Pl Please be specific and explain in detail for each part MKTG 4700 Home Work (N
ID: 417337 • Letter: P
Question
Pl
Please be specific and explain in detail for each part
MKTG 4700 Home Work (No more than 3 people can work on this together) You are the marketing manager of a local Michigan firm that has developed a high-quality home self-brewing system that is small, easy to use and fits in a very small space. The product makes the equivalent of three six packs in about 48 hours. You are able to add ingredients and create a unique beer just like the larger and more complex operations at a fraction of the cost, space and inconvenience. The base product will retail for $750. There also is a deluxe version of product that sells for $999 that doubles the amount of beer that can be made and has a few other features giving the brewer more flexibility and creativity in the brewing process. In addition, you have for sale a large selection of the ingredients (hops, barley, etc) in appropriate size portions needed to brew the beer -this is where you are expecting to gain a significant profit margin. You have estimated that your company will be able to manufacture about 2000 total units this year. Do the following 1. Define a consumer target market- in detail (use all of the segmentation variables -demo, geo, ete). 2. Define a business market- use all three business segmentation variables. 3. What is the positioning strategy for the product? 4. Do the following: a.) develop 3 alternative names and slogans for the product b.) discuss the implications of each name (advantages and disadvantages c.) choose 1 name and 1 slogan- explain your choice. 5. Create a One-To-One strategy for your business customers Explain the information on you plan to collect on your customers Explain how you will gather this information Explain (dollars spent, number of products bought, ete) what a customer must do to be considered MVC status. Create a time frame in which these are measured (every month, six months, one year, etc) Be specific a. b. e. d. What "extra" benefits will you do to reward and make your MVC's feel special List and be specific-these are things that will create incentives for positive word- of-mouth and greater purchases in the future.Explanation / Answer
BEER SELF-BREWING SYSTEM
Segmentation- consumer market
The product is slightly costlier and only consumers who are very interested in beer drinking and affordability will buy it. Also these must be mature consumers. The segmentation is based upon the above points
Geography
Based on location -population density, city
The system will be targeted to people in urban and semi-urban locations in United States
Demographics
The target will be male and female, professionals/business people , with socio economic statue-Aand B with income more than $35000 in the age group- 30-50
Behavioral segmentation
Based on
Psychographics
VALS - innovators, achievers, experiences
- These are people who are adventurous, experimental and percieve themselves as successful in life
2. Segmentation- Business market
Definition- Here one business sells products and services to another business consumer
The target consumers are those in hsopitality industry who want to make beers on their own as part of their unique selling strategy
Segmentation
Geography-
United States
Segmentation by size
-medium and small sized business size with annual revenues between 1-5 million$
Industry-
Hospitality industry – hotels, restaurants, motels etc
Business needs-
Those who are in service industry offering beer as part of their beverages and need brewing machine to offer self-made beers
3.
Positioning strategy
Target market- For urban and semi urban consumers between 30-50 years of age with income above $35000 who are quality conscious and enthusiastic about beer engaging in regular usage with a lifestyle of –innovators , achievers or experiences
Competitive framework –XYZ is a brand offering self brewing system for making beer
Point of differentiation- XYZ offers the high convenience
Reason why they are different -because it is small, easy to use and fits in a space
The brand character is successful, active, achievement oriented and , adventurous
4.
a.
Alternative names- Easy beer, Easy brew, home beer
Alternative slogans –
B
Eazy brew- easy to spell, remember and conveys brand positioning. But the brand name is not unique and may be mistaken for a coffee maker
Home beer - easy to spell, remember and conveys brand positioning. But the brand name is not unique and may not appeal to B2B consumers
Eazy beer- easy to spell, remember and conveys brand positioning. But the brand name is not unique
c.
Name – ‘Eazy beer’ is a better name because it is easy to spell, remember and most importantly it conveys brand positioning.
Slogan- ‘Go easy ‘. This slogan is easy to say, reemphasizes the brand name,conveys the positioning , tells consumers to buy the product and generally evokes a positive feeling in life