerings discussed in the readings, (Here is the link to this week’s readings Chapter 6.1 to 6.6, contents on the left will have the chapter and the six sections. https://open.lib.umn.edu/principlesmarketing/part/chapter-6-creating-offerings/) describe the category in which your product or service offering belongs.Based on your new target market, would that category of the offering change and if so, how?How would it change the marketing strategy? Product lifecycle.In which stage of the product lifecycle is your product or service offering now? Would the changes described in number 1 above change the lifecycle stage and if so how? What would this mean to the lifecycle marketing strategy? Part 2 Marketing channels & strategy.To the best of your ability, outline the marketing channels of your product or service offering as they currently exist.See Figure 8.4, from Section 8.2 Typical Marketing Channels, in your Week 6 Reading for some ideas (https://open.lib.umn.edu/principlesmarketing/chapt… product and service offerings will have more than one channel, so your system should include at least two; for example (1)a direct channel for internet sales:manufacturer –> customer; and(2) an indirect channel such as manufacturer –> distributor –> wholesaler –> retailer –> customer. If your product or service only has only a direct channel, explain why.Would this channel strategy change as a result of your new target market?Why or why not? Pricing strategy.Referring to the various pricing strategies outlined in the week’s readings, which one does your product or service currently use?Would you recommend any changes for your new target market?If so, how would you change it and why? FORMAT & WRITING Each writing assignment will require you to respond to four questions total (two in Part 1 and two in Part 2). You must respond to all four questions, or the assignment will be unsatisfactory. Each assignment should be approximately four to five pages of double-spaced text in length.A page is approximately 250 words. You may attach exhibits if you wish. More pages are acceptable, however, fewer than three pages is not satisfactory. Note that a percentage of your grade will be based on your grammar, composition, adherence to the submission requirements, and use of an appropriate college-level style guide for writing and referencing (APA format). Prepare each assignment in Microsoft Word. Here are the technical requirements: Use a simple 12-point font such as Times New Roman and black ink primarily.Use color where it enhances your ability to communicate your thoughts A cover page is required. A references page is required. The cover page and references page are not included in the written analysis or the page count. Be sure your name, writing assignment number, the date, and the name of your product or service are on the cover page of your writing assignment. Use headings to separate topics (e.g., Part 1, 1. Creating Value for Customers) Use a minimum of six (6) references, four (4) of them dated 2016 to the present. Includes references that explain the assignment concepts and references to the actual product. Use credible academic sources.See, Is My Source Credible? Wikipedia it is not acceptable as a reference source.