Marketing strategies

Macys

• Provide an overall summary of the company and the product/service offerings.
• What is the product or service you will redefine or introduce as new?
• Why is it a good time for the company to explore this opportunity now?
• What are the short term and long term goals?
• Does this product or service support the company Mission, Vision and Core Values.  (Yes/No and why?  Be sure to include the company mission and vision statements in your response).
• *What are the risks/benefits of introducing this product/service?

Using the approved company Macys and product/service, you will answer the following questions:

• Who are the competitors in this space?
• What are the overarching benefits they have to offer the consumer? What do they offer that is different or attractive to the consumer?
• What gap will you fill by offering your redefined or new product or service?

Using the approved company Macys and product/service, you will answer the following questions:

• Who is your target audience?
• What is their age demographic?
• What is their average socioeconomic status
• What are the traits and characteristics of your target audience?
• Where does your target audience go to get their information about products or services?
• Why is it important to survey your target audience about their personal and buying characteristics?

How has the company needed to shift in reaching their target audience in light of the pandemic?

Using the approved company and product/service, you will answer the following questions:

1. Define the 4 Ps for your product/service.
2. How have the 4Ps of your product been influenced by the pandemic?  Provide a detailed description for each.
3. What promotional mix does the company employ?  Do you see the elements of the promotional mix changing as we come out of the pandemic and buying perhaps shift to some degree again?