- Write a brief/memo summarizing the most relevant aspects of your recommendations.
Suggested Format:
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- Header: Use a memo-style header addressed to your professor.
- Introduction: In a paragraph or two, remind the reader of the purpose of the overall project (i.e., to devise a new marketing strategy that will increase sales of the product you’ve selected). Explain why a change is being recommended. e.g., Is the brand fading? Perhaps the population size of our targeting segment is shrinking? Are competitors encroaching into our space? Do we want to encroach into theirs? Do we want to block new entrants? Is there a trend that needs to be addressed?
Pro Tip: Write your introduction last, after you’ve written everything else.
C. Recommended Strategy: For each of the four quadrants identified in Ansoff’s Product/Market Strategic Opportunity Matrix, provide a brief paragraph explaining how that quadrant’s strategy could be applied to your chosen product.
Pro Tip: Assume your reader is familiar with Ansoff’s model. You may provide some clarification, but you do not need to explain the entire model.
Pro Tip: You may want to include a graphical element here to help illustrate the various approaches.
D. Identify the one strategy you believe represents the best course of action and briefly explain your choice.
E. Describe any necessary changes to elements a through d that will be needed in order to implement your suggested strategic shift: a) industry segment, b) the profile of the current v. future consumer using applicable segmentation variables, c) the overall targeting strategy, d) market position. e.g., If you were to choose the Market Development strategy, how will the characteristics of that new market differ from those of the current market? If you were to choose the Product Development strategy, what aspect of the product will you suggest be changed in order to increase sales?
Pro Tip: A table, accompanied by some brief explanatory language can be an efficient and effective way to convey much of this information.
Pro Tip: You might not be proposing changes in all four of these elements, but be sure to carefully consider each one.
Pro Tip: Do not feel compelled to change everything. We say that products accumulate “brand equity” over time. Even a product that is underperforming has achieved some level of recognition. So exercise caution before you throw everything out.
Pro Tip: Providing some reputable support (not personal opinion) for your recommended changes can significantly strengthen your proposal. e.g., Did you find evidence that this change is in line with a consumer trend? Is there a demonstrable population shift (for which you could provide numbers) that calls for a response?
Pro Tip: Do not describe any changes to the Marketing Mix (aka the 4 Ps) yet. You’ll get to that tactical level next week. For now, stay at the strategic level.
F. Conclusion: In a section headed “Conclusion” or “Summary” write a one-to-three paragraph section that supports your recommended changes as the right path towards achieving the goal you presented in the introduction.
