the role of market segmentation | My Assignment Tutor

Marketing 106 Final Project Student Instructions Submission InstructionsTo be submitted via Blackboard. Refer to Blackboard for submission instructions.Value30% of final gradeDue DateRefer to course timeline posted on Blackboard for specific due date. Learning Outcomes Covered in ProjectExplain how the marketing mix (4Ps: product, price, promotion, and place) meets the needs of a target market. Explain the role of market segmentation, target marketing and positioning in marketing strategy development. Examine the trends and forces in the external marketing environment and how they affect marketing decision making. Discuss how the product life cycle (PLC) affect marketing strategy decisions. 7. Design an integrated marketing communications (IMC) program. 8. Understand the various pricing strategies and identify the factors affecting price setting. Final Project Read the case provided.Review the questions and marks per question to plan your project. Key your answers in a word-processed file.Make sure that your file has:a title pagetable of contentsyour name and page numbering on every page.Save your file as mrk106_FPasgn_XXxxx.doc or mrk106_FPasgn_XXxxx.xdoc, where XX is replaced by your first two initials and xxx is replaced with your last name.Submit your file in the Assignments area by clicking the link for this assignment. (For help submitting your assignment, please see “How to use Blackboard, in Course Information at the left).Remember to check the timeline for the due date for this assignment.Below is the case for this final project.   Evaluation: Please see the Rubric for Evaluation Criteria below. Pine Technologies Marketing Plan Evaluation Rubric SectionValueEvaluation CriteriaCommentsSituation Analysis5Provides a well-focused review of the present situation and strategic challenges; descriptions are compelling and insightful; provides the facts or elements that will be used in the case to support the recommendation, objectives and strategies.5 exceptional 4 good 3 satisfactory 1 -2 below expectationsStrength, Weakness, Opportunities and Threats10Makes appropriate and insightful connections between the external opportunities and threats that could impact the business; balanced along with strengths and weaknesses to direct the recommendation.9- 10 exceptional 6 – 8 good 4 – 5 satisfactory 1 -3 below expectationsLife Cycle10Makes an insightful alinement of the products; effectively note the four stages of the life cycle; notes different stages for the selected fill products9- 10 exceptional 6 – 8 good 4 – 5 satisfactory 1 -3 below expectationsSegmentation10Makes a logical segmentation grid for the fill products of the chosen product; supports the recommendation direction; shows insights of the segmentation marketing technique covered in the course.9- 10 exceptional 6 – 8 good 4 – 5 satisfactory 1 -3 below expectationsRecommendation10Makes an appropriate and insightful recommendation or recommendations that demonstrate an ability to achieve the company’s marketing revenue goal; effectively integrates marketing knowledge with case information.9- 10 exceptional 6 – 8 good 4 – 5 satisfactory 1 -3 below expectationsRationale5Effectively identifies and evaluates support for the recommendation: facts and insightful elements are tied to the material central to the recommendation of the case.5 exceptional 4 good 3 satisfactory 1 -2 below expectationsPositioning Statement10Defines and positions the product or products; clearly describes the market the product or group of products is in: effectively identifies the key benefit delivered9- 10 exceptional 6 – 8 good 4 – 5 satisfactory 1 -3 below expectationsObjectives15Identifies what elements of the marketing mix 4 P’s (product, price, place, promotion) must be used to achieve the recommendation; insightfully reflects what each will do to help achieve the recommendation; are specific, measurable, attainable, realistic, and timeframe.13 – 15 exceptional 9 – 12 good 6 – 8 satisfactory 1 -5 below expectationsStrategies10Supports each of the objectives clearly outlining how this plan will achieve the recommendation; demonstrates solid grasp of how to accomplish the objectives.9- 10 exceptional 6 – 8 good 4 – 5 satisfactory 1 -3 below expectationsTactics10Effectively supports each of the strategies across the marketing mix elements need for the marketing plan. Identifies in necessary detail, what tactic elements are needed to bring the strategies to life in the marketplace; demonstrates a tactic that would be