MRKT 310 Principles of Marketing Week 1 Writing Assignment

MRKT 310 Principles of Marketing Week 1 Writing Assignment What is Strategic Marketing? Learning Outcomes 1.Marketing Orientation: Student can demonstrate an understanding and application of a marketing orientation as it differs from other orientations discussed in the course content. 2.Value offering: Student can outline a product or service offering, including product line extensions, based on the three dimensions discussed in course content (e.g. tangible, intangible, and price) 3.SWOT analysis: Student can conduct a simple SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) of a product or service offering and draw inferences for the product or service’s future strategy. 4.Objectives: Student can frame a strategic objective for a product or service offering referring to the criteria for effective objectives (measurable, reachable and time specific). Student can provide reasoning for choice of objective. Directions Select your product or service offering from the list in the Weekly Writing Assignment Discussion Forum. If you elected a different product or service, please be sure you obtained faculty approval before you begin. Research your product or service offering through the Internet and UMUC’s virtual library. Do not limit yourself to searching solely on the product or service name. Look up the industry it is in and search on that industry as well. Look up the competitors. Ask your family, friends, coworkers et and others what they think about the product. Prepare your assignment by answering the following four areas of inquiry related to the learning outcomes noted above. 1.Marketing Orientation. What management orientation do you think the company that offers your product or service operates under? What evidence can you offer to support your opinion. If it is not a marketing orientation, do you think that would help/hurt the company? 2.Value Offering. Describe the value offering of your product or service to include the tangible, intangible and price components as discussed in course content. Considering the personal value equation, how much hassle must a customer endure to obtain your product or service? 3.SWOT analysis. Identify at least one element of each of the SWOT categories (a strength, a weakness, an opportunity, and a threat). Explain your choice using a citation if needed. Then identify what possible impact each of the four elements might have on the company’s strategic marketing plan for the product or service. 4.Strategic Marketing Objectives: Assuming your product or service is either an independent business, or one business unit of an organization. Write two strategic marketing objectives you think the company might want to pursue for the product or service offering. This is your own synthesis of what you have read, you won’t find this in any source. Be sure each of your two objectives covers the criteria for effective objectives, e.g. time frame, realistic and measurable. You might consider using the Figure 1.14 for ideas of generic areas for growth. Be sure to follow all of the submission requirements outlined in the syllabus and provided below again for your easy reference: Prepare as a word processed document (such as Microsoft Word). Your assignment should be the equivalent of two pages of double spaced text, approximately 1/2 page for each of the four questions. Do not exceed this maximum unless permitted by your faculty member. Writing concisely and on point is one of the objectives of this course. Be sure your name, writing assignment number, and the name of your product or service are on the first page of your writing assignment. Use a simple 12 point font such as Times New Roman. Use black ink for majority of your work and only use colors if it enhances your ability to communicate your thoughts. If the writing assignment requires external research, be sure to use footnotes and include a bibliography. You may use MLA or APA style, or any other college-level style guide. More information about using a style guide can be found in the UMUC’s virtual library accessible from your LEO classroom or at umuc.edu/library. Upload your word processed document in your LEO assignments by the due date in the LEO calendar. Refer to the grading rubric associated with the assignments. Be sure to note that 20% of your grade on this assignment will be based on your grammar, composition, adherence to the submission requirements, and use of an appropriate college-level style guide for writing and referencing.