4ps for Adobe assignment

For your next homework assignment you are asked to implement your company’s new positioning strategy using the 4Ps: Product, Price, Place, and Promotion. Based on the positioning chosen for your segment(s), you must implement product, pricing, place (distribution) and promotional strategies that are consistent with your new positioning.I strongly recommend you review my slides for Chapter 2 and Chapter 8 that illustrate how McDonald’s and BMW might hypothetically implement the 4Ps, given a new positioning strategy. As an example of this, recall that in class, we assumed that McDonald’s could earn more revenue if it catered to affluent, professional customers. Thus, McDonald’s would need to change its positioning from being a “fast food joint” to a more upscale establishment, and we saw examples of how McDonald’s 4Ps: Product, Price, Place, and Promotionmight be changed in order to reflect this more upscale positioning.

If you want to receive full credit you must address ALL of the questions below (and address them thoroughly). Be sure to explain and justify your answers (don’t just list or state your choices or decisions) and remember to CITE any sources used or to back up any opinions or statements you make.

Specify each element of the marketing mix (the 4 Ps): Product, Price, Place and Promotion and make sure that the marketing mix (4Ps) are consistent with your positioning strategy chosen. Your marketing mix should include a detailed discussion of:

•    Products and Services (25 Points): What new products and services do you feel the company should offer and why? What modifications to existing products and services should be made, and are there any products or services the company should drop? Specifically, address the following:
o    Changes to the product complexity (e.g. any changes to be made to existing products and associated services like customer support, warranties, etc.)
o    Discuss changes to the product mix breadth.
o    Discuss changes to the product line depth.
o    Discuss changes to branding strategies, including brand ownership, how to name (or rename) brands, brand and line extensions, co-branding, brand repositioning, and changes to product packaging.

•    Pricing (25 Points): Provide an in-depth discussion of the company’s current prices for its main products and services as well as any adjustments you would make and why. Address the following and be sure to state and justify any assumptions you make when doing any calculations.
o    What adjustments would you make to the price of the company’s current products and services and why? Do some quantitative analysis to justify your answers (e.g. break-even, elasticity, pricing to maximize revenues/profits, improvement value pricing, cost ownership pricing etc…). You don’t have to use all of these methods; I’m just asking you to provide some analytical justification for what the price should be and why. It’s up to you to determine what approach is most relevant for your company.
o    How would you price any new products you are introducing? Again, quantify your pricing decisions based on some of the methods we discussed in class. If you need to make some assumptions to perform these calculations, please provide some justification and CITE your sources for your justification.
o    What types of pricing strategies should your company employ? Examples include everyday low pricing (EDLP), high/low pricing, market penetration pricing (for new products), price skimming (for new products). Be sure to justify your pricing strategies. Make sure the prices you are recommending are consistent with your pricing strategies (for example, recommending a high price is not consistent with an EDLP strategy).
o    What kinds of pricing tactics should your company use and why? Examples include markdowns, quantity discounts, seasonal discounts, coupons, rebates, leasing, price bundling, leader pricing, seasonal discounts, cash discounts, quantity discounts, and more. Please see Chapter 14 for an in-depth discussion. Make sure your pricing tactics are consistent with your pricing strategies.

•    Place (20 Points): Discuss the firm’s current distribution strategy (how it gets its products to its customers). What changes would you make and why? What areas in the supply chain need improvement and how would you go about making those improvements? Specifically address the following:
o    How is the company currently getting its products/services to its customers? Identify all current channels used.
o    Is the firm currently using a multichannel (e.g. more than one channel) strategy? Identify at least one problem with the firm’s current channel strategy.
o    What additional channels would you add and why? Are there any channels you would drop and why?
o    If the firm is employing a retailing strategy, discuss what kinds of retailers you would add to its distribution network and why. Which retailers should the firm drop? Are there any current retailers that are inconsistent with the company’s new positioning strategy? For example, if you are trying to reposition your product as a high-end product, would it make sense to sell it at a discount store?
o    Discuss the firm’s current distribution intensity (intensive, exclusive, or selective). What changes would you make, if any to the firm’s distribution intensity and why?
o    Be sure to discuss any additional benefits (as well as disadvantages) that consumers might obtain from the firm changing its distribution strategy (e.g. added convenience, personal service, being able to examine the products, etc…)

•    Advertising and Promotion (30 Points):What do you think your advertising messages should be in order to reinforce your new positioning? Be careful here: Your message can’t be so different such that you alienate your existing customers. For example, it wouldn’t make sense for Ritz-Carlton to start advertising how cheap its rooms are because this is inconsistent with its overall image of luxury (and you would also alienate your existing customer base!)Be sure that whatever choices you make, that they are consistent with your chosen positioning(s).Specifically,address the following:
o    Discuss what elements of an integrated marketing communications strategy you would implement and why. Examples include (but are not limited to) personal selling, sales promotions, direct marketing, online marketing, advertising, sales promotions, public relations, and more.
o    Conduct thorough research and identify the company’s current strategy for advertising. What are the messages conveyed? Are these messages consistent with your new positioning strategy? What would you change about its messages and why?
o    What advertising objectives should you employ (informative vs. persuasive vs. reminder advertising) and why?
o    What type of appeal should you use (informational vs. emotional) and why?
o    What media is the company currently using (e.g. TV, Internet, etc…) What new media would you suggest the company add and why? What media should the company drop and why? What type of advertising schedule should the firm employ and why (continuous vs. flighting, vs. pulsing)? Should the firm engage in more reach or frequency and why?
o    Discuss the creative execution you would use (e.g. straight sell or factual message, demonstration, testimonial, slice of life, etc… See my slides for details on all of the different creative executions that may be used). Discuss why your creative execution is most appropriate, given the products and services you are trying to sell and the positioning of these products/services.

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