affordable for this product in this market.9- 10 exceptional 6 – 8 good 4 – 5 satisfactory 1 -3 below expectationsSummary5Provides a thorough and effective summary that defines the overall direction, summary recommendation, and expectations of what the recommendation will achieve for the fiscal year.5 exceptional 4 good 3 satisfactory 1 -2 below expectationsTotal100   Submission: Save your file as mrk106_FPasgn_XXxxx.doc or mrk106_FPasgn_XXxxx.xdoc, where XX is replaced by your first two initials and xxx is replaced with your last name.Submit your file in the Assignments area by clicking the link for this assignment. (For help submitting your assignment, please see “How to use Blackboard, in Course Information at the left).   Plagiarism: Each student should be aware of the College’s policy regarding Cheating and Plagiarism. Seneca’s Academic Policy will be strictly enforced. To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third-party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.   Final Project Case Marketing 106 For this final project you’re the leader of a strategic marketing team that works for Pine Technologies Limited. Your final project is to develop a strategic marketing plan for either the Drip2 or the Miller product of Pine Technologies Limited. Pine Technologies Limited. Background History Pine technologies Limited started in 1913 in the central regions of Canada, as a company that sold devices that weighed and measured wheat. It was founded by a group of people that were farmers, mill owners, and engineers. They found the best technology for measuring wheat and bag fill, combined with scales to weigh at an economical price. The focus on excellent technology was a founding principle of the company. In the early 1930s they moved into grain filters and filtration technology. By the 1940s that expanded into the industrial and liquid filtration technology as an extension of the seasonal wheat industry. At the end of World War II, they moved into the area of filler control of measurement. The wheat market, while interesting and still a solid base, was expected to become very competitive from offshore, low cost producers. Pine Technologies Limited technology development was focused on the measurement of grains and liquids. Their R&D departments developed a number of patents for special measurement technologies. With the expansion they gradually focused more and more on the filler applications with controlled sensors built into the process. In 1986 they sold off the measuring division and revisited their mission statement to focus on the area of fill and sensor equipment. They had developed and patented a number of products as an ongoing business practice in this area. As the need for growth in sales revenue and profits focus their marketing efforts, the opportunity to move into other business areas was identified. Pine technologies Limited Mission statement Pine technologies Limited is in the business of designing, manufacturing, marketing, servicing, and selling sensor fillers for automatic production lines that need packages filled to an optimal level. These are supplied and serviced directly to our customers by our qualified technicians and sales people. Pines customer base is in the powder, liquid and solids industries which service both customer and industrial businesses throughout the world. Pine is a customer driven, marketing focused, technology influenced, and engineering directed world-class manufacturer, determined to produce results that generate growth, value and the opportunity to reinvest in both human and financial company resources. Company Position Last year’s sales were $23,602,804 across all categories. This was a strong surge from previous years. They continued their sales growth for the past 11 years. While some products did better than others management left that to marketing to manage while they focused on R&D and manufacturing. From a financial perspective the company is cash-rich and invests in engineering and designed to keep their products as leaders in the marketplace. Current Company Product Status Pine Technologies Limited has five products that focus in the automatic production lines market in North America and Europe. They produce filler heads with built-in sensors that manage the level of fill. The container categories that PTL’s filler sensor products are used in bottles, cartons, bags, cylinders, and cans. Any product that fits into one of these containers can use one of Pine’s unique products. They focus the product line to have one core package type for