MKTG 4800 Marketing strategy final exam

Writing

MKTG 4800 Marketing strategy

auburn university

Question Description

Instructions

THIS IS TO BE COMPLETED ON YOUR OWN. DO NOT DISCUSS WITH YOUR TEAM OR CLASSMATES. If your answers are similar or look too similar you both get an F. Simple to avoid…do your own work.

As this is the capstone course for marketing majors, and you have been learning marketing for a few years now, I have an assignment for your final exam in which your objective is to demonstrate your marketing knowledge and ability to apply the information strategically.

You have two questions.

Exam Question 1: What do you know about marketing and what do you know how to do?

Assume I am looking to hire someone full time to market the HCoB summer abroad Business Minor program . Your assignment is to convince me that you know enough marketing and can apply that knowledge strategically to fill this position. In effect, your assignment is to demonstrate what you know and what you know how to do. In 2 pages or less (no I don’t care about single spaced, double spaced, font size, paragraph or bullet points…whatever…anything goes for 2 pages so be strategic) you are to use your class project as examples to demonstrate your marketing content knowledge and your ability to apply it in context. In other words, you have 2 pages to show me what you know about marketing and what you can do with that knowledge. Note…this is not an exercise where you can just cut and paste your deliverables since you need to demonstrate all your marketing knowledge, not just a piece such as promotion or an event or whatever.

Here are some basic questions for you to think about that might help you with the assignment for Question 1 (note assignment is not to answer all these questions per se. The questions are to help you think about what you know and how to present it).

What are the most important concepts/topics in marketing and why are they important?

What did you actually learn how to do in marketing?

What is the hardest/most difficult thing about marketing?

What do you think you will actually be doing in your first job?

What was different about marketing than you expected in terms of the content or activities?

Which classes were the most difficult or the most useful?

Which specific activities did you find helpful that you could use to show someone your marketing skill set?

What recommendations would you make to someone just starting their marketing degree?

What do you wish you had more info/coverage about or what do you wish you had more practice doing?

Exam Question 2: What is one recommendation for the HCoB summer abroad Business Minor program that you would make that was not included in your group report? Describe your recommendation and justify your answer. Note: This is not a cut and paste option either. You have to suggest something that was not developed in your group report.

