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For this Assignment, you will take on the role of a marketer for a large corporate company that currently sells high-end products or services. Your task is to assess the possibilities of selling a less expensive product/service to boost sales while maintaining the quality expectations of your consumer base. The challenge will be to not tarnish your brand while bringing in new customers that will boost sales for the company.
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To complete this Assignment, you will develop and present an assessment overview of a high-end brand that is planning to incorporate the possibility of selling a lower-end product or service to a new market. A big consideration is evaluating brand value. Your task will be to evaluate your current high-end brand and compare it to the potential new low-cost product/service and assess the real value aspect in order to make an impact on customer buying decisions and perceived value from the overall customer base, all while keeping your current customer base. You may select a company from the following industries as your chosen company to evaluate (fashion, technology, or hospitality—hotels/resorts, restaurants, etc.). You will want to select a large enough company with sufficient information on the web to be able to pull together the material you need for this exercise.
The product of your evaluation will be a report that you could deliver to the company’s CEO and senior leadership team for review. In addition to the requirements that follow, be sure to incorporate references to appropriate academic sources, such as those found in the Learning Resources, or those in the Walden Library.
Note: Your evaluation will be submitted over the course of 2 weeks. This week, you will submit Parts 1 and 2. In Week 5, you will use the same document to develop Part 3 and an executive summary.
To prepare for this Assignment:
· Select a current high-end brand that could theoretically sell a lower-end product or service to a new market.
· Use the attached Module 2 Assignment Template Note: Be sure to keep a copy of your completed Assignment this week, as you will be adding to the same file for your Week 5 Assignment.
Submit Part 1 and Part 2 of your report, to include the following:
Part 1: Incorporating the Marketing Mix (2–3 pages)
· Analyze the importance of the 4 Ps in establishing the marketing analysis.
· As part of your analysis, explain how each of the 4 Ps factor into marketing decisions.
· Propose a new selling strategy for the organization based on your analysis of the organization’s current selling strategies.
· Analyze how persuasion can be used to influence consumer behavior.
Part 2: Incorporating Creative Value (3–4 pages)
· Examine value creation and value capture and what it means to apply a value proposition to a brand.
· Synthesize customer value, business value, and cultural value of the proposition and how that value proposition challenges the marketing environment.
· Summarize how you can use Porter’s Five Forces theory to develop an overall marketing strategy that creates value for your existing brand and proposed product/service offerings.
· As part of your summary, analyze the effects of Porter’s Five Forces theory on your current and proposed strategies.
· To support your ideas, do some research and locate at least two examples (a minimum of one example per strategy) of how marketing can shape strategy.
References
Dawar, N. (2018, May–June). Marketing in the age of Alexa. Harvard Business Review, 96(3), 80–86.
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78–93.
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