It\u2019s time to get to know your team members, the company Fossil, the Collegiate ECHO Marketing Challenge, and your target market, men and women ages 18-35. The idea of this project ( help with nursing paper writing from experts with MSN & DNP degrees) is to view your company, Fossil, from the perspective of a potential customer (a consumer who is looking for an extraordinary experience with a timeless timepiece). In order to do well in this project ( help with nursing paper writing from experts with MSN & DNP degrees), you need to research what the current population of 18-35 year olds value in the products that they purchase and utilize. Remember, marketing is all about value and satisfaction (towards building brand loyalty and relationships). To get started:<\/p>\n
\u00b7\u00a0Have your first team meeting.<\/b>\u00a0Exchange emails, names, majors, interests – get to know each other. Spend a solid 20 minutes doing this, as you will be working together all semester. Please get comfortable with one another and see about setting a weekly meeting at an agreed upon time. If you can accomplish that, you are way ahead of the game!<\/p>\n
\u00b7\u00a0Have an initial brainstorming session about the project ( help with nursing paper writing from experts with MSN & DNP degrees).<\/b>\u00a0Based on our preliminary discussions about the project ( help with nursing paper writing from experts with MSN & DNP degrees) in class, discuss your thoughts and ideas.<\/p>\n
\u00b7 Remember, you are charged with creating an integrated marketing campaign based on sound research (both primary and secondary data) that helps to support a marketing plan that your team designs. The goal is to inform and persuade potential and current Fossil consumers that a Fossil Smartwatch is a great solution for their life\u2019s experience.<\/p>\n
Now, complete the following tasks:<\/b><\/p>\n
1. Administrative Tasks<\/b><\/p>\n
1. Decide on a team name and a basic (first draft) of your team logo.<\/p>\n
\u00b7 Picking a name is an important element \u2013 they say that first impressions mean a lot, so put some thought into it \u2013 be catchy if you can, or create something unique.<\/p>\n
\u00b7 You can revise your logo throughout the semester so no pressure, but it\u2019ll be cool to actually see something in class on the pod screens for each team.<\/p>\n
2. Select a team captain. The team captain will be in charge of uploading this assignment, and all assignments moving forward. I will hold this team member to a slightly higher standard than everyone else based on the responsibility of this role. Please choose a capable team leader!<\/p>\n
\u00b7\u00a0All teammates must be copied on project ( help with nursing paper writing from experts with MSN & DNP degrees) correspondence at all times.<\/b><\/p>\n
\u00b7 Be prepared to fill out the intent to compete form online \u2013 we will do this in class in the lab on Tuesday, February 6th<\/p>\n
3. Sit together in a pod in MC120 as a team for the rest of the semester. This will be helpful for discussing things before and after class and setting up meeting times.<\/p>\n
\u00b7 Pat yourself on the back \u2013 you are now a team!<\/p>\n
2. Learn about your Target Market<\/b><\/p>\n
One of the most important things is to understand in this project ( help with nursing paper writing from experts with MSN & DNP degrees) is going to be your target audience. While you personally fall into this target market from an age perspective, you need to find out more about generalities of this target market. Researching this online will be a rewarding task to truly get to know this market. Some question to answer are: who they are, what do they value, how much they spend on non-essentials in a typical year, what type of experiences and communication outlets are important to them, where there might be new opportunities for technological experience for this group, what their demographics look like, how much money they have, where they spend their money, what television programs they watch, what social media outlets they are most comfortable with, how much time they spend on their devices, etc.<\/p>\n
The above list is merely an example of some relevant information that might be wise to check out \u2013 do not try to answer every aspect that I just proposed; rather, work to obtain 25 pertinent facts about this target audience that your team thinks would be helpful getting started with the project ( help with nursing paper writing from experts with MSN & DNP degrees).<\/i><\/b><\/p>\n
To do:<\/b><\/p>\n
\u00b7\u00a0Each team member should collect at least 7-8 facts supported by credible evidence (a source, website, journal article, popular press that\u2019s legit, etc.)<\/b><\/p>\n
\u00b7\u00a0Each team member should have 4 unique sources, so each team has a diverse works cited list from the very beginning.<\/b><\/p>\n
\u00b7\u00a0There should be at least 25 different facts for each team in total, organized in a professional list with the same font and style.<\/b><\/p>\n
\u00b7\u00a0The market facts are presented concisely in a chart or numbered bulleted list.<\/b><\/p>\n
3.<\/b>\u00a0Learn More about Fossil<\/b><\/p>\n
Even though a lot of us knew that Fossil was a watch company, we need to know more about the business to fulfill the task of completing an integrated marketing plan. We also need to know more about their new Smartwatch line. Very similar to the above task with the target market, do some market research on the company and the product so that your team can gain a deep understanding of who they are, what they stand for, their history, the direction they are going, and the places they\u2019ve been. Do some secondary research to figure out 25 facts about the company and the smartwatch product itself. You can use the company\u2019s website, consumer reviews, financial data if you can find it, consumer reports, online articles, etc. Figure out what they do well, where they need improvement, what consumers say about the company, who makes up their leadership team, what else is important about their product offering, etc.<\/p>\n
