The purpose of this assignment is to review the strategy of a product using the 4 P framework. You need to select a product or product:
a) that is a packaged consumer good (part of the assignment is to describe the package design)
b) for which you can find market share data in either Mintel or Passport
Important: you should select a product, not a company. For example, the company Coca-Cola has many different products lines and brands, but each brand has a different strategy.
Content of the paper
Your paper should include the following sections:
Introduction. This section needs to include sales and market share data – this is the only section for which you will need to use UIC library databases
Product strategy. You will describe a) the product line, b) one functional and c) one psychological benefit of the product, d) the package design, and e) provide background information about the brand name. You need to include a visual of the package design.
Distribution (Place) strategy. You will describe where this product is sold and need to include both labels of types of retailers, as well as examples of specific retailers.
Pricing strategy. You need to compare the price of your product with prices of at least two competing brands and conclude whether or not a prestige pricing strategy is used. The comparison should be presented in a table.
Promotion strategy. You will provide an overview of the communication tools the company uses and describe a few examples of specific social media posts or ads in other media.
Target market and positioning strategy. Based on your description of the brand’s strategy you will identify what you think the target market is using two segmentation variables. You will summarize the strategy using a positioning statement format. Make sure to follow the format in the sample:
To [insert target market description and general need],, is a [insert product category] that [insert a description of the point of difference].
Conclusion. Summarize why you think the brand is successful .