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RKT 310 Principles of MarketingWeek 2 Writing AssignmentPart 1 – What is Strategic Marketing?Learning Outcomes1. Creating Value for Customers: Student can demonstrate an understanding of theconcept of value creation.2. The Role of the Customer in the Company’s Strategic Planning. Student can assess thecompany’s commit to serving customer needs as evidenced in a company’s missionstatement.3. SWOT analysis: Student can conduct a simple SWOT analysis (Strengths, Weaknesses,Opportunities, and Threats) of a product or service offering and draw inferences from ananalysis of the results.4. Competitive Analysis: Student can conduct a simple competitive analysis based oncriteria important to the customers of the product or service.Directions Select your product or service offering from the list in the Writing AssignmentDiscussion Forum. This list is also in the Syllabus. The same product/service will beused in all of the writing assignments. Research your product or service offering through the Internet and UMUC’s virtuallibrary (your references will need to be mostly academic sources. See library services ifyou do not know what an academic source means). Do not limit yourself to searchingsolely on the product or service name. Look up the industry it is in (Hoovers.com is agood source for this via the UMUC library) and search on that industry as well. Look upthe direct competitors. Check industry journals and the trade press. Ask your family,friends, coworkers and others what they think about the product and each of thecompetitors. You may want to visit a retailer to compare the products on the shelves orvisit all of the websites. Keep all your research as you will need it for future writingassignments. Prepare your assignment beginning with a title page with your name and and the name ofyour product or service. Then answer each of the following four questions in order andnumber the beginning of your response to each question. You do not need to repeat thequestion. 1. Creating Value for Customers. Consider the customers you believe currently use your product or service and the definition of marketing offered in the course content. As webegin our study of marketing, what are your preliminary thoughts as to how you think thecompany creates value for its customers based on the concepts in this week’s readings.2. Role of the Customer in the Company’s Strategic Plan. The readings indicate that thebest marketing begins with the customer and that commitment to the customer beginswith including the customer in the company’s mission statement. Find your company’smission statement. Repeat it (or attach as an exhibit if it is too long) and comment on itseffectiveness in demonstrating the company’s commitment to having a customer focus.Could the mission statement have more focus on the customer? How would yourecommend it be modified? Is it supported with value statements or other evidence of acustomer focus?3. SWOT analysis. Identify at least one element of each of the SWOT categories (astrength, a weakness, an opportunity, and a threat). Explain your choice using a citationif needed. Then identify possible implications for each of the four elements. Forexample, if a strength is a a strong national brand name, the implication is that thecompany may be able to launch other related products under the positive umbrella of thesame brand name. Conversely, if a major weakness is the company is carrying a lot ofdebt, the implication is that the company not not be able to achieve significant growth,but may have to consider retrenchment strategies.4. Competitive Analysis. Identify at least two major competitors or those two products thatare trying to sell essentially identical products to the same type of consumer. Then,identify at least three criteria that are important to those consumers when they are makingtheir decision as to which of the three competing offers to buy (e.g. price, specificbenefit, service, warranty, convenience, specific feature, etc.). Make a little chart withthe three criteria along the left-hand side and the competitor products (including yourown product) across the top. Rank each of the products on a scale from 1= low to 5=high on each performs on each of the three criteria. Add down each column. Whichproduct ranked highest overall based on the sum of the columns. Then, look at thehighest score in each of the criteria boxes. Which products ranked the highest on each ofthe three criteria? Was it the same product, was it three different products? What dothese results tell you about the competitive environment of your product category.Which product is the leader? Which product is the follower, challenger and nicher ifthose categories apply? Attach your chart as an exhibit.Part 2 – Customer Satisfaction, Loyalty, Management and EmpowermentLearning Outcomes1. Customer empowerment. Student can identify how their chosen product or serviceoffering uses social networks to communicate and empower customers to be part of themarketing process. 