Watch the Pinkberry Case StudyLinks to an external site. video from the Learn section this week.
Determine the target market for Pinkberry using ALL four (4) bases of segmentation to describe the buyer persona.(Note: As you might recall from your Week 1 reading in Chapter 10 of The New Rules of Marketing and PR, a buyer persona is a short biography of a typical customer.)
Don’t fall into the trap of thinking that a target market can be everyone! One of the best ways to overcome this trap is to think of your target market as an individual rather than a group. Here is a very simple buyer persona exercise that you will find helpful. And this is a great chance to be creative!
Visualize a specific person that you think is the Pinkberry target customer. In terms of our bases of segmentation, where does this person live? Where else could they live beyond just West Hollywood, CA? Are they in an urban environment, the suburbs, or way out in the country?
Now describe that person in terms of their demographic characteristics. How old are they? What gender are they? Where are they in their family life cycle? What is their education level? What do they do for a living, etc.?
Move on to the psychological or psychographic profile of the person you are visualizing. What are their hobbies, lifestyle, values, and attitudes? What do they hold important to them? One of the areas to look at might be the VALS research. This may help you identify more about this specific person from the inside out.
Finally, with this same person in your head, how can you describe them behaviorally? Do they eat frozen yogurt? Do they eat frozen yogurt from a competitor? Have they never eaten frozen yogurt before?
Why is it important to understand your buyer’s needs and mindset when developing a marketing strategy?
Once you go through this mental exercise of visualizing your specific customer, it will be easier to use the bases of segmentation to create your buyer persona.
Classmate posts:Hello Professor and classmate,
A target market for Pinkberry can be seen in a buyer persona by the name of Amy Fisher, who works as a marketing coordinator aged 29 years old living in North Carolina. The person could be living in other urban areas such as New York City, Miami, or Chicago. She was used to living in cities because of the hustling and convenience it bestowed upon her, with an evasion from rural or suburban settings since it does not align with her fast-paced life. Amy makes about $75,000 a year, has a bachelor’s degree in communications, and is currently focused on building her career. She’s single with no children, and her lifestyle revolves around fitness, social outings, and personal development.
Amy is health-oriented; however, she is of the view that one should not resist high-quality treats that complement one’s wellness program. She regularly visits Pinkberry after yoga or Pilates as a treat following her work. She values healthiness, convenience, and products that make her feel exclusive or premium; thus, she aligns with the fresh ingredients and trendy atmosphere of Pinkberry. She enjoys sharing experiences online and pays attention to the aesthetics of a brand if they are photogenic. She enjoys the social aspect of going to Pinkberry with her friends. Pinkberry offerings fit into her personal brand, reflecting moderation, wellness, and quality.
She goes to Pinkberry once or twice a week, mainly because she likes the minimalistic vibe and healthier toppings more than her closest competitor, Yogurtland. Having been exposed to other frozen yogurt brands, she likes Pinkberry’s attention to premium ingredients and thoughtful atmosphere. She generally goes on weekends or after work and enjoys posting photos of her orders on social media.
Understanding a customer like Amy informs Pinkberry’s marketing strategy. Knowing her lifestyle, values, and patterns of consumption enables Pinkberry to position its campaigns in her line of sight. Perhaps running ads on Instagram targeted at her demographic, touting post-workout. WEEK 4 PLAN PART A ASSIGNMENT:
Overview
Throughout this course, you will create a marketing plan for a hypothetical company providing creating a marketing plan for a hypothetical company that provides a product or service. (Remember, you selected this company and product or service in your Week 1 discussion). For this assignment, you will build a foundation for your marketing plan by creating a situational analysis for your hypothetical company. This will include background information, a mission statement, your company’s short-term and long-term goals, a competitive analysis, and a SWOT analysis.
Note: You should make all assumptions needed for the completion of this assignment.
Instructions
Complete this assignment using the Week 4 Assignment Template Marketing Plan Part A [DOCX] Download Week 4 Assignment Template Marketing Plan Part A [DOCX].
Step 1: Download the template, and save it as Lastname_Firstname_MKT500_Week4_Assignment.
Step 2: Follow the instructions carefully as you complete the template. Be sure to utilize the resources provided and incorporate the required number of additional resources using Strayer Writing Standards (SWS).
Use at least two quality sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least once within your assignment. For help with research, writing, and citation, access the library or review the library guide.
Step 3: Review the assignment rubric to ensure you have met all requirements and submit the completed template using the assignment link in your course.
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.
Resources
Course Textbook
SWOT Analysis Sample [PDF]Download SWOT Analysis Sample [PDF]
The specific course learning outcome associated with this assignment is:
Evaluate a company’s goals, competition, needs, opportunities, strengths, and weaknesses based on its respective market.
