1 well-known business you would like to research and use as the basis for developing a marketing campaign. Refer to the following resources, as needed, for assistance selecting a business and locating information about it:
Marketing professional organizations, such as 4 A’s website or American Marketing Association website
Get Started with Marketing Research page on the University Library website
Business databases on the Week 1 University Library
Consider the following during your business selection process:
The business you select will be used throughout the weekly assignments and summative assessments in this course.
It will be to your benefit to select a business whose information is easily accessible. While you will base your plan on the actual business, there may be parts of this assignment that will require you to use your knowledge and resources to make an informed plan.
Develop a 350- to 700-word outline for your selected business in which you include the following information that you will use to complete portions of your Week 2 summative assessment:
Mission statement
Vision statement
Product line description
Business information, such as the size of the business
Current target markets
Current marketing tactics
Full Answer Section
- Accessible information: Patagonia actively communicates its values, mission, and business practices through its website and various media channels, making information readily available for research.
- Diverse product line: Patagonia offers a wide range of outdoor apparel, footwear, and gear catering to various segments within the outdoor enthusiast market. This allows for exploring different marketing strategies depending on the target audience.
- Engaged customer base: Patagonia enjoys a loyal and passionate customer base, offering an opportunity to delve into customer insights and preferences.
Outline:
1. Mission Statement:
- Analyze Patagonia's existing mission statement and its alignment with their actions and messaging.
- Consider exploring alternative mission statements to potentially use in the campaign.
2. Vision Statement:
- Analyze Patagonia's existing vision statement and its role in shaping their future goals.
- If necessary, propose alternative vision statements to reflect the campaign's focus.
3. Product Line Description:
- Categorize and segment Patagonia's product line by target audience and price points.
- Choose specific product categories or individual products to highlight in the campaign.
- Analyze unique selling propositions and key features of the chosen products.
4. Business Information:
- Research and include details about Patagonia's company size, structure, and market share.
- Analyze their financial performance and market positioning within the outdoor apparel industry.
5. Current Target Markets:
- Identify Patagonia's current key target markets based on demographics, interests, and psychographics.
- Analyze the effectiveness of their current targeting strategies and consider potential expansion possibilities.
6. Current Marketing Tactics:
- Evaluate Patagonia's current marketing mix, including advertising, social media, public relations, and sponsorships.
- Assess the success of their current tactics and identify potential areas for improvement.
Further Exploration:
- Analyze competitors' market shares and their marketing strategies.
- Identify emerging trends in the outdoor apparel industry and their potential impact on Patagonia.
- Research customer sentiment and feedback about Patagonia to understand their perceptions and preferences.
By following this outline and conducting thorough research, I can develop a comprehensive understanding of Patagonia as a business and create a targeted and effective marketing campaign. Remember, this is a starting point, and you can always adjust and refine the information as you gather more details about the chosen business.
Sample Answer
Chosen Business: Patagonia
Rationale:
I have chosen Patagonia as the business to research and use as the basis for developing a marketing campaign. Several factors influenced this decision:
- Strong Brand identity: Patagonia possesses a distinctive brand image associated with environmental activism, outdoor adventure, and high-quality outdoor apparel. This established brand identity provides a solid foundation for building a campaign.