MAJOR PROJECT - PART 1 - 5C'S SITUATION ANALYSIS ASSIGNMENT INTRODUCTION AND LEARNING GOALS Prior to beginning Part 1 of the marketing plan, all students must read the Major Project Overview, join a project team, complete the Project Code of Conduct survey, and familiarize yourself with the business that your instructor has selected for the project topic. The marketing plan project follows the Marketing Management Framework used in the MKTG-5006 Marketing Management text (See Figure 1.3). 3 Major Components of a Solid Marketing Plan 5Cs Situation Analysis Reviews the external environment Market Analysis Breaks down potential customer groups and defines STP 4Ps Market Analysis Breaks down potential customer groups and defines the target most likely to respond to your positioning Moving Forward Marketing Strategy Price, Product, Place, Promotion strategies and tactics Each component is supported by research Creating the 5C's Situation Analysis is the first component of a good Marketing Plan. Before we can decide what to do to sell our products and services, we must first understand what is going on in our marketplace. We need to assess the needs of potential customers, the positioning of our competitors, current and potential channels of distribution, and issues currently affecting supply and demand in our industry. Each group will prepare a Situation Analysis based on the business and geographic area identified by your instructor. The evaluation of customers, competitors, collaborators and the dentified by your instructo The evaluation of customers, competitors, collaborators and business environment (context) will help you decide on how to position the product in step 2 of the project (STP). Weighting Due Date Length Guidelines Format Penalties Learning Goals: . 15% of your final grade Part 1 is due on Friday, April 1st 10-15 PPT slides, not including cover slide and reference slide. References are required for all research you discuss. PowerPoint slide presentation. Your instructor will specify the format and how to submit your file. Students will not receive a grade for Part 1 unless you have completed the required Project Code of Conduct survey. Late assignments will be penalized 20% per day including weekends. All references to sourced materials must be cited on your PPT presentation. Marks will be deducted for incorrect or missing references/citations. Your professor reserves the right to assign different grades for group members should it be warranted. Apply the 5C Analysis framework to a real business and category Learning Goals: Apply the 5C Analysis framework to a real business and category Research consumers, channels, competitors and trends for a business category Compose and deliver a presentation summarizing your research and analysis Assignment Value This assignment is worth 15% of your overall grade in this course. Assignment Instructions To complete this portion of your Major Project, you will conduct external research focused on the industry, channels, customers and competitors. Use Fanshawe College Virtual Library resources: http://www.fanshawelibrary.com/library-resources/. They are excellent! Chapters 2, 5, 6, 7, 10 and 16 in your textbook will also help you to complete your analysis. Your 5C Situation Analysis will be completed based on the product category (the company's line of business) and location announced by your instructor as the project topic. Part 1 will include the following sections. Note that for this project, the 5th C (company) analysis is not required. Use section headings to create your PPT presentation: 1. Industry Overview (Context) Identify the industry size for the product category in Canada Estimate the category size for the geographic area specified by your instructor 1. Industry Overview (Context) Identify the industry size for the product category in Canada Estimate the category size for the geographic area specified by your instructor Identify the stage in the Product Life Cycle (PLC Figure 8.3) that the product is in and explain your choice . . Identify the stage in the Diffusion of Innovation Model (Figure 8.4) that the product is in and explain your choice Note the number of competitors in location you are researching and identify the top 3 direct competitore un comportars Describe the major external factors that are relevant to this industry today? What trends are impacting supply and demand for the product? Economic trends? Cultural trends? Legal/regulatory trends? Technological trends? Ethical trends? Others? 2. Customers Describe customer behavior in terms of the type of purchase the product represents (Figure 2.2) . Describe customer behavior in terms of the level of involvement in the purchase of the product (Figure 2.2) Describe the needs fulfilled by the product and categorize them in terms of Maslow's Hierarchy of Needs (Figure 2.6) Describe the needs fulfilled by the product and categorize them in terms of Maslow's Hierarchy of Needs (Figure 2.6) Discuss whether or not you think the current products offered in this category are meeting the needs of customers 3. Channel Analysis (Collaborators) Describe the current channel structure used by the main competitors in terms of: The form of distribution channel used (Figure 10.4) The types of tactics used (push tactics, pull tactics, or a combination of both) (Figure 10.6) The intensity of distribution (intensive, selective or exclusive distribution) (pages 165-166) Discuss whether or not you think the current channel structure in this category is meeting the needs of customers 4. Competitor Analysis (top 3-5 direct competitors) Discuss the branding strategies and concepts among the top 3 competitors (Chapter 7 - brand associations, brand personality, brand equity, etc.) Create a value curve which shows your perceptions of the top competitors based on at least 4 attributes/criteria that customers consider when choosing a product in the category (see Figure 5.5) 0 Create a price/quality perceptual map for competitors based on research as well Create a value curve which shows your perceptions of the top competitors based on at least 4 attributes/criteria that customers consider when choosing a product in the category (see Figure 5.5) Create a price/quality perceptual map for competitors based on research as well as your own judgement. You may choose two other parameters for your perceptual map if you think they are more relevant to the product (see figure 5.1) Discuss whether or not you think the current mix and positioning of competitors is meeting the needs of customers 5. Conclusions: Describe some challenges the company will face when trying to compete in this market Based on your entire analysis, suggest how the company could differentiate their product to better compete in this industry Due Date Part 1 is due on Friday, April 1st How to Submit your Assignment How to Submit your Assignment Grading Criteria The following Rubric applies. Your professor will provide your group with feedback and comments. Topic Introduction Industry Overview Customer Analysis Channel Analysis Competitor Analysis Conclusions Presentation Deductions Description REQUIRED Uses research to describe industry size, stage, competition, and external trends impacting supply and demand, PLC and Diffusion of Innovation models are used and explained. Describes type of purchase, level of involvement, customer needs and the implications of each. Describes channel structure Explains push/pull strategies and describes tactics used by competitors. Describes intensity of distribution and implications. Uses research to create value curve with explanation. Perceptual map is comprehensive and insightful conclusions are drawn. Branding strategies of top competitors are evaluated and insightful discussion of competitors' current ability to meet customer needs. Competitor positioning is described with implications. Based on this entire analysis, where are your opportunities to differentiate and compete in this industry and what are some of the challenges you see? Slides are clear, readable and professional looking Students are well-prepared, practiced and organized with minimal reliance on notes/scripts Presentation styles are professional Marks will be deducted for unsatisfactory presentations: Mark REQUIRED 12 10 10 12 6 10 (deductions) Deductions TOTAL Marks will be deducted for unsatisfactory presentations: Incomplete Cover PPT Spelling and grammar errors on PPT Incorrect or missing references on PPT Over-reliance on scripts (reading) Time limit is exceeded . (deductions) 60