Posted: February 20th, 2017
Instructions: The Stand-Alone Project for this course requires you to assume the role of an account planner for an advertising agency assigned to compile a competitive market analysis on a given product.
Scenario: A manufacturer who is thinking seriously about marketing a new product in an industry with which you are familiar has approached your advertising agency and asked that you prepare a competitive analysis of the market for this product. The client will pay for this work on a project basis then decide whether to launch the product and hire your agency to design and execute the campaign.
While this situation is a hypothetical one with respect to your role and the new product, your competitive analysis should be based on reality. Use an outline format with brief descriptive explanations. The product may be for either the consumer or business-to-business markets. The following sections should guide your composition of the competitive market analysis.
This project is much more involved than the writing project in Lesson 4, which is a plan for gathering information that will be analyzed to support a marketing plan and effort. The Stand-Alone Project may be viewed as an extension of the earlier project, “drilling down” and using the methods described there and expanding on them to construct a competitive analysis in detail. In other words, you may use the product from Lesson 4 or create an entirely new one.
Your Stand-Alone Project responses should be both grammatically and mechanically correct, and formatted in the same fashion as the project itself. If there is a Part A, your response should identify a Part A, etc. (300 points) (A 20-page response is required.)
Part AResearch and Analysis: Begin by researching the product about which you will write an analysis.
1. Describe the product and its associated industry.
2. Identify this product’s direct competitors.
3. Specify how these competitors’ offerings differ from each other in terms of strengths, weaknesses, and other characteristics.
4. Detail how they differ from the proposed product.
5. Detail how the proposed product is superior and/or inferior to the competitive products.
6. Identify the target clientele of the competing products.
7. Identify the segments in the target market.
8. Describe the market share each competitor has.
9. Outline the market strategies used by competitors.
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