MKT 450 (Final Exam)-2

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MKT 400

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Feb 20, 2024

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December 2,2023 Final Exam – Strategic Marketing MKT 450 Part 1: Essay on Qualitative Analyses (120 pt.) Write an essay on “how to successfully position/reposition a brand in the market”. What is your way of understanding positioning? As a brand occupies a position in the minds of consumers, it is regarded as having a certain position. The attributes, benefits, and values of the brand can be considered. Several factors influence a brand's position, such as its history, its advertising, and its public relations. An organization's position can be defined as the place in consumers' minds that the brand occupies. These attributes, benefits, and values may be expressed through a brand's attributes. Several factors influence a brand's positioning, including the brand's history, advertising, and public relations. It is important for brands to have a strong position because it influences consumer perceptions, which influence purchase decisions. Positive or negative positions can be taken by a brand. Brands that are perceived favorably by consumers are in a positive position. Brands that are perceived negatively by consumers are considered negative. Brands can also be viewed neutrally by consumers, which means they are neither positively nor negatively viewed. A brand's position could change as time goes by. Red Lobster is a good example when it comes to their recent re-positioning. They changed their cooking platform. They started de-emphasizing all the fried items. They couldn’t just discontinue them abruptly without losing too many guests. But they de-emphasized them and introduced wood-fire grilling. They researched 15 ways of cooking seafood and we found that for most types of seafood this was the most consumer-preferred way of cooking it. Doing that has helped them grow more as business in that industry. Brands can also change their positions by altering their marketing mix, such as advertising, packaging, or pricing. Maintaining a favorable position in the marketplace requires a brand to monitor its position and make necessary changes as necessary.

How should a company choose a good position for itself? When choosing a position for their company, companies should take into account their target audience. Choosing a location that is accessible and convenient for your target market is crucial. The location of competitors should be taken into account when choosing a good position for a company. A location with a competitive advantage will give you an edge over your competitors. It is important for companies to consider the accessibility of their chosen location when selecting a good position for them. If you intend to take public transportation or drive to the chosen location, make sure it is easily accessible. It is also important for companies to consider the amenities and services offered in the area when selecting a good location for their business. For your company to run smoothly, the location you choose should provide the necessary amenities and services. It is necessary for companies to consider the costs of doing business in the area when choosing a good location for their business. It is important for businesses to select a location with a competitive rate and affordable costs. A company should consult with local experts before choosing a position to ensure they get the best advice. Making the right decision for your business requires consulting those who are knowledgeable about the area. What should be a logical way for a company to position itself correctly in the target market’s mind? It is essential for the company to know what their target market needs and wants. For any company to be successful, it is crucial to understand what its target market wants and needs. A company example of this is Red Lobster. In 2004 The research team surveyed 857 people who had visited a Red Lobster in the last year. They were shown a list of 11 restaurant attributes and asked to “rate the relative importance of each attribute when choosing a seafood restaurant” on a 7-point scale. The attribute that came out on top was the “freshness of the seafood”. Alarmingly, Red Lobster badly trailed most sit-down seafood competitors on this attribute according to the surveyed customers. Two other notable attributes where Red Lobster was lagging the seafood competition were “quality of the seafood” and “taste/preparation of the seafood. Once they have gotten all of this information down, they proceeded and launched a three phased plan to give the consumers what they want. Under Exhibit 6 for the Red Lobster case, you can see the results on the 7-point scale. An organization cannot provide the products and services their target market wants if it does not know what they want. To market effectively, the company should be able to determine the buying habits of its target market. There are many differences in buying habits between target markets. In order to tailor products and services to

meet the needs of their target market, companies must understand their buying habits. Also, in order for a business to succeed, its target audience must be segmented. Your marketing efforts should be focused on the people who are most likely to purchase your goods and services by segmenting your target market. It is important that the company understands the psychographic profile of its target market. An examination of a person's attitudes, values, and lifestyles is known as psychographics. To successfully market to their target market, companies need to understand their psychographics. What specific strategy can they adopt and how to implement them in a certain way to avoid potential risks/failures? For this example, we can use Amazon and the usage of social media marketing. When it comes to using this there will be many pros and cons, but I think the pros outweigh the cons. Social media marketing will be an easier way to connect to their audiences, it can improve customer service, there is easy access to paid advertising, and they can stay up to date with relevant topics. The objectives for the project should be clearly defined and achievable, and all stakeholders should support them. A project can't be gauged for success or failure if its objectives are unclear and unattainable. For stakeholders to provide the necessary support, they must understand and accept the objectives. Plan: Risks can only be anticipated and managed with a comprehensive and realistic project plan. New information or developments should be incorporated into the plan on a regular basis. Take into account all potential risks and uncertainties when developing a comprehensive and realistic project plan. Resources: For the project to succeed, adequate resources must be allocated. A human resource and a financial resource are both included in this category. Provide adequate financial and human resources for the project. Monitoring and review: Taking corrective action where necessary should be part of a regular monitoring and reviewing of the project plan. By doing so, potential problems are identified and handled promptly, ensuring that the project stays on track. Flexibility: Continuity should be built into the project plan so that unforeseen events can be accommodated. Nevertheless, any changes must be carefully considered and consulted with all stakeholders before being implemented.

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Part 2: Questions on Quantitative Analyses (80 pts.) Please be specific and show the detailed steps on how you work out the answers for quantitative questions. This question is based on the profitability analyses of Case Red Lobster. NOTE: You must provide methodological details/explanations. An answer without methodology explanation will attract a ZERO. Compute the restaurant level profitability under the following scenario: the mix of patrons shifts with the restaurant gaining 2197 new unique Experiential customers but losing 1117 Indulgent customers and 921 Frugal customers. 1) Profits with gaining 2197 new unique Experiential. (20 pts.) 2) Profits with losing 1117 Indulgents. (20 pts.) 3) Profits with losing 921 Frugals. (20 pts.) 4) Overall Profitability. (10 pts.) 5) What does that profitability imply to Red Lobster? (10 pts.) In the profitability analysis, 2197 new unique Experiential customers would generate $236,510.95 in profits for the restaurant. The high contribution margin of Experiential customers is responsible for this increase in profits. Losing 1117 Indulgent customers would result in a loss of $79,026.45 for the restaurant. It is due to the high contribution margin of the Indulgent customers that this decrease in profits has occurred. In the restaurant's profitability analysis, losing 921 Frugal customers would result in a loss of $34,917.52. The low contribution margin of Frugal customers is responsible for this decrease in profits. Overall, the restaurant's profitability analysis indicates that it is doing well. Regardless of the scenario, the costs of serving the remaining customers exceed the revenues earned from them, resulting in a positive profit margin. The overall profitability would be $122,567. As a result of positive profitability, the remaining customers cost less to serve than they earn. The results of this study may suggest that Red Lobster doesn't need to examine its customer mix and cost structure in order to improve

profitability. They have achieved a fair amount of profitability. It is possible for Red Lobster to lower its costs or increase its revenue per customer. To boost profitability, Red Lobster may also consider attracting more experiential customers. Experiential customers have a higher contribution margin.

MKT 450 (Final Exam)-2

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