MRKT 310 Principles of Marketing
Week 5 Writing Assignment
- Offering. Student can describe an offering based on features, benefits, price, and costs of ownership
- Type of consumer offerings. Student can suggest marketing strategy implications based on the type of consumer offering under examination.
- Product line extensions or new product development. Student can suggest possible product line extensions or related product or service offerings based on the student’s chosen product or service offering.
- Product lifecycle. Student can suggest potential marketing strategies based on the product or service’s lifecycle stage.
- Now that we have moved on to the marketing mix topics, we leave behind us the research intensive portion of these writing assignments. Your job in Writing Assignment 5 and beyond is to use all that information to develop marketing mix strategies for your product or service offering.
- Again please note we don’t expect you to develop strategies based on a total knowledge of the product or service since you are not, or most likely not, employed by your product or service’s company. We will be looking to see if you can apply the marketing concepts to the real world situation.
- Also, do not fall into the trap of reporting on the product or service. This is obvious because your assignment will look like a rewrite of the company’s website. Don’t be afraid to make strategy recommendations based on what you have discovered about the product or service, and how you think it can move forward. Be creative, but be reasoned.
- Remember your product’s target market from last week. Always keep them in mind when making your recommendations. Or, think of a new market that could be developed by modifying the existing product or service. All your strategy must link back to your work in the first four writing assignments.
- Prepare your assignment by answering the following four areas of inquiry related to the learning outcomes noted above.
- Offering. Describe your product or service offering in terms of features and benefits, price and the total cost of ownership as discussed in the week's readings. Is it more product dominant or service dominant.
- Type of consumer offering. Based on the four categories of type of offerings discussed in course content, describe in which category your product or service offering belongs. Discuss the category from the customer’s point of view.
- Product line extensions or new product development. Based on all you know now about your product or service offering, can you recommend any additional product lines or different products for the same or a different target market? No is not an acceptable answer here. Describe at least one new product line extension or one new product based on how it will fill customer needs and wants with what features and benefits. Be sure to refer to the discussion on product lines and new products in the course content.
- Product lifecycle. In which stage of the product lifecycle is your product or service offering? How do you know this? Based on that stage, make oned recommendation for a marketing strategy to extend the product or service’s lifecycle.
Be sure to follow all of the submission requirements outlined in the syllabus and provided below again for your easy reference:
•Prepare as a word processed document (such as Microsoft Word).
•Your assignment should be the equivalent of two pages of double spaced text, approximately 1/2 page for each of the four questions.
•Be sure your name, writing assignment number, and the name of your product or service are on the first page of your writing assignment.
•Use a simple 12-point font such as Times New Roman. Use black ink for majority of your work and only use colors if it enhances your ability to communicate your thoughts.
•If the writing assignment requires external research, be sure to use footnotes and include a bibliography. You may use MLA or APA style, or any other college-level style guide. More information about using a style guide can be found in the UMUC's virtual library accessible from your LEO classroom or at umuc.edu/library.
•Upload your word processed document in your LEO assignments by the due date in the LEO calendar.
Refer to the grading rubric associated with the assignments. Be sure to note that 20% of your grade on this assignment will be based on your grammar, composition, adherence to the submission requirements, and use of an appropriate college-level style guide for writing and referencing.