Marketing Management Assignment Solutions by MBA Experts
- Number of Words: 2500
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Launched on the crowd funding platform Kick starter by manufacturer Subminimal, their product the NanoFoamer PRO “is a first-of-its-kind appliance for preparing premium microfoam milk at home. It’s the easiest and most satisfying way to create premium textured foam. And it does it all by itself in the same amount of time it takes you to pull an espresso”. So far, the NanoFoamer PRO has been a massive hit on Kickstarter, accumulating more than €500.000 (almost AED 2,000.000). Therefore, it is certainly not inconceivable that the product will be manufactured and launched on a large scale.
Scrutinise Subminimal’s marketing endeavors by applying what we learned during our Marketing Management course. Your first step will be to determine and develop what should be Subminimal’s value proposition in your opinion.
Determining and developing your value proposition
1. a. Who could be interested in this product? First, you are going to identify and outline 2 market segments that operate in this fragmented market. Make sure to document the i) psychographics, ii) demographics, iii) geographics, and iv) the segments’ behavioural patterns of these 2 market segments. Substantiate each of the segments that you have identified by referring to both a piece of qualitative data and a piece of quantitative data that you have come across during your market research
b. Next, target 1 of these segments, toward which you think Subminimal should be directing its marketing efforts when launching the NanoFoamer PRO. Argue why you believe their resources are best spent targeting this market segment.
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2. Describe what the (i) core product is that Subminimal is offering, (ii) the actual product, and iii) the augmented product.
3. Write a positioning Use the following format: “To [target segment and need] our [brand] is [concept] that [point of difference]. Explain the rationale behind your formulation. Refer to Maslow’s Hierarchy of Needs to explain on what need(s) you will focus.
Communicating your value proposition
4. a. Establish what Subminimal’s communication objective should be while launching its product. According to you, how should they communicate with the target market segment you suggested above (Q1b)? On which of the five levels of the Hierarchy of Effects [note: this is different from Maslow’s Hierarchy of Needs!] should Subminimal be focusing? Explain why you believe this communication objective suits their product in this stage best.
b. Additionally, what kind of promotional efforts should they be deploying in order to meet this communication objective? Explain your pick.
c. Do these promotional efforts qualify as push marketing or pull marketing? Explain your answer.
5. Which of Cialdini’s persuasion principle(s) do you think should be at the core of their marketing communication? Why do you think this/these will be the most effective one(s) in persuading their target audience to buy their product? Apply at least two of Cialdini’s persuasion principles to this case.
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