Assignment 2: factors affecting marketing strategy

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Assignment 2: Factors Affecting Marketing Strategy
Due Week 8 and worth 220 points

Go to a local store that sells store brands or off-brand consumer  products. Choose any off-brand consumer product that you want to  reposition into a national brand. To qualify as a product for this  assignment, the consumer product should not be currently represented by  an advertising campaign. (A quick Google search, as well as the absence  of ads for the product in your daily life, is one (1) way that you can  verify a product’s lack of an associated major advertising campaign).  For this assignment, you will be creating an advertising campaign to  launch this off-brand product to national prominence. Determine whether  you wish to mimic an existing advertising campaign or whether you wish  to create a completely unique campaign altogether to launch the selected  product.

Go to the following pages of the United States’ Census Bureau’s  Website and locate information regarding the market segment that the  selected product is geared toward:

Write a six to eight (6-8) page paper in which you:

1. Thoroughly describe in at least one (1) full paragraph:

a) whether the product is a low, medium, or high involvement product.

b) the perceived quality signals for the product (e.g., price, advertising intensity, warranties).

c) whether you are mimicking an existing campaign or building your own and the reason for your choice.

2. Provide statistical data from the U.S. Census on the size of the  market segment to which the advertisement will be geared toward. Using  the summary tables, determine if this market segment has grown over the  past ten (10) years, and project if it will continue to grow within the  next ten (10) years. Analyze three (3) factors affecting this market  segment, as well as how these factors are changing the segment’s  purchasing behavior for this product.

3. Determine which reference groups influence this market segment.  Strategize which diffusion rate is most appropriate for this product to  move it into national prominence. Determine diffusion determinants and  diffusion inhibitors for this product using Table 7-3 in Chapter 7.  Recommend a diffusion enhancement strategy that incorporates reference  groups for this product.

4. Develop characteristics of the product that you want to promote in your advertising campaign using Table 10-2 in Chapter 10.

5. Determine which dimension best suits the selected product, and build a promotion-focused or prevention-focused campaign.

6. Determine whether the selected product will have a high or low  involvement learning need. Develop a strategy for consumers to  rediscover the selected product, using Table 9-1 in Chapter 9 as a  guide.

7. Map out the impact of lifestyle on consumer behavior, using Figure  12-2 in Chapter 12 to assist you. Determine if there will be an  increase or decrease in purchases or consumption. Evaluate how these  factors affect consumption.

8. Evaluate your campaign for the selected product and its effect on problem recognition.

9. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with  one-inch margins on all sides; citations and references must follow APA  or school-specific format. Check with your professor for any additional  instructions.
  • Include a cover page containing the title of the assignment, the  student’s name, the professor’s name, the course title, and the date.  The cover page and the reference page are not included in the required  assignment page length.

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