Developing marketing strategy on a budget
OXO Kitchen Gadgets – Developing marketing strategy on a budget
Assignment Objectives
Apply concepts of market targeting and positioning.
Describe a company’s marketing mix.
Appreciate how businesses can promote products on limited budget
Demonstrate effective writing skills.
Course Concepts
Marketing targeting strategies (Chapter 7)
Positioning (Chapter 7)
Value proposition (Chapter 7)
Levels of product (Chapter 8)
Product lifecycle (Chapter 9)
Customer perception of price (Chapter 10)
Distribution strategies (Chapter 12)
Use of social media (preview Chapter 14)
You might know OXO for its well-designed, ergonomic kitchen gadgets. But OXO’s expertise at creating hand-held tools that look great and work well has led it to expand into products for bathrooms, garages, offices, babies’ rooms, and even medicine cabinets. In the past, this award-winning manufacturer has managed to move its products into almost every home in the United States by relying on a consistent and in some cases non-traditional marketing strategy.
But in a highly competitive and turbulent market, OXO has focused on evaluating and modifying its marketing strategy in order to grow the brand. This video demonstrates how OXO is using strategic planning to ensure that its marketing strategy results in the best marketing mix for the best and most profitable customers. The video will also demonstrate how OXO is using social media in its promotion mix.
Your Task
You will be demonstrating that you understand the above-noted course concepts by applying them to the OXO product/market scenario.
View the OXO video, which can be found in Mymarketinglab under Chapter 14.
Check out the following articles; all of which can be found in UMUC’s virtual library:
Bruner II, Gordon C., and Anand Kumar. “Gadget Lovers.” Journal of the Academy of Marketing Science 35.3 (2007): 329-39. Web.
Handy Gadgets for $30 Or Less.” Consumer reports 62.12 (1997): 36. Web.
Perry, Dawn. “Handiest, Smartest, Sturdiest, Snazziest, Best.” Real Simple 14.5 (2013): 192. Web.