Principles of Marketing and Management

Principles of Marketing and Management

Question:

PART A: Compulsory Questions

Please answer both question 1 and question 2 in this section of the paper.

Question 1

Tiffany & Co. (known as Tiffany’s) is a global luxury jewellery brand. Tiffany’s was founded over 150 years ago and the flagship store still stands proud on the infamous 5th Avenue in New York City, NY. The company employs over 14,000 employees and earns a global revenue of over US$4 billion.

Tiffany’s packaging is globally recognised. It is a little blue box with a white ribbon tied into a neat bow on top. The iconic brand is known for its luxurious jewellery including the ‘heart of the ocean’ made for the film the Titanic which is worth over US$20 million and Princess Diana’s now infamous blue Safire engagement ring.

Tiffany’s has recently launched a new series of Ads – with a new Tag Line for the advertisement ‘Not your Mothers Tiffany’s’. These new series of Advertisements have been met with harsh criticisms for deviating so far from the brands iconic brand image.

Please answer the following questions based on the information provided:

  1. Describe the historical brand positioning and differentiation for Tiffany’s. (5 marks)
  2. Has the positioning of Tiffany’s changed in the past 15 years? Justify your answer. (5 marks)
  3. In your opinion, do you think the new Ad style is in line with the current brand positioning of Tiffany’s? Why or why not? (10 marks)
  4. If you were the Marketing Manager for Tiffany’s, what tagline line would you develop? (5 marks)

Please note: It is important to define key theory and concepts and then support your answers with relevant marketing theory. References should be used in-text and a reference list should be provided at the end of each question.

Question 2

You work for an independent marketing firm and Matcha Maiden has asked you to create a buyer persona for one of their products, Organic Matcha Powder. They plan to launch a large-scale campaign later in the year, but prior to any successful marketing attempt, they must understand their target market.

Define and describe the four relevant market segments for this product based on market evidence. (5 marks)

  1. Explain which type of market targeting Matcha Maiden would use for this product and why? (Mass Marketing, Niche marketing etc) (5 marks)
  2. Based on your research from the two questions above, design and describe a buyer persona for the product (you can use PowerPoint, Canva or HubSpot to create). Paste the screenshot of the buyer person in the document with your other responses and give a brief explanation (100 – 150 words) to support the persona. (15 marks)

PART B:  Please answer two questions of your choice from the four questions below.

Question 1

  1. What is consumer sentiment and how is it measured? (2.5 marks)
  2. Analyse the comments from the post above and perform a simple sentiment analysis. Briefly explain the results. (7.5 marks)
  3. Show the results of the sentiment analysis in a simple an infographic. You may use Canva or PowerPoint for your infographic. Please paste a copy of your screenshot within your answers. (15 marks)

Question 2

Downtown Brooklyn Penrith is a café in Penrith Australia who in 2019 made some headlines for the below advertisement on their Facebook page. The advertisement made local news and consumers were divided as to whether or not this was a violation of Advertising Standards in Australia. Many consumers submitted a formal complaint, but the complaints were rejected stating that it had not broken any of the advertising codes of conduct.

  1. Do you agree that this Advertisement did not violate any of the Advertising Standard Rules in Australia (https://adstandards.com.au/)? Justify your answer. Please provide evidence to the standards that may or may not have been violated. (10 marks)
  2. Whether or not this advertisement violated any of the advertising standards in Australia, it was viewed by many as unethical. Explain the importance of ethics in marketing and give your opinion (based on theory) if this advertisement is unethical. Justify your answers. (5 marks)
  3. If you were the digital marketing manager for Downtown Brooklyn Penrith, what type of response/advertisement would you have created after the one in question above? Explain (or illustrate) what it would look like and what it would say. Justify your choices. (10 marks)

Question 3

A new Australian government Covid-19 vaccine awareness advertisement featuring a young woman gasping for air in a hospital bed has been criticised for using scare tactics to persuade Australians to get vaccinated. A key point to note is that at the time of the ad being shown, Australians in this age group were not eligible for the vaccine yet.

The government has heard that you are a recent graduate of MARK804 and need your help to determine what younger Australians (Aged 18 – 30) think about vaccinations and this advertisement.

  1. According to Chapter 4 of your book, where can the government find this needed information? Name, define and give examples of each (HINT: There are three). (10 marks)
  2. Using the tools and examples given in the second tutorial, develop a five – seven question survey in order to ascertain consumer perceptions about the Ad & vaccines in Australia (10 marks). (You may write the questions and response in word below or use a tool such as survey money and take a snip of the questions and paste below).
  3. Present some of this hypothetical data in an insightful way to the Government. (5 marks)

Question 4

Patagonia’s New Super-Recycled Collection Is Super Impressive! Each piece in the Re collection line sports 100% reincarnated down, wool, and polyester. Pictured below is Patagonia’s 3 in 1 jacket, which Retails for $749.95

You have invented a NEW women’s jacket, which is stylish, comfortable and versatile for many different climates and is made with 100% renewable sources. Your marketing team think this will be a main competitor for Patagonia’s 3-in-1 Parka and from the sales of this jacket, your brand can extend to men’s jackets as well in the next 1 – 2 years. You can produce your jacket for $300 through a manufacturer in Vietnam. Your marketing team is debating a brand name and new pricing strategy and need your help as they know you have just finished Principles of Marketing (MARK804) and are an expert in the field.

  1. Choose a name for your brand and your product. Please make sure to refer back to the ‘Brand name selection’ and ‘New brands’ section in your text to justify your selection. (5 points)
  2. Design a new brand logo. (5 points)
  3. Name and explain the two types of new product pricing strategies. (5 points)
  4. Set a price for the new jacket and indicate which of the two new product pricing strategies you will use and why. (10 points)
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