bb project guidelines (part four) : marketing strategies

Buyer Behavior

MKTG 1052

PROJECT GUIDELINES

(Part Four)

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BB Guidelines (Part Four) copyright of BBAdvisor

Continuing from Part Three..

• The last section of the report deals with

– Analysis of Marketing Strategies

– Evaluation and Recommendations

• Analysis of marketing strategies means

what is currently being done; on the other

hand Evaluation means to assess the

effectiveness

BB Guidelines (Part Four)

copyright of BBAdvisor

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Note: This is the section where you can excel by

demonstrating applications of marketing strategy to BB theory; but too many students don’t do well in this section

The reason is that they are unable to see the connection between BB theory and marketing

If you listened to my lectures, I kept telling all of you to pay attention to the sections at the end of each chapter that shows examples of marketing applications to the respective concepts and theories

Perhaps you should survey those sections of the text to examine the examples

But of course you need to also contextualize the marketing strategies to fit specifically to the nature of your chosen product and brands.


Section 7.1

7.1 Compare the marketing approach of your chosen and a competitor’s product. On the basis of your research, explain:

• - How the firm’s current marketing strategy can account for the product’s success, and

• - How the marketing mix supports a particular positioning statement

• This can be done in terms of comparing:

• The emphasis is on the word ‘current’- that means focus on explaining the existing marketing mix strategies and to what extent these account for the relative success of the product as well as reinforcing its positioning strategies

• We need to go through each element of the marketing mix to comment accordingly

• Also show how each element of the MM reinforces a consistent positioning strategy for the brand


Applying BB concepts to MM

• There is NO hard and fast rule as to how to fit the concept to the MM element (4Ps)

• You are free to choose BUT be selective when you apply MM concepts

• You need to ensure that the BB concept is relevant

• You have been told many times in my class to refer to the marketing application sections at the back of the book chapters.


Marketing Mix Strategy:

Instruction (as per

guidelines)

Interpretation/ what needs to be

done:

Here you want to explain how the product is perceived

and used by your customers. What unique positioning

does it have? (draw a positioning map to demonstrate).

What are the points of differentiation? Tangible or

intangible?

Evaluative criteria used in product assessment (Attitude

chapter). List and rank the attributes.

IF your product is considered an innovation then you

need to discuss the material found in Chapter 14

(diffusion of innovations).

Factors that could impede rapid diffusion means the

‘factors’ (relative advantage, compatibility, complexity,

trialability and perceived risk) – these factors need to

be NEGATIVE in order to impede diffusion of the

innovation.

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Product – What

characteristics of the

physical product and

or service appeal to

how the product is

positioned for each

segment? Is the

product considered an

innovation? What

characteristics could

possibly impede rapid

diffusion?


Instruction (as per

guidelines)

Interpretation/ what needs to be done:

Price – Is price

considered an

important evaluative

criterion? How

readily would this

segment respond to

price reductions? Is

price relevant as an

indicator of status?

7 BB Guidelines (Part Four) copyright of BBAdvisor


Discuss the perception of price in

relation to

perceived quality and discuss the price

differences with competitor brands and

reasons for the differentials.

The nature of the product would

determine pricing strategy and

customer sensitivity to price changes.

You could use the theory of JND to

discuss this.

For status goods, pricing is a surrogate

measure of status and quality.

Instruction (as per

guidelines)


done:

Promotion –What

values are important for

each segment that can

be used in a

communication strategy?

What media is currently

used? How effective do

you believe is this

strategy?

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Discuss briefly about the main types of

promotions methods used by the brand.

Will it use more advertising (above the

line) or sales promotions (below the line)?

What is the differences in buying

behaviour as a result of using these two

forms of promotions. Also consider, where

relevant the new media such as Internet,

SMS and others.

Comment on the relative effectiveness

might be explained through different

theories such as perception, learning and

even the ELM model.


Instruction (as per

guidelines)


done:

Place- Do the

different segments

have differing

requirements of the

distribution system?

What type of

distribution system is

consistent with the

lifestyle(s) of each

segment?

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Do different customers buy at

the store (what types of

stores are preferred?) or

online.

Distribution system : brick

versus click. Impact of online

retailing.

Research from Chapter Six

(outlet selection).


Some possible BB concepts that you can link to

the different elements of the MM

Marketing

Mix Element

Consumer Behavior Concepts that could be

applied: **

Product Product positioning. Evoked set. Brand Image. Stimulus

Generalization (for product line extensions). JND (product quality)

Evaluative criteria (attitude chapter as well as alternative

evaluation chapter)

Price Price as a surrogate measure of quality. JND (price changes)

Promotion Information processing and selective perception.

Memory (learning).

Elaboration likelihood model

Place Outlet selection and purchases.

Store environment and impact on shopping and buying

Online purchasing (unique characteristics compared to in-store)

** : this list is not exhaustive; you can apply whatever BB concepts you

deem relevant. You don’t need to follow this suggested matrix if you are

not able to develop the linkages.

7. Evaluation

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Instruction (as per

guidelines)


done:

7. Evaluation and

Recommendations

This section of your report

should clearly assess each

marketer's application of

knowledge of consumer

behaviour theory and principles

investigated in sections 3-6.

On the basis of this evaluation,

explain which of the two

marketing/advertising

campaigns- that of your chosen

product and competitor’s

product-the group considers is

more effective in contributing to

the overall success of the

product. Clearly discuss and

justify your reasons.

This is a summative section where you

develop an overall assessment of the

relative effectiveness of the two different

brand campaigns- which in your own

opinion is more effective and give some

brief reasons why.

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7. Evaluation

Instruction (as per

guidelines)


done:

The evaluation should

also include future

recommendations for the

company in terms of its

• product positioning

Marketing mix on

• product (goods and

services)

enhancements

• improved marketing

communications

• improved purchase

experience

• identifying potential

new customers

• enhancing customer

satisfaction

Briefly provide some suggestions as to

how they could change or improve the

current marketing strategies and what

benefit these changes will make to

enhancing the brand.

Note there are 6 areas (see the bullet

points on the left) that needs commentary

on.

bb project guidelines (part four) : marketing strategies

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