MKT 574 Module 2 Case Study: Communicating Value Slide 1 Title: Communicating Value Case Study Slide 2 Title: Objectives Empathize and practice collaboration techniques through a scenario-based case study on strategic marketing planning -- including determining need, SWOT analysis and segmentation activities. Slide 3 Title: Two-Scenario Challenge Voice Over: In this two-scenario challenge, you will first play the role of a marketing manager at Lenovo Corporation in creating a marketing strategy to increase its share in the laptop market. Then, you will play the role of a strategic marketing executive presenting to the research and development teams at Lenovo. You will use empathy and collaboration to communicate the essentials for the next laptop products which will compete in the 18-25-year-old target market. On screen: This two-scenario challenge will enable you to: ● Understand the role of a marketing manager at Lenovo Corporation who is tasked with creating a marketing strategy to increase the company’s share in the laptop market. ● Explore the role of a strategic marketing executive presenting to the research and development teams at Lenovo. ● Practice empathy and collaboration to communicate the essentials for the next laptop products that will compete in the 18-to-25-year-old target market. Slide 4 Title: The Marketing Strategy Lenovo Corporation sells laptop computers. At this time, your major competitors in the laptop market are Apple and Microsoft computers. Lenovo's wishes to further penetrate the consumer laptop market and the 18- to 25-year-old demographic. You have been hired as a marketing manager at Lenovo Corporation and need to come up with a market strategy to increase Lenovo's market share in the consumer laptop market for the 18 to 25-year-old demographic. Slide 5 Title: The Lenovo Landscape What hurdles (external, internal) would Lenovo potentially face as it attempts to penetrate this demographic? [Response] Slide 6 Title: The Lenovo Landscape Feedback Potential internal factors include R&D, supply chain, and newer technology channels to reach the target market. Potential external factors are major competition, such as Apple and Microsoft. Slide 7 Title: How Consumers Make Decisions Decisions are controlled by internal and external factors. Internal factors can be demographics such as age, education, income, etc. External factors include technology, and political and economic forces. Slide 8 Title: Your Approach – Consumer Needs How will you begin to identify the needs of the 18-25-year-old customers in the laptop market? List 2-3 activities you might engage in to begin to identify your consumers’ needs. Answer field Slide 9 Title: Your Approach – Consumer Needs Feedback Potential activities include: ● Research your target market with existing market research. You can also conduct your own market research. ● Analyze and monitor social media - both your competitors’ and your own. ● Invite target customers to give input on existing and new products. ● Conduct focus group research about their laptop needs and preferences. Slide 10 Title: Your approach - Positioning Lenovo Oftentimes, strategic marketing involves dividing a market (called segmentation) and targeting marketing efforts to increase penetration into this market. Also, positioning means to communicate value to a given market segment through one or more of the 4P's in the Marketing Mix. Companies use positioning strategies to target specific markets. Slide 11 Title: Cross-Team Collaboration The development teams at Lenovo are researching ways that they can best the competition in the laptop market for college students. As the strategy marketing executive, you've been asked to give input into their next R & D kickoff meeting. It is the first time that the Lenovo laptop development teams have worked in person with marketing executive. Usually strategic marketing plans are communicated through many channels within the company. Slide 12 Title: Cross-Team Collaboration The project’s success hinges on effective cross-team collaboration. Cross-team collaboration can be fostered in a number of ways, including: ● ● ● ● ● Co-creating key performance indicators. What does success look like to the team? Agreeing on a centralized communication method and adopting communication protocols. Agreeing on who is responsible for what. Leveraging technology to make it easier to collaborate, such as using conferencing and communication tools. Promoting innovation and freethinking. Slide 13 Title: Your Approach You have determined the best marketing strategy with this demographic is an empathetic approach to customers recognizing the unique needs they face as they lead busy lives working, going to school, as well as receiving entertainment and socializing through various media devices. You are asking the R&D team to focus on incorporating features that appeal to the customer based on previous market research strategies discussed above. What are some features the target demographic of 18–25 years may find appealing? [Response] Slide 14 Title: Your Approach Feedback The demographic will be comprised of a mix of educational and occupational backgrounds, with some in undergraduate and graduate education programs, and others serving in young professional roles (or both working and in school). They are likely to want the following features: ● ● ● ● ● Smaller profile, slim build, and lightweight. Energy efficient with long battery life. Integrated communication features (such as a webcam). High resolution screen. Powerful enough to be used for multimedia and gaming. Slide 15 Title: Your Approach How might these features be communicated to customers? [Response] Slide 16 Feedback This can be done in a number of ways: ● The target group responds well to brand ambassadors and influencers. ● On-campus visits bring the product to the target group. ● Social media is a strong medium of communication for the target group and is an asset in market research, as well as soliciting feedback. ● Similarly, online marketing campaigns and online shopping experiences/promotions are important to this demographic. ● Branding and building loyalty must be considered. Slide 17 Title: Final Submission Return to your course in Blackboard where you will prepare a reflection post. Include responses to the questions below. Based on what you learned, how will you facilitate cross-team collaboration between the marketing management function and R&D teams at Lenovo? How would you measure the success of the team?
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