OXO Kitchen Gadgets - Developing marketing strategy on a budget OXO Kitchen Gadgets - Developing marketing strategy on a budget Worth 25% of final...

OXO Kitchen Gadgets – Developing marketing strategy on a budgetOXO Kitchen Gadgets – Developing marketing strategy on a budgetWorth 25% of final gradeAssignment ObjectivesUnderstand impact of marketing environments on marketing strategyApply concepts of market targeting and positioning.Describe a company’s marketing mix.Appreciate how businesses can promote products on limited budgetDemonstrate effective writing skills.Course ConceptsSWOT analysis (Chapter 3)Marketing targeting strategies (Chapter 7)Positioning (Chapter 7) Value proposition (Chapter 7)Levels of product (Chapter 8)Product lifecycle (Chapter 9)Customer perception of price (Chapter 10)Distribution strategies (Chapter 12)Use of social media (preview Chapter 14)OverviewYou might know OXO for its well-designed, ergonomic kitchen gadgets. But OXO’s expertise at creating hand-held tools that look great and work well has led it to expand into products for bathrooms, garages, offices, babies’ rooms, and even medicine cabinets. In the past, this award-winning manufacturer has managed to move its products into almost every home in the United States by relying on a consistent and in some cases non-traditional marketing strategy.But in a highly competitive and turbulent market, OXO has focused on evaluating and modifying its marketing strategy in order to grow the brand. This video demonstrates how OXO is using strategic planning to ensure that its marketing strategy results in the best marketing mix for the best and most profitable customers. The video will also demonstrate how OXO is using social media in its promotion mix. Your TaskYou will be demonstrating that you understand the above-noted course concepts by applying them to the OXO product/market scenario.DirectionsView the OXO video, which can be found in Mymarketinglab under Chapter 14. Check out the following articles; all of which can be found in UMUC’s virtual library:Bruner II, Gordon C., and Anand Kumar. "Gadget Lovers." Journal of the Academy of Marketing Science 35.3 (2007): 329-39. Web."Handy Gadgets for $30 Or Less." Consumer reports 62.12 (1997): 36. Web.Perry, Dawn. "Handiest, Smartest, Sturdiest, Snazziest, Best." Real Simple 14.5 (2013): 192. Web."Tools & Gadgets: Staying Steady." Housewares.159 (2001): 22. Web.Any other articles you might find that will help you with this final project. Might want to check out the Marketing Webliography in the Marketing Toolbox found under Course Content in WebTycho.Check your kitchen drawers. Do you own any OXO kitchen gadgets? Do you seem to favor other brands? Do you know why? CLICK HERE FOR MORE INFORMATION ON THIS PAPER…CLICK HERE TO HAVE A SIMILAR A+ QUALITY PAPER DONE FOR YOU BY ONE OF OUR WRITERS WITHIN THE SET DEADLINE AT A DISCOUNTED PRICE…..Ask your family and friends about their kitchen gadgets. What brand do they own, if OXO why do they buy OXO? What is the main source of their information about kitchen gadgets?Be sure you understand all the requirements for this final project and ask for clarifications or questions in the Final Project conference in WebTycho as soon as possible.If you are unclear about the assignment requirements, ask questions in the written assignment topic established for this case in the WebTycho conference area.Prepare a five to eight page report as follows:Address each of the seven questions below in order. Number the question you are responding to at the beginning of the paragraph. Do not repeat the question.Papers should be double spaced, using 12-point text. 1" Margin. 3-4 pages in lengthNo more than eight pages, but can add title page, bibliography and exhibits extra to this requirement, as needed. I will stop reading after page 8 of text.Edit carefully, seek out the UMUC writing center for help if necessary. Part of your grade will be based on grammar and composition.Submit by due date in your WebTycho assignment folder.QuestionsSWOT analysis. Conduct a very brief SWOT analysis of the internal and external environments affecting the kitchen gadget industry. Be sure to summarize your findings. There is a SWOT worksheet in the Marketing Toolbox under How to Prepare a Case Analysis that you might find helpful.OXO target market. Who are OXO’s most profitable customers? Describe them as specifically as you can. Might want to refer to Chapter 7 for the segmentation criteria. How does this compare with the kitchen gadget markets described in the research?OXO value proposition. What value proposition does OXO provide to these customers? Is this value proposition different/same as competitive offerings? How so?OXO product mix. How has OXO developed their product line to be different from competing kitchen gadget manufacturers? Describe the OXO products in terms of the three levels of product discussed in Chapter 8. Can you make any product strategy recommendations? Describe them in terms of value to the customer. OXO distribution strategy. Does OXO follow an intensive, selective, or exclusive distribution strategy? How do you know? Would you recommend other distribution strategies, and if so, describe them with emphasis on how it brings value to the customer.OXO pricing strategy. Given OXO’s competitive environment, do you think they are priced right or would you recommend changes to their pricing strategy? What would you recommend and why? What other promotion tools would you recommend and why?