Task: Marketing competitive strategy
You need to come up with a new product (remember that there are different forms of developing a new product) and develop a competitive strategy and marketing plan to launch this new offering. It is important that the new product is in line with the bra. The sections that you need to include are:
- Branding strategy: explain the brand strategy of the company, develop the brand prism and describe the brand personality.
- Product strategy: Include all the layers of the product they will offer: What core need does the product refer to? What is the actual product/service (features, variety, technicalities…)? What is the augmented product? (e.g.: warranty).
- Pricing strategy: What is the pricing strategy for this new product? What are the price tiers? How is this competitive and/or related to the target audience?
- Place strategy: What is the distribution channel strategy? How many levels does it have? How is it managed?
- Promotional strategy: What is the main message that they want to convey to customers? What tone should they use to communicate (formal, casual, educational…)? What promotional channels do they use? list owned, paid, and earned media.
- Competitive strategy: Considering all previous elements, should the company focus on an attack or defense strategy? Why? Explain the type of marketing tactics that you would implement to fulfill these strategies.
Submission: Week 8— VG Moodie (Turnitin). Deadline is 17th of July, at 23:59h (ECT). Weight: This task is 6096 of your total grade for this subject. It assesses the following learning outcomes:
- Outcome 1: illustrate how to monitor the dynamic changes in the external environment
- Outcome 2: understand the place of the marketing plan in the overall business plan and apply the knowledge on practice