Option 1: You may take a company (Tommy Hilfiger) and analyze a (one) product within one product line. Based on current economic situations, you may recommend that the organization expand this line or Option 2: shrink it by removing a product. Financial data must be considered for option 2 defending its selling failure. All 4P’s must be taken into consideration for this project for either option. Failure to do so will result in an automatic letter grade drop.
NOTE: OPTION 1 If you are adding a product to the existing line (option1), you must invent a new product hence the term extension of the line.
1. For product, You must describe every facet of product’s function and what it does and why this variation of project will succeed.
2. For promotion You must create an innovative marketing campaign outlining how this is hitting the demographic. You must walk me through your innovative campaign. I DO NOT WANT TO SIMPLY HEAR THAT YOU ARE GOING TO USE SOCIAL MEDIAL AND COMMERCIALS. You may use these mediums but not without telling me how they are going to work.
3. For place, where is this going to be sold and WHY. Where are you placing this in the consumer’s mind and where in the store will this be placed physically and of course WHY?
4. For price, Research the pricing theories we went over and choose one that fits your demographic and psychographic and defend your choice.
DO NOT GIVE ME AN OVERVIEW OF THE COMPANY AND SAY THAT THEY SHOULD EXPAND THE LINE AT THE END OF THE PAPER!
If you are removing a product (option2), you are to justify why the product FAILED through the theory of the 4 P’s proving the opposite of each of the following questions above.
1. How did product functions fail with cited and financial examples?
2. How did the (promotion) marketing campaign fail? Cited examples and customer reviews are a must with proof of failure from credible media sources?
3. Why did the place fail and how did it fail in the consumer’s mind?
4. What about the pricing theory failed? What strategy did they use and why did it go bust according to consumers.
Option 2 must prove the failures of the product. I am aware that the product you may have picked will not always have a failure in all four categories and that is fine. You will then describe to me what they did well and what they did not. Be careful picking a company for this paper because you do need a great variety of examples to defend your conjectures across the 4P categories!
Considerations for this project. No Matter what the option is that you choose, you must consider all of the graphics meaning psychographic, demographic, geographic and ethnographic (if applicable). Your project should show evidence that you are segmenting the market based on the Activities, Interests and Opinions of your target audience through the application of the 4P’s. Although you are not segmenting and doing market research from the start since you are adding to established brands already, the entire analysis must still show evidence that the segment that you are hitting will accept this new variation of the product line with applause and not disappointment. The opposite goes for the removal as of which if you are removing a product, PROOF must exist that the product is disappointing in the first place and really needs to be removed from the line.
Market research is the main thing as per the project requirement. It is going to be a work on the current trend and its future impact on the customer. I have experience in the field.