Imagine that an organisation that owns and manages a brand is experiencing a critical downturn in its business. The organisation needs to expand its brand offerings to be competitive in a global market. You are tasked with developing a new product that would fit within this brand to introduce to a new international market (i.e. outside the organisation’s home market).
During the course of developing this Final Project, you will be conducting research in the following areas:
• Organisational business strategy and objectives
• Organisational internal and external environments
• Brand marketing strategy and objectives
• Market research approaches
• Marketing communications, with an emphasis on the opportunities afforded by digital communications
• Strategies for building a competitive advantage
• What is marketing? Why is important? Review the Readings. Consider how marketing strategies and orientation might contribute to or reduce an organisation’s profitability. What strategies do the Readings suggest for aligning business and marketing strategies?
• What is a brand? Why is it worth developing? Consider the various categories of brand equity proposed by Aaker (1996) for what makes a strong brand and why this adds to customer perceptions of value.
• Describe your process for conducting an informal situational analysis on the organisation you chose. What areas did you consider in your analysis?
• Based on your situational analysis, describe the business, marketing and branding strategies.
• Describe the alignment of the business, marketing and branding strategies. Be sure to address the following questions:
o At what points do they intersect and diverge?
o How strategic is this alignment?
• Describe a new fictitious product idea that you believe would be a logical fit for your chosen organisation and its brand promise as well as commercially successful in a new international market of your choice.
• Describe the market research approaches you chose that you believe would be most effective in determining the relevant segments and demand for this new product. Your post should explain why you believe they would be most effective in allowing you to better understand three of the following topics in terms of market demand:
• Current brand strength (e.g. measures of brand equity)
• Market and segment size and growth
• Customer segment characteristics
• Competitors and alternatives
• Buyer behaviour and the buying process (i.e. choice criteria)
• Potential for the use of digital marketing processes (e.g. ecommerce, social media) to support the customer buying process.• SECTION 2:
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