Unformatted Attachment Preview

MKTG-4800 I. Promotional presentation Loose-leaf book set (promotional gift for paying students) cost :1 book/2.3$ 1 rules/0.5$ ,1 Transparent pencil case /0.5$.We expect 200 people to attend (median of 100-300) Total cost of book: 3.3$ X 200 = 660$ Advantages: Practical, because the target group is students so the use of high, high utilization decision high publicity。 Disadvantages: The cost is high, I don't see the low cost price on the U.S. website at present, but I see on Taobao that the cost is half the cost of the current cost. But coupled with an increase in shipping costs from China. Idea:We can add a detachable and merged ruler and transparent simple pencil case to the book. And the name of the project is printed on the pencil case and ruler respectively. Introduction of the title page printing project in this book. This makes a single item propaganda. And because it is detachable, the life cycle and frequency of these three items are strengthened. Another point is that these three items together will be more special than the ordinary notebooks given in the past. And this item is given as a gift to students who have paid to participate in the project. My purpose is to make customers have a certain value of my spending by giving some special gifts, and use this method to improve some satisfaction. So that they can also become a potential "bulletin" in the later period” Advantages: the first of point, each product can be used independently by the customer. When any one is used, it has a certain promotional function. Secondly, improve customer satisfaction Disadvantages: Firstly, project presentations and promotions printed on the title page may be removed by students, and the book will lose its value. Secondly, because the giving group is already paying students to participate, so may be late publicity is not very strong. Pen(As a free promotional product) Cost: 0.1$/1 pen (plus printing),Our plan 1is to invest1,000 distributions, 0.1 $ X 1000unit = 100$ Advantages: Firstly, cheap, the cost doesn't seem very high at the moment. Secondly, High liquidity and usage Disadvantages: Some students may take it home or use it in dormitories, and if they can't be used in areas close to the target group, they lose some value if they are not used near the target group. Idea:I think it is possible to use a white background and print the colored project name on the pen holder. Because the white barrel is more eye-catching than the black barrel in the past, and the colorful project name is more noticeable on the white barrel. In fact, I also have an idea about free distribution of pens. Our pen is only given to students who are interested in the project and consult at our promotional locations. If you can't finish all the gifts in the free gift, we can add the remaining pens to the paid gift package and give it to the students who have already registered. Advantages:Practical, it seems to me that many students will use this gift pen, as long as it looks more normal. When students use it, they can play a propaganda role Disadvantages:There may be customers who are only interested in the pen to consult or customers who have lost interest after hearing the explanation. These two kinds of customers, one kind will cause the promotional materials to not easily penetrate into the target customer group and eventually cause the supply of goods to be in short supply, the second kind of customers may cause the promotional materials to be unable to be effectively distributed, and eventually lead to a large number of items stranded. (example for logo and Aubie, Put the sign at the bottom and the tiger in the middle.) Handbag(promotional gift for paying students) cost:200unit X 1$/bag=200$(Estimated attendance is 2000 人) Advantages:Firstly, Have a large amount of liquidity and will not be limited by location. Secondly, exposure in everyday life. Disadvantages:High cost Idea:We give away a handbag as another gift for a fee. For the design of handbags, My idea is to print the name of the item and Aubie's mascot aubie on the handbag. because I think Aubiei's image is more attractive than simply printing the AU logo. If the item has a QR codeWe can also consider printing. Because the handbag is divided into two sides, we can print the appearance of Obi and the name of the project on the front, and the name of the paying student on the back. I think printing the student ’s name can make the customer feel that this gift is special, and thus the favorability of the project increases.We don't need to print the project name particularly large, I think printing is particularly large may be abandoned by students. Advantages: Firstly, the image of printed Aubie may break the previous singleness of only the AU logo. Because I've never seen a souvenir like a handbag in the O'Shea store and most of them are a SIGN of the AU. Secondly, if you print a student's name, you need to determine the name or number of students who are participating, thereby reducing some of the excess cost of waste. Disadvantages: Firstly, some students may find it not very good-looking or cool. As a result, the customer gives up and therefore fails to achieve the advertising role of the target group. For example, if a printed picture is not good enough, it may be eliminated by the customer. For some students, the appearance of things may be more important than practicality. So how to promote the image of the printing appeal is a big problem. In addition, perhaps after a period of use after the picture or QR code is not clear enough, I think will affect the future understanding of the product. Secondly, if you consider printing the student's name this product will take longer than other products to produce, because the name of the participant needs to be determined。 