Develop a market-product grid to identify a target market and recommend resulting marketing actions.
Customer driven marketing strategy decisions require dividing up the markets into meaningful customer groups (segmentation), choosing who to serve (targeting), creating market offerings that offer value to those groups (differentiation), and create awareness in the minds of these consumers (positioning).
Mini-case studies: The students are expected to answer the questions associated with the case. These questions are intended to elicit thoughtful reactions to contemporary marketing strategy initiatives and challenges. The students are expected to carefully read the assignment instructions, then thoroughly and explicitly address each component of the corresponding case study questions.
The responses should reflect higher level cognitive processing (analysis, synthesis, and evaluation), which is essential for someone in any industry, as marketing decisions affect all levels and stakeholders within the organization and in the external marketplace/marketspace.
There is no minimum number of references that need to be utilized to support the completion of this assignment; however, it is generally understood that any good case study analysis will incorporate the appropriate quality and quantity of scholarly sources to support any suppositions and recommendations.
The document must adhere to the APA writing style.
Finally, the document should be prepared as a Microsoft Word document and uploaded to Submit Assignment.
Case Study: Prince Sports Inc. – Tennis Racquets for Every Segment
- Read the case on pages 260-262 in your text.
- Watch the video supplement to the case
- Respond to the following case question. (Disregard the questions in the text.)
In 2012, Prince Sports was sold to Authentic Brands Group in bankruptcy proceedings. Prince is looking to regain market share of its racket products and in both the domestic and international markets. Your marketing firm has been retained to assist the company in developing a marketing plan to achieve its’ directional strategy.
Research Prince Sports and tennis industry trends. For your paper focus on:
- You should take into consideration industry trends and the environmental forces (social, economic, technological, competitive, and regulatory) that work for and work against the success of Prince Sports in the global racket industry.
- ULO 4: Develop a market-product grid to identify a target market and recommend resulting marketing actions.
- ULO 5: Assess how Prince’s marketing managers should position its products in the marketplace and the expected KPI impact of these decisions.
- Use the above ULOs to aid in developing possible promotional activities the company can use to reach your identified target markets; actions Prince Sports can take to gain broader distribution and sales in mass merchandisers and specialty tennis shops; and criteria for selecting countries and actions Prince can undertake to reach these foreign markets.