View Rubric
Week 4 Assignment – Marketing Plan Part A
Week 4 Assignment – Marketing Plan Part A
CriteriaRatingsPts
Write an introduction to the hypothetical company, describing its location, the product it makes or the service it provides, and the key components for this portion of the marketing plan.27 to >24.29 pts
Exemplary
Wrote an introduction to the hypothetical company, describing its location, the product it makes or the service it provides, and the key components of the marketing plan.24.29 to >21.59 pts
Competent
Wrote an introduction to the hypothetical company, but the description of its location, the product it makes or the service it provides, or the key components of the marketing plan was incomplete.21.59 to >18.89 pts
Needs Improvement
Wrote an introduction to the hypothetical company, but did not include a description of its location, the product it makes or the service it provides, or the key components of the marketing plan.18.89 to >0 pts
Unacceptable
Did not submit or did not write an introduction to the hypothetical company, describing its location, the product it makes or the service it provides, and the key components of the marketing plan./ 27 pts
Develop the company’s mission statement supported by a detailed rationale. The mission statement reflects the long-term view, industry, goals, and values of the company. The rationale includes the purpose of a mission statement and alignment with the company.
27 to >24.29 pts
Exemplary
Developed the company’s mission statement that has a long-term view, and included its industry, goals, and values. Supporting rationale included the purpose of the mission statement and alignment with the company.24.29 to >21.59 pts
Competent
Developed the company’s mission statement that has a long-term view, and included its industry, goals, or values. The supporting rationale was too brief or lacked necessary details.21.59 to >18.89 pts
Needs Improvement
Developed the company’s mission statement, but did not include all required components, or did not include the supporting rationale.18.89 to >0 pts
Unacceptable
Did not submit or did not develop the company’s mission statement or rationale./ 27 pts
Describe the short-term goals (one year) and long-term goals (five years) for the company and appropriate way to measure them both.
27 to >24.29 pts
Exemplary
Described the short-term goals (one year) and long-term goals (five years) for the company and included the appropriate way to measure them both.24.29 to >21.59 pts
Competent
Described the short-term goals (one year) and long-term goals (five years) for the company but did not include the appropriate way to measure them both.21.59 to >18.89 pts
Needs Improvement
Described either the short-term goals (one year) or the long-term goals (five years) for the company, but not both, and did not include the appropriate way to measure them.18.89 to >0 pts
Unacceptable
Did not submit or did not describe the short-term goals (one year) and long-term goals (five years) for the company and did not include the appropriate way to measure them both./ 27 pts
Develop a competitive analysis that reviews two competitors for the company including: a rationale for the competitor selection, a description and comparison of the competitor product or service, the reputation of each competitor, and an analysis of their social media presence.
27 to >24.29 pts
Exemplary
Developed a competitive analysis that included all required components: a rationale for the selection, a description and comparison of the competitor product or service, the reputation of each competitor and a social media analysis.24.29 to >21.59 pts
Competent
Developed a competitive analysis that included all required components, but the analysis lacked detail or scope.21.59 to >18.89 pts
Needs Improvement
Developed a competitive analysis that included some, but not all of the required components. Analysis lacked required detail or scope.18.89 to >0 pts
Unacceptable
Did not submit or did not develop a competitive analysis that reviews two competitors for the company./ 27 pts
Develop a SWOT analysis for the company’s product or service, examining at least three strengths, weaknesses, opportunities, and threats for the company.
54 to >48.58 pts
Exemplary
Developed a SWOT analysis for the company related to the product or service, including an accurate outline identifying at least three strengths, weaknesses, opportunities, and threats and a detailed written analysis with in-depth rationale.48.58 to >43.18 pts
Competent
Developed a SWOT analysis for the company related to the product or service. Analysis is missing required components or lacks depth.43.18 to >37.78 pts
Needs Improvement
Developed a SWOT outline for the product or service that identified at least three strengths, weaknesses, opportunities, and threats for the company, but did not complete the written analysis.37.78 to >0 pts
Unacceptable
Did not submit or did not develop a SWOT analysis for the selected product or service, examining at least three strengths, weaknesses, opportunities, and threats for the company./ 54 pts
Utilize two quality resources (credible, relevant, and appropriate) and cite the resources using Strayer Writing Standards (SWS).
9 to >8.1 pts
Exemplary
Utilized the required number of resources; all are quality resources (credible, relevant, and appropriate) and cited correctly using SWS.8.1 to >7.2 pts
Competent
Utilized the required number of resources but did not correctly cite the resources using SWS.7.2 to >6.3 pts
Needs Improvement
Did not utilize the required number of resources, or some are not quality resources, and did not correctly cite the resources using SWS.6.3 to >0 pts
Unacceptable
Did not utilize or cite two quality resources./ 9 pts
Produce writing that is clear, well-organized, and applies appropriate SWS style.
9 to >8.1 pts
Exemplary
Produced writing that is clear, well-organized, and applies appropriate SWS style with 0–2 errors.8.1 to >7.2 pts
Competent
Produced writing that is clear, well-organized, and applies appropriate SWS stye with 3–4 errors.7.2 to >6.3 pts
Needs Improvement
Produced writing with spelling, punctuation, and grammatical errors that are distracting in some places and/or did not apply appropriate SWS style. 5–6 errors present.6.3 to >0 pts
Unacceptable
Produced writing with spelling, punctuation, and grammatical errors, fragments, comma splices and run-ons that distract from the message. Did not apply appropriate SWS stye. More than 6 errors present./ 9 pts