Smartphone wallet(As a free promotional product) Cost: We expected to hand out 1,000. the Smartphone wallet cost is $0.5 each, and the cost of 1,000 is $500. Advantages: Firstly, smartphone wallet is practical and has high daily usage, Small and easy to distribute. Secondly, different styles can be customized to meet consumer needs: Can choose different colors, different materials and different patterns. Thirdly, increase brand awareness: It has a wide range of applications. Everyone who has a mobile phone has the possibility to use it. The extensive use of the product allows the content promoted on the product to be very effectively transmitted. People will be more convinced of this brand that they know from relatives and friends. Fourth, conducive to retaining old customers: A useful item will keep them interested. and make them feel valued. Finally, relatively low cost: Low-cost promotional items will generate a good return on investment cost Disadvantages: 1. The service life is not long and it is easy to be damaged 2. The product is too small so that the promotional content on the product is not eye-catching and it is not easy to attract the attention of others Idea: Based on the above advantages and disadvantages of Smartphone wallet, because of its low cost, easy distribution and daily use, Smartphone wallet can be used as a promotional product to attract students to join, and Smartphone wallet is easy to damage and not easy to attract the attention of others, the shortcomings make it cannot be used as a product that gives students who have signed up for the program. We can print product's inquiry phone or product website on Smartphone wallet. When people do nothing with the mobile phone, it will greatly increase the probability that they will browse the information posted on the mobile phone. Then go to the places where potential customers are dense to hand out these products, such as going to student dormitories and in front of the student center, hand out to students, teachers, and parents of students who often contact potential customers, and briefly introduce the summer school content and benefits to them, if they are interested, they can leave a phone number, email, and other contact information, and later a staff member will contact them and give them a detailed introduction. We produce about 1,000 promotional products, with the goal of attracting 200 students to participate in this program. As a promotional item that use to draw student interest to join the program, the Smartphone wallet's primary task is to attract people who use this product to participate in summer school courses. Advantages:Now that people have a mobile phone in their hands, it has become the norm, so Smartphone wallet as items attached to mobile phones can be seen by users every day. When people are waiting in line, waiting for people, or bored, they will always pick up their phones. When you often see the phone numbers or websites on your mobile phone, you will subconsciously search these websites, call and ask, or share this information with friends or family members who need it, and people are more willing to trust the recommendations of people they are familiar with, thus, greatly improve the product sales rate. Disadvantage: The disadvantage of the Smartphone wallet is that the Smartphone wallet is too small to attract other target customers, but if you want more people to understand the product content through the information on the Smartphone wallet, you should produce many promotional products, thus increases the production cost. The Smartphone wallet will face some difficulties when it is distributed as a pre-promotional product. For example, many people who are not the target customers or even not going to the summer school will also collect this Smartphone wallet, and many people will collect the Smartphone wallet but do not use it. Not only has the cost of producing promotional products been wasted, but it will also cause the publicity effect to fall short of our expectations. T-shirt (promotional gift for paying students) cost: Assuming there are 200 students in the Minor program next year. Assuming there are 200 students, the price of each T-shirt is $ 3. The cost of the student is $ 600. advantage: 1. To meet people's daily needs, everyone needs to be compassionate and never out of date. 2. Walking advertisements: People who wear t-shirts are known as brand ambassadors everywhere, and people can see and become familiar with your brand and gain higher visibility at a lower cost. 3. There is enough space to express what you want to advertise. And you can personalize the tshirt pattern, so people can remember this brand. 4. Creates a lasting impression on the brand: The brand impression of promotional T-shirts generally lasts for nearly six months, which means that only a small investment is needed to maintain people's impression of the brand for six months, which will generate a higher ROI. 5. T-shirt can be used for a long time: This can greatly reduce production costs, and it is not necessary to make new products often and can be recycled. Disadvantages: 1. The size cannot fit everyone perfectly. 2. Most people don’t wear it, so it can’t achieve the desired effect. Idea: Since the promotion item has strong liquidity and relatively large display area feature of tshirt, we can put a beautiful photo of the product on the t-shirt then have a QR code about the official website of the summer school on the t-shirt, so that people will be convenient to scan and learn more. T-shirts have the characteristics of being outdated and can be stored for a long time, so they can be distributed as a product to everyone who signs up for this program. After signing up, they will hand out the T-shirt immediately, so they will have more time to wear a T-shirt to attract target customers before the registration deadline. The goal is to recruit 200 people. Because the summer school is held every year if students who participate in this project this year wear this T-shirt one or a few years later, they will become the brand ambassador of this product, and they can also use their own experience to introduce this program to their friends and classmates around. Advantages: the T-shirt is never outdated and has enough space to express the product you want to promote, you can personalize different designs so that every student who participates in the summer school will like to wear this T-shirt. The T-shirt has strong liquidity so that the probability of attracting target customers is increased, and the beautiful pictures and QR codes on the T-shirt about the product can let them easily and conveniently understand the details of the product. Giving them small gifts will make them feel respected and will make them have a satisfying shopping experience. Disadvantages: The disadvantage of the t-shirt is that if the QR code is too large, it will affect the overall design, it is not beautiful, and it cannot attract people to wear it. If the QR code is too small, no one will find it. Difficulty with t-shirts as a promotional item is that most of our target customers are students, and most of these people usually contact are also students. Most students between the ages of 18 and 26 have their own style of dress, most of them don’t like advertisements T-shirts, so the probability that targets customers see our advertisements becomes very low. Calendar(promotional