Applied Managerial Marketing
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, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas. (2-3 references)
This morning, walking into the office, you greet Michelle who says, “I’d like to meet with you tomorrow to develop the branding strategy for the new product. Let’s meet for a working lunch and brainstorming session.” “That sounds great,” you reply. “I’ll schedule the meeting and order in lunch.”
Entering your office, you begin to think about the items that you will be discussing during tomorrow’s meeting with Michelle.
We haven’t even come up with a product name yet, you think. We also need to work on an advertising slogan or tag line. You know that Michelle has an extensive background in marketing, but you really want to make a good impression and bring a sound branding strategy to the meeting. How are we going to distinguish our product from our competitors? What are the benefits that we are going to highlight in our brand that will meet the needs or wants of our target customers?
You create the following list of items that you need to address:
Identify in one sentence your overall branding strategy or brand image you want to achieve in the mind of your target segment.
Advertising slogan or tag line
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From: Tenika Tassin
Subject: Global Marketing
Following the discussion with Elena and the consideration of the new product in the company, the following are some of the recommendations.
The new product targets the females in the age of 22 to 36 years. This is because the fashion line is introducing a new product that will fit in the young generation in order to enhance the performance. This segment is characterized by love for fashion, frequent purchase, and great online presence. Thus, it is possible to increase presence in the market and increase the performance. The young population is distributed in all the parts of the world. However, the major focus of the company is in the United States. This is because this is a segment that is into using the social media and hence easy to be reached.
The psychographic characteristics of the target population includes the desire for quality and trendy fashion. Thus, they have an outgoing personality which increases the likelihood of purchasing trendy fashion. The lifestyle of this segment of the population is also defined and hence increasing their likelihood of engaging in trendy fashion.
The targeted population in this case incorporates people who are working class and have no families. As a result, they have sufficient money to purchase what they need to look good. This segment is also engaged in partying and hence requires constant availability of trendy fashion. The young people at 22 to 36 years also have no families and hence they have sufficient income to engage in purchasing of the products that enhance their looks. This is important because it will ensure that the company has sufficient clients for the new product in the market and create competitive advantages in the industry.
Thus, with the marketing portfolio, it is important that the company starts its marketing in the United States before spreading to the global markets.
Tenika J Tassin