![You have been hired as a marketing manager at Lenovo
Corporation and need to come up with a market strategy to
increase Lenovo's market share in the consumer laptop market
for the 18 to 25-year-old demographic. Slide 5Title: The Lenovo
Landscape
What hurdles (external, internal) would Lenovo potentially face
as it attempts to penetrate this demographic?
[Response]Slide 6Title: The Lenovo Landscape
Feedback
Potential internal factors include R&D, supply chain, and newer
technology channels to reach the target market. Potential
external factors are major competition, such as Apple and
Microsoft.
Slide 7Title: How Consumers Make Decisions
Decisions are controlled by internal and external factors.
Internal factors can be demographics such as age, education,
income, etc. External factors include technology, and political
and economic forces.
Slide 8Title: Your Approach – Consumer Needs
How will you begin to identify the needs of the 18-25-year-old
customers in the laptop market? List 2-3 activities you might
engage in to begin to identify your consumers’ needs.
Answer field
Slide 9Title: Your Approach – Consumer Needs
Feedback
Potential activities include:
· Research your target market with existing market research.
You can also conduct your own market research.](https://image.slidesharecdn.com/mkt574module2casestudycommunicatingvalueslide1titlecomm-220922153712-722e58ae/85/MKT-574-Module-2-Case-Study-Communicating-ValueSlide-1Title-Comm-2-320.jpg)
![· Agreeing on who is responsible for what.
· Leveraging technology to make it easier to collaborate, such
as using conferencing and communication tools.
· Promoting innovation and freethinking.
Slide 13Title: Your Approach
You have determined the best marketing strategy with this
demographic is an empathetic approach to customers
recognizing the unique needs they face as they lead busy lives
working, going to school, as well as receiving entertainment and
socializing through various media devices.
You are asking the R&D team to focus on incorporating features
that appeal to the customer based on previous market research
strategies discussed above. What are some features the target
demographic of 18–25 years may find appealing?
[Response]
Slide 14Title: Your Approach
Feedback
The demographic will be comprised of a mix of educational and
occupational backgrounds, with some in undergraduate and
graduate education programs, and others serving in young
professional roles (or both working and in school). They ar e
likely to want the following features:
· Smaller profile, slim build, and lightweight.
· Energy efficient with long battery life.
· Integrated communication features (such as a webcam).
· High resolution screen.
· Powerful enough to be used for multimedia and gaming.Slide
15Title: Your Approach
How might these features be communicated to customers?
[Response]Slide 16](https://image.slidesharecdn.com/mkt574module2casestudycommunicatingvalueslide1titlecomm-220922153712-722e58ae/85/MKT-574-Module-2-Case-Study-Communicating-ValueSlide-1Title-Comm-4-320.jpg)
MKT 574 Module 2 Case Study Communicating ValueSlide 1Title Comm
- 1. MKT 574 Module 2 Case Study: Communicating Value Slide 1Title: Communicating Value Case Study Slide 2Title: Objectives Empathize and practicecollaboration techniques through a scenario-based case study on strategic marketing planning -- including determining need, SWOT analysis and segmentation activities.Slide 3Title: Two-Scenario Challenge Voice Over: In this two-scenario challenge, you will first play the role of a marketing manager at Lenovo Corporation in creating a marketing strategy to increase its share in the laptop market. Then, you will play the role of a strategic marketing executive presenting to the research and development teams at Lenovo. You will use empathy and collaboration to communicate the essentials for the next laptop products which will compete in the 18-25-year-old target market. On screen: This two-scenario challenge will enable you to: · Understand the role of a marketing manager at Lenovo Corporation who is tasked with creating a marketing strategy to increase the company’s share in the laptop market. · Explore the role of a strategic marketing executive presenting to the research and development teams at Lenovo. · Practice empathy and collaboration to communicate the essentials for the next laptop products that will compete in the 18-to-25-year-old target market.Slide 4Title: The Marketing Strategy Lenovo Corporation sells laptop computers. At this time, your major competitors in the laptop market are Apple and Microsoft computers. Lenovo's wishes to further penetrate the consumer laptop market and the 18- to 25-year-old demographic.