gift for paying students) Advantages: This is useful thing without high price. This have enough size can put the information on it and can make people focus on it. When people look at the date. They will receive the information or advertisement on it. Disadvantages: This can’t stick in anywhere and some of people will put this into the trash without use. Cost:For the calendars, it will about $ 2.4 for each. So, it will total cost $480. Ideas: We can use the calendar as a later product as a gift to paying customers. Because I think the calendar is a good choice for promoting products, we can print our product specific information and pictures on each page of the calendar, so that people can better understand our products, and can be a good reminder people. If you put it in your home or office, when other people come to your home or office to see this, this is also an invisible promotion and publicity. If the product has a QR code or a website link, we can also print it on the calendar, which makes it easier for people to understand. We can also provide some discounts on the calendar in different months, which is also a promotion and marketing strategy Benefits: Ordinary calendars may only be convenient for people to remember days or record some things, but this calendar contains discounts, which is an attractive point of this calendar, because discounts may people want to learn about this product. The downside: Now is the electronic age, and people may be more willing to use their mobile phones or computers to record some special things or some special days. So it is also possible that when people get it, they will only put it in their home or office, and may forget to use it after a long time. II. The promotion process For the beginning, we will to give the leaflet to the people to let them know our program. For each leaflet will cost about $0.02, we will prepare about 2000 and total spend about $40. We can hand out to students who have signed up to participate in the project, and let them distribute to the recommended person to participate in the program, paste these leaflets in the bulletin boards of each building of the school, and hand out flyers where target customers gather, such as student dormitories and in front of the student's center. The flyers should indicate tuition, accommodation and course arrangements, the beautiful scenery of the campus, the location of the school, and interesting activities. It also clearly indicates the contact information, the official website, and the deadline for participating in the program. We have some ideas about the marketing tools of the calendar. If each calendar has a scratch card with bonuses ranging from$0-$30, with a total amount of $ 500, and then these calendars are distributed to students participating in the project. The money can be used to cover the tuition. Most people see they have a good discount will become pause and ponder, most of will close to use those discounts and join our program. Also, a funny way can attract more people to give us a call to ask the detail about the program. It's just an idea and we don't know if it's going to be implemented, but we're going to put this in a fixed cost. We consider implementing a referral incentive mechanism, where students who have already joined the program can cash in $100 for every referral, for a total of $5,000, assuming 150 students join the program and 50 students are recommended. This motivates students who have joined to try to persuade their classmates and friends to join the program, and people are more willing to believe what their classmates and friends say, increasing the chances of students entering the program. III. Calculation of cost We use the pen as a promotional item to attract students to join or increase awareness, use a T-shirt and calendar as gifts for students who have signed up for the program. If we are assuming a UC of about $1000 per student, we will get the break even at student pay the tuition. fixed cost: total cost of pen + total coast of t-shirt + total cost of leaflet + cash back +total cost of calendar + bonuses =$0.1 X 1000uint + $3 X 200 unit + $40+ 50people X$100 + $500+ $2.4X 200 unit = $100 +$ 600 + $40 + $5000+ $500+$480 = $6720 BEQ = FC / UC = $6720 / $1000 = 6.72 = 7 students From the above calculation, we can conclude that we need an additional 7 students to join to achieve breakeven。 Program Objectives: This summer program provides a unique academic and cultural experience. Get your Honors Business Minor to differentiate yourself, strengthen your resume, improve your professional experience, and enhance job opportunities. Students will spend 9+ weeks abroad, attending classes and have time for exploring both Barcelona & Rome. Students take one class at a time. You will take 2 classes in Barcelona and 2 in Rome, and finish with an online course once you return from Europe. This structure will allow you to successfully complete your academic work, while still having plenty of time to experience all Barcelona and Rome offer. Academic Program & Requirements (Up to 15 credit hours possible): All 5 classes are offered to complete a Honors Business Minor and are AU courses. Courses are 3 credit hours unless noted: Fundamentals of Accounting (ACCT 2817), Microeconomics (ECON 2027**), Principles of Marketing (MKTG 3317), Management Foundations (MNGT 3817), and Foundations of Business Finance (FINC 3817). **May substitute Operations: Management of Business Processes (SCMN 2153-2 credit hours) AND Professional Development in Business IV (BUSI 4013-1 credit hour). Students cannot count ECON 2027 for both Honors Business Minor and Common Core. Students can take all or some of these courses as part of program. Prerequisites required for course credit. See your Honors advisor for full course dates and format. Open to Honors students with approval of Honors College. Non-business majors only. Courses cannot be used for business major. Important Dates/Calendar You will go to both BARCELONA & ROME!! September 18, 2019 February 7 (e-bill due date) Application review period begins. Space is limited. Deposit required to reserve spot ($1000). Last day to drop without financial penalty. After this date, $1000 deposit is forfeit. First payment for ½ of remaining program fees ($3989.50). After Feb 7 half fees plus deposit forfeited if withdrawal. February 28 Final Application Date March 12 (e-bill posted date) May 18 – 29 Second payment for ½ of remaining program fees ($3989.50). After Apr. 10 all fees plus deposit forfeited if withdrawal. 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