HI! Please help me with the following for a marketing Assignment for the Xbox One X gaming console from Microsoft. I have left as many details as possible for you.
Including the previous assignment (I did not get a great mark in this, hence why I am asking for help with this one), Task sheet with Marking Criteria. Please follow the task sheet and marking criteria closely.
Step 1: Select a target segment
A target market consists of a set of buyers sharing common needs or characteristics that the company decides to serve.
Select one segment to target as the focus of the presentation. The segment that you choose should be based on your evaluation of segment attractiveness (size and/or growth, structural attractiveness and company resources and/or objectives).
Consider the following points:
- Why have you selected this segment to focus on as your target market?
- Why is this segment a good opportunity to grow sales?
Step 2: Develop a positioning statement
A positioning strategy attempts to differentiate the offer from its competitors on the attributes or benefits considered important by a target market that is what is most appealing to them. See attached â€˜the final step in the process of target marketingâ€™ for an example.
Identify key features of the existing product and explain how it:
- appeals to your target market
- provides a point of difference to your competitors.
Include a positioning map to indicate your products positioning in the market. Present your positioning statement for the product use the attached document for information.
Step 3: Develop recommendations for your marketing mixâ€”the 4Ps
There are three things you will need to present before you can develop your recommendations:
- Identify the stage your product is in on the Product Life Cycle (PLC).
- Based on the stage your product is in on the Product Life Cycle, identify the consumers you will be targeting in terms of the Diffusion of Innovation.
- Classify your product according to Type of Consumer Product. See attached document, â€˜Products and brandingâ€™ for an example.
Present recommendations of how you would modify the marketing mix (4Ps) to communicate this positioning statement to the target market. Explain how this mix will implement and communicate your positioning to your target segment in a way that will effectively promote sales. Provide four recommendations, one for each of the 4Ps (Product, Place, Price and Promotion):
- Product: Recommend a product design using the ‘three levels’ conceptualisation. Explain why this product design will effectively implement and communicate your positioning statement.
- Place: Recommendations could include one or more of the following:
- Recommend a place (point of sale) that is appropriate for the type of product and level of distribution and intensity your marketing mix requires.
- Briefly describe how you think your product should be displayed in that place (e.g. a pharmacy or electronics retailer) and how you want it supported by the retailer. Explain why this will effectively implement and communicate your positioning statement.
- Promotion: You will recommend an Integrated Marketing Communications (IMC) campaign which will communicate a clear, consistent, unified and compelling message to the target segment customers.
- What will the message be?
- Include different promotional tools and explain why this will effectively implement and communicate your positioning statement.
- Price: Recommend a price and classify your pricing strategy as price skimming, penetration or status quo.
- Explain why this will effectively implement and communicate your brand positioning.
- Include a price comparison table showing the price for your brand and subâ€“brand compared with competitors.
Step 4: Conclusion
In concluding you need to:
- Summarise how your recommended marketing mix will implement and communicate your brand positioning to your target segment.
- Show how your marketing mix is internally-consistent. For example, if the brand positioning is that of a prestige product show how each of your Ps is consistent with a prestige positioning.
- Explain how these recommendations are both are ethical and socially responsible.
Step 5: Referencing
Use the learning materials, textbook, academic literature and industry databases to help back up, support and strengthen your recommendations.
Research is an essential part of academic writing. While marking your assignment, your teacher will be looking to see whether your work is supported by research from reputable sourcesâ€”such as journal articles, industry reports and peer reviewed literature. These sources should test your assumptions and allow you to develop coherent, wellâ€“supported arguments.
Thanks for your help! I look forward to working with you.