In this project, your client has tasked your team with creating a marketing plan with the goal of increasing sales to other businesses in the United States.
This project has been broken down into several smaller tasks in the steps below:
Case File
LG Energy Solution
Established : 2020
Revenue : 10.5 billion dollars (2020)
Employees : 20,000 + (2021)
Industry : Energy storage
Product Line : Electric cars batteries
U.S. facilities : Michigan, and Ohio (will start production in 2023).
U.S. Consumers : GM (joint-venture) and Tesla
Competitors: 1. Contemporary Amperex Technology Co. (CATL)
Panasonic
Samsung
First 5 Pages
Conduct a Segmenting and Targeting of the US Market and Product Positioning (STP)
The next step in developing your strategic analysis report involves segmenting, targeting, and positioning (STP).
Take Note
Segmenting refers to breaking the market down into homogenous groups.
Targeting refers to selecting the customer group or groups that you will focus your marketing efforts on. The appropriate segmentation variable is dependent on the needs and wants of customers.
These decisions are directly tied to your value proposition and require extensive marketing research on the customers. Once the segmentation variable is determined and the target markets selected, you need to develop a positioning strategy, which refers to the way you want the customer to view the product or service relative to the competition.
Describe the market research you would conduct to analyze and segment the US market. Explain how you would select your target markets and explain the process of positioning the company’s products or services relative to the competition.
Next 5 Pages
Develop a Marketing Strategy
Develop a marketing strategy for this client based on your STP strategy. The following marketing strategy elements are interdependent and are crucial components of a successful marketing plan. Click each component for more in-depth information:
branding strategies—Describe the needs and wants of your target customers and how you intend to position the offerings versus the competition. Present a detailed description of the different types of products or services that you intend to sell in the US market, including their attributes, features, and quality level, along with the brand names, intended packaging, logo, and supplemental products and services. As you make these branding strategy decisions, it is imperative that you stay focused on the customer. Remember that the company’s customers do not buy features; they buy benefits, both tangible and intangible. It is also critical to understand the customer: think about who makes the purchase and who influences that decision.
pricing strategy—Pricing is very strategic, as it is the only marketing mix variable that generates income. As a marketing team, you need to decide on your price objectives and strategies. Think about pricing tactics like discounts and incentives. You need to decide whether your pricing strategy should be skimming, premium, or market penetration given the nature of the offerings, your customers, and your major competition. Profit margins and breakeven analysis will also need to be considered. As you determine your final price points, you’ll need to consider the perceived value of your offerings. Describe how you would go about making these decisions as well as the major issues involved.
distribution and supply chain strategy—Is it easy to transport your offerings, or are there issues involved in delivering them to the final user? These strategic decisions deal with how customers purchase your products or services. Will you market your products or services directly to your customers or through intermediaries like distributors and wholesalers? Will you follow an exclusive, selective, or intensive distribution? Distribution decisions focus on marketing channels as well as the physical distribution of the offerings. Explain the criteria you would use to make these distribution and supply chain strategy decisions.
integrated marketing communications—This is often the most visible element of a marketing strategy. The company’s communication strategy involves developing an integrative mix of a number of different tools, while keeping in mind the needs and characteristics of the target market. These tools may include a mix of traditional communication elements such as advertising, personal selling, sales promotion, and publicity and public relations. It is essential that your promotion objectives are clearly defined, and that a holistic and integrated marketing communication approach is used.
