You are a marketing specialist reporting directly to the Director of Marketing. One of your top competitors has recently begun stealing market share from your brand. Unless your team comes up with a successful defensive marketing plan, this competitor will overtake your brand’s market position within six months.
For this assignment, you will develop a marketing plan to effectively address the competitive threat. You will choose a real-life company and product, as well as a competitive company and product, to use in the course project assignments.
Module 02 Project Assignment: It is important to define and differentiate your brand in the marketplace. Because of your excellent marketing research skills, you know that data and segmentation information is needed to build a strong brand and target market. For this project assignment, create a business report to be shared with your manager that addresses the following:
Section 1: Identify the business’ mission, vision, and values.
Section 2: Define goals and objectives for the marketing plan.
Section 3: Determine the one market segmentation (e.g., based on demographic, geographic, psychographic or behavioral segmentation variables) and explain the best strategy for this segmentation.
- Resource: Market Segmentation template provided here. Please complete and insert into your paper.
Section 4: Analyze the branding and positioning strategies of your brand and compose a new brand positioning statement, including rationale and support. How does this new positioning strategy better help your brand stand apart from the competition?
Section 5: Use at least two references. (One source must be the data source site used to provide the business information research.)