Write a new paper on a consumer product of your choice. Some suggestions: Nike Zoom Pegasus Turbo 2, Ford Taurus, Miller Lite. Very briefly describe the product and the company if you think I will lack familiarity with it. You would need to do this if you are writing on cosmetics or something related to hunting. Be sure to use proper citations in your paper. Discuss the following for the product you selected:
Explain how (changes in) the sociocultural environment would impact the sales of this product. (10 points) page 80 and chapter 3 notes
Explain how the health of the economy would or would not impact the sales of the product. (10 points) page 66 and chapter 3 notes
Explain how the physical environment would or would not impact the sales of your product. (10 points) chapter 3 notes
Who is the target market for the product? (10 points) Most of your analysis would probably be on the demographic variables. Include psychographic, behavioristic, and geographic variables.
Is the company using an undifferentiated, concentrated, or differentiated marketing strategy. Thoroughly explain your answer. (10 points)
Reference Group Influences:
Are there reference group influences when it comes to purchasing and using your product? Thoroughly explain your answer. (10 points) Page 202 and chapter 7 notes.
What is the product classification? Is it a convenience, shopping, specialty, or unsought good? Thoroughly explain your answer. (10 points)
Product Life Cycle:
The product is in which stage of the product life cycle? Thoroughly explain your answer. (10 points)
Product Positioning Map:
Draw a product positioning map for your brand. (10 points) What brands do you consider to be the strongest competitor? (5 points) What is the product position for your product? (5 points)
What is the branding strategy for the product you selected? Individual branding? Family branding? Thoroughly explain your answer. (10 points)
Define line extension. Is the product a line extension? Thoroughly explain your answer. (10 points)
Define product modification. Is the product a product modification? Thoroughly explain your answer. (10 points)
Intensity of Market Coverage:
What is the intensity of coverage for your product? (intensive, selective, or exclusive) Thoroughly explain your answer. (10 points) (p.409)
Primary or Selective Demand:
Would you suggest advertising to stimulate primary or selective demand? Thoroughly explain your answer. (10 points) (p.473)
Push and Pull Strategies:
Explain how you would use a push strategy to promote your product. Explain how you would use a pull strategy to promote your product. Both strategies are used in promoting most products. (10 points) (p.484)
Thoroughly explain how competitive advertising would be used to promote the brand you selected. (10 points)
What issues would you include in the advertising platform? (10 points)
Boston Consulting Group
Is the product you selected a star, question, mark, cash cow, or dog. Thoroughly explain your answer. (10 points)
Product Development or Market Development (10 points) It is your choice. Keeping your product in mind, how could the company increase sales by using either product development or market development. (10 points) Chapter 2 notes.
Would the target market for your product most typically be value conscious, price conscious, or prestige sensitive? (p. 576) Thoroughly explain your answer. (10 points)
King of Hearts
The King of Hearts, a neighborhood pub in a small midwestern town, is owned and operated by Mags Doherty. Since it opened in 2001, annual sales have increased from $200,000 to $500,000. She carries a wide selection of domestic and imported beers. She reports that 55% of her sales are derived from beer, 30 percent from mixed drinks, and the remainder from menu items such as sandwiches, French fries, and potato chips.
Many customers have asked Mags to add pizza to her menu. She would have to spend $12,000 for an oven and 2000 for dishes. The ingredients in a typical pizza would cost $11.00 and the additional labor expense per pizza would be $1.80. The utilities involved in preparing each pizza would be $0.20. She would sell a pizza for $20.00.
What is her breakeven point in units and dollars? Show your calculations. (15 points) (p. 571)
Assume she sells 40 pizzas a day. How long will it take her to break even? Show your calculations. (5 points)
MARKUP PROBLEMS (p.595)
Assume a jeweler paid 15,000 for a watch and sold it for $30,000.
What would be his markup based on cost? Show calculations. (10 points)
What would be his markup based on selling price? Show calculations. (10 points)
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