- 2. You have been hired as a marketing manager at Lenovo Corporation and need to come up with a market strategy to increase Lenovo's market share in the consumer laptop market for the 18 to 25-year-old demographic. Slide 5Title: The Lenovo Landscape What hurdles (external, internal) would Lenovo potentially face as it attempts to penetrate this demographic? [Response]Slide 6Title: The Lenovo Landscape Feedback Potential internal factors include R&D, supply chain, and newer technology channels to reach the target market. Potential external factors are major competition, such as Apple and Microsoft. Slide 7Title: How Consumers Make Decisions Decisions are controlled by internal and external factors. Internal factors can be demographics such as age, education, income, etc. External factors include technology, and political and economic forces. Slide 8Title: Your Approach – Consumer Needs How will you begin to identify the needs of the 18-25-year-old customers in the laptop market? List 2-3 activities you might engage in to begin to identify your consumers’ needs. Answer field Slide 9Title: Your Approach – Consumer Needs Feedback Potential activities include: · Research your target market with existing market research. You can also conduct your own market research.
- 3. · Analyze and monitor social media - both your competitors’ and your own. · Invite target customers to give input on existing and new products. · Conduct focus group research about their laptop needs and preferences. Slide 10Title: Your approach - Positioning Lenovo Oftentimes, strategic marketing involves dividing a market (called segmentation) and targeting marketing efforts to increase penetration into this market. Also, positioning means to communicate value to a given market segment through one or more of the 4P's in the Marketing Mix. Companies use positioning strategies to target specific markets.Slide 11Title: Cross-Team Collaboration The development teams at Lenovo are researching ways that they can best the competition in the laptop market for college students. As the strategy marketing executive, you've been asked to give input into their next R & D kickoff meeting. It is the first time that the Lenovo laptop development teams have worked in person with marketing executive. Usually strategic marketing plans are communicated through many channels within the company. Slide 12Title: Cross-Team Collaboration The project’s success hinges on effective cross-team collaboration. Cross-team collaboration can be fostered in a number of ways, including: · Co-creating key performance indicators. What does success look like to the team? · Agreeing on a centralized communication method and adopting communication protocols.
- 4. · Agreeing on who is responsible for what. · Leveraging technology to make it easier to collaborate, such as using conferencing and communication tools. · Promoting innovation and freethinking. Slide 13Title: Your Approach You have determined the best marketing strategy with this demographic is an empathetic approach to customers recognizing the unique needs they face as they lead busy lives working, going to school, as well as receiving entertainment and socializing through various media devices. You are asking the R&D team to focus on incorporating features that appeal to the customer based on previous market research strategies discussed above. What are some features the target demographic of 18–25 years may find appealing? [Response] Slide 14Title: Your Approach Feedback The demographic will be comprised of a mix of educational and occupational backgrounds, with some in undergraduate and graduate education programs, and others serving in young professional roles (or both working and in school). They ar e likely to want the following features: · Smaller profile, slim build, and lightweight. · Energy efficient with long battery life. · Integrated communication features (such as a webcam). · High resolution screen. · Powerful enough to be used for multimedia and gaming.Slide 15Title: Your Approach How might these features be communicated to customers? [Response]Slide 16
- 5. Feedback This can be done in a number of ways: · The target group responds well to brand ambassadors and influencers. · On-campus visits bring the product to the target group. · Social media is a strong medium of communication for the target group and is an asset in market research, as well as soliciting feedback. · Similarly, online marketing campaigns and online shopping experiences/promotions are important to this demographic. · Branding and building loyalty must be considered.Slide 17Title: Final Submission Return to your course in Blackboard where you will prepare a reflection post. Include responses to the questions below. Based on what you learned, how will you facilitate cross-team collaboration between the marketing management function and R&D teams at Lenovo? How would you measure the success of the team? Unit VI Essay Auctions can be an important tool for selling goods and gathering information. Auctions are used in multiple venues including agriculture, eBay, and distressed asset sales. The seller does not have to worry about estimating demand and setting a price because the demanders will do that through the auction process. Write an essay examining the value of auctions in the economy by addressing the following items. Explain the difference between oral auctions and second-price auctions, including how they work and their results. Use the expected value information to illustrate how having more bidders in an oral auction will likely result in a higher
- 6. winning bid. Explain how the number of bidders in a common value auction affects the outcome of the auction. Relate this to the effect on price in different market structures based on the number of producers. Auctions lead to outcomes where buyers reveal their value for the products being auctioned. To successfully price discriminate, firms often rely on buyers revealing their value for products. Explain the conditions necessary for firms to be able to price discriminate. Your essay must be at least three pages in length (not counting the title and references pages) and include at least three peer - reviewed resources. Adhere to APA Style when writing your essay, including citations and references for sources used. Be sure to include an introduction. Please note that no abstract is needed. If you need help identifying peer-reviewed publications, review the CSU Online Library resources Peer-Reviewed Resources and video How to Find Peer-Reviewed Resources (Transcript for Peer-Reviewed Resources video).