For this assignment, you will select from Mazda Miata, Netflix, Dillard’s, or Bosley Hair Club as the basis of your work. This week, select one of the companies and get started on the first bullet in the template: Customers. Remember you are doing your own assessment on the business, do not go to the company website and copy their analysis. You need to do your own assessment on the business you select.
For additional help with this section of the template, review the following resources:
How to Narrow a Target Market.
Explains how to narrow a target market to better reach core customers.
How to Build Customer Relationships That Increase Retention and Revenue.
Build customer relationships on an ongoing basis.
How to Measure Customer Satisfaction: 4 Key Metrics.
Decide, set, and manage customers’ desired expectations within a business.
Understanding Who Your Customers Are
Who are the current customers and users of your product?
Include information related to demographics and psychographics—buying behavior, price sensitivity, customer satisfaction, and loyalty.
Who are the selected business targets? Be specific! Consider the following:
Discuss how the business has decided to segment their market. Look at psychographics, such as interests, hobbies, routines, shopping habits, and so forth.
Decide which segments you think the business most likely targets. Think about the Coach example from the Week 2 assignment.
Include information such as whether the brand is trying to appeal to a certain social or cultural group and how those customers perceive the product/brand. Include demographic and psychographic information including attributes that relate to personality, values, attitudes, interests, or lifestyles. Also, include situational life stages as well as customer beliefs—how customers want to be perceived.
Examples of psychographic groups: video gamers, soccer moms, sports fanatics, hipsters, and single moms.
Life cycle stages include retirees, new homeowners, college students, and new parents. Be aware that some products/brands may appeal to a wider customer base than others.
What do the customers buy and use? Think about the industry of the business you selected. Consider what customers are looking for in this particular industry.
What changes can the company/brand expect in the future? The consumer market is always evolving. Think about the toys you played with as a kid and what’s available now. To survive, businesses must be able to predict change and then execute change.
Think about the business you selected. Based on the current and future market:
What types of changes do you think the business will need to make to remain competitive?
How will these changes better serve the customer?
How will this business meet the customer’s changing demands?
How can the company/brand better serve its customers? Include information about potential opportunities and threats.
As an example, as consumers became fully integrated with technology, BestBuy saw a technical support need. Product warranties weren’t very strong and manufacturers outsourced tech support overseas. Seeing a need, BestBuy purchased Geek Squad in 2006. Now all BestBuy locations have a Geek Squad counter in the store. At the point of product sale, you can purchase an extended warranty that provides Geek Squad services. It’s a win-win for the customer and for BestBuy. What are the potential threats? Remember all the family-owned businesses that were eliminated by big box stores? Had Walmart or Target not killed them off, Amazon certainly would have. Think about possible threats that the business you selected will have to contend with:
Will it be new competition? New products? Changing desires in the market? New laws and regulations?
What else is out there that could threaten their survival?
For additional help with the Company section of the Week 5 Assignment template, review the following resources:
Building a Brand Strategy: Essentials for Long-Term Success.
Explains the need for more a detailed branding strategy.
How to Develop Your Brand Strategy.
Identifies three core components to use as a blueprint for marketing tactics.
What is the Brand Currently?
Assess what the brand is currently, in your own words and ideas. What do you think this brand is? Is it the name brand, leader of the pack? Or is it seen as the generic no-named brand that no one wants unless it’s their only choice? Thoroughly discuss this.
Identify the strengths of the company/brand as it exists today. The strengths are what the business does well. The business has direct control over its strengths. For example, if the business has a great working relationship with its suppliers, that’s a strength. If the business offers something new and innovative that their competitors lack, that’s a strength. Identify three strengths and explain why you consider them strengths.
Identify weaknesses of the company/brand as it exists today.
Weaknesses are what the business does not do well. The business has direct control over its weaknesses. For example, if the product tastes bad or has bad customer service, these are weaknesses. Identify three weaknesses and explain why you consider them weaknesses.
What does the company/brand do well and not so well at this very moment?
Think about the business, right now. What is the biggest thing they have going for them? Explain why this is a big deal. Now, think about what they currently do not have going for them, what is the biggest red mark against them right now? Why?
What Does the Brand Need to Become?
Where does the brand need to go? What should be their next step and why? Provide a rationale for both.
How can the company/brand improve its weaknesses?
What can the business do in order to improve those weaknesses? For example, Domino’s Pizza received complaints from customers saying their pizza tasted like cardboard. Sales were declining. It was obvious their ingredients and recipes were a weakness, so they completely revamped their pizza dough, sauce, seasonings, and toppings. Now they’re a leader in the food delivery business. They examined their weaknesses, made significant changes, and turned their weakness into a strength.
What are the weaknesses in your selected business? What improvements would you recommend?
How can the company/brand maintain or grow its strengths?
What does the selected business need to do in order to grow and keep their strengths? Domino’s Pizza did not stop with just their revamped pizza recipe. Once their pizza taste became a strength, they increased their product offerings to include pastas, wings, and sandwiches. Then they dropped “Pizza” from their name in order to showcase their new menu options. To stay on top, they’ve become a social media leader and created a popular pizza ordering app—the Pizza Tracker. You can order a pizza by texting emojis! Domino’s continues to innovate and improve on their strengths.
For your selected business, look at the strengths you identified previously and discuss what the business can do in to grow and improve those strengths.
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