Final Project – Marketing

Description

You will complete a 10+ page individual project in which you “conceptualize” a new product (or service) of your choice. I only have a word count minimum of 2500 words. You are strongly encouraged to not go below 2500 words. I do not have a page maximum since I don’t want you to feel constrained. I generally expect to see papers between 10-15 pages, but if you want to add more content, you are welcome to do so. You should think of yourself as an entrepreneur (like Elon Musk or Steve Jobs) who wants develop a product that will be not only marketable but be of some significance (*You don’t have to come up with something equivalent to the development of a personal computer in the 1970’s, but think BIG). How can your product change how people live their lives…or how can your product make someone’s life better?  These are the questions to keep in mind when thinking about your ideas.  The main goal for this final project is to provide you with an opportunity to demonstrate your knowledge of CB in a fun and creative way.  While I provide you with a detailed outline below, I don’t particularly care how you approach it or how you structure it as long as you effectively integrate and apply the appropriate concepts to your product of choice.  In general, you are expected to introduce the area, provide a very brief analysis of the competitive environment (SWOT analysis), critique the affect, cognition, behavior, and environment of consumers, then discuss recommendations for how you would successfully influence them using the 4Ps, given what you now know about your consumers.   Again, this is your opportunity to demonstrate what you have learned during the term.  You individually should assume ALL responsibility in carrying this project to completion.  If you have any questions, you must come to see me or email me.  No excuses for not completing this in a timely and adequate manner!  DO NOT WAIT UNTIL THE LAST FEW DAYS OF CLASS TO BEGIN! IMPORTANT: You should bold all the concepts we used in class. Suggested Outline (Use headings and subheadings!!!) Cover Page (Separate page) Provide a cover page with the name of your product/service followed by your name and section number. Introduction  (~2 pages) What is your product/service? How is it an important consumer need? Example: My product is a new hybrid BMW called the M10 that combines performance with sustainability… etc. What is the big picture? Specifically, what is the nature of the competitive environment (i.e., strengths, weaknesses, opportunities, and threats) Example: One weakness of BMW is that it has been a market leader for several decades, yet they are way behind in hybrid technology… What is the current positioning of this company in the minds of consumers? Is it appropriate based on what you know about your consumers?  Example: BMW is positioned as a luxury sports car, however, potential BMW owners are now looking for greater integration of technology, performance, and environmental consciousness. Which personality factors, market segments, and target markets should be considered for this product or service? Example: Currently BMW appeals to certain groups such as…etc. However, marketers must take into account the psychographics of potential BMW M10 consumers…etc.  Additionally, psychoanalyses might suggest that it is an “id” product, yet many environmentally conscious consumers now consider cars to be an “ego” or “superego” type of product…This brand should consider the following cultural changes… etc. Critique of your Consumers (~7 pages) Given our understanding of the competitive environment outlined above, what can learn from the consumer about how they think, feel, and behave? And what environmental factors need to be considered?  Example: This can be solved with applications of the interactions of affect, cognition, environment, and behavior.  Specifically…. Affect Example: Emotions, feeling states, moods, evaluations Cognition Example: Interpretation processes (e.g., senses, exposure, attention, comprehension), knowledge, memory, integration processes (e.g., attitudes, decision making), consideration set, etc.  Behavior Example: Behavioral conditioning, cognitive learning, the 7 specific behaviors Environment Example: Macro/Micro and Social and Physical, Situations Recommendations for Marketing Strategy (~4 pages) Now you understand your consumers…so how do you go about implementing a marketing strategy? In other words, how do you execute these concepts to influence YOUR specific consumers?  Example: For my primary target market I would employ the promotions element of the 4Ps by using advertising messages to influence their affect by using visual images of babies’ faces to stimulate positive emotions…  I would also use the means-end chain to link cognitions of BMW M10 hybrid to functional consequences of…, and values of…etc. The ELM could be used to change high and low involvement attitudes, etc… Additionally, I would conduct further research to understand areas of the brain that appeal to my potential consumers using fMRI technology and would consider using emotional advertising by creating an advertisement that says…etc. Hint: See chapter 1, along with chapters 13-17. Future Directions What now? Where do you go from here? Any other technology that might be useful? References (Separate page) Provide references to your sources. Reference the book, Lectures, and any other sources that you used to create your final project. You do not need to cite the book every time you use a concept. Please avoid any direct quotes as they are a waste of space.