(Again, these are just examples, be creative with your sources).<\/i><\/b><\/p>\n
To do:<\/b><\/p>\n
\u00b7\u00a0Each team member should collect at least 7-8 facts about the company and product. They don\u2019t need to be quite so formally cited as in the above list, because in the end you likely won\u2019t include a lot of this in your final plan. That said; don\u2019t make assumptions about who Fossil is and what these new watches do, actually research it!<\/b><\/p>\n
\u00b7\u00a0There should be at least 25 different facts for Fossil \u2013 the more depth, the better an understanding you\u2019ll gain.<\/b><\/p>\n
\u00b7\u00a0The market facts are presented concisely in a chart or numbered bulleted list.<\/b><\/p>\n
4. Initial Thoughts Write-Up<\/b><\/p>\n
Once your team has compiled fact lists about the target market and the company, think about and try to answer some of the following questions in a one-page write-up\u00a0in paragraph format.<\/b><\/p>\n
1. What is Fossil\u2019s distinctive competency?<\/p>\n
2. What\u2019s the big sell of a Fossil Smartwatch? Why does it seem like a logical choice for 18-35 year olds?<\/p>\n
3. What is Fossil currently doing to market their products and services?<\/p>\n
4. Where do you think the biggest opportunities for the company exist with regard to the new Smartwatches?<\/p>\n
5. What are some of your ideas about improving their marketing effort with this line of products?<\/p>\n
5. Competitor Analysis<\/b><\/p>\n
Now that you know the target you are trying to reach and what products and services you\u2019re trying to sell, it\u2019s now time to identify who your competitors are. In other words, what other options do 18-35-year-old men and women have when deciding on a smartwatch or other moderately expensive piece of technology? Select a few competitors (at least 2 direct and 2 indirect), which you think, might be the most logical second choices to Fossil and more specifically the Smartwatch line. Provide a short description of the competitor, what they offer, and how they differ from Fossil Smartwatches?<\/p>\n
For example, direct competitors would be other companies that sell smartwatches with similar features and functionalities. An indirect competitor could be various businesses who seek out 18-35 year olds as their target market (for example, streaming services, athletic equipment, jewelry, electronic equipment, etc. that would fall in line with the price range of a Fossil Smartwatch).<\/i><\/p>\n
6. SWOT Analysis<\/b><\/p>\n
Based on your all of your work in this assignment, summarize in a chart Fossil as a company (with an emphasis on this new product line) in terms of their strengths, weaknesses, opportunities and threats. Remember, strengths and weaknesses are\u00a0internal<\/b>\u00a0to the company \u2013 the companies own those strength and weaknesses and could change them if they wanted. Opportunities (positive trends in the external environment, See Chapter 3 \u2013 NOTE: these are not strategy suggestions) and threats are\u00a0external<\/b>\u00a0to the company. The company has very little control over these \u2013 for example, a competitor\u2019s strategy or a change in the economic environment.<\/p>\n
This should be the last step for the team in Assignment #1. It should come after you have completed the other parts of the assignment,\u00a0<\/i>and it should be completed as a team<\/i>\u00a0<\/b>, as you put the finishing touches on the assignment.<\/i><\/p>\n
Deliverables:<\/b><\/p>\n
\u00b7 Team Captain \u2013 put together a document which will organize the results of this assignment, specifically:<\/p>\n
\u00b7 Page 1: The administrative tasks:<\/p>\n
\u00b7 Team Name and Logo<\/p>\n
\u00b7 Names of team members and their roles in the project ( help with nursing paper writing from experts with MSN & DNP degrees) (captain, analytical, creative, technical \u2013 you can be multiple roles and they can change, just give me something for now)<\/p>\n
\u00b7 Page 2: Assignment Summary (1-2 paragraphs) of your overall findings and experience with this first assignment.<\/p>\n
\u00b7 Speak in general here \u2013 I do not need every little detail, just the high level theme of what you\u2019ve discovered.<\/p>\n
\u00b7 Page 3: Target Market Facts List<\/p>\n
\u00b7 List or chart format. 25 in total with unique sources.<\/p>\n
\u00b7 Page 4: Fossil Fact List<\/p>\n
\u00b7 List or chart format. 25 in total with unique sources.<\/p>\n
\u00b7 Page 5: Initial Thoughts Write-Up<\/p>\n
\u00b7 Only one page answering some of the questions I\u2019ve proposed in Part 4.<\/p>\n
\u00b7 Page 6: Competitor Analysis<\/p>\n
\u00b7 List or chart with descriptions. Should be at least 2 direct and 2 indirect competitors.<\/p>\n
\u00b7 Page 7: SWOT Chart<\/p>\n
\u00b7 Upload the file on Moodle in Assignment 1 by February 6th, end of day.<\/p>\n
\u00b7 Be prepared to present in class on Tuesday, February 6th.<\/p>\n
\u00b7\u00a0<\/a>5-10 minutes should introduce the team, touch on something that a prior group did not touch on regarding the specific product(s) that Fossil is doing, touch on an aspect of your target market that the other groups have not yet discussed, explain your team name and logo, etc.<\/p>\n <\/a><\/p>\n Additional Credible Resources to find Marketing Facts:<\/b><\/p>\n <\/a><\/p>\n \u00b7 Bloomberg Company Insight Center<\/p>\n <\/a><\/p>\n \u00b7 Hoovers or Mergent Online<\/p>\n <\/a><\/p>\n \u00b7 Mintel \u2013 general market research reports<\/p>\n <\/a><\/p>\n \u00b7 MRI+ – market research by brand or product category<\/p>\n <\/a><\/p>\n \u00b7 Census.gov \u2013 for overall demographic data and economic data, buying habits<\/p>\n <\/a><\/p>\n \u00b7 Lexisnexis.com \u2013 available through the King\u2019s Library website. Look for news on competitors and changes in the industry.<\/p>\n <\/a><\/p>\n \u00b7 Mintel \u2013 Reports on changes in the market<\/p>\n <\/a><\/p>\n \u00b7 Standard and Poor\u2019s Industry Reports<\/p>\n