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unit 5 db
Now that you’ve analyzed the environmental situation and established who is in the target market, it is time for product development. Product design is crucial because new products are being introduced every day. So, while other people focus on that aspect of development, you turn your attention to branding.
Primary Task Response: Within the Discussion Board area, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.This morning, walking into the office, you greet Michelle who says, “I’d like to meet with you tomorrow to develop the branding strategy for the new product. Let’s meet for a working lunch and brainstorming session.”
“That sounds great,” you reply. “I’ll schedule the meeting and order in lunch.”
Entering your office, you begin to think about the items that you will be discussing during tomorrow’s meeting with Michelle.
We haven’t even come up with a product name yet, you think. We also need to work on an advertising slogan or tag line. You know that Michelle has an extensive background in marketing, but you really want to make a good impression and bring a sound branding strategy to the meeting. How are we going to distinguish our product from our competitors? What are the benefits that we are going to highlight in our brand that will meet the needs or wants of our target customers?
You create the following list of items that you need to address:
Identify in one sentence your overall branding strategy or brand image you want to achieve in the mind of your target segment.
- Product name
- Advertising slogan or tag line
- Product attributes
- Product benefits
Now that the product and promotional decisions have been made for the new product, Michelle is concerned about the pricing of the new product and the distribution channels that will be used to make the product available to customers. She has asked you to write a 2-3 page memo outlining two different pricing strategies that MM should consider. Her voice mail message goes on to say,
I want you to recommend which strategy you think should be used for the target market and why. The second part of the memo should outline a distribution plan that will make the product available to the target customers.
You are ready for Michelle's request and begin drafting the memo to her that same day.
Now that Michelle has all of the pieces of her marketing plan in place, the board is ready to see the final plan. She is apprehensive about this because the board needs to approve the plan for it to move forward. It is imperative that the plan addresses all of the marketing issues discussed to this point, and that it also includes a discussion of how MM will measure the success of the plan after it has been implemented.
Primary Task Response: Within the Discussion Board area, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Michelle is happy with how the plan is being put into place. The date and time for the final board meeting has been set when she calls you.
“How will we know if the new product launch is a success?” she asks. “How will we know if what you have suggested really worked? Since I started this company as an entrepreneur years ago, I feel like everything that happens here is my fault or my responsibility. Does that make sense?”
“You’ve been so supportive to me during this whole process,” you say. “Leave it to me. I’ll think about what you’ve said over the long weekend and I’ll be ready to sit down and discuss the details as I prepare the final draft of the plan.”
Based on your original goals and the plan you are putting into place, what will you tell Michelle?
- What will you measure to determine whether or not your new product plan for MM is a success?
- What about a contingency plan?
- Do you need to make recommendations for MM if things do not go the way you hope and expect them to?