In this assignment, you will compare and contrast the differences between marketing strategies in a changing competitive environment.
Consumer behavior and competitive market analysis are key initiatives for a marketing manager. With the changing competitive environment of the global marketplace, marketing managers are always in search of evolving markets and underserved profitable niches to provide them with a competitive advantage. Porter’s Five Forces and strategies to overcome the Five Forces are seminal works on competitive advantage.
Select a company and a product in an industry affected by changes in the business environment or in consumer preferences. As a consultant to that company, you are asked to provide strategic marketing recommendations.
- Describe the company you chose and the industry they are in; include an overview of one of their products/services and the markets they serve. Present their current marketing strategy.
- Using Porter’s Five Forces framework, evaluate the profitability of the current market. Analyze the strengths and weaknesses of the strategies currently used to market the product/service.
- Research at least six peer-reviewed academic articles related to marketing strategy and competitive advantage.
- Using best practices from the literature, propose a new marketing strategy to give your selected company a competitive advantage. Include the following in your marketing strategy:
- Describe how the proposed marketing strategy aligns with the goals of the company.
- Examine areas in the marketing strategy that could provide a competitive advantage based on current marketplace competition.
- Analyze market segmentation, differentiated points of value, message(s), and product positioning
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