each container segment. Noted below is the list of current containers, fill type, and brand for each market. This broad category of brands and fill types provides core competencies in many markets. CategoryFill TypeBrandBottleLiquidAq2CartonPowdersMillerBagSolidsWizGranCylinderLiquidsDriP2CansSolidsLav3 Over time, sales and marketing had moved into a variety of marketing categories and products and have created solid relationships with a number of companies. Some products are focused on consumer markets, while others are in the institutional and business markets. The list of applications and products below shows the mix currently being manufactured. CategoryFill TypeBrandType of Fill  BottleLiquidAq2Fruit JuicesSoapMotor OilCartonPowdersMillerSoapCake MixScrewsBagSolidsWizGranCandlesCookiesNuts/BoltsCylinderLiquidsDriP2SoapCooking OilAviation OilCanSolidsLav3GraviesCranberriesBolts Recent business analysis The company recently completed its annual five year strategic planning session. The final conclusions were the strategies in place are solid and there’s no real need to change course or do things differently. Marketing Data Company Products Share Management did not look at share of company revenue. However, marketing did and used it to balance marketing programs and budgets. Marketing set up the following data. Product RevenueMC (most current)ShareAq2 $3,339,46514.1%Miller $4,105,21317.4%WizGran $2,656,79211.3%DriP2$11,761,91749.8%Lav3 $1,739,4177.4%Total$23,602,804100.0% Marketing is very strong in the company and well supported by other departments and senior managers as the business driver adding to both the top line revenue and bottom line profits. Profit and Loss Picture The company is in a strong position. A profit and loss statement for the company and the top two products is shown in appendix B and C. Competitive Benchmark Study Recently marketing conducted a competitive benchmark study to find out how they were doing versus the three closest competitors. The study supported many of their previous assumptions. There were no real big business surprises which was taken as a good sign. See appendix E for more information Organic Growth Rate Projections Marketing continued to track growth rates in their various industries. They pull together the data as an aggregate for each brand from each of the categories that their products did business in. BrandOrganic Growth RateAq26%Miller8%WizGran8%DriP26%Lav 34% Management Direction The sales revenue target for pine technologies overall next year had been established by management at +18% by the end of the fiscal year. The annual planning session had shown with aggressive marketing and sales program this was a goal that could be achieved. Summary This provides you some insights, facts and figures for Pine Technologies Limited, the market, and their various products. Use the information provided above along with the questions listed after the exhibits to drive your project analysis Appendix A Sales History        Sales Revenues     RevenueMCMC-1MC-2MC-3MC-4MC-5       Aq2 $   3,339,465 $   2,891,311 $   2,550,557 $   2,314,270 $   2,160,850 $   2,037,000Miller $    4,105,213 $   2,689,474 $   1,893,462 $   1,387,152 $   1,067,040 $      855,000WizGran $    2,656,792 $   2,451,639 $   2,240,782 $   2,050,027 $   1,895,365 $   1,736,000DriP2 $  11,761,917 $   5,840,078 $   3,240,887 $   1,910,900 $   1,201,824 $      936,000Lav3 $    1,739,417 $   1,634,867 $   1,518,899 $   1,385,654 $   1,267,707 $   1,139,000Total $ 23,602,804 $ 15,507,369 $ 11,444,587 $   9,048,003 $   7,592,785 $   6,703,000              Sales Units      UnitsMCMC-1MC-2MC-3MC-4MC-5       Aq2           13,589          12,354          11,334          10,592          10,088            9,700Miller           16,932          11,759            8,775            6,750            5,400            4,500WizGran             6,780            6,507            6,245            5,999            5,768            5,600DriP2           72,559          38,189          22,464          14,040            9,360            7,800Lav3             8,033            7,837            7,609            7,316            7,035            6,700Total         117,894          76,645          56,427          44,698          37,651          34,300       Unit Price      Unit sMCMC-1MC-2MC-3MC-4MC-5       Aq2 $        245.74 $        234.04 $        225.04 $        218.48 $        214.20 $        210.00Miller $        242.45 $        228.73 $        215.78 $        205.50 $        197.60 $        190.00WizGran $        391.84 $        