2. Customer satisfaction. Student can identify how customers communicate theirsatisfaction or dissatisfaction with the chosen product or service offering.3. Customer Relationship Management. Student can explain customer lifetime value andhow a customer relationship management program can have a role in attracting andretaining most valuable customers.4. Customer privacy. Student can identify the product or service offerings privacy policyand analyze its effectiveness in protecting their customer’s information.Directions You may want to find a Most Valuable Customer (MVC) of the product or service if youare not one yourself, or alternatively think like an MVC. What is the evidence of anMVC of your product or service? It isn’t just that the customer regularly buys theproduct or service. It means that the customer is treated differently — better — than othercustomers. It means that the MVC represents about 20% of the company’s revenues.These are the customers with whom the company regularly communicates, offers specialdeals, and other ways as outlined in the text and as you can find with just a little bit ofgoogling on the internet. You may want to calculate the lifetime value of a most valuable customer. See thediscussion of the lifetime value calculation in the week’s reading, and calculate the LTVusing this simple equation: LTV = (Price – cost to produce the product) * number ofannual purchases * number of years expected to purchase – initial acquisition costs. Forsimplicity sake, you can assume your customer will have a relationship with you for tenyears and you can make an educated guess as to how much the initial acquisition costswere to get him as a customer in terms of advertising or other types of promotionefforts. If you are not an MVC yourself, make and share your assumptions about yourcalculation. If you are not an MVC, you might want to find someone who is and askthem why they are loyal to the product or service and what they feel the company doesfor them that is special that they don’t do for other customers. You may need call or visit a store to take a look at your product or service if the websitedoes not provide you everything you need to evaluate the company’s product or serviceprivacy policy. Usually the privacy policy is available on the website. Answer the following four questions in order and number the beginning of your responseto each question.1. Customer Empowerment. How does your product or service offering empowerits customers as discussed in the course readings this week? In other word, howare customers part of the marketing for the company? Identify the feedbackvehicles they may use, especially social media. Do the social media efforts seemto be creating buzz marketing? If not, what could they do to generate more ‘buzz’?2. Customer satisfaction. How does your product or service offering communicateways for customers to express their dissatisfaction? If possible, outline whatremedies the product or service may be taking to ensure satisfaction.3. Customer Relationship Management. Does it appear that your product has acustomer relationship management strategy? In other words, do they treat the toptier of customers differently than other customers? If so, what is your evidence?If not, should they have a CRM strategy? Or, are there compelling reasons whyyour product or service should treat all customers the same? Refer to coursecontent concepts in your response.4. Customer privacy. Review your product or service offering’s privacy policy(usually published on its website). Analyze whether you think they do enough toprotect the customer’s privacy or what steps you might suggest they take toprotect customer’s privacy. Refer to the privacy policies or the information onwarranties and guarantees. The company’s customer support page might also beuseful. Do they publish a remedy should the customer’s privacy be breached?Should they?General Submission Requirements Prepare as a word processed document (such as Microsoft Word). Use a simple 12-pointfont such as Times New Roman. Use black ink for majority of your work and only usecolors if it enhances your ability to communicate your thoughts. • Your assignment should be the equivalent of approximately five pages of double-spaced text,approximately 1/2 page for each of the eight questions (four in Part 1 and four in Part 2). Youmay attach exhibits that will not be counted towards the page count of double-spaced text. Thecover page and Bibliography page are not part of the five pages of written analysis.• Be sure your name, writing assignment number, and the name of your product or service are onthe cover page of your writing assignment.