MRKT 310 UMGC Offerings & Using Channels to Create Value for Customers PaperCourse
University of Maryland Global CampusDepartment
I need support with this Marketing question so I can learn better.
Please see the attached instructions for this assignment. Your submission must meet these requirements.
The Product for this assignment is Fenty Skin Skincare
Creating Offerings & Using Channels to Create Value for Customers
- Your job in this Writing Assignment is to develop marketing mix strategies to ensure a value offering for the target market you identified in the previous assignment.
- We will be looking to see if you can apply the marketing concepts to the real world situation. Assume you now work for this company, and your goal it to help the company grow sales. We don’t expect you to develop strategies based on insider knowledge of the product or service since you are most likely not employed by your product or service’s company.
- Again, do not fall into the trap of simply reporting on the product or service. This is obvious because your assignment will look like a rewrite of the company’s website. Don’t be afraid to make strategy recommendations based on what you have discovered about the product or service, and how you think it can move forward. Be creative, take reasoned risks.
- Always keep them in mind your product’s target market(s) from the previous paper when making your recommendations.
- You will also have a chance to recommend new distribution and pricing strategies based on your new target market to meet their needs.
- Type of consumer offering. Describe your product or service offering as it is currently in terms of features and benefits, price and the total cost of ownership as discussed in the week’s readings. Is it more product dominant or service dominant? What are the tangible and intangible aspects? Based on the four categories of type of offerings discussed in course content, describe the category in which your product or service offering belongs. Based on your new target market (the one you selected in Part 2.1 of your Week 4 Writing Assignment), would that category of the offering change and if so, how? How would it change the marketing strategy?
- Product lifecycle. In which stage of the product lifecycle is your product or service offering now? Would the changes described in number 1 above change the lifecycle stage and if so how? What would this mean to the lifecycle marketing strategy?
- Marketing channels & strategy. To the best of your ability, outline the marketing channels of your product or service offering as they currently exist. Refer to Figure 6.2 for some ideas. Most product and service offerings will have more than one channel, so your system should include at least two; for example (1) a direct channel for internet sales: manufacturer –> customer; and (2) an indirect channel such as manufacturer –> distributor –> wholesaler –> retailer –> customer. If your product or service only has only a direct channel, explain why. Would this channel strategy change as a result of your new target market? Why or why not?
- Pricing strategy. Referring to the various pricing strategies outlined in the week’s readings, which one does your product or service currently use? Would you recommend any changes for your new target market? If so, how would you change it and why?