376.77 $        358.83 $        341.74 $        328.60 $        310.00DriP2 $        162.10 $        152.93 $        144.27 $        136.10 $        128.40 $        120.00Lav3 $        216.53 $        208.60 $        199.62 $        189.39 $        180.20 $        170.00        Appendix B P&L Data  Pine Tech Ltd. MC Revenue $          23,602,804.00100.0%Volume                         117,894 Materials $            6,367,819.6027.0%Labor $            4,977,661.8021.1%Overhead $            6,320,615.6026.8%COGS $          17,666,097.0074.85%Gross Margin $            5,935,903.0025.2%Adv & Promo $            1,450,000.00 G&A $            2,100,578.008.9%Net Margin $            3,550,578.0015.0%PBT $            2,385,325.0010.1%  Drip2 MC  Miller MC Revenue $          11,761,917.00   $           4,105,213.00 Volume                            72,559                            16,932 Materials $            3,516,813.1829.9%  $              890,831.2221.7%Labor $            1,905,430.5516.2%  $              665,044.5116.2%Overhead $            3,269,812.9327.8%  $              940,093.7822.9%COGS $            8,692,056.6673.9%  $           2,495,969.5060.8%Gross Margin $            3,069,860.3426.1%  $           1,609,243.5039.2%Adv & Promo $                850,450.00   $              488,450.00 G&A $                917,429.53   $              369,469.17 Net Margin $            1,767,879.5315.0%  $              857,919.1720.9%PBT $            1,301,980.8111.1%  $              751,324.3318.3% Appendix C Competitive Pro Forma Statement  Pine       $ 000 Comp A      $ 000 Comp B     $ 000 Comp C    $ 000 Revenue    23,602100%    32,450100%   14,700100%   11,500100%COG    17,68074.9%    23,40072.1%   11,90081.0%     8,95077.8%Margin      5,92225.1%      9,05027.9%     2,80019.0%     2,55022.2%         A&P      1,450       2,100          500         400 G&A      2,1008.9%      3,1009.6%     1,3609.3%        9908.6%       3,550       5,200      1,860      1,390 PBT      2,37210.0%      3,85011.9%         9406.4%     1,16010.1%          Note: Rounding used for data projections Appendix D Competitive Benchmark Study Prioritized                 FeatureCustomer Importance WeightPine Raw ScorePine W FComp A Raw ScoreComp A WFComp B Raw ScoreComp B WFComp C Raw ScoreComp C WFAccuracy0.462.4525241.6Easy to Clean0.230.640.840.861.2Easy to change0.240.840.840.851Features0.160.640.430.330.3Price0.150.540.440.440.4Total rating1.0 4.9 4.4 4.3 4.5           The second column represents the customer importance weight factor multiplied by the raw score. This provided a true number factoring in the weighting. For example, the accuracy CIW is .04. Pines rating out of 10 is 6. So, the factor is worth .04 x 6 = 2.4. Or a Pine WF of 2.4 Source: Abbott Research + Consulting / ARC Strategy Ltd. Pine Technologies Limited Case Marketing Plan Finally Project The following are the elements that you should consider in writing up this final project. Situation Analysis (5 Marks): Which facts or elements will be important to your recommendation? Do not let this section dominate your presentation. SWOT Analysis (10 Marks): Develop a SWOT to set out the strengths, weaknesses, opportunities, and threats. Lifecycle (10 Marks): Identify the lifecycle stages. Then plot the product you have selected and the type of fill products in the category on the lifecycle diagram. Segmentation (10 Marks): Create a segmentation grid for the product you selected. Recommendation (10 Marks): What do you believe is the strategic direction for the product you selected? Outline your recommendation for a general strategic direction. This is not the objectives or strategies they will come later. Rationale (5 Marks): Why do you believe your recommendation is correct? Support your recommendation with three separate rationales. Positioning Statement (10 Marks): Write a positioning statement for your product to support your recommendation. Objectives (15 Marks): Set out the key marketing objectives you need to address your recommendation. Be sure to cover off product, pricing, place and promotion’s in this section. Strategies (10 Marks): Now identify a strategy or strategies to fit your objectives. Be sure to cover off product, pricing, place and promotion’s in this section. Tactics (10 Marks): Now add a few tactics or details for your objectives and strategies. Summary of the plan (5 Marks): This is an overview of what you’re going to achieve in the plan and you want management to approve and support in the next fiscal year.

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