Reference no: EM132795276

MKT 501 Promotion Management & SWOT Analysis - Trident University International

It is important to understand what you are selling before you can craft messages to target specific markets. The marketing "P" for product defines the features and benefits of the product that explains why a customer should buy your product. Product (or service) strategy is a guiding step in the overall marketing plan.

Your product line presentation to senior management will take place via video conferencing. You will need to prepare a PowerPoint presentation and an accompanying script in Word for the meeting.

Launching your Product - Bon Temps Cigar Lounge Product Introduction / Description

The Bontemps Cigar Lounge is a busines that is all about providing an environment and atmosphere for the cigar novice, enthusiast, or connoisseur to enjoy a fine cigar, relax, network, and mingle while being afforded the opportunity to learn about, sample and purchase cigars and other accessories.Bontemps Cigar Lounge is an organization that is open to provide a select clientele the comfort of a place where they can come to purchase cigars, enjoy a good smoke and an alcoholic drink. We have a large selection of quality cigars that are maintained in our large walk-in humidor. The customer service associate is knowledgeable and will be able to help you with making a good selection.

Your PowerPoint presentation and accompanying script will include the following:

• Company Competition-Develop a SWOT analysis to graphically depict your company's current competition. Explain the SWOT in words: The biggest competitors within the zip code of 70634 are the Cigar Club which is in Lakes Charles, Louisiana and the Hokus Pokus Liquor Store which is in Alexandria, Louisiana. The Cigar Club offers Cigars in a walk-in humidor and they have a lounge. Hokus Pokus Liquors has a small closet type of humidor, they do not offer a lounge because they are mainly focused on the sale of liquor. Neither of these businesses are within proximity of my Cigar Lounge because they are at least 75 miles away, which would be a drive of at least an hour to get to them.

• Segmentation-Consider who is interested in your product. Identify the type of customer groups interested in the product and why.

• Targeting Customers-Based on the product offering and customer segments, describe what customers segments you will serve and why:
- MyIntended Clientele - From the 2020 Strategic Business Insights, VALS Type the consumers that would be a customer fit for a cigar shop are Thinkers, Achievers, and Innovators.

Thinkers as consumers are individuals who conduct planning and research before, they act, are well established and buy products that have proven to satisfy them as they are not impressed by the last fad. These are consumers that only make purchases based on what they research to be the best and not what the word of mouth is. They will purchase cigars based on their palette and a specific aroma they find enjoyable.

Achievers as consumers tend to be hardworking professionals that are private individuals in nature. (Strategic Business Insights, 2009-2021) At the end of a long day or week, they would find a food cigar will provide relaxation and sense of gratitude. This is a moment of reward for an achiever, they have work hard and a cigar is well deserved.

Innovators as consumers tend to be confident to the point they will experiment with new products; are self-guided consumers who buy what they want when they want it, and they have a wide assortment of interests and activities. These consumers allow themselves to splurge on a high-end cigar and may take recommendations directly from the annual Cigar Aficionado Top 25 Cigars of the Year List. As these tend to be on the pricier side, they buy want they want as a reward to themselves.

• Product Positioning-Determine your positioning strategy for the product. What image do you want to project to your customers and prospects? How will you appeal to your selected customer segments?
o Use the 4Ps of marketing to help with this. For example, will we differentiate the price based on quality and value? Where will we distribute the product?
Product:
Price:
Promotion:
Place:
For example, is your product distinctive, unique, or the best quality for the price? Write your positioning statement for the product.
• Customer Lifetime Value-How will you build customer lifetime value for the company based on your product marketing strategies?

SLP Assignment Expectations
Please submit your assignment.
Two files will need to be uploaded. (1 word and 1 powerpoint)
1. SCRIPT: A Word document using the attached template (MKT501 SLP2 Script).
- The Body of the Word Script must be at least 1000 words.
- Be sure to cite and reference your resources in the Word Script.
2. POWERPOINT Presentation of at least 15 slides in length

Based on information for Bon Temps Cigar Lounge target market and clientele

Attachment:- Promotion Management Instructions.rar