Principles of Marketing

1.    Creating Value for Customers.
•    Consider the customers you believe currently use and the definition of marketing. As we begin our study of marketing, what are your preliminary thoughts as to how you think the company creates value for its customers?

2.    Role of the Customer in the Company’s Strategic Plan.
•    Find your company’s mission statement.  Repeat it (or attach as an exhibit if it is too long) and comment on its effectiveness in demonstrating the company’s commitment to having a customer focus.
•    Could the mission statement have more focus on the customer?
•    How would you recommend it be modified?
•    Is it supported with value statements or other evidence of a customer focus?

3.    SWOT analysis.
•    Identify at least one element of each of the SWOT categories (a strength, a weakness, an opportunity, and a threat).
•    Explain your choice using a citation if needed.
•    Identify possible implications for each of the four elements.  For example, if a strength is a a strong national brand name, the implication is that the company may be able to launch other related products under the positive umbrella of the same brand name.  Conversely, if a major weakness is the company is carrying a lot of debt, the implication is that the company not be able to achieve significant growth, but may have to consider retrenchment strategies.

4.    Competitive Analysis.
•    Identify at least two major competitors or those two products that are trying to sell essentially identical products to the same type of consumer.
•    Identify at least three criteria that are important to those consumers when they are making their decision as to which of the three competing offers to buy (e.g. price, specific benefit, service, warranty, convenience, specific feature, etc.).
•    Make a little chart with the three criteria along the left-hand side and the competitor products (including your own product) across the top.
•    Rank each of the products on a scale from 1= low to 5= high on each performs on each of the three criteria.  Add down each column.   Which product ranked highest overall based on the sum of the columns.
•    Then, look at the highest score in each of the criteria boxes.
•    Which products ranked the highest on each of the three criteria?
•    Was it the same product, was it three different products?
•    What do these results tell you about the competitive environment of your product category?
•    Which product is the leader?
•    Which product is the follower, challenger and nicher if those categories apply?
•    Attach your chart as an exhibit.

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