• Include a bibliography, which includes at least four references. You may use MLA or APA style, or any other college-level style guide. More informationabout using a style guide can be found in the UMUC’s virtual library accessible fromyour LEO classroom or at umuc.edu/library. • Upload your word processed document in your LEO assignments folder by the due date in theLEO calendar.Refer to the grading rubric associated with the assignments. Be sure to note that 20% of your grade on this assignment will be based on your grammar, composition, adherence to thesubmission requirements, and use of an appropriate college-level style guide for writing andreferencing.Any questions? Please post in the general discussion forum for Week 2.Hide Rubrics Rubric Name: Weekly Writing Assignments RubricLevel 33 points Level 22 points Level 11 point Student exhibits ahigh level ofunderstanding of thefirst marketingMarketing Conceptconcept in this#1writing assignmentand can preciselyapply the concept toa real product. Student exhibits agood level ofunderstanding of thefirst marketingconcept in thiswriting assignmentand can generallyapply the concept toa real product. Student exhibits anaverage level ofunderstanding of thefirst marketingconcept in thiswriting assignment,but may not havebeen able to applythe concept to a realproduct effectively. Student exhibits apoor understandingof the concept andcannot demonstratethe concept’sapplicability to a realproduct. Student exhibits ahigh level ofunderstanding of thesecond marketingMarketing Conceptconcept in this#2writing assignmentand can preciselyapply the concept toa real product. Student exhibits agood level ofunderstanding of thesecond marketingconcept in thiswriting assignmentand can generallyapply the concept toa real product. Student exhibits anaverage level ofunderstanding of thesecond marketingconcept in thiswriting assignment,but may not havebeen able to applythe concept to a realproduct effectively. Student exhibits apoor understandingof the concept andcannot demonstratethe concept’sapplicability to a realproduct. Marketing Concept#3Student exhibits ahigh level ofunderstanding of thethird marketingconcept in thiswriting assignmentand can precisely Student exhibits agood level ofunderstanding of thethird marketingconcept in thiswriting assignmentand can generally Student exhibits anaverage level ofunderstanding of thethird marketingconcept in thiswriting assignment,but may not have Criteria Level 44 points Student exhibits apoor understandingof the concept andcannot demonstratethe concept’sapplicability to a real been able to applyapply the concept to apply the concept tothe concept to a real product.a real product.a real product.product effectively. Student exhibits ahigh level ofunderstanding of thefourth marketingMarketing conceptconcept in the#4writing assignmentand can preciselyapply the concept toa real product. Grammar,composition,adherence tosubmissionrequirements,effective use ofreferences Overall Score Student exhibits agood level ofunderstanding of thefourth marketingconcept in thiswriting assignmentand can generallyapply the concept toa real product. Student exhibits anaverage level ofunderstanding of thefourth marketingconcept in thiswriting assignment,but may not havebeen able to applythe concept to a realproduct effectively. Student exhibits apoor understandingof the concept andcannot demonstratethe concept’sapplicability to a realproduct. Student submitted anStudent submitted aacceptablepoor document,Student submitted a document, may havetypos andgood document,an unacceptablegrammatical errorsmay have a fewnumber ofStudent submitted avery distracting totypos or grammatical distracting typos orprofessionalthe reader.errors. Assignment grammatical errors.document with noAssignment doesadheres to allAssignment doestypos or grammaticalnot comply withsubmissionnot adhere to allerrors. Assignmentmost submissionrequirementssubmissionadheres all allrequirements asoutlined in therequirementssubmissionoutlined in thesyllabus. Studentoutlined in therequirementssyllabus. Studentsdemonstratedsyllabus. Studentoutlined in thedoes not demonstrateadequate researchdemonstrated poorsyllabus. Studentany research andand referencingresearch anddemonstratedreferencing skills.skills, but may have referencing skillssuperior research andWriting style needssome issues withleaving mostreferencing skillssignificant help.attribution ofstatements of factsand uses a collegeSuggest student seekstatements of facts or and others’ opinionslevel style guide.the services ofothers’ opinions, uses unattributed, andUMUC’s Effectivea college-level style attributions may notWriting Programguide.be in the form of abefore submittingcollege-level stylefurther assignments.guide.Level 514 or more Level 411 or more Level 38 or more Level 25 or more

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